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Banking & Finance
CBUAE’s gross written premiums up 18.5 percent YoY in Q1 2024 to $5.74 billion
Gross paid claims of all types of insurance plans increased by 18.3 percent YoY to AED8.4 billion in Q1 2024
Bahrain
Bahrain attracts record FDI inflows of $6.8 billion in 2023, with UAE as third biggest contributor
Bahrain's FDI stocks relative to GDP stood at 99.7 percent as of the end of 2023
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
Markets
Oil prices hover around $85 amid global tensions, inventory shifts
Brent crude futures edged up 2 cents to $85.35 per barrel
Markets
Oil prices decline but remain on course for weekly gains amid OPEC optimism
Brent oil futures expiring in August fell 0.6 percent to $82.22 a barrel
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
Hospitality & Tourism
Saudi hospitality revenue to rise 7.5 percent in next 4 years, fueled by tourism and Vision 2030
The GCC hospitality sector's revenue is expected to reach $48.1 billion by 2028
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
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