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
In April, food and beverage inflation declined to 2.3 per cent, down from an average of 3.3 per cent seen in the first quarter
The index will provide a deeper understanding of the role and impact of family businesses on the economy and society
The overall GCC budget position is projected to remain somewhat in surplus this year, driven by robust financial standings and favourable credit ratings
The World Bank projects that the support programme will create jobs, strengthen the economy, and enhance Egypt’s resilience to environmental and economic challenges
The top countries contributing to Bahrain’s FDI stocks as part of a diverse portfolio include Kuwait, Saudi Arabia and the UAE
The report shows a significant increase in HNWI migrations, highlighting a growing trend of millionaires seeking stability and opportunity in favourable jurisdictions
The ranking highlights how cities around the world fare in terms of living expenses for expatriates
The summit is due to kick off on June 13 with a discussion about Africa, climate change, and development
The US Fed’s decision to pause rate adjustments comes as inflation levels, although declining, has not required drastic changes in the economic landscape
Oil activities were down 11.2 per cent in the first quarter versus the previous year, while non-oil GDP grew 3.4 per cent year on year
The IMF said its Executive Board would consider the staff agreement and disbursement in the coming weeks
The figures were part of the consolidated financial statement published by the UAE’s Ministry of Finance
Daily working hours, in the morning and evening shifts, shall not exceed eight hours during the months of the midday break
S&P’s affirmation of Bahrain’s credit ratings and stable outlook highlights the country’s ongoing fiscal reforms and support from GCC allies
The monetary policy committee left the lending rate unchanged at 28.25 per cent and the deposit rate at 27.25 per cent