Economy

UAE-Brazil Business Council launches in Sao Paulo to boost growing trade, investment ties

Non-oil bilateral trade between the two countries reached $2.64 billion in the first half of 2024, marking an 18.2 percent annual increase

Oil prices plummet as Middle East tensions ease, demand outlook weakens

Brent Oil Futures set to expire in December decreased by 4.1 percent, closing at $72.97 a barrel

UAE named world’s most economically stable country

UAE tops list of 89 countries, and ranks high for entrepreneurship and being open for business

Saudi Arabia seeks stronger partnerships with BRICS countries

Bilateral trade with BRICS countries exceeded $196 billion in 2023, accounting for 37 percent of the Kingdom’s total foreign trade

Dubai Chamber of Commerce launches Korean Business Council to strengthen economic ties

Korean Business Council aims to further enhance economic cooperation between Dubai and Korea, with a focus on the most promising sectors

World Bank advances Gender Strategy 2030 to empower 300 million women

Strategy aims to support 250 million women with social protection programs

COP29 critical for shaping future climate contributions: IRENA director-general

La Camera stressed the urgent need for $31.5 trillion in investments in renewable energy, grids, resilience measures, and energy efficiency by 2030

UAE signs two agreements with IMF to support PRGT, RST funds

At the October 2023 IMFC meeting in Marrakech, the UAE announced a $200 million co-financing initiative for the PRGT

Dubai Finance launches Smart Installment System and Biometric Payment System

These agreements were revealed during the recent Gitex Global 2024 event in Dubai

Sheikh Hamdan calls for accelerating efforts to boost UAE’s position as global investment hub

Value of inward FDI in 2023 to the UAE amounted to $30.688 billion, compared to $22.737 billion in 2022, a growth of nearly 35 percent

Oil prices surge with notable weekly gains as traders react to supply concerns, mixed economic signals

Brent crude futures for December delivery rose 0.4 percent to $74.70 per barrel

Middle East economic confidence improves: Non-oil economies driving growth amid global volatility

New survey highlights marked improvements in the region’s Capital Expenditure and Employment indices

CBUAE reports banks extend $22.1 billion in financial support to SMEs by mid-2024

SME loans made up 9.5 percent of 232.9 billion in financial facilities for commercial and industrial sectors as of June 

UAE drives regional economic growth: Insights from LSE Deputy CEO

The country has successfully completed 37 bond issues amounting to a total of $18.51 billion 

Abu Dhabi Commercial Bank announces H1 2024 net profit after tax of $1.2 billion

Customer deposits in current and savings accounts totaled AED169 billion by the end of September 2024 

UAE named Middle East’s hub for women in business

87 percent of women leaders have made changes to be more inclusive of women in managerial positions

Dubai reveals #ZayedAndRashid campaign: A celebration of national unity, cultural heritage across emirates

The campaign coincides with UAE Flag Day and 53rd Eid Al Etihad celebrations

Islamic treasury bonds auction for October 2024 attracts $1.96 billion in bids

The auction attracted interest from eight primary dealers for both tranches maturing in May 2027 and September 2029

UAE President engages with world leaders on trade and development at BRICS Summit

The summit, which runs until October 24, is themed 'Strengthening Multilateralism for Equitable Global Development and Security,’

Dubai’s aviation sector to create 185,000 jobs by 2030

The aviation sector supported 27 percent of Dubai’s GDP in 2023, with an economic contribution of AED137 billion

Oil prices rise amid Middle East tensions and U.S. election uncertainty, recovering previous losses

Brent crude futures increased by 95 cents, or 1.27 percent, reaching $75.91

UAE, Rajasthan sign investment agreement to pursue 60 GW renewable energy project in India

Both nations have set ambitious clean energy targets in recent years

UAE President Sheikh Mohamed attends 16th BRICS Summit in Kazan, Russia

Extending until October 24, the 16th BRICS Summit will focus on key issues including financing, technology, food trade and expanding the union’s membership