Economy

Rising bank credit demand in the UAE amid positive economic outlook, says Central Bank

In Q2, demand for trade credit remained strong, with a greater appetite for lending 

Saudi Arabia cancels hotel licensing fees to boost tourism investment 

This change, effective September 4, aims to position the Kingdom as a global tourism leader

Pressure on inequality rises as labor income share stagnates, SDG targets not on track: ILO

Nearly 40 percent of the reduction in the labor income share occurred during the pandemic years of 2020-2022

Qatar introduces flexible remote work for government sector effective September 9, 2024

This initiative helps employees balance work and family, supporting vulnerable groups like working mothers and those with disabilities

GCC markets’ net foreign inflows cross $50 billion for first time in August: Report

In August, GCC equity markets saw strong net foreign inflows of $892 million

GCC banks well positioned to continue strong run in 2024: Report

The report stated that high interest rates kept profit margins at 2.7 percent, with strong bank profitability in H1

Abu Dhabi set to host AIM Congress 2025 in April

The event will address economic challenges through collaborative investment strategies

Dubai to welcome 22 floors of sustainable luxury living with $54.4 million upcoming residential development

Loutraki International is investing in Dubai’s real estate market through the Santorini Residences project

Saudi Arabia and Türkiye central banks sign MoU to enhance economic cooperation, financial stability 

The central banks will share expertise and resources to address challenges and boost economic development

Sheikh Mohammed meets Nissan Motor CEO Makoto Uchida in Dubai

The meeting discussed new growth opportunities for automotive companies in the country

Softlogic partners with Daikin to advance UAE’s commercial air conditioning industry

The partnership is formed amidst a booming UAE air conditioning market worth over $650 million, driven by real estate growth

Oil prices gain slightly as OPEC weighs output delay amid falling U.S. stockpiles

Brent crude futures for November rose by 15 cents, or 0.1 percent, to $72.85

Dubai welcomes 10.62 million international tourists in first 7 months of 2024

Western European countries topped the list of tourists to Dubai, with about 2.086 million visitors

National banks in the UAE invest $1.19 billion in local stock markets in 12 months: CBUAE

By the end of May, these banks had elevated their equity investments to AED16.1 billion

Egypt’s non-oil sector business activity rises for first time in three years, says PMI

Egypt witnessed a sharp pick-up in inflationary pressures as firms faced greater costs due to a weakening in the pound against the U.S. dollar

Türkiye’s inflation drops to 51.97 percent in August 2024 as disinflation continues

Consumer price inflation (CPI) rose 2.47 percent in August, driven by higher gas prices

Italy’s Saipem secures $1 billion in two major offshore contracts with Saudi Aramco

Saipem will be responsible for the EPCI three production deck modules, 33 km of subsea pipelines, and 34 km of power cables

UAE 2025 agenda: Cabinet to focus on enhancing family, national identity and AI

Cabinet also approved hosting the UAE Government Annual Meetings 2024 on November 5 and 6 in Abu Dhabi

UAE, Kuwait strengthen bilateral ties with MoUs on standardization, infrastructure, and cybersecurity

Other notable agreements included collaboration in communications and information technology

flynas launches inaugural flight at Zayed International Airport, linking Saudi Arabia and UAE with affordable travel

This new route will benefit business and leisure travelers, boosting tourism and trade between the two countries

Abu Dhabi’s Yahsat approves interim dividend of $55.79 million for H1 2024

Dividends will be distributed to shareholders registered by the end of the business day on September 12

Travel industry set to add record $11 trillion to global GDP in 2024

The industry's contribution to global GDP is expected to rise by 12.1 percent year-over-year