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Economy
UK’s BoE leaves 5.25 percent interest rate untouched, pound weakens below 1.27 against US. dollar
Seven MPC members voted to hold the 5.25 percent rate, while two preferred a 0.25 percentage point cut to 5 percent
Energy
QatarEnergy enters 10-year naphtha supply agreement with India’s Haldia Petrochemicals
Agreement commencing in Q2 2024 will be facilitated through QatarEnergy's HPL Global Pte Ltd
UAE’s ADGM Academy, Ethara sign MoU to develop next-gen Emirati talent
ADGMA and Ethara aim to establish an educational hub that will develop comprehensive training programs
Markets
Oil prices dip amid rising U.S. inventories as Fed keeps interest rates steady
Brent oil futures expiring in August fell 0.5 percent to $82.24 a barrel
Banking & Finance
Egypt reports $17.23 billion primary budget surplus, reaching 5.87 percent of GDP from July 2023 to May 2024
This represents a significant increase compared to the previous fiscal year, when the surplus was only $2.43 billion
Economy
UAE’s real GDP to grow by 3.9 percent in 2024, 4.1 percent in 2025: Report
The broader MENA region is expected to grow 2.8 percent in 2024 and accelerate to 4.2 percent in 2025
Energy
OPEC maintains forecast for 2.25 million bpd global oil demand growth in 2024, 1.85 million bpd in 2025
The organization forecasted 2.3 million bpd rise in world oil demand in the second half of 2024
Technology
AI Retreat 2024: Sheikh Hamdan plans to double AI’s positive impact to drive economic growth, improve quality of life in Dubai
H.H. said the retreat will serve as an annual platform to examine the transformative impact of AI across all sectors
Real Estate
UAE Cabinet approves $457.9 million housing aid package for Eid
The Cabinet also approved the launch of the "Manzili" bundle, which offers 18 housing services through 24 government entities
Logistics
Oman posts $6.7 billion trade surplus, merchandise exports reach $16.88 billion by end of March 2024
Total value of merchandise imports to the Sultanate amounted to $10.1 billion
Economy
Inflation in Egypt predicted to drop by 10 percent by end of June 2025: Report
The report cited the recent floating of the pound exchange rate and an enhanced IMF agreement
Miscellaneous
Saudi Arabia to prohibit working under the sun from 12pm to 3 pm starting June 15
The ban applies to private sector establishments and aims to protect workers from heat risks during the hottest hours
Banking & Finance
Saudi finance companies sector reports 13 percent growth in total assets, reaching $17.1 billion in 2023
The paid-up share capital for the finance companies sector increased by 6 percent to reach $4.13 billion
Miscellaneous
UAE launches Phase 2 of ’Work Bundle’, simplifies work with digital platform, cutting 25 million steps, 2 million visits, 62 million working days
The platform reduces procedures from 20-30 days to 5 days
Qatar
Qatar’s real estate trading volume reaches $346.41 million in May 2024
Data revealed that 322 real estate transactions were recorded during the month
Economy
UAE’s ADGM, Bermuda Monetary Authority sign MoU to boost collaboration on digital asset regulation and supervision
The framework also encompasses investigative assistance, and capacity enhancement initiatives
Banking & Finance
Sharjah rises to 4th in GCC region, 7th in MENA in 2024 Global Startup Ecosystem Rankings
Sharjah also featured in the Top 15 rankings for both the Knowledge and Performance categories
Banking & Finance
How the UAE is upholding financing with robust laws
UAE Central Bank Law and Commercial Transactions Law are key legislative instruments
Logistics
How China’s economic rise is strengthening the logistics transformation of the Middle East
Saudi Arabia and UAE are the Asian giant’s valuable trading partners
Markets
Abu Dhabi’s Alef Education’s ADX IPO draws $20 billion in orders, 39x oversubscription
Market cap on listing seen at $2.57 billion
Economy
UAE’s non-oil private sector resilient in May, PMI holds steady at 55.4: Report
Firms in the UAE experienced a record increase in outstanding business levels in May, the report highlighted
Energy
OPEC oil output rises in May, reaching 26.63 million barrels per day
This represents an increase of 145,000 bpd from April
Logistics
Oman’s foreign trade exchange surges 12.8 percent in Q1 2024, transactions reach $26.7 billion
Oman's trade balance rose 35 percent to $6.75 billion in the same quarter
Economy
Oman sovereign wealth fund’s assets reach $49.9 billion in 2023, up 7.4 percent YoY
The return on investment for 2023 stood at 9.95 percent
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