economy

Official dates revealed for ADIPEC 2025 

40+ ministers and 200+ executives from around the world gathered in Abu Dhabi for ADIPEC 2024

Mastercard joins Buna to facilitate seamless cross-border payments into and out of MENA region

The move will allow global financial institutions to send fast, cost-efficient payments to Buna via Mastercard Move

Oil prices decline as U.S. inventory data shows larger-than-expected build amid Gulf hurricane concerns

Brent oil futures expiring in January dropped 0.6 percent to $75.11 a barrel

Air Arabia launches Sharjah-Yanbu flights, bringing UAE-Saudi routes to 12

The new route underscores carrier’s swift growth throughout the Kingdom as tourism and business travel climb 

Dubai Customs, DP World partner to transform digital trade and logistics solutions

Partnership seeks to streamline trade and logistics procedures and deliver fast government services across Dubai

Saudi Aramco achieves Q3 revenue of $111.1 billion, $27.6 billion in net profit

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment,” Eng. Nasser said

stc Group achieves highest 9-month revenues of $15 billion, $2.98 billion in net profit

Total revenues grew 3.92 percent compared to the same period last year 

Emirates boosts U.K. network, returns to Edinburgh with daily service

Emirates serves the U.K. with 133 weekly flights across eight gateways including London Heathrow and London Gatwick

Air cargo grows 9.4 percent in September, reports IATA

ACTKs rose by 6.4 percent relative to September 2023 (8.1 percent for international operations) 

ADIPEC 2024: ADNOC, AIQ developing first-of-a-kind agentic AI solution for global energy transformation

ENERGYai combines large language models with specialized ‘agentic’ AI agents for tasks across ADNOC’s value chain 

Qatar affirmed at ‘AA/A-1+’; outlook stable: S&P

Growth momentum is expected to strengthen from 2026, supported by the North Field Expansion (NFE) LNG project

Lulu Retail IPO size increased to 30 percent on ADX

The offer price range remains unchanged, set between AED1.94 and AED2.04 per share

Fitch raises Egypt’s long-term foreign-currency rating to ‘B’ with stable outlook

The agency highlighted improvements in external finances driven by notable foreign investments and strengthened policy initiatives 

Ras Al Khaimah, U.K. Government strengthen partnerships across key trade, investment sectors

The partnership aims to enhance industrial cooperation and facilitate two-way trade between Ras Al Khaimah and the U.K.

IMF to review Egypt’s loan program on Tuesday with GDP growth projected at 4.2 percent for FY2025

Georgieva noted that Egypt's inflation reached 37 percent in 2023 but has decreased to between 25 percent and 26 percent

ADGM launches new ‘Path to Forward’ brand identity

The new brand resonates with the financial centre’s growth, resilience, and optimism 

Oil prices rise as OPEC+ extends production cuts, impacting U.S. election and Chinese stimulus expectations

Brent futures had risen by $1.18 per barrel, translating to a 1.61 percent increase, reaching $74.28 per barrel

FII8 conference concludes with global launches, investments and initiatives

World leaders and decision-makers convene to share insights into initiatives that address critical challenges and improve the lives of citizens

Sheikh Hamdan meets Google’s president, emphasizes AI for $27.2 billion annual growth

The discussions centered on enhancing the collaboration with this leading global technology firm

Alpha Dhabi records $3 billion net profit in 9 months

The Group achieved revenue of $12 billion, representing a 36 percent year-on-year increase 

81.4 percent of Japan’s oil imports sourced from UAE, Saudi Arabia in September 

UAE stood out with 31.33 million barrels, while Saudi contributed 27.98 million barrels