Economics

UAE gross bank assets surge over 10.8 percent to $1.16 trillion in May 2024

Gross credit grew 0.7 percent from AED2.063 trillion in April 2024 to $565.47 billion

China’s maritime economy generates $678.55 billion in H1 2024, up 5.6 percent YoY

The sea area designated for use grew by 16.9 percent YoY, with ¥500 billion in projects

Oil prices head for fourth week of losses as demand worries outweigh supply risks

Brent oil futures for October delivery rose 0.4 percent to $79.84 per barrel

GCC, Indonesia initiate talks for comprehensive deal to boost trade and investment

The proposed agreement aims to enhance cooperation, streamline investment regulations, and create new jobs

Dubai Financial Market sees spike in new investor accounts, up 85 percent to 56,345

The growth is due to strong investor interest in recent high-profile listings like Parkin and Spinneys

Qatar reports $711.58 million budget surplus on $16.39 billion total revenues for Q2 2024

The surplus was directed towards reducing public debt, and therefore there is no cash surplus

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