Dubai GDP grows by 4 percent to reach $32.58 billion in first quarter of 2025
Human Health and Social Work activities registered the highest growth rate, rising 26 percent compared to the same period last...
Economy
Gold futures hit record on US tariff shock; mixed day for stocks
Gold futures hit a record high Friday following reports of an unexpected tariff on the precious metal as global stocks...
Economy
Geostrategy
Tunisia and EU sign ‘strategic’ deal on economy, migration
The deal between the two countries will include partnership on irregular migration, economic development and renewable energy. Tunisia has been...
- European Commission President Ursula von der Leyen said Sunday's accord aims to "invest in shared prosperity"
- The International Organization for Migration has said 2,406 migrants died or disappeared in the Mediterranean in 2022
Economy
Commercial transport sector added $4.38bn to Dubai economy, says RTA
DUBAI, UAE - Commercial transport sector contributed AED16.1 billion ($4.38bn) to Dubai's economy in 2022, said Mattar Al Tayer, Director-General,...
- The commercial transport activities sector has experienced consistent economic growth over the last two years fueled by e-commerce, said an official
- The number of registered commercial vehicles operated by these companies exceeds 300,000, reflecting a 16 percent growth rate compared to 2021, he noted
Geostrategy
Israeli court orders government to release seized Palestinian boat
GAZA CITY, PALESTINIAN TERRITORIES - Israel returned a boat to a Gaza fisherman it had seized for allegedly breaching the limits...
- Israeli authorities had called for the vessel, belonging to fisherman Mohammad al-Hissi, to be permanently confiscated.
- However, a Haifa court last month ordered that the boat be returned to Hissi even as legal proceedings continued.
Economy
Prices for utilities, fuels rise 9 percent in June in Saudi Arabia
RIYADH, SAUDI ARABIA – Prices for housing, water, electricity, gas and other fuels in the Kingdom rose by 9.1 percent...
- Restaurant and hotel prices went up by 4.3 percent and education up by 3 percent.
- Clothing, shoe prices fell 2.9 percent, communication costs were down by 0.7 percent.
Economy
UNDP says over US$14bn needed to mitigate global surge in poverty
NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number...
- UNDP has called for adaptive social protection and a debt-poverty pause to redirect debt repayments toward critical social expenditures.
- Almost all of these financially hit people live in low - and lower-middle-income economies, with the poorest 20 percent in low-income countries
Geostrategy
MBRGI joins UAE delegation, takes part in UN forum on sustainable development goals
DUBAI, UAE - Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level...
- Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for SDGs at the global level.
- The UAE delegation discussed ways to bolster mutual collaboration, strategic partnerships and knowledge-sharing, in line with MBRGI’s mission.
Morocco, Shell sign 12-year natural gas deal: ministry
Morocco has sought to diversify its energy sources particularly since neighbouring Algeria stopped supplying natural gas via the GME in...
- The agreement includes the annual delivery of 500 million cubic meters of LNG to Morocco, the value of the 12-year deal has not been disclosed
- In the initial years, the gas will be delivered through Spanish ports and the Maghreb GME, It will eventually be delivered through planned Moroccan LNG terminals
Economy
Modi’s visit: India, UAE sign pact to trade in local currencies
Abu Dhabi, UAE - The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) on Saturday...
- CBUAE and RBI aim to develop the foreign exchange market, facilitate bilateral trade, encourage direct investment, and facilitate financial transfers
- The pact enables acceptance of local cards in both countries for ATM cash withdrawals and direct point-of-sale purchases without relying on external payment networks
Economy
UAE, India join forces to bolster new economy sectors
"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium...
- The collaboration between India and the UAE aims to boost the GDP of both countries by empowering startups, says UAE's Minister of Economy Abdullah bin Touq Al Marri
- The countries vow to expand cooperation in areas such as the circular economy, aviation, SMEs, renewable energy, technology, digital transformation, and transportation, he adds
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Dubai GDP grows by 4 percent to reach $32.58 billion in first quarter of 2025
Human Health and Social Work activities registered the highest growth rate, rising 26 percent compared to the same period last...
Economy
Company News
stc Group inks several pacts
Business
Latest News
Saudi Arabia set to leap into space tourism by 2026
Madrid-based Halo Space Company has selected Saudi Arabia as its launch site for space tourism, offering tours at $164,000 per...
Economy
EU imports US$120.5bn worth of energy products in Q4 2023
BRUSSELS, BELGIUM – In the fourth quarter of 2023, the EU imported US$120.5 billion (€111.3 billion) worth of energy products...
Business
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy
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Economy
Water security remains crucial for stability, prosperity
“Water is the fundamental element of life, enabling human societies to stabilize, develop civilizations, and achieve prosperity. Water is the...
- The UAE climate minister emphasizes the importance of water security for global stability and prosperity.
- Half of the world's population could face water shortages by 2025, highlighting the urgency of the issue.
Economy
India plugs into the Gulf region with power cables
India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via...
- India is poised to revolutionize its energy landscape by linking its power grid with Saudi Arabia and the UAE via undersea cables.
- The move aims to boost energy security, promote the use of renewable resources, and foster closer economic ties with Gulf states.
Economy
Russia’s central bank holds rates amid high inflation
MOSCOW, RUSSIA – Russia's central bank held interest rates unchanged on Friday as Moscow's military offensive on Ukraine has led to...
- Russia’s central bank raised rates to 16 percent in a series of hikes last year to cool the pace of price rises.
- "Current inflationary pressures are gradually easing but remain high," the bank said in a statement.