Economics

RTA introduces smart winter seasonal schedules to enhance maritime transport for tourists and residents in Dubai

This initiative encompasses all maritime transport services and routes, including Dubai Ferry, Abra, and Dubai Water Taxi

Sheikh Mohammed meets HSBC Holdings group chairman, discusses strengthening financial partnerships

The meeting further addressed Dubai's infrastructure upgrades, reinforcing its role as an investment hub and trade link

Oil prices decline as Libya and OPEC+ boost output, while China’s stimulus offers support

Brent crude futures decreased by 20 cents, or 0.28 percent, settling at $71.40 per barrel

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.