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
Turkey’s central bank has raised its main rate to 50 per cent from 8.5 per cent since Finance Minister Mehmet Simsek was appointed last year
The central bank raised interest rates by 600 bps on March 6 as part of an agreement with the International Monetary Fund
Under the deal, the CBUAE and NBE will also collaborate on payment platform services and electronic switches
The IMF now projects Saudi Arabia’s GDP growth to be 1.7 per cent this year, a reduction of 0.9 percentage points from its April forecast
Non-oil activities now contribute 54.1 per cent to Abu Dhabi’s economy—the highest since 2015
The development follows the resumption of flights between the two countries in May, which were halted for over two years, due to a payment backlog
The agreement aims to provide a slew of benefits tailored for global companies seeking to relocate to the kingdom
The government buys wheat internationally and locally in order to offer tens of millions of its citizens subsidised bread
Riyadh is the only non-Asian city featured in Savills Growth Hubs Index and its potential is linked to a forecasted 26 per cent population growth
The two sides reviewed the Comprehensive Strategic Partnership Initiative, focusing on joint projects aimed at sustainable economic growth
In the past decade, Abu Dhabi’s construction sector has grown by 22.6 per cent, finance and insurance by 39 per cent, and manufacturing sector by 102 per cent
A recent survey found that only 1 in 20 Gen Z workers possess the “green skills” necessary to combat the climate crisis
This new legal framework intends to safeguard consumers from deceitful practices and ensure that the UAE’s commercial environment remains fair and competitive
European officials say they want to help Egypt become more resilient by boosting investment in the private sector
The foreign investment development programme is designed to attract Dhs650bn of investments to the emirate over the next ten years
MoHRE commended the companies that have already met the required growth in Emiratisation