Economy

US Federal Reserve, UAE Central Bank cut interest rates by 50 basis points

The Fed attributed this move to recent indicators that suggested that economic activity continued to expand at a solid pace

UAE Ministry of Economy, Integra Seven host roundtable to shape future talent attraction, retention policies

Roundtable highlighted strategies to strengthen UAE’s leadership in global tech talent

Non-hydrocarbon sectors poised to drive strong GCC economic growth this year: Report

Deal-making in the region remained active, with 214 transactions recorded in H1 2024

GCC economic growth to more than double to 4.4 percent in 2025, says ICAEW report

Global GDP growth to reach 2.7 percent both this year and the next

UAE’s MoEI, EtihadWE launch initiative to boost renewable energy adoption in Northern Emirates

Northern Emirates residents can now harness energy with rooftop solar panels

SIF 2024: Sharjah launches first AI-powered trade license in partnership with Microsoft

This initiative will expedite the investment process and enhance the business environment in the emirate

UAE’s Ministry of Energy and Infrastructure partners with Siemens Energy to promote green energy

This partnership will focus on addressing upcoming challenges related to grid infrastructure

Oman’s producer prices rise 3.3 percent in Q2 2024

Oman saw a softer increase in producer prices in the manufacturing industries group

Abu Dhabi to soon launch unified water strategy, says DoE Chairman

The comprehensive approach covers all stages of the water cycle, including production, delivery, and consumption

UAE: Private joint stock companies to have at least one woman on board of directors from 2025

A similar initiative was previously applied to public joint-stock companies

ADGM, DMT sign MoU to transfer real estate services on Al Reem Island

The agreement clarifies roles for smooth transition of Al Reem Island Real Estate from DMT to ADGM

Middle East set to achieve $75.6 billion in renewable energy investments: Report

These investments encompass 116 renewable energy are expected to become operational between 2025 and 2030

UAE, Japan launch CEPA talks

The UAE receives 40 percent of Japan's exports to Arab countries

Saudi Arabia’s Crown Prince pledges $5 billion investment in Egypt through PIF

Saudi Arabia to provide additional facilities for companies operating in the new and renewable energy sector in Egypt

Sheikh Mohammed bin Rashid reviews cultural district project in Dubai South

The cultural district in Dubai South features an impressive selection of venues aimed at enriching the emirate's artistic scene

UAE’s National Bank of Fujairah issues Additional Tier 1 capital securities at $275 million

This initiative aims to enhance capital structure and refinance $350 million in existing AT1 securities

Dubai tops Arab world, ranks fifth globally in international shipping centre index

Dubai holds the position of the fifth strongest international shipping hub for the fifth consecutive year 

Kuwait Central Bank issues bonds, tawarruq worth $792 million

These issuances have a maturity period of three months, with a yield of 4.375 percent 

SIF 2024 kicks off tomorrow to explore AI’s transformative power in revolutionizing smart economies

Forum's 7th edition boasts an impressive lineup of 17 key partners from leading institutions

Dubai’s Meraas awards $231.4 million construction contract for Bvlgari Lighthouse on Jumeira Bay Island

The luxury project is expected to be completed by the second quarter of 2027 

Saudi Maaden, Bahrain’s Alba ink non-binding deal to explore potential business merger

This collaboration aims to generate synergies that boost production, ESG performance, energy security, and shareholder value