Economy

Saudi Arabia’s annual inflation rate rises to 1.5 percent in June 2024: GASTAT

Food and beverage prices increased by 1.1 percent, driven by a 6.5 percent rise in vegetable prices

UAE Central Bank’s gold holdings reach $5.54 billion by April end, up 12 percent year-on-year

Reserves increased on a monthly basis by 3.5 percent from AED19.615 billion in March 2024

UAE corporate tax: What is small business relief and who can apply for it?

Small business relief rules require small businesses to register under corporate tax and use simpler tax filing procedures

DIFC Courts records strong uptake of services in H1 2024, handles 480 cases worth $285.86 million

The Small Claims Tribunal (SCT) also saw strong operational capacity, with 265 claims filed, totaling AED27.2 million

Abu Dhabi’s non-oil GDP grows 4.7 percent in Q1 2024

The total value of the emirate’s economy (oil and non-oil sectors) reached AED286 billion during this period

Abu Dhabi to get Smart and Autonomous Systems Council

SASC aims to devise a comprehensive strategy for the operation and use of smart and autonomous systems

Egypt maintains position as Africa’s top investment destination for second consecutive year: UNCTAD

Egypt accounted for 18.6 percent of Africa's total investments, which amounted to $52.6 billion in 2023

Kuwait’s GDP falls 4.4 percent in Q4 2023 on oil sector contraction: Report

Kuwait maintained crude oil production at 2.55 million barrels per day in line with its OPEC+ production cut obligations

Abu Dhabi’s ADGM publishes whistleblowing framework

Entities within the centre will implement arrangements to support effective whistleblowing by May 31, 2025

Fitch upgrades Etihad Airways to ‘A+’ citing stronger standalone credit profile

The outlook on the Issuer Default Rating is stable, the report noted

UAE, Poland discuss collaboration in treasury, fintech, and renewable energy during first strategic financial dialogue

The dialogue seeks to boost bilateral trade and economic diversification initiatives

Egypt’s annual urban inflation declines to 27.5 percent in June amid ongoing reforms

This downward trend extends from a record high of 38 percent reached in September 2023

Egypt approves $200 million in energy projects with foreign, national companies

Agreements include a deal to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean

Egypt’s economic reforms boost remittances: 26.6 percent monthly rise to $2.7 billion in May 2024

The remittances in May 2023 amounted to around $1.6 billion, as reported by CBE

E-commerce in Saudi Arabia sees 17.47 percent surge with 40,697 new records in Q2 2024

Riyadh topped the regions in Saudi Arabia for issuing e-commerce records, with 16,535 commercial records

UAE work permit cancellation to take just 45 seconds with zero documents

The new process eliminates the previous requirement of two documents

Egypt’s new government aims for 4.2 percent economic growth in next three years

Egypt's new government aims to increase exports by more than 15 percent annually and attract 30 million tourists by 2028

UAE corporate tax: Natural persons and threshold for taxable turnover

If a natural person's turnover does not exceed AED1 million, they are not required to register for corporate tax

Oman’s Q1 2024 GDP rises to $27.15 billion driven by non-oil sector growth

This growth was driven by a surge in non-oil activities, which recorded a value of OMR7.18 billion

China’s foreign exchange reserves reach $3.22 trillion by end of June 2024

The amount shrank by 0.3 percent compared to the previous month

Global growth slows in June, remains second-strongest in over a year: PMI

Global price pressures remained high as cost pressures in the manufacturing sector countered the decline in the service sectors

Abu Dhabi’s non-oil sector grows 59 percent in the last 10 years

Abu Dhabi's industrial sector soared 21.7 percent since 2022 from AED83 billion to AED101 billion in 2023

Saudi Arabia issues 121,521 business registrations in Q2 2024, up 78 percent year-over-year

E-commerce saw a 17.47 percent yearly increase, reaching 40,697 registrations