Economics

Saudi Arabia and Türkiye central banks sign MoU to enhance economic cooperation, financial stability 

The central banks will share expertise and resources to address challenges and boost economic development

Oil prices gain slightly as OPEC weighs output delay amid falling U.S. stockpiles

Brent crude futures for November rose by 15 cents, or 0.1 percent, to $72.85

National banks in the UAE invest $1.19 billion in local stock markets in 12 months: CBUAE

By the end of May, these banks had elevated their equity investments to AED16.1 billion

Abu Dhabi’s Masdar’s $1 billion green bond issuance drew $4.6 billion in demand, oversubscribed 4.6x

In July 2024, Masdar successfully raised $1 billion through its green bond issuance under its Green Finance Framework

Dubai RTA completes 4.6 km Umm Suqeim improvement project, reducing traffic by 40 percent during peak hours

The authority launched 200 new temporary parking slots and a 500-meter roadway

Türkiye’s inflation drops to 51.97 percent in August 2024 as disinflation continues

Consumer price inflation (CPI) rose 2.47 percent in August, driven by higher gas prices

Italy’s Saipem secures $1 billion in two major offshore contracts with Saudi Aramco

Saipem will be responsible for the EPCI three production deck modules, 33 km of subsea pipelines, and 34 km of power cables

UAE, Kuwait strengthen bilateral ties with MoUs on standardization, infrastructure, and cybersecurity

Other notable agreements included collaboration in communications and information technology

Oil prices decline amid potential return of Libyan supply to the market

Brent Oil Futures fell by 4.9 percent, closing at $73.75 per barrel

Abu Dhabi’s Yahsat approves interim dividend of $55.79 million for H1 2024

Dividends will be distributed to shareholders registered by the end of the business day on September 12

Travel industry set to add record $11 trillion to global GDP in 2024

The industry's contribution to global GDP is expected to rise by 12.1 percent year-over-year

Türkiye’s economic growth falls to 2.5 percent in Q2 2024 amid rising interest rates

Growth is stabilizing, the current account deficit is narrowing, risk premiums are down, says minister