Economy

UAE, South Korea enhance collaboration in public oversight and integrity

In May 2024, the UAE and South Korea announced a CEPA to promote free trade and bilateral investment in key sectors 

Dubai International Chamber holds 180 business meetings in Belgrade to promote Dubai-Serbia ties

Non-oil trade between Dubai and Serbia reached $63.68 million in 2023

Abu Dhabi tops Global SWF charts with $1.7 trillion in assets under sovereign wealth fund management

The top six cities manage two-thirds of sovereign wealth fund capital globally, which amounted to $12.5 trillion in October

Dubai’s Financial Audit Authority to reveal 3 new digital services at GITEX 2024

One key service is the Al Mo’ashir Dashboard, a platform that provides insights from the Authority’s auditing data 

UAE Cabinet approves $19.5 billion federal budget for 2025, largest in country’s history

AED27.859 billion, or 39 percent of the total budget, has been dedicated to the social development and pensions sector

ADNEC Group’s Tourism 365 launches first charter flight from Uzbekistan to Al Ain

This initiative is part of Tourism 365's partnership with EasyBooking to boost tourism and enhance connectivity 

Cointelegraph establishes Middle East office among 600+ Web3 firms at DMCC Crypto Centre

This collaboration is expected to provide Cointelegraph with valuable opportunities to engage with the broader Web3 ecosystem

Abu Dhabi Department of Energy engages stakeholders to improve safety, compliance in the petroleum sector

Voluntarily following safety protocols provides key benefits: safer communities, greater efficiency, cost savings, and a stronger reputation 

UAE advances Egypt’s Ras El Hekma project, drives investments from key Emirati players

The development is set to attract $110 billion in investments during its development phase

ADIA establishes subsidiary in India’s GIFT City

The subsidiary has received regulatory approval from the IFSCA and is now operational

Saudi solutions by stc to showcase AI excellence in Dubai’s GITEX exhibition

These advanced AI applications will help sectors navigate digital transformation and engage in global markets

Oil prices retreat amidst ongoing concerns over Middle East conflict, hurricane impact

Brent crude futures for December delivery dropped 0.6 percent to $80.42 a barrel

Abu Dhabi Crown Prince Sheikh Khaled meets Prime Minister of Norway

Discussion focuses on advancing economic, trade and investment cooperation across key sectors

UAE-Jordan CEPA to expand bilateral investment flows currently at over $22.5 billion

In 2023, non-oil trade between the two countries exceeded $4.1 billion, a 46.1 percent increase compared to pre-pandemic levels

Abu Dhabi Crown Prince Sheikh Khaled visits Norway, meets CEOs of leading local companies

UAE-Norway Investment Forum, taking place in Oslo, aims to strengthen trade and investment relations between the two countries

VAT in UAE: Investment fund management services get exemption

Certain services related to virtual assets will also be exempt from VAT

Dubai’s RTA records 16.8 percent surge in digital revenue to $1.01 billion in 2023

Transactions via RTA's smart apps rose 29 percent to 15.299 million last year

Nearly 90 percent professionals in UAE, Saudi Arabia seek guidance as workplaces change: Survey

Top challenges include using AI at work and managing inter-generational teams

UAE, Jordan sign CEPA, set to boost growth in key sectors

In the first half of 2024, non-oil trade between the two countries stood at $2.7 billion, a growth of 36.8 percent

Ras El Hekma megaproject: ADQ appoints Modon Holding as master developer

The project’s investments are likely to reach $110 billion by 2045, and it’s set to contribute $25 billion annually to the country’s GDP

Abu Dhabi’s Masdar expands clean energy to 31.5 GW, generating 26,700 GWh and avoiding 14 million tons of CO2e

This is up from 10 million tons last year, equivalent to removing nearly 870,000 vehicles 

Egypt’s external debt falls by $15 billion in six-month period, says PM Madbouly

Egypt's external debt stood at $168 billion in December 2023 and fell to $152.8 billion by last June

Double-digit growth for air cargo continues: IATA

Overall demand, measured by CTKs, increased by 11.4 percent in August 2023, with international operations up 12.4 percent