Economics

G20 pushes for great fortunes tax to fund climate disaster preparedness 

The G20 DRRWG meeting focused on the critical importance of financing for resilient infrastructure and early disaster risk warnings

Oil price rallies amid Middle East tensions and OPEC+ meeting, China concerns linger

Brent oil futures expiring in October rose 0.5 percent to $81.24 a barrel

Saudi Arabia’s foreign assets rise 5.5 percent to $467.5 billion in June 2024

Data showed that the bank's net foreign assets in June were around SAR1.670 trillion

UAE-Chile CEPA set to take effect in six months, promises $73 million national economic boost by 2031: Al Zeyoudi

The agreement aims to liberate trade between both countries, empower women in commerce

DIFC sees rapid expansion, adds 820 companies in H1 2024, AUM reaches $700 billion

Over 370 wealth and asset management firms, including more than 50 pure-play hedge funds, are now based in the Centre

Oman to expand LNG production capacity to 15.2 million tons per year with new 3.8 million ton train

LNG production trains allow the government to improve operational efficiency, maximize the use of existing facilities

IMF completes third review for extended arrangement with Egypt, approves $820 million disbursement

The decision follows a positive economic assessment since the program's launch in December 2022

Dubai Financial Market announces 74 percent rise in pre-tax net profit to $53.19 million in H1 2024

The first half of 2024 saw a surge in trading activity, higher trade values, and an influx of new investor

Oil prices slide to two-month low ahead of OPEC meeting, Fed policy decisions

Brent oil futures expiring in September fell 0.2 percent to $79.63 per barrel

UAE, Chile sign CEPA to boost non-oil trade through tariff cuts and eased barriers

The CEPA also seeks to establish new investment and cooperation pathways, allowing private sectors to build partnerships

G20: UAE to double digital economy’s GDP contribution to 19.4 percent with $20 billion investment

This investment signals the UAE's commitment to accelerating the growth and adoption of digital technologies across its economy

UAE and Morocco finalize CEPA to boost goods and services trade through tariff cuts, regulatory reforms

In 2023, the two nations had $1.3 billion in non-oil trade, a 30 percent increase from 2022 and 83 percent more than in 2019

Oil prices steady on strong U.S. GDP, but headed for third weekly losses

Brent oil futures expiring in September were stable at $82.38 per barrel

Egypt’s economy growth to rebound to 4.99 percent in 2025/26 amid policy tightening 

The country’s growth is projected at 4 percent for FY 2024/2025

Kuwait’s real estate market reports $300.86 million in transactions, 14 percent rise week-over-week

The surge is equivalent to an additional KWD13 million compared to the previous week's trading value of KWD79 million 

Egypt sets sights on $5 billion investment goal with India by 2027

Through renewable energy, green hydrogen, and engineering initiatives

Oil prices slip amid concerns over China’s demand, pending U.S. economic data

Brent crude futures for September delivery slipped 0.5 percent to $81.26 per barrel

Dubai consolidates position as global business events hub, winning 175 bids in H1 2024

This marks a 24 percent increase compared to the same period last year

Kuwait sees deficit of $5.23 billion in FY 2023/24 despite non-oil revenue growth

The country's total revenue in fiscal year 2023-2024 was KWD23.645 billion

Türkiye terminates $5 billion deposit with Saudi Arabia to reduce external debt

The $5 billion deposit was made by Saudi Arabia before Türkiye's presidential and parliamentary elections last year

UAE announces $216.31 million in pension payments for July 2024, benefiting 48,199 pensioners

This marks an increase compared to July 2023, when AED711,323,785.25 was allocated to 46,835 recipients

UAE, Indonesia to boost cooperation in public finance, debt management, and climate finance

The two countries enjoy thriving bilateral trade, with $4 billion in volume in 2023 

Oil prices rebound after recent losses as industry data shows inventory drop, but surplus looms in 2025

Brent oil futures for September delivery rose 0.5 percent to $81.40 per barrel