Economics

Gross written premiums rise 31.2 percent YoY in H1 2024 to $9.7 billion, reports UAE Central Bank

This increase was primarily driven by significant rises in property and liability insurance premiums

Dubai Maritime City boosts ship handling capacity to 1,000 vessels, solidifying hub status

DMC's upgraded lifts for 6,000 and 3,000 tons double capacity to 1,000 vessels annually

UAE airports soar with 14.2 percent rise to 71.7 million passengers in H1 2024

This is compared to 62.8 million during the same timeframe last year

UAE Central Bank raises country’s GDP growth forecast for 2024 to 4 percent, 6 percent for 2025

Growth in 2025 will be fueled by strong non-hydrocarbon momentum and a rise in hydrocarbon production 

Oil prices steady amid Libyan production hopes, strong U.S. demand

Brent oil futures for November rose by 0.1 percent to $73.51 per barrel

Sheikh Mohamed strengthens UAE-U.S. relations through key dialogues with U.S. senators on shared interests, global challenges

Key focus areas included the economy, trade, climate action, AI, renewable energy, and sustainability

Dubai Courts, Dubai Chambers sign MoU to strengthen emirate’s role as global commercial dispute resolution hub

This agreement aims to create initiatives that resolve commercial disputes through mediation and conciliation 

UAE: Passport validity reduced to one month to facilitate status amendments for violators, says ICP

This adjustment allows violators to leave without an entry ban stamp or secure jobs while staying 

Investec expands presence in Middle East with new office at Dubai International Financial Centre

The DIFC office will connect HNWIs, family offices, and financial institutions in the GCC, providing advisory services in private banking and wealth management.

AD Ports reports 30 percent rise in vehicle volumes at Autoterminal Khalifa with 90,000 square meters of yard expansion

Since 2021, AD Ports has tripled its revenue through strategic acquisitions and organic growth

Qatar’s Ooredoo Group lands $551.9 million financing deal to propel data center expansion

The deal will drive growth in Ooredoo’s data center unit and open new opportunities in AI and cloud computing

Oil prices dip slightly as market reacts to China’s stimulus measures, supply disruptions

Brent oil futures for November delivery dropped 0.1 percent to $75.12 per barrel

Crypto exchange Bybit introduces Islamic account to enhance trading access for Muslim communities globally

The account provides Shariah-compliant trading products for Muslim traders in the digital asset market 

Kuwaiti investments in Egypt surpass $20 billion

Efforts are underway to organize the joint trade committee between the two countries as soon as possible

Abu Dhabi’s Masdar announces $1.4 billion acquisition of Saeta from Brookfield

The acquisition encompasses a portfolio of 745 megawatts (MW) of primarily wind energy assets 

Abu Dhabi Finance Week reveals top finance leaders set to speak at 2024 edition

The 2024 edition will feature over 300 speakers, including CEOs and Chairs from 50 major global financial institutions

UAE, IRENA forge partnership to boost climate ambitions in 20 developing nations

The partnership aims to leverage the UAE’s climate leadership and IRENA’s role in NDC development and sustainable energy transition 

Egypt invests $300 billion in infrastructure development over 10 years, says minister

El Khatib underscored the need to continue infrastructure development to achieve 6 to 7 percent economic growth

Sheikh Mohammed issues decree on appointment of Dubai government employees to judicial authorities

The Decree aims to attract national talent to Dubai's judiciary while ensuring employees retain benefits during training

Abu Dhabi’s Masdar secures $159 million for 154 MW Čibuk 2 wind farm, powering 62,000 households

Non-recourse financing has been secured from lenders UniCredit and Erste Bank Serbia

Oil prices surge as China launches economic stimulus amid Middle East tensions, hurricane threat

Brent crude futures for November climbed by 69 cents, or 0.93 percent, reaching $74.59 a barrel

Abu Dhabi’s Jubail Island awards $108.9 million construction contract for Jubail Town Centre

The contract covers four office buildings and two residential structures—Jubail Terraces 7 and 8 

Sheikh Mohammed approves $2.72 billion expansion plan for Dubai Exhibition Centre at Expo City Dubai

This landmark venue will be the region's largest indoor exhibition site and set new global standards for excellence