Economy

The economic relations between the UAE and Egypt have developed significantly over the last 50 years through bilateral cooperation and many significant investments. These relations were crowned this year by the signing of the Industrial Partnership for Sustainable Economic Growth. The UAE is Egypt’s second leading trade partner in the …

The euro area annual inflation rate was 9.9% in September 2022, up from 9.1% in August. A year earlier, the rate was 3.4%. European Union annual inflation was 10.9% in September 2022, up from 10.1% in August. A year earlier, the rate was 3.6%, according to Eurostat, the statistical office …

The Central Bank of the UAE (CBUAE) in collaboration with the Tawazun Economic Council (Tawazun), has issued 1000 silver commemorative coins to mark the 30th anniversary of Tawazun. The issuance of the commemorative coins aims to highlight the vital role of Tawazun, which was established in 1992 to create, build …

A total of 1,809 real estate transactions worth AED7.3 billion were conducted during the week ending 7th October, 2022, according to figures released by the Dubai Land Department. A total of 98 plots were sold for AED975.52 million, and 1,711 apartments and villas were purchased for AED4.47 billion. The mortgaged …

OPEC+ agreed on its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in oil prices that have dropped …

Fuel prices for the month of October 2022: Super 98: Before: 3.41 AED/L After: 3.03AED/L Special 95: Before: 3.30 AED/L After: 2.92 AED/L Diesel: Before: 3.87 AED/L After: 3.76 AED/L

The Central Bank of the UAE (CBUAE) is selling silver commemorative coins issued in 2017 on the 10th anniversary of the “Insurance Authority”, which was merged with CBUAE in accordance with Decretal Federal Law No. (25) of 2020. Each coin weighs 28.28 grams. The front face of the coin bears …

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points – from 2.4% to 3.15%, effective from Thursday, 22 September 2022. This decision was taken following the US Federal Reserve Board’s announcement on 21 September …

The Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday- the biggest increase since 1994. The rate increase, announced Wednesday at the end of the Fed’s two-day policy meeting, was the fifth of the year and the third consecutive …

Dubai real estate market recorded 344 sales transactions worth AED1.77 billion, in addition to 67 mortgage deals of AED115.99 million, and 48 gift deals amounting to AED63.51 million on Tuesday, data released by Dubai’s Land Department (DLD) showed. The sales included 286 villas and apartments worth AED600.16 million, and 58 …