Economy

China launches biggest stimulus since the pandemic to revive weakening economy

The central bank also announced a support package that included a 50-basis-point reduction on average interest rates for existing mortgages

SMEs in Oman’s reach over 141,000 in June 2024

The number of micro enterprises exceeded 120,000, while the number of small enterprises crossed 19,000

UAE: Passport validity reduced to one month to facilitate status amendments for violators, says ICP

This adjustment allows violators to leave without an entry ban stamp or secure jobs while staying 

Popular UAE, Saudi Arabian companies shine on LinkedIn’s 2024 startups list

The UAE list was dominated by companies in the proptech, daily convenience and finance sectors

Investec expands presence in Middle East with new office at Dubai International Financial Centre

The DIFC office will connect HNWIs, family offices, and financial institutions in the GCC, providing advisory services in private banking and wealth management.

Microsoft to set up engineering development center in Abu Dhabi

This will be Microsoft’s first such center in the Arab world

AD Ports reports 30 percent rise in vehicle volumes at Autoterminal Khalifa with 90,000 square meters of yard expansion

Since 2021, AD Ports has tripled its revenue through strategic acquisitions and organic growth

UAE, U.S. ink agreement to strengthen economic, trade and customs cooperation

Agreement reiterates the UAE's position as a regional gateway for global trade with significant importance to the U.S.

Qatar’s Ooredoo Group lands $551.9 million financing deal to propel data center expansion

The deal will drive growth in Ooredoo’s data center unit and open new opportunities in AI and cloud computing

Oil prices dip slightly as market reacts to China’s stimulus measures, supply disruptions

Brent oil futures for November delivery dropped 0.1 percent to $75.12 per barrel

UAE President Sheikh Mohamed meets Microsoft, BlackRock and Nvidia CEOs on U.S. visit

Meeting focuses on the opportunities presented by latest tech developments and the growing UAE-U.S. collaboration in the sector

Crypto exchange Bybit introduces Islamic account to enhance trading access for Muslim communities globally

The account provides Shariah-compliant trading products for Muslim traders in the digital asset market 

Kuwaiti investments in Egypt surpass $20 billion

Efforts are underway to organize the joint trade committee between the two countries as soon as possible

Abu Dhabi’s Masdar announces $1.4 billion acquisition of Saeta from Brookfield

The acquisition encompasses a portfolio of 745 megawatts (MW) of primarily wind energy assets 

Abu Dhabi Finance Week reveals top finance leaders set to speak at 2024 edition

The 2024 edition will feature over 300 speakers, including CEOs and Chairs from 50 major global financial institutions

UAE, IRENA forge partnership to boost climate ambitions in 20 developing nations

The partnership aims to leverage the UAE’s climate leadership and IRENA’s role in NDC development and sustainable energy transition 

Sharjah Chamber hosts first Pakistan Business Council meeting to strengthen investment, trade ties

Council’s strategy focuses on launching targeted promotional initiatives that emphasize the attractive investment environments in both Sharjah and Pakistan

Egypt invests $300 billion in infrastructure development over 10 years, says minister

El Khatib underscored the need to continue infrastructure development to achieve 6 to 7 percent economic growth

Dubai’s DET and Amazon UAE launch accelerator program

The scheme under Dubai Traders initiative will propel the growth of Dubai SMEs

UAE, Bahrain discuss joint cooperation in financial sector, areas of mutual interest

Meeting explores ways to leverage the UAE’s expertise to boost Bahrain's business ecosystem

Sheikh Mohammed issues decree on appointment of Dubai government employees to judicial authorities

The Decree aims to attract national talent to Dubai's judiciary while ensuring employees retain benefits during training

Abu Dhabi’s Masdar secures $159 million for 154 MW Čibuk 2 wind farm, powering 62,000 households

Non-recourse financing has been secured from lenders UniCredit and Erste Bank Serbia