Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
From Iran Talks to Dubai Metro: Key Middle East Developments You Need to Know on June 10, 2025
Key developments across the Middle East today highlight regional diplomatic, economic and humanitarian trends
Economy
Business
RAKEZ presents benefit of investing in UAE industrial zones
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) successfully participated in the second edition of the Ministry...
- Make it in the Emirates Forum brings together investors, prominent stakeholders to discuss the role of industrial zones in driving economic progress.
- The forum aimed to position the UAE as a preferred hub for emerging industries on a global scale and promote local production by attracting investors.
Economy
US job hiring rises in May but wage gains ease
Hiring in the United States heated up again in May, according to government data released, with the strong labor market...
- The United States added 339,000 jobs last month, surpassing estimates and picking up from a revised 294,000 figure in April.
- Wage gains in the US moderated slightly with average hourly earnings up by 0.3 percent, slightly down from 0.4 percent in April.
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
- The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
- First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.
Economy
Saudi-Russian discord clouds OPEC+ output policy meeting
Analysts are now divided over whether Saudi Arabia and Russia will keep the group on course with its current output...
- Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine, which has upended economies worldwide.
- In April, countries were caught off guard when several OPEC+ members agreed to voluntarily cut production by more than one million barrels per day.
Business
ADIA, EQT to buy Dechra
The acquisition is expected to complete by early 2024.
- The offer was pitched at US$48.5 (£38.75) per share - a 44-percent premium from April 12 - before Dechra first revealed it was holding bid talks.
- Dechra Pharmaceuticals has over 2,000 employees and seven production sites across the world, and sells veterinary products in 63 countries.
Business
Thales launches initiative to promote UAE-made products, expertise
Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...
- Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
- The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.
UN evokes ‘specter of food inflation’ as Ukraine grain exports slow down
"In May, 33 vessels departed Ukrainian ports, half of the number compared to April. Only three of those departed from...
- UN says Russia "has informed of its decision to limit registrations to the port of Yuzhny/Pivdennyi as long as ammonia is not exported"
- Moscow is calling in particular for a resumption of operations on the Togliatti-Odessa pipeline for deliveries of ammonia
Economy
Will tax the rich to avoid IMF ‘diktats,’ says Tunisia’s Saied
Despite reaching an agreement in principle last October on a bailout package worth nearly $2 billion, talks with the IMF...
- "Instead of lifting subsidies in the name of rationalisation, it would be possible to introduce additional taxes on those who benefit from them without needing them," Saied said
- Tunisian president did not say how such a plan might operate as employees' taxes are deducted at source and many Tunisians in the private sector do not declare their full income
Business
8 new industrial projects announced at Abu Dhabi’s ‘Make it in the Emirates’ event
Abu Dhabi, UAE - Eight new projects were announced on Thursday during the Make it in the Emirates Forum in...
- Abu Dhabi’s Industrial Strategy aims to double the sector’s GDP contribution by 2031, leveraging strong enablers such as infrastructure and competitive operational costs,
- The Abu Dhabi Investment Office and its partners signed MoU with high-growth companies covering key areas, including manufacturing, banking, oil & gas and healthcare
Economy
Dubai approves Palm Jebel Ali masterplan, twice the size of Palm Jumeirah
Dubai, UAE - Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum on Thursday approved the new futuristic development masterplan...
- Spanning an area of 13.4sq and occupying an area twice the size of Palm Jumeirah, Palm Jebel Ali will feature green spaces and unique waterfront experience
- Palm Jebel Ali will feature over 80 hotels and resorts, and a wide choice of entertainment and leisure facilities that will contribute to Dubai’s tourism sector
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Oil prices drop, stocks climb as Iran-Israel war fears ease
Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices...
Business
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Female founders flourish in UAE’s startup ecosystem
Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international...
Economy
WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
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Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
- The total number of F&B companies registered with Dubai Chamber of Commerce stood at 22,585 at the end of 2023.
- Dubai Chamber of Commerce launched 11 business groups dedicated to the industry, eight of which were set up in 2023.
Economy
Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
- Analysts say gold is currently trading at $2,016 and could surge by about 50 percent if central banks dramatically increase purchases.
- Another factor that could drive gold prices is the global economy's deep recession, which could prompt the Federal Reserve to cut rates rapidly.
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
- The sukuk are offered to qualified investors inside and outside Saudi Arabia.
- The amount and sukuk’s terms of offer will be subject to market conditions.