Economy

The Dubai Gold and Commodities Exchange, DGCX, today announced that it broke its annual volumes and Average Open Interest, AOI, records last year, making 2019 the most successful year since its launch. The exchange traded 23.06 million contracts in 2019 ‒ beating its previous record of 22.26 million contracts traded …

ENOC Group today announced that two service stations have opened at Dubai Hills and Lehbab First, expanding ENOC’s network to 135 stations across the UAE. Commenting on the announcement, Saif Humaid Al Falasi, Group CEO, ENOC, said, “The launch of the new service stations is in line with our vision …

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, directed the Khalifa Fund for Enterprise Development, Khalifa Fund, to allocate US$200 million to support small and medium-sized enterprises, SMEs, in Pakistan. This initiative aims to encourage innovation …

The UAE’s banking system increased the total value of financial facilitations provided to retail commerce, amounting to AED50.4 billion during the first nine months of 2019, according to statistics issued by the Central Bank of the UAE on financing economic activities. At the end of September 2019, the value of …

The net investments of non-Arab foreign investors in the UAE’s financial markets doubled 11 times in 2019, jumping to AED12.5 billion. The level of net investments of non-Arab foreigners in the Dubai and Abu Dhabi markets is the highest in five years, which reflects their success in attracting foreign investments. …

The Executive Council has issued a resolution on a new salary scale, including grades and allowances for AbuDhabi government employees, along with a resolution to transfer employees to the new scale. The new salary scale aims to increase retirement pensions, ensure parity cross government entities and improve performance. Employees’ gross …

Central Bank of the UAE (CBUAE) warns the public against fraudulent activities through phone calls, emails and social media that contain information identical to CBUAE. CBUAE alerts the public not to disclose personal and financial details and ignore fraudsters if they attempt to connect with you, and report them to …

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved a three-year budget cycle for the Government of Dubai, for the 2020-2022 period. The three-year budget cycle meets the aspirations of Dubai’s future, and confirms its determination to continue raising people’s happiness …

Dubai’s non-oil foreign trade volumes surged to 83 million tonnes in the first nine months of 2019, an increase of 22 percent year-on-year from 68 million tonnes in the corresponding period last year. The volume of re-exports skyrocketed 48 percent to reach 13 million tons. Exports rose by 47% to …

The UAE fuel price committee on Thursday announced fuel prices for January 2020. Super 98 Before: AED 2.24 After: AED 2.24 Special 95 Before: AED 2.12 After: AED 2.12 Diesel Before: AED 2.38 After: AED 2.38 The prices are unchanged from what they were in December 2019.