Economy

The Central Bank of the UAE (CBUAE) has raised its forecast for the Gross Domestic Product (GDP) growth for the UAE in the coming year, 2024, to 5.7 percent, compared to its previous projection of 4.3 percent. The bank stated in a report released today that the overall GDP for …

The Central Bank of the UAE (CBUAE) released data showing cash deposits surged to AED 687.2 billion this October, marking a substantial annual increase of 10.2 percent, or AED 63.7 billion, compared to AED 623.5 billion in October 2022. Breaking it down further, the Central Bank’s cash aggregates statistics reveal …

The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) without change at 5.40%. This decision was taken following the US Federal Reserve’s announcement on 13 December to keep the Interest on Reserve Balances (IORB) unchanged. The CBUAE has …

Fuel prices for the month of December 2023: Super 98: Before: 3.03 AED/L After: 2.96 AED/L Special 95: Before: 2.92 AED/L After: 2.85 AED/L Diesel: Before: 3.42 AED/L After: 3.19 AED/L

The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024. According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated the UAE’s non-oil GDP …

The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) without change at 5.40%. This decision was taken following the US Federal Reserve Board’s announcement on 01 November 2023 to keep the Interest on Reserve Balances (IORB) unchanged. The …

The Federal Tax Authority (FTA) has clarified the criteria for determining Non-Residents subject to Corporate Tax in the UAE; the instances that require registration of a Non-Resident for Corporate Tax purposes; Taxable Income and how it is calculated; as well as other requirements for compliance by Non-Residents subject to the …

Fuel prices for the month of November 2023: Super 98: Before: 3.44 AED/L After: 3.03 AED/L Special 95: Before: 3.33 AED/L After: 2.92 AED/L Diesel: Before: 3.57 AED/L After: 3.42 AED/L

The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) have today entered into a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP). The agreement, signed by Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Hassan …

The US Federal Reserve unanimously voted today to hold its overnight interest rates unchanged at 5.25 per cent – 5.50 per cent – continuing its July stance. The Fed however forecast an additional rate hike before the end of the year to bring down inflation. The Federal Reserve raised interest …