Economy

Elon Musk’s wealth surges by $90 billion in 2024, to head Donald Trump’s department on efficiency

The department will provide advice and guidance from outside the government

UAE economic outlook: OPEC reports strong fiscal performance, rising tax revenues

Tax revenues for Q2 2024 reached $25.9 billion, total revenue amounted to $38.9 billion

Top 5 market highlights to monitor this week

Investors are focusing on upcoming inflation data for clues on how the economy may shift after the election results 

Abu Dhabi’s ascent continues as the ‘Falcon Economy’ soars

Expanding non-oil sectors and thriving financial landscape propel the UAE capital’s growth

DIFC successfully repays $700 million sukuk on schedule

The Sukuk was issued to fund the Centre’s expansion, including Gate Avenue

Dubai’s Q2 2024 GDP rises 3.3 percent to reach $31.6 billion: Sheikh Hamdan

Second-quarter growth brought the total GDP in H1 2024 to AED231 billion, a 3.2 percent rise over the first half of 2023

Global food prices hit 18-month high in October, says FAO

Prices in October rose 5.5 percent annually but remained 20.5 percent below the record high of 160.2 points reached in March 2022

DFM records $10.5 million in major trades on Al Ansari, Ajman Bank

29.1 million shares of Al Ansari were traded for AED28.5 million at AED0.97 each 

UAE’s banking sector net international reserves up 11 percent to $346.58 billion by end July 2024

CBUAE’s gold reserves grew by 23.5 percent YoY, reaching AED21.28 billion by the end of July

Dubai has best reputation among world’s top 100 cities: Report

London, New York and Paris remain world’s top cities across all metrics, while Tokyo and Dubai rise to 4th and 5th positions on the Global City Index

Bank of England lowers interest rates to 4.75 percent, anticipates gradual cuts ahead

This marks the second reduction by the central bank this year, following the initiation of its easing cycle in August

UAE Government Annual Meetings 2024 conclude with key launches, development plans

Over 10 main sessions showcased upcoming national directions in key areas such as economy and investment, AI, education and sports, and family and community empowerment

Sheikh Hamdan launches ‘71 Challenge’ to empower young government leaders

Sheikh Hamdan: “Young people are the driving force behind our nation's progress, fuelling its development and innovation”

WEF report outlines path for MENA region to boost sustainability

Report highlights barriers the region faces when it comes to taking a leading role in transition

Singapore’s SIAC, ADGM partner to promote international arbitration for dispute resolution

The two entities will explore the possibility of SIAC establishing a presence in ADGM and other collaborative initiatives

Qatar’s non-oil sector grows even as cost inflation rises to over 4-year high: PMI

October data signaled continued investment in staff to boost capacity and retain skilled and experienced staff

UAE, Australia sign CEPA to boost bilateral non-oil trade to over $15 billion by 2032

UAE and Australia also signed six agreements in key sectors, further strengthening the partnership between the two nations

UAE’s debt capital markets grow 13.1 percent YoY to $294.4 billion by Q3 2024: Fitch

This growth highlights the country's evolving financial landscape and its strategic role within the sukuk market

UAE non-oil business activity rises in October on higher sales, lower prices: PMI

As non-oil business activity continued to expand, business sentiment across the UAE picked up with firms expecting growth to continue in 2025

Dubai International Chamber establishes representative office in Kazakhstan to boost trade, investment

This initiative is part of 'Dubai Global,' which aims for 50 offices worldwide by 2030