Economy

The UAE accounts for 77% of GCC investments in Latin American markets between 2016 and 2021, the latter of which amounted to $4 billion over the same period, according to a new whitepaper released by Dubai Chamber of Commerce in collaboration with Economist Impact. The report, entitled Cultivating Ties: Deepening …

Saudi Arabia will not bear responsibility for any shortage in oil supplies in light of recent attacks by the Iran-backed Houthi militia on oil facilities, the official Saudi Press Agency reported on Monday citing a source in the Ministry of Foreign affairs. The source highlighted the danger of Iran’s continuing …

The real estate and properties transactions valued at AED 9.3 billion in total during the week ending 18 March 2022, according to the Dubai Land Department (DLD). The weekly DLD report said the sum of transactions was 2,400.  355 plots were sold for AED 1.33 billion, 1,547 apartments and villas …

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, chaired the sixth meeting of the UAE’s federal General Budget Committee. The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Mohammad …

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, effective from Thursday, 17 March 2022. This decision was taken following the US Federal Reserve Board’s announcement on 16 March 2022 to increase the Interest …

The OPEC Monthly Oil Market Report has anticipated the UAE’s economic growth to quicken in 2022, supported by the strong fiscal policy towards the private sector and a post-COVID-19 recovery in the services sector. The OPEC Report issued on Tuesday said, “The improving tourism sector and increased government support alongside …

The UAE is confidently reinforcing its stature as an international economic centre based on a sustainable economy and comprehensive economic partnerships with eight countries, which account for 26 percent of the world’s population, through starting a new era of strategic cooperation with these countries. The UAE is forging comprehensive partnership …

 The real estate and properties transactions valued at AED13.4 billion in total during the week ending 11 March 2022, according to the Dubai Land Department (DLD). The weekly DLD report said the sum of transactions was 2,333. 245 plots were sold for AED2.09 billion, 1,542 apartments and villas were sold …

The UAE on Thursday affirmed its commitment to the OPEC+ agreement. ”The UAE remains committed to the OPEC+ agreement and its existing monthly production adjustment mechanism,” affirmed Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, in a statement to Emirates News Agency (WAM). ”The UAE believes in the …

Dubai’s real estate market recorded 368 sales transactions worth AED909.66 million and mortgage deals of AED177.3 million, in addition to 70 gift transactions amounting to AED126.81 million Monday, data released by the emirate’s Land Department (DLD) showed. The sales included 325 villas and apartments worth AED735.99 million, and 43 land …