Economy

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved a new structure of Dubai Chambers’ board, on Sunday, to drive Dubai’s economic transformation and place the city as a global business hub. ”We approved the new structure of the three Dubai …

The UAE retail e-commerce market reached a record US$3.9 billion in 2020, a 53 percent year-over-year increase driven by the COVID-19-led digital shift, while e-commerce accounted for 8 percent share of the retail market during the same year, new analysis from Dubai Chamber of Commerce and Industry has revealed. The …

The Abu Dhabi and Dubai main share indexes remained in the positive territory Tuesday, and climbed 0.53 percent and 0.29 percent respectively, driven by banking and realty blue chips. At Abu Dhabi Securities Exchange, the International Holding Company (IHC) continued to surge to AED97.10, with the country’s largest lender FAB …

The Government of Dubai, acting through the Department of Finance (DOF), announced that the US$500 million Fixed Rate Note issued on 22 June 2011 under its Euro Medium Term Note Programme, reached maturity on 22 June 2021. Upon maturity, all the notes have been redeemed in full by making the …

The interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) jumped across all terms post the Central Bank of the UAE increased on Thursday its base rate applicable to the overnight deposit facility (ODF) by 5 basis points to 15 bps, replicating the US Federal Reserve’s move on Wednesday, …

The number of real estate transactions in the Emirate of Dubai in May 2021 reached 4,429, the highest total sales transaction values since March 2017 in excess of AED11.11 billion, with a growth of 1.4 percent compared to last April. A total of 20,989 real estate sale transactions were recorded …

The UAE GDP is expected to grow by 2.4 percent in 2021 and 3.8 percent in 2022 while the non-oil GDP to expand by around 4 percent in both years, according to the Financial Stability Report (FSR) released by the Central Bank of the UAE (CBUAE) today. The CBUAE has …

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 5 basis points, effective from Thursday, 17 June 2021. This decision was taken following the US Federal Reserve Board’s yesterday’s announcement to increase the Interest on Excess Reserves …

Masdar City, the sustainable urban development in the UAE, is set to play a key role in the global green recovery from COVID-19 as it continues to add sustainability-focused innovation and technology companies. The number of companies in the City’s free zone increased 26 percent in 2020, indicating the important …

The Central Bank of the UAE (CBUAE) has issued two new Guidances on anti-money laundering and combatting the financing of terrorism (AML/CFT) for its licensed financial institutions (LFIs) on suspicious transaction reporting and legal persons/arrangements. The Guidances will assist the understanding and mitigation of risks as well as the effective …