Economy

Deposits by individuals continued to increase in UAE banks during the last quarter of 2020, hitting around AED13 bn despite economic challenges, statistics by the Central Bank of the UAE have showed. This ratcheted the cumulative balance of deposits in UAE banks up to AED493.9 bn by the end of …

Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE (CBUAE), today conducted the first quarterly meeting this year with the CEOs of the largest banks operating in the UAE. The meeting’s agenda focused on the effectiveness of the Targeted Economic Support Scheme (TESS) in mitigating the implications …

The UAE banks provided in 2020 AED3.9 billion in industrial sector credit facilities for non-residents, according to figures revealed by the Central Bank of the United Arab Emirates. This brings to around AED20.8 bn the cumulative balance of this type of loans by the end of December 2020, a growth …

The trade exchanges between the UAE and GCC states amounted to around AED229 bn in 2019, a 4 percent growth on 2018, according to Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance (MoF) In statements to the Emirates News Agency (WAM), Al Khouri noted that cooperation with its …

The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding (MoU) with Aurora50, a social enterprise focusing on achieving gender-balanced boardrooms in the UAE. The partnership will advance female representation on public and private sector boards consistent with international best practice through knowledge exchange and building a …

Following a constructive phone call His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has received from Benjamin Netanyahu, Prime Minister of the State of Israel, the United Arab Emirates has announced the establishment of a $10 billion fund …

In 2020, the UAE’s economy showed a remarkable ability to overcome the impacts of the coronavirus pandemic, with the Central Bank of the UAE revealing that early recovery signs began to emerge in the second half of 2020. The UAE is among the first countries to start this recovery phase, …

The Business Registration and Licensing (BRL) Sector in Dubai Economy issued 4,796 new licenses in February 2021, an increase of 3.4% from the 4,639 new licenses issued in February 2020. Among the new licenses issued in February 2021, 57% were professional (2,730), followed by 41.5% commercial (1,992), and the rest …

The Abu Dhabi National Oil Company (ADNOC) announced today, a strategic framework agreement with Malaysian oil and gas company Petroliam Nasional Berhad (PETRONAS) to explore opportunities for collaboration across the full oil and gas value chain. The first-ever agreement between both companies builds on the strong bilateral ties between the …

ENOC Group announced AED86.9 million in cumulative savings from the implementation of innovative ideas submitted by its employees on the لroup’s innovation programme. Since its inception in 2012, the group’s innovation programme has received 3,824 suggestions and implemented 332 ideas, which contributed to the group’s significant financial savings. In 2020 …