Economy

UAE, Egypt strengthen economic ties in key sectors at Arab Economic and Social Council meeting

The UAE is the top Arab investor in Egypt and the third largest globally

Saudi Arabia to cut export and import customs fees starting October 6

Changes introduced to streamline trade processes and support business operations

UAE’s non-oil GDP grows 4 percent in Q1 2024

Real GDP grows 3.4 percent during the period, touching AED430 billion

UAE targets $27.2 billion in tourism investments by 2031, increasing GDP contribution to $122.5 billion 

In 2023, tourism accounted for 11.7 percent of the UAE’s GDP, amounting to $59.9 billion

Abu Dhabi Crown Prince Sheikh Khaled meets Indian Prime Minister Narendra Modi

The two leaders will hold discussions on all aspects of their comprehensive strategic partnership

Dubai Metro marks 15 years of success: Over 2.4 billion passengers and 4.3 million trips with 99.7 percent punctuality

Currently, the metro serves around 730,000 passengers daily, making it the preferred transportation choice for many

Oil prices surge as hurricane threatens U.S. Gulf coast amid market recovery from disappointing jobs data

Brent crude futures rose by 99 cents, or 1.39 percent, to $72.05 per barrel

Dubai Chambers supports expansion of Chinese investors into Dubai with new agreement

Agreement enhances the ability of companies operating in Dubai to enter the Chinese market and build promising business partnerships in Tianjin

Sheikh Hamdan appoints new CEOs for Dubai government entities

As many as seven CEOs have been appointed by the Crown Prince

Rising bank credit demand in the UAE amid positive economic outlook, says Central Bank

In Q2, demand for trade credit remained strong, with a greater appetite for lending 

Saudi Arabia cancels hotel licensing fees to boost tourism investment 

This change, effective September 4, aims to position the Kingdom as a global tourism leader

Pressure on inequality rises as labor income share stagnates, SDG targets not on track: ILO

Nearly 40 percent of the reduction in the labor income share occurred during the pandemic years of 2020-2022

Qatar introduces flexible remote work for government sector effective September 9, 2024

This initiative helps employees balance work and family, supporting vulnerable groups like working mothers and those with disabilities

GCC markets’ net foreign inflows cross $50 billion for first time in August: Report

In August, GCC equity markets saw strong net foreign inflows of $892 million

GCC banks well positioned to continue strong run in 2024: Report

The report stated that high interest rates kept profit margins at 2.7 percent, with strong bank profitability in H1

Abu Dhabi set to host AIM Congress 2025 in April

The event will address economic challenges through collaborative investment strategies

Dubai to welcome 22 floors of sustainable luxury living with $54.4 million upcoming residential development

Loutraki International is investing in Dubai’s real estate market through the Santorini Residences project

Saudi Arabia and Türkiye central banks sign MoU to enhance economic cooperation, financial stability 

The central banks will share expertise and resources to address challenges and boost economic development

Sheikh Mohammed meets Nissan Motor CEO Makoto Uchida in Dubai

The meeting discussed new growth opportunities for automotive companies in the country

Softlogic partners with Daikin to advance UAE’s commercial air conditioning industry

The partnership is formed amidst a booming UAE air conditioning market worth over $650 million, driven by real estate growth

Oil prices gain slightly as OPEC weighs output delay amid falling U.S. stockpiles

Brent crude futures for November rose by 15 cents, or 0.1 percent, to $72.85