economy

World’s second largest 2,492-carat diamond unearthed in new mining discovery

Lucara recovered the diamond using its "Mega Diamond Recovery X-Ray Transmission" technology

Egypt outlines strategy to restore, increase oil and gas output to pre-pandemic levels by 2025 with foreign partners

The country is reviving ambitions to become regional LNG hub after clearing petroleum sector arrears

Dubai World Trade Centre gears up to host more than 100 flagship events by end of 2024

DWTC's calendar is anchored by flagship events like GITEX Global, ArabLab+, and WETEX

Oil prices flat, headed for bleak weekly performance amid demand concerns

Brent oil futures expiring in October edged up 0.1 percent to $77.26 per barrel

Bahrain’s $92.89 million T-bill issuance sees 254 percent oversubscription

The bills carry an issue date of August 25, and are scheduled to mature on February 23, 2025

Dubai SME: Over $3 billion in contracts awarded to entrepreneurs since inception

Hamdan Innovation Incubator supported 109 Emirati tech startups in H1 2024

Oil prices weaken on U.S. labor data, demand outlook uncertain

Brent oil futures fell 0.1 percent to $75.95 a barrel

Qatar’s economy to double by 2031 fueled by LNG boom, diversification: Report

Qatar's gas production will stay steady for 140 years before a major boom

Kuwaiti banks turn to M&A amidst strong fundamentals: Report

The paper noted that banks in Kuwait have strong capital and liquidity despite growth constraints

Aluminum and iron ore drive Bahrain’s $894.31 million export surge in July 2024

China emerged as the leading import partner, contributing BHD73 million (16 percent) to Bahrain's import basket

UAE’s top banks post strong Q2 2024 growth on higher profits, improved asset quality: Report

Banks saw a 3.2 percent rise in loans and advances, outpacing the 0.4 percent growth in deposits

Abu Dhabi Chamber sees 23.8 percent year-on-year growth in certificates of origin

This growth underscores the chamber's efforts to boost trade opportunities and enhance the UAE's international trade footprint

Abu Dhabi’s hotel revenue soars to $865.79 million in first five months of 2024, welcoming 2.4 million guests

By the end of May, Abu Dhabi boasted 169 hotel establishments, offering a total of 34,079 rooms

UAE’s ADQ, ne’ma join forces to combat food waste from farm to table

ne'ma aims to reduce food loss and waste by 50 percent by 2030, in line with U.N. Sustainable Development Goal 12.3

Qatar Airways acquires 25 percent stake in Airlink, expanding African reach

Qatar Airways will expand its reach to 45 destinations across 15 African countries

Oil prices slide on rising U.S. inventories, easing Middle East tensions

Brent crude futures declined by 0.1 percent, settling at $77.11 per barrel

UAE banks add 15 ATMs in Q1 2024, reaching 4,669

This growth is driven by technological advancements and changes in the financial sector, leading to greater security and efficiency

DP World, British International Investment pump $35 million into Congo’s first deepwater port

The project aims to unlock Congo's trade potential and boost its economy

Turkish central bank holds interest rate steady at 50 percent for fifth month

This move reflects TCMB's commitment to a cautious monetary policy, balancing inflation control with economic risks

Manufacturing sector’s 9.2 percent expansion boosts Oman’s economic growth in Q1 2024

Oman's 10th Five-Year Plan aims to boost manufacturing's GDP contribution from 10 percent to 12.2 percent by 2025

Oman’s Nizwa: A thriving industrial hub with $1.23 billion investment, 173 projects

A 78,000 square meter residential project is being planned and will be open for investment soon