Economy

As 2020 unfolds, the positive dynamic in January and February is auguring well for the UAE, with new gas finds and a series of mega developmental projects, announced over the past few months, giving multiple shots in the arm for the country’s economy, according to international economists. Several indicators, supported …

The Khalifa Fund for Enterprise Development, KFED, and the Ministry of Economy and Finance of the Republic of Mozambique signed an AED92 million (US$25 million) Memorandum of Understanding, MoU, to support innovation and entrepreneurship projects for women and the youth. Hussain Jasim Al Nowais, Chairman of KFED, and Adriano Afonso …

The UAE’s overall real gross domestic product, GDP, is estimated to have grown by 2.9 percent in 2019, the Central Bank of the UAE revealed. According to the Central Bank’s ‘Quarterly Review Report’ for Q4 of 2019, this rise in GDP was driven by the growth in the non-hydrocarbon sector, …

Saudi Aramco today announced regulatory approval of the development of the Jafurah unconventional gas field in the Eastern Province, the largest non-associated gas field in the Kingdom of Saudi Arabia to date. The field development plan is subject to the Company’s usual governance process. The Chairman of Saudi Aramco’s Board …

The foreign currency balance of the Central Bank of the UAE jumped to AED400 billion in January 2020, a rise of 1.3 percent compared to AED394.73 billion in December 2019. The bank’s statistics showed that the increase is due to the rise of balances and deposits held in banks abroad, …

The Abu Dhabi National Oil Company, ADNOC, today announced that it has signed an Exclusive Seller Agreement with Xiamen Sinolook Oil Co. Ltd. This new agreement, which was signed at the 24th World Base Oils and Lubricants Conference in London, appoints Xiamen Sinolook Oil as exclusive seller of ADNOC’s Group …

The Dubai Chamber of Commerce and Industry organised a networking event at its headquarters today, on the sidelines of the 25th Gulfood exhibition, to highlight investment opportunities in the emirate’s F&B sector. The event brought together close to 350 participants from 60 countries, marking a 29 percent growth from last …

Dubai Financial Market, DFM, today announced that its UAE listed companies have showed a 96 percent compliance rate to disclose their preliminary results for the financial year 2019. Listed companies must disclose their preliminary results within a 45-day period from the end of the year, in line with the Securities …

Consolidated net profits of 67 companies listed on the UAE’s financial markets reached AED75.56 billion in 2019, an increase of 16.9 percent compared to 2018. Following financial data and operational performance analysis, the net profits disclosed by the 67 companies in their financial statements have exceeded 2018 profits registered for …

Emaar Properties exhibited a resilient performance in FY 2019 by recording net profit of AED6.20 billion (US$1.688 billion) as compared to net profit of AED6.139 billion ($1.671 billion) in FY 2018. Emaar recorded revenue of AED 24.586 billion ($6.694 billion) for 2019. Emaar maintained its positive performance in 2019 recording …