Key growth sectors include real estate, construction, financial services, trade, manufacturing, logistics and tourism, the Standard Chartered report shared
The country’s finances were boosted in February when it sold the development rights to Ras El-Hekma to the UAE for $35bn
The RBI has not instructed banks to shift all dirham payments to this channel but instead is taking steps to encourage the development of an rupee-dirham market
According to the latest figures, the DWTCA Free Zone saw a substantial 21 per cent rise in the number of tenants, reaching 2,735 in H1
Sectors such as clean energy, metals and minerals, transport and logistics, and digitalisation are expected to see significant funding as part of the kingdom’s economic diversification efforts
Dubai’s CPI moved down marginally to 111.56 points in July from 111.65 points in June, according to Dubai government data
We need more domestic craftsmanship and innovation to shape Dubai’s economic, cultural and aesthetic future
OPEC highlighted the steady expansion of the UAE’s economy, supported by strong domestic and international economic activities
Olam presented the lowest offer for 60,000 metric tonnes for an October 1-15 shipping period
More than 100 countries, such as China, India, Brazil, and South Africa, face serious obstacles that could hinder their efforts to become high-income countries in the next few decades, reveals World Bank’s recent report
Getting a visa to visit Dubai, Abu Dhabi or any other city in the UAE is a breeze, thanks to multiple application avenues
The bank has raised its policy rate by 4,150 basis points since June last year but has kept it unchanged at 50 per cent since March
The central bank hiked interest rates by 600 basis points (bps) on March 6, bringing total increases in 2024 to 800 bps
The country has been one of the world’s largest wheat importers, mainly to provide subsidised bread for tens of millions of its people
Lebanon’s multiple crises include a contracting economy, lack of governance and tensions in the region causing an influx of refugees
Non-oil economy increased 3.3 per cent in the January-March period, contributing almost 85.9 per cent to overall GDP
The North African country has been using its net foreign assets to help prop up its currency since at least September 2021
The policy decision follows the US Federal Reserve’s announcement to keep interest rates unchanged
US Federal Reserve chairman Jerome Powell on Wednesday said “there was a growing sense of confidence” the central bank could cut rates in September
The kingdom’s GDP decreased by 1.7 per cent in Q1 2024, as cuts to oil production have continued to weigh on the country’s economy.
The government raised domestic fuel prices by up to 15 per cent ahead of the IMF review, which had been postponed from July 10
The UAE’s CEPA programme aims to increase the country’s non-oil foreign trade to Dhs4tn by expanding relations with strategically important markets around the world
The country’s external debt fell to $154 billion as of the end of May from $168bn at the end of December
DTC said its taxi segment benefited from higher tariffs, and an increased number of dedicated airport taxis, in the reporting period
The “billionaire tax” would be aimed at the world’s richest individuals such as Tesla owner Elon Musk
The IMF estimated that Egypt will spend EGP331bn ($6.85bn) on fuel subsidies in 2024/25 and EGP245bn in 2025/26
Oil revenues dropped by 19.4 per cent to KWD21.5bn in FY 2023/24, based on an oil price of $86.36 a barrel, compared to KWD26.7bn a year earlier
The budget has introduced changes for NRIs such as an increase in the rate of capital gains and remittances
Saudi Arabia witnessed a 22.9 per cent increase in visitor spending in Q1 2024 compared to the previous year
Dubai’s transportation and storage sector saw significant growth, driven primarily by a 6.8 per cent increase in air transport demand