Economy

UAE, Saudi Arabia set to drive GCC retail industry boom until 2028: Report

Retail sales in the GCC region are projected to grow at a CAGR of 4.6 percent to reach $386.9 billion in 2028 from $309.6 billion in 2023

Job losses in travel and tourism hit 70 million with women and youth facing sharp declines: WTTC

The report highlights the travel and tourism industry's potential for inclusive growth and the urgent need for action

UAE banking sector demonstrates resilience with robust capital buffers, favorable liquidity conditions, says Central Bank

UAE's real GDP grew 3.6 percent, driven by rise in the non-oil sector, particularly in tourism, real estate, and finance 

Six new highlights to look forward to at Expand North Star 2024

The event will be held at Dubai Harbour from October 13 to 16

48,735 pensioners and beneficiaries to receive $220 million in September: Date of disbursement revealed by UAE’s GPSSA

This amount reflects a notable increase of AED91,728,008 ($25 million) compared to the same month in 2023

Saudi Crown Prince launches Riyadh Non-Profit Foundation to drive social development, foster Innovation

The Foundation's mission is to support institutional and social initiatives and boost research

COP28 President calls for ambitious NDCs to keep 1.5°C goal within reach, drive socioeconomic growth

Dr. Al Jaber said the UAE Consensus provides a vital roadmap for action at the ‘Roadmap to Mission 1.5: NDC 3.0’ event

Global digital creative economy to reach $7.35 trillion by 2030: Study

Survey and engagements with more than 400 experts shows growing appetite for the adoption of AI solutions

RTA introduces smart winter seasonal schedules to enhance maritime transport for tourists and residents in Dubai

This initiative encompasses all maritime transport services and routes, including Dubai Ferry, Abra, and Dubai Water Taxi

Sheikh Mohammed meets HSBC Holdings group chairman, discusses strengthening financial partnerships

The meeting further addressed Dubai's infrastructure upgrades, reinforcing its role as an investment hub and trade link

She’s Next: Visa’s empowering program for female entrepreneurs

Meet the innovating and inspiring winners from the GCC region

Oil prices decline as Libya and OPEC+ boost output, while China’s stimulus offers support

Brent crude futures decreased by 20 cents, or 0.28 percent, settling at $71.40 per barrel

Saudi Arabia engaging in high-level discussions with SpaceX to boost space exploration, infrastructure development

The meeting is part of the Kingdom's ongoing initiatives to advance its space sector and improve infrastructure

Abu Dhabi awards oil and gas exploration concession to Malaysia’s Petronas

The company was awarded exploration concession for Onshore Block 2 in Abu Dhabi

Gross written premiums rise 31.2 percent YoY in H1 2024 to $9.7 billion, reports UAE Central Bank

This increase was primarily driven by significant rises in property and liability insurance premiums

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