Economy

ADNOC JV inks $250 million contracts for two mega ammonia carriers

The agreements were finalized in Abu Dhabi at Jiangnan Shipyard’s first Middle East office opening

BioSoul signs agreement with ADIO to establish global headquarters in Abu Dhabi

Agreement sets a path for Abu Dhabi to continue its global leadership in innovative marine solutions and technologies

Dubai-based companies invest $2 billion in Türkiye in over 6 years, says Dubai Chambers president

Turkish companies that are members in the Dubai Chamber of Commerce grew 934 percent from 315 in 2014 to over 3,257 by mid-2024

WTO anticipates gradual recovery in global merchandise trade despite geopolitical tensions, inflationary pressures

The organization highlighted disparities between GDP growth and merchandise trade performance

Dubai Silicon Oasis recognized as Middle East Free Zone of the Year for Innovation Zones

DSO celebrated four awards at the fDi Global Free Zones of the Year Awards

ADNOC gets all approvals to buy 50 percent plus 1 share stake in Fertiglobe

A block trade will occur on the Abu Dhabi Securities Exchange (ADX) today, October 11, 2024, settling on October 15

Saudi Arabia, Oman sign MoU to advance economic resilience and green initiatives

This MoU is designed to facilitate cooperation through the sharing of information, expertise, and research

Emirates invests $48 million in advanced training systems for 3 full flight simulators

Emirates has 65 A350s and 205 777Xs on order, supporting its growth and enhancing route flexibility

Dubai Islamic Bank issues $500 million additional Tier 1 Sukuk

The issuance drew a diverse investor base, including banks and fund managers from Europe, Asia, and the Middle East

UAE Cabinet approves stance on AI policy, steps up role in shaping global AI governance

The AI policy is built on six core principles: advancement, cooperation, community, ethics, sustainability and security

Dubai Chambers inks 7 agreements with Türkiye to drive collaboration in promising sectors

Non-oil trade between Dubai and Türkiye rose 106.9 percent in 2023 to AED126.4 billion

Dubai Department of Economy and Tourism to present innovative initiatives at GITEX Global, Expand North Star

At the event, DBLC will launch solutions to enhance the investor experience and improve business operations in Dubai

DWTC, RTA, and Dubai Police collaborate for seamless citywide operations at GITEX Global 2024

This focus on traffic management and safety highlights Dubai's role as a top host of mega events

Oil prices dip amid strong U.S. inflation data, yet remain on track for weekly gains due to Middle East tensions

Brent crude futures for December delivery dropped 0.5 percent to $78.98 a barrel

COP28 President urges global unity and action at COP29 to advance climate goals, build on UAE Consensus

The UAE Consensus serves as a crucial roadmap for fulfilling the aspirations of the Paris Agreement 

Qatar, Türkiye explore boosting economic, trade ties in key sectors

Inflation in Türkiye is likely to decline to less than 10 percent, while central bank reserves have increased by 95 percent

Egypt’s inflation reaches 26.4 percent in September driven by fuel, electricity hikes

On a month-to-month basis, prices increased by 2.1 percent, consistent with the previous month's 2.1 percent rise

22 percent of UAE’s non-oil trade transported by road in 2023, totaling $156.9 billion

UAE Minister Suhail Al Mazrouei said the advanced transport system has boosted the UAE's competitiveness 

UAE, Malaysia conclude CEPA talks as bilateral non-oil trade exceeds $2.5 billion in H1 2024

In the first half of 2024, non-oil trade between the UAE and Malaysia reached $2.5 billion, a 7 percent annual increase

Aldar, Expo City Dubai plan $480 million mixed-use development near Al Maktoum airport

Aldar and Expo City Dubai have established a 50-50 joint venture to deliver and own the development

UAE’s MoHAP, SEDD partner to streamline facility licensing in Sharjah

This initiative enhances regulatory services by integrating best practices in digital transformation

Oman’s public state revenues rise to $20.78 billion in August 2024 on oil revenue surge

Current public revenues reached OMR2.2 billion, down from OMR2.334 billion during the same period in 2023

ADGM enhances real property, off-plan development regulations, launches new platform

The new regulatory framework and the digital platform aim to support the growth and innovation in the real estate sector