Economy

Abu Dhabi, Hong Kong forge cooperative agreement to facilitate global trade, investment flows

The MoU outlines a pledge for mutual cooperation on investment promotion exchanges and support

Gold demand in India stays strong on high investment, central bank buying: Report

Jewellery demand is anticipated to primarily revolve around the festival season beginning from August

Dubai launches sample constitution toolkit to empower family businesses

The launch of this comprehensive guide is part of the centre's efforts to provide practical support to family businesses

UAE, Indonesia announce eight agreements in key sectors

Non-oil trade between the UAE and Indonesia rose from $2.7 billion in 2014 to $4.4 billion in 2023

IMF maintains global GDP growth forecast at 3.2 percent for 2024

For the Middle East and Central Asia, oil production and regional conflicts continue to weigh on prospects

Oman’s GDP expands 1.7 percent in Q1 2024, reaching $24.77 billion

Crude petroleum activities declined by 3.3 percent, recording OMR2.55 billion

Dubai Chambers, FTA collaborate to strengthen tax awareness among private sector

The workshop covered key taxes for UAE businesses, including Excise Tax and VAT, and the processes for tax returns

Abu Dhabi’s ADGM reduces license fees by over 50 percent

Fee revisions will be applicable from January 1, 2025

What is the Jaywan card in UAE? All you need to know

The Jaywan domestic card scheme aims to advance the UAE national agenda, bring efficiency and promote digital payments

Saudi Arabia’s annual inflation rate rises to 1.5 percent in June 2024: GASTAT

Food and beverage prices increased by 1.1 percent, driven by a 6.5 percent rise in vegetable prices

UAE Central Bank’s gold holdings reach $5.54 billion by April end, up 12 percent year-on-year

Reserves increased on a monthly basis by 3.5 percent from AED19.615 billion in March 2024

UAE corporate tax: What is small business relief and who can apply for it?

Small business relief rules require small businesses to register under corporate tax and use simpler tax filing procedures

DIFC Courts records strong uptake of services in H1 2024, handles 480 cases worth $285.86 million

The Small Claims Tribunal (SCT) also saw strong operational capacity, with 265 claims filed, totaling AED27.2 million

Abu Dhabi’s non-oil GDP grows 4.7 percent in Q1 2024

The total value of the emirate’s economy (oil and non-oil sectors) reached AED286 billion during this period

Abu Dhabi to get Smart and Autonomous Systems Council

SASC aims to devise a comprehensive strategy for the operation and use of smart and autonomous systems

Egypt maintains position as Africa’s top investment destination for second consecutive year: UNCTAD

Egypt accounted for 18.6 percent of Africa's total investments, which amounted to $52.6 billion in 2023

World’s largest economies in 2024, ranked by GDP

The United States continues to be the largest economy in the world and the richest nation

Kuwait’s GDP falls 4.4 percent in Q4 2023 on oil sector contraction: Report

Kuwait maintained crude oil production at 2.55 million barrels per day in line with its OPEC+ production cut obligations

Abu Dhabi’s ADGM publishes whistleblowing framework

Entities within the centre will implement arrangements to support effective whistleblowing by May 31, 2025

Fitch upgrades Etihad Airways to ‘A+’ citing stronger standalone credit profile

The outlook on the Issuer Default Rating is stable, the report noted

UAE, Poland discuss collaboration in treasury, fintech, and renewable energy during first strategic financial dialogue

The dialogue seeks to boost bilateral trade and economic diversification initiatives

How to calculate exchange rates: A beginner’s guide

Exchange rates play a key role in the global economy, as they impact commerce, corporate earnings and stock prices

Egypt’s annual urban inflation declines to 27.5 percent in June amid ongoing reforms

This downward trend extends from a record high of 38 percent reached in September 2023

Egypt approves $200 million in energy projects with foreign, national companies

Agreements include a deal to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean