Economy

In a joint statement, the United Arab Emirates, CBUAE, and the Saudi Central Bank, SAMA, announced the results of ”Aber” Project for digital currency. In light of the ongoing experiments and research, the two central banks have launched “Aber” Project as an innovative initiative which is considered one of the …

Super 98: Before: 1.91 AED/L After: 1.91 AED/L Special 95: Before: 1.80 AED/L After: 1.80 AED/L Diesel: Before: 2.06 AED/L After: 2.06 AED/L

A recent report issued by the Business Registration & Licensing (BRL) sector of Dubai Economy states that the Emirate of Dubai has 583 local and international companies engaged in dairy production and industry such as yogurt; natural butter; cheese; the manufacture and packaging of milk and dairy products; cream; dairy …

Etihad Credit Insurance, ECI, the UK Export Finance, UKEF, have announced the signing of a reinsurance agreement to enhance the competitiveness, scale and scope of both countries’ export industry through strategic partnership and cooperation. The agreement, which was signed by Massimo Falcioni, CEO of ECI, and Louis Taylor, CEO of …

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a decree overhauling foreign ownership rules of commercial companies, as part of the government’s ongoing efforts to ensure a conducive legislative environment and open up economy to all nationalities. The decree, which introduces significant amendments to the UAE Federal …

The Supreme Petroleum Council (SPC) announced today the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcements were made following the SPC meeting …

DCT Abu Dhabi’s quarterly Industry Development Committee meeting revealed a significant tourism uptick in Q3, including a 46% increase on hotel revenues compared to Q2, and a 95% increase in the number of hotel guests. Q3 increase was partly attributed to the boost in domestic tourism activity supported by DCT …

At the end of the third quarter of 2020 total assets of banks operating in the UAE increased by 2% (q-o-q), reaching AED3,252.5 billion, the Central Bank of the United Arab Emirates said today. During the period between September 2019 and September 2020, the total assets of banks operating in …

The volume of non-oil trade exchange between the Emirate of Abu Dhabi and the Sultanate of Oman through the emirate’s ports reached AED 23.67 billion during the past five years, which reflects the growing economic relations between the two brotherly countries, in a way that enhances the process of sustainable …

Nawah Energy Company, the Joint Venture nuclear operations and maintenance subsidiary and Korea Electric Power Corporation, KEPCO, announced today that the reactor of Unit 1 of the Barakah Nuclear Energy Plant has achieved 80 percent of the Unit 1 reactor’s rated capacity power. The milestone is an important step in …