Economy

The Federal Government of the United Arab Emirates, represented by the Ministry of Finance, successfully closed its offering of a U.S. dollar-denominated 10-years USD 1.5 billion bond maturing on September 2033, issued with a yield of 4.917% representing a spread of 60 bps over US Treasuries. The bond will be …

Investments of banks operating in the UAE reached AED580 billion at the end of July 2023, the highest level in history, according to the latest statistics of the UAE Central Bank. The data showed that investments of banks operating in the country increased by 18.8 percent on an annual basis, …

 H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, today announced the launch of the Ministry of Finance’s Strategic Plan 2023-2026. It is a roadmap to accelerate government performance through financial empowerment, sustainability, innovation, and future foresight, financial leadership …

The UAE Ministry of Finance today announced the enablement of the UAE Pass digital identity for all its services across systems, in line with the UAE’s efforts to enhance digital quality of life. This step contributes to enhancing the digitalization journey and eliminating paper transactions. The UAE Pass is the …

Fuel prices for the month of August 2023: Super 98: Before: 3.00 AED/L After: 3.14 AED/L Special 95: Before: 2.89 AED/L After: 3.02 AED/L Diesel: Before: 2.76 AED/L After: 2.95 AED/L

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 5.15 to 5.40 percent, effective from Thursday, 27th July, 2023. This decision was taken following the US Federal Reserve Board’s announcement on 26th …

The Central Bank of the UAE (CBUAE) today issued its Financial Stability Report for 2022. The report provides a comprehensive assessment of the stability of the UAE financial system, which remained resilient throughout 2022 despite global headwinds, and the banking sector being well capitalised with adequate liquidity buffers. The report …

Despite the geopolitical ramifications that the global economy is currently facing, the UAE economy is poised for stronger growth, recovery, and prosperity in the second half of this year, supported by a track record of economic successes that have fructified into the UAE’s designation as an innovation-driven economy. The domestic …

Gold prices lingered near a Mid-March low on Thursday, dragged down by a stronger dollar, Reuters reported. Spot gold fell 0.1 percent to US$1,904.79 per ounce by 09:50 GMT, lingering near its lowest since mid-March. U.S. gold futures fell 0.5 percent to US$1,913.00. Spot silver was little changed at US$22.7169 …

The Central Bank of the UAE (CBUAE) has launched the Rulebook, a dedicated platform on its website that hosts the CBUAE’s regulations, standards, guidelines, relevant laws and other regulatory publications. This comes as part of a series of initiatives to adopt innovative financial technologies and the CBUAE’s keenness to enhance …