economy

Picking the who and the why in the GCC’s key growth sectors

Opportunities in retail, local manufacturing, entertainment, and tourism

UAE banks’ capital, reserves reach $134.8 billion by June 2024, says Central Bank

National banks comprised 86.3 percent of the total capital and reserves, amounting to $116.4 billion

UAE’s Ajman real estate transactions surpass $427.4 million in August 2024

The trading volume in the emirate reached AED950 million from 1,005 individual transactions 

Dubai Taxi Company secures 300 new plates, projects $27.2 million in extra annual revenue

This acquisition raises the company’s fleet to nearly 6,000 vehicles, increasing its market share to 46 percent

UAE ministry of energy launches Data Bridge to enhance customer service, streamline government operations

This project enables MoEI to deliver proactive services, request data just once, and exchange digital documents in real time

How Saudi Vision 2030’s $1.3 trillion investment is reshaping real estate, infrastructure and tourism

By 2030, more than 1 million new homes are expected to be built, with around 4 percent already finished 

Qatar Airways resumes flights to Saudi Arabia’s Abha, expands NEOM services

The airline will launch two weekly flights to Abha International Airport starting January 2, 2025

Dubai introduces AI Security Policy to strengthen cybersecurity, position UAE as global leader in AI by 2031

This initiative promotes a secure cyberspace, strengthening Dubai's digital infrastructure and global cybersecurity leadership

Oil prices soar amid hurricane Francine disruptions, ending weekly decline despite demand concerns

Brent crude futures climbed by 34 cents, or 0.5 percent, reaching $72.31 per barrel

UAE’s Sheikh Mohammed bin Rashid, King of Bahrain discuss in Abu Dhabi strong and longstanding relations between two countries

His Highness and His Majesty discussed advancements in cooperation, and the need for better collaboration for mutual development

European Central Bank lowers interest rates again as inflation declines

The ECB's meeting precedes the Federal Reserve, which appears ready to start its own rate cuts

Dubai’s dnata wins contract with Royal Jordanian at New York JFK

dnata's team aims to enhance the travel experience for 125,000 passengers on Royal Jordanian’s 360 annual flights 

Gross banks’ assets surpass $1.16 trillion by end of June 2024, reports UAE Central Bank

Gross credit rose by 1.1 percent to AED2,100.9 billion by the end of June 2024

Kuwait-India non-oil trade surpassed $2 billion in 2022, says Chamber

The Chamber highlighted that Kuwait and India's relationship extends beyond business due to their historical ties

UAE’s AD Ports awards $114.34 million crane contracts to ZPMC for terminal projects in Africa

Terminals will get three Super Post-Panamax STS cranes, servicing 21 container rows over 60 meters

Abu Dhabi’s NMDC Energy starts trading on ADX following 31.3 times IPO oversubscription

The offering comprised 1.15 billion shares of the company, 23 percent of total capital, priced at AED 2.8 each

AI to contribute $100 billion to UAE’s GDP by 2030

The UAE is solidifying its status as a leading player in the global AI landscape, says Astra Tech founder

Abu Dhabi’s Hub71 welcomes 21 startups with $134.9 million in funding

Seven startups will join Hub71+ ClimateTech, gaining tailored resources for their sustainability missions

Saudi Aramco announces agreements with key Chinese partners

Aramco's agreement with Hengli Group enables talks for a potential 10 percent stake acquisition

Oil prices surge amid hurricane Francine concerns, yet demand worries temper gains

Brent crude futures for November rose by 40 cents, or 0.6 percent, reaching $71.01 per barrel

Egypt’s annual inflation rate stands at 25.6 percent in August 2024, says CAPMAS

The general CPI rose to 231.1 points in August 2024, reflecting a monthly inflation rate of 1.9 percent  

Saudi Industrial Production Index rises 1.6 percent in July 2024

The manufacturing sub-index rose by 4.6 percent year-on-year