Economy

The global price of Brent crude hit its highest since September 2014 on Tuesday amid rising tensions between Russia and Ukraine. As per the details, crude was up $3.48, or 3.7%, at $98.87, having earlier reached $99.38, making it the highest in over seven years. Equity markets plunged while oil …

A total of 2,098 real estate transactions worth AED4.5 billion were conducted during the week ending 18th February 2022, according to figures released by the Dubai Land Department. A total of 252 plots were sold for AED1.1 billion, 1,437 apartments and villas were sold for AED2.47 billion. The top three …

Dragon Oil, an upstream exploration and production platform fully-owned by Dubai’s Government, will participate in the 5th edition of the Egypt Petroleum Show (EGYPS-2022) held under the patronage of Abdel Fattah El Sisi, President of the Arab Republic of Egypt, during February 14-16, 2022 at the Egypt International Exhibition Center …

A total of 2,078 real estate transactions worth AED 6.6 billion were conducted during the week ending 11 February 2022, according to figures released by the Dubai Land Department. A total of 280 plots were sold for AED1.42 billion, 1,275 apartments and villas were sold for AED2.54 billion. The top …

Dubai’s real estate market recorded 309 sales transactions worth AED976.42 million and mortgage deals of AED458.97 million in addition to 14 gift transactions amounting to AED66.6 million Thursday, data released by the emirate’s Land Department (DLD) showed. The sales covered 259 villas and apartments worth AED 614.88 million, and 50 …

Dubai welcomed 7.28 million international overnight visitors between January and December 2021, representing 32 per cent year-over-year growth (YoY), establishing a momentous marker in the global tourism recovery, and setting the city firmly on course to achieve sustainable growth on its way to becoming the world’s most visited destination. According …

The price of OPEC basket of thirteen crudes stood at US$90.18 a barrel on Wednesday, 2nd February, compared with US$90.46 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial …

As part of its Dirham Monetary Framework implementation plan, the Central Bank of the UAE (CBUAE) will introduce new general terms and conditions for its standing credit and liquidity insurance facilities, where licensed financial institutions in the UAE can access CBUAE reserves on an overnight or term basis by posting …

Dubai Financial Market Company today announced its consolidated results for the financial year ended 31st December 2021, posting a net profit of AED103.8 million compared to AED137.9 million in 2020. Total revenues reached AED294.6 million compared to AED337.2 million. The total revenue comprised AED213 million operating revenues and AED81.6 million …

The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts …