Economics

Sharjah Islamic Bank profit before tax up 29 percent to $270.1 million for nine months ending September

The bank is diversifying its financing portfolio, with total customer financing at AED36.6 billion

UAE’s PMO formalizes agreements to enhance strategic intelligence for We the UAE 2031

New platform to leverage AI and insights from 2,500 experts and 450 data sources to create government strategies

Lagarde signals shift in ECB strategy with third rate cut in 2024

This marks the first consecutive rate reduction in 13 years

Central Bank of Egypt holds key interest rates steady amid inflation control, mixed economic indicators

The committee noted that this decision reflects recent global and local developments

DET x Amazon Accelerator to help unlock SMEs’ growth potential: Ronaldo Mouchawar

Digital upskilling, tailored expertise and a global platform will help SMEs faster climb the ladder to success

Oil prices steady amid mixed economic signals from China, strong U.S. retail sales data

Brent crude futures had risen by 8 cents, or 0.1 percent, to $74.53 a barrel

Oman’s OQEP raises $2 billion in IPO

Global institutional support in the Category I offering exceeded OMR1.0 billion (excluding anchors)

ADNH Catering raises $235.2 million in IPO

ADNH Catering offered 900 million shares, or 40 percent of its capital 

Oil prices modestly recover amid unexpected U.S. inventory draw, Middle East tensions

Brent crude futures for December delivery increased by 0.6 percent to $74.67 per barrel

ADQ, Bank Audi sign definitive agreement to acquire 96 percent of Odea Bank

This move would accelerate Odeabank’s growth and drive tech advancements in financial services

DP World secures 47,000 TEUs to enhance capacity and customer experience

This acquisition reflects its dedication to offering customers dependable and efficient equipment

Expand North Star 2024 draws 65 unicorns valued at $400 billion

CEOs of unicorns noted that Dubai is an ideal gateway for launching global digital initiatives

Oil prices recover modestly amid Middle East stability concerns, weak demand

Brent crude futures for December delivery rose zero point four percent to $74.55 per barrel

AWS and e& sign $1 billion agreement to enhance cloud solutions, support AI for digital transformation

The focus will be on cloud services like storage, computing, networking, cybersecurity, and AI/ML advancements

RAK Properties collaborates with Commercial Bank of Dubai on $544.5 million financing agreement

The funding will support RAK Properties' projects, including luxury hotels and residential communities in Mina Al Arab

Expand North Star 2024: Dubai Chamber of Digital Economy highlights emirate’s business environment advantages

The emirate is fostering digital companies, boosting its reputation as a global digital economy capital

Saudi Arabia, Egypt ink maritime connectivity agreement to enhance passenger transport and expertise exchange

The collaboration areas include yacht and marine passenger transport, plus passenger ferries

Dubai Cares partners with UAE Stands with Lebanon initiative to deliver urgent humanitarian relief amid the ongoing crisis

This collaboration aims to mobilize the UAE community to raise vital funds for emergency relief

Oil prices decline as demand forecast weakens, supply concerns subside

Brent crude futures fell by $2.27 to $75.19 per barrel

Abu Dhabi’s Borouge delivers 700,000 tons in first year under Etihad Rail agreement

Since September 2023, over 36,000 Borouge containers have moved from Al Ruwais to Khalifa Port

UAE pioneering future of financial services through AI innovation

UAE has emerged as a leading nation in the development of technology and AI-driven solutions

First regional centre of excellence for food security coming to UAE

This development is crucial for fostering innovation and strategic reform in food systems throughout the region

Dubai’s RTA awards $163.3 million contract for development of Oud Metha and Al Asayel streets

The project includes four major intersections, 4,300 meters of bridges, and 14 kilometers of roads

SuperBridge Summit 2024 kicks off tomorrow: Innovating for Next Gen with insights on economic power, technology, and leadership

With 70 speakers from various industries, the two-day summit will inspire and empower the next generation of leaders