Economy

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.

Qatar’s Ooredoo Group lands $551.9 million financing deal to propel data center expansion

The deal will drive growth in Ooredoo’s data center unit and open new opportunities in AI and cloud computing

Oil prices dip slightly as market reacts to China’s stimulus measures, supply disruptions

Brent oil futures for November delivery dropped 0.1 percent to $75.12 per barrel

UAE President Sheikh Mohamed meets Microsoft, BlackRock and Nvidia CEOs on U.S. visit

Meeting focuses on the opportunities presented by latest tech developments and the growing UAE-U.S. collaboration in the sector

Crypto exchange Bybit introduces Islamic account to enhance trading access for Muslim communities globally

The account provides Shariah-compliant trading products for Muslim traders in the digital asset market 

Kuwaiti investments in Egypt surpass $20 billion

Efforts are underway to organize the joint trade committee between the two countries as soon as possible

Abu Dhabi’s Masdar announces $1.4 billion acquisition of Saeta from Brookfield

The acquisition encompasses a portfolio of 745 megawatts (MW) of primarily wind energy assets 

Abu Dhabi Finance Week reveals top finance leaders set to speak at 2024 edition

The 2024 edition will feature over 300 speakers, including CEOs and Chairs from 50 major global financial institutions

UAE, IRENA forge partnership to boost climate ambitions in 20 developing nations

The partnership aims to leverage the UAE’s climate leadership and IRENA’s role in NDC development and sustainable energy transition