Economy

Sheikh Mohammed bin Rashid issues Decree on the Board of Dubai Multi Commodities Centre Authority

According to the Decree, Abdul Wahed Abdul Rahim Al Olama will take on the role of Vice Chairman of the Board

Dubai Maritime City boosts ship handling capacity to 1,000 vessels, solidifying hub status

DMC's upgraded lifts for 6,000 and 3,000 tons double capacity to 1,000 vessels annually

UAE, New Zealand sign CEPA agreement to reduce tariffs, enhance trade and investment flows

Bilateral non-oil trade between the two countries reached $460.3 million in H1 2024, an 11.5 percent annual increase

‘Invest in the Emirates’ campaign goes global, seeks to generate over 200 million impressions

Campaign’s reach also extended to major airports in Zurich, Geneva, Munich, New York and Heathrow

EtihadWE, Khalifa University join forces to enhance desalination and resource efficiency in the UAE

The agreement seeks to explore and evaluate advanced membrane technologies and improve water quality

UAE airports soar with 14.2 percent rise to 71.7 million passengers in H1 2024

This is compared to 62.8 million during the same timeframe last year

UAE Central Bank raises country’s GDP growth forecast for 2024 to 4 percent, 6 percent for 2025

Growth in 2025 will be fueled by strong non-hydrocarbon momentum and a rise in hydrocarbon production 

Sheikh Mohammed bin Rashid issues Decree on the Board of Dubai Health

This board will be chaired by Sheikh Ahmed bin Saeed Al Maktoum

Oil prices steady amid Libyan production hopes, strong U.S. demand

Brent oil futures for November rose by 0.1 percent to $73.51 per barrel

UAE President Sheikh Mohamed, former U.S. President Bush review historical bilateral ties

Sheikh Mohamed reaffirmed the two countries' commitment to promoting security, stability, and peace, both in the region and globally

Sheikh Mohamed strengthens UAE-U.S. relations through key dialogues with U.S. senators on shared interests, global challenges

Key focus areas included the economy, trade, climate action, AI, renewable energy, and sustainability

Have a unique business idea? Dubai Airport Freezone and Red Bull will give it wings

Teams from over 40 countries will engage with thought leaders, entrepreneurs and visionaries from around the world

81 percent of new renewables cheaper than fossil fuels, saving $409 billion since 2000: IRENA

Solar PV costs plummet to 4 cents per kWh, 56 percent lower than fossil fuels

Dubai Courts, Dubai Chambers sign MoU to strengthen emirate’s role as global commercial dispute resolution hub

This agreement aims to create initiatives that resolve commercial disputes through mediation and conciliation 

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.