Economy

UAE, Lithuania hold inaugural Joint Economic Committee to promote cooperation in key sectors

The UAE and Lithuania emphasised that the research, development, and innovation sector is key to enhancing economic development

Dubai Business Forum – China: Dubai Chambers, CCPIT Beijing partner to bolster trade relations, bilateral ties

Agreement supports CCPIT Beijing’s member companies in establishing and expanding their investments in Dubai

Dubai Business Forum – China: Dubai-based Emirati companies invested $1.4 billion in China in last 8 years

The number of active Chinese companies within the Dubai Chamber of Commerce reached around 5,400 at the end of H1 2024

Dubai SME: Over $3 billion in contracts awarded to entrepreneurs since inception

Hamdan Innovation Incubator supported 109 Emirati tech startups in H1 2024

Qatar’s economy to double by 2031 fueled by LNG boom, diversification: Report

Qatar's gas production will stay steady for 140 years before a major boom

Kuwaiti banks turn to M&A amidst strong fundamentals: Report

The paper noted that banks in Kuwait have strong capital and liquidity despite growth constraints

Growing Saudi-China ties to facilitate renminbi-based oil trade between the two countries, says S&P

China's trade with the Middle East has more than tripled over the last 20 years, a key factor in the potential for broader use of the renminbi by Gulf states

Aluminum and iron ore drive Bahrain’s $894.31 million export surge in July 2024

China emerged as the leading import partner, contributing BHD73 million (16 percent) to Bahrain's import basket

UAE’s top banks post strong Q2 2024 growth on higher profits, improved asset quality: Report

Banks saw a 3.2 percent rise in loans and advances, outpacing the 0.4 percent growth in deposits

Abu Dhabi Chamber sees 23.8 percent year-on-year growth in certificates of origin

This growth underscores the chamber's efforts to boost trade opportunities and enhance the UAE's international trade footprint

Abu Dhabi’s hotel revenue soars to $865.79 million in first five months of 2024, welcoming 2.4 million guests

By the end of May, Abu Dhabi boasted 169 hotel establishments, offering a total of 34,079 rooms

UAE banks add 15 ATMs in Q1 2024, reaching 4,669

This growth is driven by technological advancements and changes in the financial sector, leading to greater security and efficiency

Dubai Chambers expands China ties further, partners with Industrial and Commercial Bank of China

Agreement to promote collaboration between companies in Dubai and China to boost bilateral trade and investment in both markets

Turkish central bank holds interest rate steady at 50 percent for fifth month

This move reflects TCMB's commitment to a cautious monetary policy, balancing inflation control with economic risks

Manufacturing sector’s 9.2 percent expansion boosts Oman’s economic growth in Q1 2024

Oman's 10th Five-Year Plan aims to boost manufacturing's GDP contribution from 10 percent to 12.2 percent by 2025

Saudi Arabia’s logistics master plan to be launched at the upcoming GLF 2024 in October

Over 10,000 participants, including heads of state, ministers, and industry leaders, will convene in Riyadh

Saudi Arabia’s PIF surpasses $765 billion in AUM, delivering 8.7 percent average annual shareholder return

Since its inception, PIF has achieved an average total shareholder return of 8.7 percent per year

505 new firms join Qatar Financial Center’s platform in the H1 2024, tech sector contributes largest share

Largest contributor to center's growth was the tech sector with around 38 percent of total registrations during the first half of 2024

UAE’s DWTCA Free Zone reports 19 percent rise in registered companies to 2,818 in H1 2024

The number of direct jobs within the free zone also grew to 8,223, a 5 percent annual increase from  7,837 in H1 2023

DMCC seeks to expand UAE-U.S. trade, investment flows across key sectors

DMCC is currently home to over 45 percent of the 1,500 American businesses in the UAE

Saudi central bank reports strong growth in reserve assets, reaching $467.4 billion in Q2 2024

The quarter saw a 2.7 percent quarterly increase, adding around SAR46.724 billion to the reserve

Accelerating growth: ADGM strengthens position as global financial hub

The UAE capital’s international financial center saw its AUM grow by 226 percent in H1 2024

Dubai Chambers, China Construction Bank partner to boost trade and investment cooperation

This deal will foster knowledge sharing and expertise exchange, strengthening support for businesses and investors

Harnessing public-private partnerships to transform local economies  

PPPs attract investments, create jobs and develop new capabilities