economy

Egypt sets sights on $5 billion investment goal with India by 2027

Through renewable energy, green hydrogen, and engineering initiatives

Saudi Arabia’s NEOM awarded $27.7 million cement supply deal with Al Jouf, Webuild

The contract duration is 41 months from the date of signing and is subject to increased quantities

Oil prices slip amid concerns over China’s demand, pending U.S. economic data

Brent crude futures for September delivery slipped 0.5 percent to $81.26 per barrel

CrowdStrike outage: Why hasn’t the issue been fixed yet?

The problem has been identified, and a fix has been issued. But why isn't everything back on track yet?

Dubai consolidates position as global business events hub, winning 175 bids in H1 2024

This marks a 24 percent increase compared to the same period last year

Kuwait sees deficit of $5.23 billion in FY 2023/24 despite non-oil revenue growth

The country's total revenue in fiscal year 2023-2024 was KWD23.645 billion

Dubai’s office stock grows by 20,000 sq. m., Abu Dhabi adds 7,500 sq. m. in Q2 2024: Report

The growth is attributed to a strong economy, diverse demand, and focus on quality, sustainable spaces

Türkiye terminates $5 billion deposit with Saudi Arabia to reduce external debt

The $5 billion deposit was made by Saudi Arabia before Türkiye's presidential and parliamentary elections last year

Alphabet sees Q2 revenues reach $84.72 billion, driven by Search and $10 billion Cloud segment

The company's operating income for the quarter was $27.43 billion, with net income of $23.62 billion

UAE announces $216.31 million in pension payments for July 2024, benefiting 48,199 pensioners

This marks an increase compared to July 2023, when AED711,323,785.25 was allocated to 46,835 recipients

UAE, Indonesia to boost cooperation in public finance, debt management, and climate finance

The two countries enjoy thriving bilateral trade, with $4 billion in volume in 2023 

Oil prices rebound after recent losses as industry data shows inventory drop, but surplus looms in 2025

Brent oil futures for September delivery rose 0.5 percent to $81.40 per barrel

Dubai’s du posts 54.2 percent net profit surge to $322.35 million in H1 2024

In its Q2 2024 financial results report, du announced that its net profit reached AED581 million

Microsoft reports CrowdStrike software update affected 8.5 million Windows devices

The broad economic and societal impacts reflect the use of CrowdStrike by enterprises running critical services, Microsoft said

DEWA installs over a million smart water meters in Dubai

This is further aimed at enhancing operational efficiency, managing facilities and services through smart and integrated systems

Kuwait’s inflation slows to 2.8 percent in June, lowest since 2020, as food and rent costs cool

Price rises in the food & beverages sub-component eased to a still-elevated 5.6 percent down from 6.1 percent in May

Egypt’s external debt dips 8.4 percent to $153.86 billion in five months

Foreign currency inflows into the local market have jumped by about 200 percent

Surge in demand for industrial and logistics assets reaches 185 percent in Dubai, Abu Dhabi: Report

The Jebel Ali Industrial Area Second Category saw rents jump 38.5 percent to AED36 ($9.80) per sq ft.

Dubai launches landmark $28.58 million mental health framework

The new framework features 10 key initiatives that will be launched over the next five years

New luxury resort slated to debut in Saudi giga-project NEOM

The resort will include a long, bridge-like structure that spans 450 meters and is suspended 40 meters above a lagoon

Oil prices fall to 1.5-month low amid weak outlook and surplus concerns

Brent oil futures expiring in September fell 0.2 percent to $82.26 a barrel

$7.2 billion revenue at Egypt’s Suez Canal marks $2.2 billion decline amid Red Sea attacks

The canal's total tonnage fell by a third, and the number of transits declined by about 22 percent YoY

UAE and Seychelles partner to promote local currency usage, interlink payment and messaging systems

This includes developing the exchange market, facilitating bilateral trade and direct investment, and remittance settlement