Economy

The Central Bank of the UAE, CBUAE, has announced the extension of the applicability period of the key components of its economic stimulus package, the Targeted Economic Support Scheme (TESS) until 30 June 2021. The TESS was launched by the CBUAE in March 2020 to support the UAE’s economy during …

Driven by banking and realty blue chips, the UAE stock markets closed in the green Sunday, with Abu Dhabi’s main index touching 4,900 points, before ending 0.33 percent up at 4,871, with Dubai Financial Market following suit and rising 0.27 percent to 2,269 pts. Emaar was among the best performers …

The Ministry of Finance, MoF, has indicated that all companies in the UAE that engage in any of the Economic Substance Regulations, ESR’s relevant activities within the fiscal year ending on 31st December, 2019 must submit an annual ESR notification to its Regulatory Authority no later than 31st December, 2020 …

The value of the UAE’s non-oil trade reached AED658.3 billion in the first half of 2020, accounting for 41 percent of the total value of the country’s trade in 2019, according to figures released by the Federal Competitiveness and Statistics, FCSC, Centre today. This signals the continued activity of the …

The Abu Dhabi National Oil Company, ADNOC, today announced it has achieved cost savings of US$2 billion (AED7.36 billion) over the past five years by leveraging advanced technologies and digitalisation to enhance drilling efficiencies and optimise operations. In addition to advanced technologies, ADNOC unlocked the cost savings and efficiency gains …

The Central Bank of the UAE, CBUAE, has urged non-registered Hawala providers which operate in the UAE to officially register to obtain the Hawala provider certificate before 2nd December, 2020, in accordance with the Registered Hawala Providers Regulation. This regulation ensures that only registered Hawala providers carry Hawala activities in …

The Abu Dhabi National Oil Company, ADNOC, and TOTAL today announced the delivery of the first unconventional gas from the UAE. The unconventional gas was delivered from the Ruwais Diyab Unconventional Gas Concession located 200 kilometres west of Abu Dhabi city. This achievement marks a significant milestone towards future full …

Under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Abu Dhabi today hosted the 36th virtual edition of the Abu Dhabi International Petroleum Exhibition Conference, ADIPEC. The gathering oil and gas industry leaders has seen almost 20,000 participants registering for the online event. ADIPEC 2020 offers …

Etihad today announced a new organisational structure that will position the business to deliver on its mandate in the wake of COVID-19 and meet the challenges of the global downturn in aviation head on. The restructuring sees the airline continuing its transformation into a mid-sized, full-service carrier concentrating on its …

Net investment by the federal government and local governments in non-financial assets rose to AED32.2 billion in the first half of 2020, an increase of 40 percent as compared with same period in 2019, according to figures issued by the Ministry of Finance. Statistics showed that net investment stood at …