Economy

H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has approved the general budget for the Emirate of Sharjah of AED 33.6 billion for the fiscal year 2021. According to Sharjah Finance Department (SFD), the budget has increased 12 per cent compared to the …

In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the Government of Dubai’s general budget for the fiscal year 2021, with total expenditures of AED57.1 billion. The newly-announced budget takes into account the exceptional …

Dubai Gold and Jewellery Group welcomed Israel Jewelers Association (IJA). Part of a strong trade mission, the delegation visit aims to acquaint IJA with Dubai’s business environment and competitive advantages and vice versa. The meeting addressed ways of increasing co-operation between the two bodies. Both delegations also agreed to participate …

Since the onset of the COVID-19 pandemic, Dubai has responded with swift and effective health measures and economic support initiatives that protected lives and livelihoods. This has enabled the Emirate to contain the spread of the Covid-19 virus and its impact on the economy, and paved the way for a …

Abu Dhabi National Energy Company (TAQA) – alongside partners Masdar, EDF Renewables and JinkoPower – announced today the successful financial closing of the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer (IPP) project. The record-breaking project, located approximately 35 kilometres from Abu Dhabi city, will have a capacity of 2 …

Fitch Ratings (Fitch) has affirmed ADNOC Group a standalone credit rating of AA+. According to Fitch, the rating reflects ADNOC’s high upstream production and vast oil reserves, very low cost of production, integration into downstream operations, very conservative financial policies, high financial flexibility and low leverage, and its strong unit …

In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Decree No. (32) of 2020 transferring the ownership of certain educational lands in Dubai to the Knowledge Fund Establishment. The educational lands subject to this Decree …

With a sum of 1,309 transactions, the real estate and properties transactions valued at AED3.2 billion in total during the week ending 17 December 2020, according to the weekly report issued by Dubai Land Department (DLD) on Thursday. A total of 74 plots were sold for AED296.96 million, 857 apartments …

Etihad Airways, the national airline of the UAE, took home three awards following last night’s Aviation Business Awards, held in Dubai. The airline collected the ‘Environmental Initiative of the Year’, while its training division Etihad Aviation Training was named ‘Training Provider of the Year’. Etihad Engineering was also recognised with …

Abu Dhabi Securities Exchange (ADX) and the Tel Aviv Stock Exchange (TASE) today signed a Memorandum of Understanding (MoU), the first time an Arab exchange has entered into a commercial relationship with the state of Israel. The MoU will facilitate the development of channels of communication to foster co-operation between …