economy

Oman Central Bank issues treasury bills worth $77.93 million

The bills have a maturity period of 28 days amounted to OMR300,000, with an average acceptable price of OMR99.650 

Saudi Arabia’s Citizen Account deposits $906.2 million into 10.8 eligible beneficiaries’ accounts in September

Deposits will continue until today end of day, and beneficiaries can check their amounts in the program's app

QatarEnergy to build 6 new QC-Max LNG vessels at China’s Hudong-Zhonghua Shipyard

The QC-Max vessels are the largest LNG carriers, each with a 271,000 cubic meter capacity 

Kuwait Central Bank issues bonds, tawarruq worth $792 million

On August 19, KCB announced a similar allocation of bonds and tawarruq for three months at the same value and return rate 

Dubai’s dnata secures multi-year ground handling agreement with EasyJet at Zurich Airport

dnata will provide a full range of safe and reliable passenger, ramp, and baggage services for the low-cost airline

UAE’s ADNOC to supply LNG to Indian Oil Corporation for 15 years

The LNG will primarily be sourced from ADNOC's Ruwais LNG project

Abu Dhabi Crown Prince in India: Discussing bonds of friendship and cooperative ties with President Murmu

Sheikh Khaled signed the guestbook at Rashtrapati Bhavan, highlighting the historical UAE-India friendship

Oil prices face pressure from sluggish Chinese demand, anticipated supply challenges from tropical storm Francine

Brent crude futures fell by 4 cents, or 0.06 percent, settling at $72.80 a barrel

Unlocking MENA’s thriving investment opportunities at the EFG Hermes 10th Annual London Investor Conference

Leaders will convene from September 9 to 12 to discuss innovations in capital markets and regulatory developments

Microsoft and partners to generate $24 billion in Saudi Arabia over next four years, says IDC study

Microsoft’s partner ecosystem will earn roughly $8 for every $1 of revenue generated by Microsoft’s cloud services

Oman’s Salalah Free Zone draws $11.95 billion in investment by June 2024

In H1 2024, the Salalah Free Zone added 13 projects in frankincense, packaging, air conditioning, and textiles

Central Bank of Egypt forecasts easing inflation amid continued maintenance of interest rates

The MPC noted that domestic real GDP growth had moderated to 2.2 percent in the first quarter of 2024

Saudi private sector employment surges to over 11.5 million workers in August 2024

The number of residents employed in the private sector stood at 9,202,580, with 8,812,758 men and 389,822 women

UAE, Egypt strengthen economic ties in key sectors at Arab Economic and Social Council meeting

The UAE is the top Arab investor in Egypt and the third largest globally

Saudi Arabia to cut export and import customs fees starting October 6

Changes introduced to streamline trade processes and support business operations

UAE targets $27.2 billion in tourism investments by 2031, increasing GDP contribution to $122.5 billion 

In 2023, tourism accounted for 11.7 percent of the UAE’s GDP, amounting to $59.9 billion

Dubai Metro marks 15 years of success: Over 2.4 billion passengers and 4.3 million trips with 99.7 percent punctuality

Currently, the metro serves around 730,000 passengers daily, making it the preferred transportation choice for many

Oil prices surge as hurricane threatens U.S. Gulf coast amid market recovery from disappointing jobs data

Brent crude futures rose by 99 cents, or 1.39 percent, to $72.05 per barrel

Dubai Chambers supports expansion of Chinese investors into Dubai with new agreement

Agreement enhances the ability of companies operating in Dubai to enter the Chinese market and build promising business partnerships in Tianjin

Rising bank credit demand in the UAE amid positive economic outlook, says Central Bank

In Q2, demand for trade credit remained strong, with a greater appetite for lending