business

New luxury resort slated to debut in Saudi giga-project NEOM

The resort will include a long, bridge-like structure that spans 450 meters and is suspended 40 meters above a lagoon

Oil prices fall to 1.5-month low amid weak outlook and surplus concerns

Brent oil futures expiring in September fell 0.2 percent to $82.26 a barrel

$7.2 billion revenue at Egypt’s Suez Canal marks $2.2 billion decline amid Red Sea attacks

The canal's total tonnage fell by a third, and the number of transits declined by about 22 percent YoY

UAE and Seychelles partner to promote local currency usage, interlink payment and messaging systems

This includes developing the exchange market, facilitating bilateral trade and direct investment, and remittance settlement

UAE’s Emirates flight operations unaffected amid Microsoft and CloudStrike-related global major IT meltdown

A spokesperson noted that there could be delays to some Emirates flight timings later in the day

DXB airport restores operations after CrowdStrike-linked outage

A global system outage affected the check-in process for some airlines in Terminals 1 and 2 this morning

UAE’s Ajman property transactions top $2.45 billion in H1 2024

This reflects a 33 percent increase compared to the same period in 2023

UAE and global gold prices lose luster amid profit-taking, dollar strength

In the UAE, gold prices fell with 24-carat gold inching up to AED293.50 per gram

Widespread Microsoft outage cripples airports, businesses after CrowdStrike glitch

The issue appears to be related to software from the cybersecurity firm CrowdStrike

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."

Oil prices retreat amid doubts about China’s demand outlook, signaling weekly losses

Brent oil futures for September delivery shed 0.5 percent to $84.73 per barrel