Economy

Total assets of the 22 national banks rose to AED 3.023 trillion in the first five months of 2022, up 4 percent (AED 117.3 billion), according to latest statistics released by the UAE Central Bank (CBUAE). Assets of national banks accounted for 87.8 percent of gross banking sector’s assets of …

 Foreign Direct Investments (FDI) in the UAE witnessed significant growth in recent years, despite the challenges posed by the COVID-19 pandemic. According to a report by the Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to US$20.667 billion …

The value of gold reserve of the Central Bank of the UAE (CBUAE) rose by 1.63 percent in the first five months of the year, according to the apex latest statistics. The figures, which were released today, showed that the CBUAE’s reserve of the yellow metal reached AED12.107 billion by …

Fuel prices for the month of August 2022: Super 98: Before: 4.63 AED/L After: 4.03 AED/L Special 95: Before: 4.52 AED/L After: 3.92 AED/L Diesel: Before: 4.76 AED/L After: 4.14 AED/L

 The Central Bank of the UAE (CBUAE) has issued a notice to all banks and finance companies operating in the UAE on housing loans granted to beneficiaries of the Home Finance of the Sheikh Zayed Housing Programme (SZHP). The notice included details of the CBUAE decision, in agreement with SZHP …

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, effective from Thursday, 28th July, 2022. This decision was taken following the US Federal Reserve Board’s announcement on 27th July, 2022, to increase the Interest …

Cheques worth AED389.54 billion have been handled by the Image based Cheque Clearing System (ICCS) in the first four months of the current year, a growth of 12 percent compared with the same period in 2021, according to statistics released by the UAE Central Bank (UAECB). The statistics showed that …

The insurance sector in the UAE continued to grow in the Q1 2022 as reflected by the increase in number of insurance policies, gross written premiums and increase in the number of licenced insurance-related entities, while the number of insurance companies Y-o-Y remained the same in Q1 2022 at 62, …

The Ministry of Economy (MoE) today held a media briefing on the issuance of the Due Diligence Regulations for Responsible Sourcing of Gold, in line with the Federal Decree-Law No. 20 of 2018 concerning anti-money laundering, combatting the financing of terrorism, and the financing of illegal organisations and its executive …

Abdullah bin Touq Al Marri, Minister of Economy, has said the speech of President His Highness Sheikh Mohamed bin Zayed Al Nahyan has outlined the strategic direction for the economic development in the UAE by promoting openness to the world and consolidating the principles of cooperation based on respecting common interests, achieving …