Economics

Abu Dhabi SME Champions Program awards $24.1 million in procurement deals within first six months of 2023 launch

During its pilot phase, the program awarded 54 contracts to 49 SMEs, averaging AED1.8 million each 

Solomon Islands embassy inaugurated in Abu Dhabi 

Dr. Al Zeyoudi and PM Manele revealed a plaque that signifies the establishment of the Solomon Islands' diplomatic mission in the emirate

Abu Dhabi reports new record GDP of $80.86 billion, 4.1 percent increase in Q2 2024

This growth is driven by the development of non-oil sectors, showcasing the emirate's economic diversification efforts

Oil prices hold steady amid concerns over Middle East conflicts, sluggish global demand growth

Brent crude futures for December delivery rose by 13 cents, or 0.18 percent, reaching $71.83 a barrel

Saudi Arabia announces pre-budget statement for FY 2025 with expenditures estimated at $346.95 billion, revenues at $319.68 billion

The Minister of Finance is confident in positive Saudi economic growth in 2025 and beyond, driven by reforms under Vision 2030

UAE strengthens position as global leader in AI through strategic investments, partnerships

The country ranks third worldwide in attracting AI experts, with a strong emphasis on cultivating a skilled workforce to drive digital transformation

Governments allocate nearly $2 trillion in direct clean energy investment since 2020: IEA

This amount is nearly three times the funding committed after the financial crisis of 2007-08

S&P raises Oman’s credit rating to ‘BBB-’ with stable outlook

The Omani government, along with many state-owned enterprises (SOEs), is continuing to deleverage its balance sheet

Sharjah welcomes 1.057 million hotel guests in 8 months

Hotel occupancy rates held steady at 66 percent 

MBRHE partners with Microsoft to drive digital transformation, cloud computing initiatives for Dubai’s residents

The two entities will collaborate to organize workshops and training programs to develop digital skills among MBRHE employees

DMCC strengthens economic ties as over 500 Italian companies join Dubai’s premier free zone

DMCC's recent engagement with Italy follows an increase in bilateral trade, which surpassed $9 billion in 2023

UAE President directs $100 million in urgent relief for Lebanon

This initiative showcases the UAE's ongoing commitment to supporting Lebanon during its hardships

Saudi Arabia sees 656 percent surge in leisure tourists, welcoming 4.2 million in early 2024

The Kingdom welcomed 17.5 million international tourists from January to July 2024

UAE’s FTA extends deadlines for corporate tax return filing, payment for specific tax periods

The extension applies to short Tax Periods that conclude on or before February 29, 2024 

Job losses in travel and tourism hit 70 million with women and youth facing sharp declines: WTTC

The report highlights the travel and tourism industry's potential for inclusive growth and the urgent need for action

UAE banking sector demonstrates resilience with robust capital buffers, favorable liquidity conditions, says Central Bank

UAE's real GDP grew 3.6 percent, driven by rise in the non-oil sector, particularly in tourism, real estate, and finance 

Six new highlights to look forward to at Expand North Star 2024

The event will be held at Dubai Harbour from October 13 to 16

48,735 pensioners and beneficiaries to receive $220 million in September: Date of disbursement revealed by UAE’s GPSSA

This amount reflects a notable increase of AED91,728,008 ($25 million) compared to the same month in 2023

Saudi Crown Prince launches Riyadh Non-Profit Foundation to drive social development, foster Innovation

The Foundation's mission is to support institutional and social initiatives and boost research

COP28 President calls for ambitious NDCs to keep 1.5°C goal within reach, drive socioeconomic growth

Dr. Al Jaber said the UAE Consensus provides a vital roadmap for action at the ‘Roadmap to Mission 1.5: NDC 3.0’ event

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