Economy

Foreign assets of Central Bank of the UAE (CBUAE) have surpassed AED574 billion at the end of April 2023 for the first time in its history. Figures released today by the apex bank showed that the bank’s foreign assets increased monthly by 6.85 percent, from AED537.39 in March 2023 to …

The Central Bank of the UAE’s (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach AED631.63 billion at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for April 2023. The apex bank said …

Savings Deposits in the banking sector in the UAE, excluding interbank deposits, exceeded AED263 billion at the end of March 2023, according to the latest statistics from the UAE Central Bank. The Central Bank’s statistics showed that Savings Deposits increased by 7.4 percent on a monthly basis, or AED18.1 billion, …

OPEC+ has decided to adjust the level of overall crude oil production to 40.46 mb/d, starting 1 January 2024 until 31 December 2024. This was announced by the global organisation in a statement following the 35th OPEC and non-OPEC Ministerial Meeting in Vienna today. According to the statement, OPEC and …

The United Arab Emirates will extend its voluntary cut of 144 thousand barrels per day until the end of December 2024, as a precautionary measure, in coordination with the countries participating in the OPEC Plus agreement, which had previously announced voluntary cuts in April. This voluntary cut will be from …

Fuel prices for the month of June 2023: Super 98: Before: 3.16AED/L After: 2.95 AED/L Special 95: Before: 3.05 AED/L After: 2.84 AED/L Diesel: Before: 2.91 AED/L After: 2.68 AED/L

The UAE Ministry of Finance has issued three new Ministerial Decisions for the purposes of Corporate Tax. These include Ministerial Decision No 125 of 2023 on Tax Grouping, Ministerial Decision No 126 of 2023 on General Interest Deduction Limitation Rule, and Ministerial Decision No 127 of 2023 on Unincorporated Partnerships. …

The UAE Ministry of Finance has announced three new Ministerial Decisions for the purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. These include Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods; Ministerial Decision No 115 of 2023 on Pensions …

The Ministry of Finance in the UAE (MoF) has called on the public to rely only on official publications and posts issued by MoF and the Federal Tax Authority (FTA) regarding the Federal Decree Law 47 of 2023 on the Taxation of Corporations and Businesses (the Corporate Tax Law) and …

 The World Bank has projected that the real GDP of the UAE will grow by 2.8 percent in 2023, as the non-oil sector is expected to achieve strong growth of 4.8 percent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors. In a press …