economy

UAE’s GDP reaches $457.38 billion in 2023, 3.6 percent growth from previous year: Minister

The non-oil GDP stood at $340.3 billion, up 6.2 percent compared to 2022

Oil prices extend losses as U.S. product stockpiles grow, China activity slows

Brent oil futures expiring in July dropped 0.3 percent to $81.61 per barrel

UAE’s financial sector welcomes new Open Finance regulation

Open Finance is beneficial for both fintechs and their customers

How to open a bank account in the UAE

The UAE offers a diverse range of personal bank account options for both residents and non-residents

Egypt’s trade balance deficit falls 23.2 percent to $2.37 billion in March

The value of exports fell 10.9 percent year-over-year to $3.57 billion in March 2024

Saudi banks witness 8 percent surge in Q1 earnings, reaching $4.97 billion

The growth in earnings is driven by 11 percent lending growth and a rising interest rate environment

Oman Central Bank issues T-bills worth $57.24 million

The interest rate on repurchase operations (repo) with the OCB for these T-bills is 6.00 percent

Saudi Arabia’s non-oil sector projected to grow 4.8 percent in 2024, 5.2 percent in 2025: Report

The Kingdom's GDP is expected to expand by 2.3 percent in 2024 and accelerate to 5.8 percent in 2025, the report said

Oil prices maintain stability following recovery from 3-month low, investors await inflation data

Brent crude oil futures expiring in July edged 0.1 percent lower to $83.04 per barrel

UAE tourism sector contributed $59.89 billion to GDP in 2023, generated 809,000 job opportunities

Projections suggest that the number of job opportunities will increase to 833,000 in 2024

Third edition of Make It in the Emirates Forum begins in Abu Dhabi, focusing on investment, innovation and growth

The forum features a diverse range of participants, including government, business, and financial representatives

Saudi Arabia maintains ‘A1’ credit rating with positive outlook amid successful economic reforms: Report

The rating reflects the government's significant progress in implementing a broad-based reform agenda since 2016

Bahrain’s credit rating affirmed at ‘B+/B’ with stable outlook: Report

The report forecasts an upgrade for Bahrain if the government substantially lowers net debt-to-GDP via improved budgets

Oil prices bounce back slightly as traders eye U.S. inflation report, upcoming OPEC+ meeting

Brent oil futures for July delivery gained 0.1 percent to $82.22 per barrel

Saudi Arabia commits $800 billion to tourism, aims for 10 percent sector contribution to economy by 2030: Minister

Al Khateeb outlines plans to add over 250,000 hotel rooms, attract young Saudis to the industry

Egypt’s Central Bank maintains key rates, cites easing inflation

The CBE's overnight deposit rate, overnight lending rate, and main operation rate will remain unchanged

UAE announces $10 billion investment package to boost Pakistan’s promising economic sectors

In January 2023, the UAE agreed to roll over an existing $2 billion loan and provide an additional $1 billion to Pakistan

Point-of-sale spending in Saudi Arabia reaches $3.1 billion: Report

The largest share of spending (15 percent) was on beverages and food, amounted to $471.94 million

Türkiye holds interest rates steady at 50 percent amid persistent inflationary pressures

The country's annual inflation rate rose from 68.5 percent in March to 69.8 percent in April

Lebanon’s reforms are insufficient for recovery, says IMF

Lebanon's banking sector continues to struggle with providing credit to the economy

Sharjah’s GDP surges 6.5 percent to $39.5 billion in 2023

Non-oil sectors also saw a significant 7.1 percent increase, reaching $38.79 billion in 2023

Clean tech manufacturing investments reach $200 billion in 2023, up 70 percent: Report

China accounted for three-quarters of the total investments in this field, according to the report