#Economy

Microsoft continues to commit heavily to education and skilling initiatives.

Power Letters 2023: Naim Yazbeck, general manager, Microsoft UAE

Microsoft continues to commit heavily to education and skilling initiatives

Saudi's King Salman appoints new central bank governor

Saudi’s King Salman appoints new central bank governor

Former governor, Dr Fahd Al-Mubarak, takes on the role of adviser at the royal court

Abu Dhabi Chamber launches new strategy to boost economy

Abu Dhabi Chamber launches new strategy to boost economy

The chamber has focused on six strategic objectives, in its 2023-2025 strategy

Dubai records 5.5% growth in energy demand in 2022

Dubai records 5.5% growth in energy demand in 2022

Energy demand last year reached 53,180 gigawatt-hours, compared to 50,401 gigawatt-hours in 2021

Saudi Arabia

Saudi Arabia’s economy grows by 8.7% in 2022

The kingdom’s real GDP grew by 5.4 per cent during the fourth quarter of 2022

UAE President visits Pakistan

UAE President visits Pakistan

The two sides reviewed several regional and global issues of mutual concern and exchanged views

Saudi Crown Prince Mohammed bin Salman, Prime Minister and Chairman of the Events Investment Fund

Saudi Crown Prince launches Events Investment Fund, aims to boost culture, tourism, sports sectors

The fund will conceptualise, finance and oversee development of more than 35 venues by 2030, with the aim of delivering its first asset by 2023

Dubai real estate transactions cross Dhs500bn photo courtesy Dubai Media Office

Dubai’s real estate sector marks major milestone, value of transactions crosses Dhs500bn in 2022

A total of 122,658 real estate transactions were registered in Dubai in 2022, an increase of 44.7 per cent from 2021

UAE President receives Azerbaijan's head of state

UAE President receives Azerbaijan’s head of state

The president of Azerbaijan, Ilham Aliyev, is paying a working visit to the UAE

Dubai economic growth plan d33

Here’s what Dubai’s ambitious D33 agenda aims to achieve

The first set of projects includes the Dubai Unified License that will provide a unique commercial identity for all companies across economic zones

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai_courtesy_Dubai Media Office

Sheikh Mohammed launches Dubai Economic Agenda, ‘D33’ aims to double size of economy in 10 years

The agenda includes 100 transformative projects with economic targets of Dhs32tn over the next 10 years

IMF

UAE economy survived economic impact of Covid-19: IMF official

According to the latest IMF report, UAE GDP growth is projected to reach above 6 per cent in 2022, up from 3.8 per cent last year

Gold

Gold climbs to four-month high as reopening bets weaken dollar

Gold tends to have a negative correlation with the dollar and rates as it does not bear interest and is priced in the US currency

OPEC+ pauses as volatility, China Covid rules roil crude markets

The decision by the Organization of Petroleum Exporting Countries and its allies should hold for at least a few months

Qatar executives bullish on growth

Qatar executives optimistic about future economic growth, reveals EY report

Qatar’s tourism, hospitality, and real estate sectors show the most promise to drive growth

Nestle to invest $1.9bn in Saudi Arabia over next decade

The plant, set to open in 2025, will serve Saudi Arabia and export markets in the Middle East and North Africa

Abu Dhabi

Abu Dhabi’s GDP grows 11.2% in the first half of 2022

Abu Dhabi’s non-oil GDP grew to Dhs273bn, contributing more than 50 per cent to the emirate’s real GDP

Saudi Arabia announces 5 mining exploration opportunities

Saudi Arabia announces five new mining exploration opportunities

The kingdom is looking to leverage an estimated $1.3tn worth of vastly underexplored metals and minerals to support its sustainable development goals and the clean energy transition

Saudi finance chief says economy more resilient to global shocks

The kingdom has its lowest unemployment rate in two decades and has managed to keep inflation at 3 per cent

Saudi Arabia signs 6 MoUs courtesy Saudi Press Agency

Saudi Arabia signs six MoUs on opening day of 6th Future Investment Initiative

The agreements will support the efforts and objectives of the Ministry of Investment to attract investments, enable sectors to grow and facilitate access to investment opportunities

ADNOC

ADNOC Drilling awarded $1.53bn contract to help expand ADNOC’s offshore operations

Over 80 per cent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value programme

OPEC+ tries to keep oil above $90 with large production cut

It’s the biggest reduction by the Organization of Petroleum Exporting Countries and its allies since 2020

Oil extends losses as traders weigh Iran supply, demand outlook

OPEC+ discusses cutting oil output at next week’s meeting

Oil prices have slumped by a fifth since early August on fears over the global economy

Saudi economic growth revised higher as boom spreads beyond oil

GDP overall grew a revised 12.2 per cent from a year earlier, the fastest since 2011

Zoom

Zoom slumps as video-conferencing company cuts sales forecast

Fiscal second-quarter sales increased 7.6 per cent to $1.1bn

UAE non oil trade crosses Dhs 1 trillion

UAE’s non-oil trade rises 17% to exceed Dhs1tn in H1 2022

The UAE’s non-oil exports were close to Dhs180bn, reflecting a growth rate of 8 per cent over the same period last year

Gold

Gold heads for weekly drop amid mixed signals from Fed officials

Bullion is trading near a two-week low amid an ongoing discussion on whether the Fed will shift to less aggressive rate hikes

Sheikh Hamdan announces restructuring of Dubai Municipality

Sheikh Hamdan announces restructuring of Dubai Municipality

Dubai Municipality will feature four new agencies, facilitate enhanced governance, privatise eight main activities and create Dhs10bn worth of new economic opportunities

Gold rate

Gold holds gain as traders weigh growth concerns, ECB rate hike

The European Central Bank (ECB) raised its key interest rate by 50 basis points, the first increase in 11 years, as it confronts surging inflation

Gold slumps to lowest since March 2021, dollar strength likely to continue

Gold steady as traders weigh dollar retreat, rising bond yields

Traders are awaiting more clarity on central bank action to tackle searing inflation