Economy

Dubai’s EGA finalizes acquisition of majority stake in U.S. recycling company

This acquisition expands EGA's operations across four continents, from bauxite mining to aluminium recycling 

Crown Prince of Abu Dhabi holds talks with Qatar’s Emir, uncovers new avenues for strategic partnership

The talks focused on advancing joint cooperation in strategic sectors of mutual interest

GCC sovereign wealth funds deploy $55 billion in first 9 months of 2024: Report

The region now has seven active stock exchanges that host 877 listed companies with an aggregate market capitalization of $4.3 trillion

Crown Prince of Abu Dhabi arrives in Doha on official visit

Sheikh Khaled and Sheikh Abdullah discussed ways to strengthen cooperation in key areas for the benefit of both nations

Abu Dhabi SME Champions Program awards $24.1 million in procurement deals within first six months of 2023 launch

During its pilot phase, the program awarded 54 contracts to 49 SMEs, averaging AED1.8 million each 

Solomon Islands embassy inaugurated in Abu Dhabi 

Dr. Al Zeyoudi and PM Manele revealed a plaque that signifies the establishment of the Solomon Islands' diplomatic mission in the emirate

Abu Dhabi reports new record GDP of $80.86 billion, 4.1 percent increase in Q2 2024

This growth is driven by the development of non-oil sectors, showcasing the emirate's economic diversification efforts

Oil prices hold steady amid concerns over Middle East conflicts, sluggish global demand growth

Brent crude futures for December delivery rose by 13 cents, or 0.18 percent, reaching $71.83 a barrel

Saudi Arabia announces pre-budget statement for FY 2025 with expenditures estimated at $346.95 billion, revenues at $319.68 billion

The Minister of Finance is confident in positive Saudi economic growth in 2025 and beyond, driven by reforms under Vision 2030

UAE commits $30 million to boost Ghana’s biodiversity and climate initiatives

The framework outlines six key investment areas, including biodiversity corridors, reforestation

UAE strengthens position as global leader in AI through strategic investments, partnerships

The country ranks third worldwide in attracting AI experts, with a strong emphasis on cultivating a skilled workforce to drive digital transformation

Governments allocate nearly $2 trillion in direct clean energy investment since 2020: IEA

This amount is nearly three times the funding committed after the financial crisis of 2007-08

S&P raises Oman’s credit rating to ‘BBB-’ with stable outlook

The Omani government, along with many state-owned enterprises (SOEs), is continuing to deleverage its balance sheet

Sharjah welcomes 1.057 million hotel guests in 8 months

Hotel occupancy rates held steady at 66 percent 

Saudi Arabia reports 23.4 percent rise in FDI net inflows to $3.12 billion in Q2 2024

Under Vision 2030, Saudi Arabia aims to attract $100 billion in FDI by the end of the decade

MBRHE partners with Microsoft to drive digital transformation, cloud computing initiatives for Dubai’s residents

The two entities will collaborate to organize workshops and training programs to develop digital skills among MBRHE employees

DMCC strengthens economic ties as over 500 Italian companies join Dubai’s premier free zone

DMCC's recent engagement with Italy follows an increase in bilateral trade, which surpassed $9 billion in 2023

Mastercard, Amazon Payment Services to enable digital payment acceptance across Middle East and Africa

The payment service provider will use Mastercard Gateway for quick, seamless, and secure transactions in the region

UAE President directs $100 million in urgent relief for Lebanon

This initiative showcases the UAE's ongoing commitment to supporting Lebanon during its hardships

Saudi Arabia sees 656 percent surge in leisure tourists, welcoming 4.2 million in early 2024

The Kingdom welcomed 17.5 million international tourists from January to July 2024

Oil prices rise amid Middle East tensions, upcoming Fed insights on monetary policy

Brent crude futures for November delivery rose by 51 cents, or 0.71 percent, reaching $72.49 a barrel

Sheikh Hamdan meets Prime Minister of Uzbekistan

Leaders highlight deep-rooted ties between the two countries and the success they have achieved

Weekly wrap: UAE President visits U.S., CBUAE raises GDP forecast, Microsoft to set up Abu Dhabi center

Sheikh Mohamed reaffirmed the UAE's unwavering commitment to its US partnership during his official visit