economy

Dubai Chambers, VFS Global to accelerate global expansion of local companies, boost trade development

The deal facilitates global expansion of Dubai firms by reducing entry barriers and enabling quicker access to opportunities

Mohammed Bin Rashid Library to host first Dubai International Library Conference 2024 from 15-17 November 2024

Discussions will include the preservation and restoration of archives, AI, intellectual property, copyright laws

UAE work permit cancellation to take just 45 seconds with zero documents

The new process eliminates the previous requirement of two documents

UAE-based startups lead MENA region in funding in June, securing $82.5 million across 15 deals

MENA startups raised $116 million in June 2024, bringing H1 total to $882 million

Saudi’s flynas launches first direct flight between Riyadh and Egypt’s El-Alamein

flynas already connects Egypt to Saudi Arabia with more than 120 weekly direct flights

UAE doubles passport validity to 10 years for citizens aged 21 and above

The move aims to reduce bureaucracy and save time for citizens

Oil prices stabilize as market monitors tropical storm Beryl, geopolitical developments

Brent oil futures for September delivery hovered around $85.72 per barrel

Oman’s Q1 2024 GDP rises to $27.15 billion driven by non-oil sector growth

This growth was driven by a surge in non-oil activities, which recorded a value of OMR7.18 billion

Abu Dhabi World Food Security Summit 2024 to empower innovative solutions for hunger-free world

The event is set to be hosted for the first time on November 26-27, 2024

Dubai Customs harnesses blockchain to usher in an era of efficient and transparent trade

New platform launched to strengthen collaboration between government entities and logistics industries

China’s foreign exchange reserves reach $3.22 trillion by end of June 2024

The amount shrank by 0.3 percent compared to the previous month

Crypto theft loss doubles to $1.38 billion in first half of 2024: Report

Five incidents accounted for 70 percent of the total amount stolen so far this year

Dubai sees 190 prime property deals over $10 million in H1 2024 as supply drops: Report

The emirate's prime residential markets face a 47 percent supply shortage, with only 2,851 properties available

Saudi banks post $1.95 billion in aggregate profits for May 2024, reaching 14-month high

Cumulatively, banks recorded a total profit of $9.27 billion in the first five months of 2024

DEWA’s IPWP model attracts $11.87 billion investment over 10 years

Key projects include the Mohammed bin Rashid Al Maktoum Solar Park, which aims for 5,000MW by 2030 at AED50 billion

Oil prices steady amid storm threat and demand concerns

Brent crude futures for September delivery edged up 0.2 percent to $86.67 per barrel

UAE’s ADNOC, JBIC sign $3 billion green financing agreement

The credit facility is part of JBIC's GREEN lending program and is partially supported by Japanese commercial banks

Kuwait projects $61.7 billion budget revenues over next four years

Kuwait needs economic reforms for fiscal sustainability and diversifying non-oil revenues, says Minister

Saudi Arabia issues 121,521 business registrations in Q2 2024, up 78 percent year-over-year

E-commerce saw a 17.47 percent yearly increase, reaching 40,697 registrations

14 Saudi sports clubs slated for privatization in latest push to modernize industry

The first batch of clubs includes Al-Zulfi, Al-Nahda, Al-Okhdood, Al-Ansar, Al-Orouba, and Al-Kholood

China’s service trade soars to $415.6 billion in first five months of 2024, posting 16 percent growth

Exports amounted to approximately 1.22 trillion yuan, up 11 percent, while imports stood at 1.8 trillion yuan

Qatar’s non-oil private sector hits fastest growth in a year and a half, PMI reaches 55.9 in June

Companies continued to expand employment and the 12-month outlook remained strong

Saudi Arabia’s PIF expands Middle East-Asia Investments, invests $500 million in Hong Kong conglomerate

The investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan

Eurozone composite PMI drops to 50.9 in June as business growth slows sharply

A strong expansion in the dominant services industry failed to offset a further deterioration in manufacturing