Skip to main content Skip to footer ![Abu Dhabi’s Etihad Airways soars with $232 million profit in H1 2024, up 48 percent YoY](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Etihad-Airways-financial-results.jpg/w=1024,h=671)
Total revenue increased 21 percent to $3.2 billion, from $2.6 billion in H1 2023
![Dubai’s PCFC profit surges 33.47 percent to $178 million in 2023, revenues reach $292.67 million](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Dubai-ports-and-customs.jpg/w=1024,h=683)
By 2023, PCFC had 600 employees, 96,000 clients, 400 suppliers, and 26 strategic partners
![Fueled by oil prices, government spending, Saudi banks poised for continued success: Report](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Saudi-banks-Fitch.jpg/w=1024,h=683)
The operating environment score for the sector has been rated 'bbb+'
![Egypt’s overseas workers send home $7.5 billion in Q2 2024, signaling success of IMF-inspired currency reform](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Egypt-remittances.jpg/w=1024,h=683)
Before the March reforms, the pound was officially pegged at 30.85 to the U.S. dollar, but traded as low as 74 on the black market
![Saudi Arabia’s Dammam port sets record with 20,645 containers handled on single ship](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Saudi-Dammam.jpg/w=1024,h=683)
In May 2024, the port set a new container throughput record of 292,612 TEUs
![Oil prices inch higher amid tightening U.S. supplies, potential Middle East disruptions](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Oil-prices-4.jpg/w=1024,h=683)
Brent crude futures rose 23 cents, or 0.3 percent, to $78.56 per barrel
![UAE’s ADNOC L&S reports $401 million net profit in H1 2024, sustained by 42 percent growth in revenues](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/ADNOC-LS-profit.jpg/w=1024,h=683)
This represents 31 percent increase YoY
![Egypt’s primary budget surplus soars 6.1 percent in 2023/24, driven by UAE investment and tax revenues](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Egypt-budget-surplus.jpg/w=1024,h=683)
Expenditure amounted to $61.25 billion, with a budget deficit of 3.6 percent
![Major revisions to Saudi Arabia’s labor law aim to foster job stability, prioritize employee rights](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Saudi-Arabia-labor-law-1-1-1.jpg/w=1024,h=683)
The new revisions encompass 38 articles, removing seven articles, and adding two new articles to the law
![e& and du paid $963.78 million in federal royalty to UAE government in H1 2024](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/e-du.jpg/w=1024,h=683)
The aggregate amount of royalty payable by the e& group in the first half of 2024 reached $748.43 million
![Oil prices slide on bearish inventory data, persistent global economic slowdown fears](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Oil-prices-1-1.jpg/w=1024,h=683)
Brent crude oil futures for October delivery fell 0.5 percent to $76.13 per barrel
![Saudi PIF affiliate invests $1.5 billion in EV maker Lucid Group](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/08/Lucid-PIF.jpg/w=1024,h=682)
The deal includes a $750 million convertible preferred investment and a $750 million unsecured term loan