business

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

Dubai’s real estate transactions surge 35.7 percent to $33.5 billion in Q2 2024: Report

The total transaction volume saw a 60.06 percent year-on-year growth, with 48,220 transactions recorded

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

Indian travelers may soon make UPI payments in Qatar

New partnership will let Indian tourists use their preferred payment methods at retail, attractions, leisure, duty-free, and hotels

Yas Island’s eco-friendly city earns top sustainable urban design rating in Abu Dhabi

The Estidama 5 Pearl rating signifies excellence in sustainable design

UAE’s GCAA invests in world-class air traffic controller training to boost aviation safety, efficiency

The contract will see GANS provide training services to GCAA ab-initio air traffic controllers at its training centre in Al Ain

Dubai’s Mashreq Bank allocates additional $272.25 million in financing for industrial companies

The move aligns with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300Bn

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

Oil prices rise amid declining U.S. crude inventories, Fed rate cut expectations

Brent futures, the global oil benchmark, rose 32 cents, or 0.4 percent, to $85.40 per barrel

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

UAE’s DEWA invests $42.85 million in new 60-million gallon water reservoir in Lusaily

The new reservoir has been constructed adjacent to an existing reservoir with a capacity of 120 MIG of desalinated water

Sharjah Airport reports 8.3 million passengers in H1 2024, achieving 12.4 percent growth

The airport saw a 12.2 percent growth in aviation movements, totaling 52,702 flight operations

Oil prices stabilize amid declining U.S. reserves, slower China demand

Brent crude oil futures were down by 4 cents to $83.69 per barrel