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Economy Middle East Summit
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United Kingdom
Economy
Britain’s GDP expands by 0.7 percent in Q1 2024, but long-term growth outlook remains fragile ahead of election
The economy had contracted for two consecutive quarters in the second half of 2023, indicating a recent recession
Economy
UK’s BoE leaves 5.25 percent interest rate untouched, pound weakens below 1.27 against US. dollar
Seven MPC members voted to hold the 5.25 percent rate, while two preferred a 0.25 percentage point cut to 5 percent
Real Estate
UAE’s real estate market to reach $707.86 billion by end of 2024: Report
The extended growth is due to HNWIs' interest in luxury property investment in Dubai
Markets
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
Markets
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
Banking & Finance
Saudi Arabia’s holdings in U.S. treasuries surge to $135.9 billion
This represents a 3.66 percent rise compared to the previous month
Hospitality & Tourism
Saudi Arabia’s Diriyah seeks U.K. partnerships in business, development projects
Diriyah reiterates commitment to expanding its partnership portfolio across various sectors
Banking & Finance
Abu Dhabi’s TAQA posts $571.7 million net income in Q1 2024
The group revenues reached $3.7 billion, marking a 5.3 percent increase compared to the previous year
Economy
BoE maintains rates at 5.25 percent but hints at summer cut
The cost of borrowing will continue to be at a 16-year high
Technology
29 percent of organizations deployed GenAI as leading AI solution, reveals new survey
25 percent of companies utilize customized GenAI models for specific use cases
Hospitality & Tourism
Saudi Arabia e-visa accessibility extended to Barbados, Bahamas, and Grenada
With this expansion, the total number of countries eligible for the E-visa has increased to 66
Markets
Abu Dhabi’s ADQ lists inaugural $2.5 billion bond on London Stock Exchange
Listing proceeds to facilitate further investments in strategic initiatives
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