Economy

Egypt central bank to begin cutting interest rates in September: Report

Egypt's inflation to average around 25 percent in H2 of 2024, down from 31 percent in H1

Egypt’s economy growth to rebound to 4.99 percent in 2025/26 amid policy tightening 

The country’s growth is projected at 4 percent for FY 2024/2025

Dubai International Chamber attracts 24 multinational companies in H1 2024

Chamber supported the expansion of 34 local companies into new global markets through its international offices

Egypt sets sights on $5 billion investment goal with India by 2027

Through renewable energy, green hydrogen, and engineering initiatives

UAE’s pension authority, ADGMA forge agreement to boost financial literacy among Emiratis

Agreement supports the UAE’s efforts to enhance financial awareness amongst Emiratis in federal, government and private sector entities

CrowdStrike outage: Why hasn’t the issue been fixed yet?

The problem has been identified, and a fix has been issued. But why isn't everything back on track yet?

Kuwait sees deficit of $5.23 billion in FY 2023/24 despite non-oil revenue growth

The country's total revenue in fiscal year 2023-2024 was KWD23.645 billion

Dubai’s DMCC reports 9 percent rise in Chinese member companies in H1 2024

DMCC has become home to 15 percent of the estimated 6,000 Chinese businesses and companies in the UAE

UAE, Indonesia to boost cooperation in public finance, debt management, and climate finance

The two countries enjoy thriving bilateral trade, with $4 billion in volume in 2023 

Dubai’s GDP tops $31.3 billion in Q1 2024, grows 3.2 percent

Dubai’s economic growth in the first quarter of the year mirrors the success story of 2023

Over 34,000 new companies join Dubai Chamber of Commerce in H1 2024

Chamber's members saw a significant 6.7 percent annual increase in the value of exports and re-exports to AED145.9 billion

Kuwait’s inflation slows to 2.8 percent in June, lowest since 2020, as food and rent costs cool

Price rises in the food & beverages sub-component eased to a still-elevated 5.6 percent down from 6.1 percent in May

UAE, Mauritius sign CEPA to boost trade, investment

The new deal builds on growing UAE-Mauritius economic relations, which from January to April 2024 saw non-oil trade reach $76 million

ECB keeps interest rates unchanged, ‘wide open’ on September decision

The Central Bank wants more evidence that inflation is still on track to reach the 2 percent target by the end of 2024

Egypt’s Central Bank holds key rates amidst 2.2 percent GDP growth and 27.5 percent inflation

The bank noted that "the current monetary stance is appropriate to support the sustained moderation of inflation."

Abu Dhabi, Hong Kong forge cooperative agreement to facilitate global trade, investment flows

The MoU outlines a pledge for mutual cooperation on investment promotion exchanges and support

Gold demand in India stays strong on high investment, central bank buying: Report

Jewellery demand is anticipated to primarily revolve around the festival season beginning from August

Dubai launches sample constitution toolkit to empower family businesses

The launch of this comprehensive guide is part of the centre's efforts to provide practical support to family businesses

UAE, Indonesia announce eight agreements in key sectors

Non-oil trade between the UAE and Indonesia rose from $2.7 billion in 2014 to $4.4 billion in 2023

IMF maintains global GDP growth forecast at 3.2 percent for 2024

For the Middle East and Central Asia, oil production and regional conflicts continue to weigh on prospects

Oman’s GDP expands 1.7 percent in Q1 2024, reaching $24.77 billion

Crude petroleum activities declined by 3.3 percent, recording OMR2.55 billion

Dubai Chambers, FTA collaborate to strengthen tax awareness among private sector

The workshop covered key taxes for UAE businesses, including Excise Tax and VAT, and the processes for tax returns

Abu Dhabi’s ADGM reduces license fees by over 50 percent

Fee revisions will be applicable from January 1, 2025