Economy

The United Arab Emirates announced today the discovery of 80 trillion standard cubic feet, TSCF, of shallow gas resources in place within the area between Saih Al Sidirah and Jebel Ali in the Emirates of Abu Dhabi and Dubai respectively. This new discovery reinforces the nation’s goal of achieving gas …

Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, and Ian Steff, Assistant Secretary for Global Markets and Director-General of the United States and Foreign Commercial Service, discussed ways to increase trade exchange and enhance cooperation in vital sectors, including technology, innovation, digital transformation …

President of Kazakhstan Kassym-Jomart Tokayev has visited the Dubai International Financial Centre, DIFC. The President was greeted by Essa Kazim, DIFC Govenor and Arif Amiri, Chief Executive Officer, where a meeting was held to discuss the financial services sector and potential opportunities within the UAE and Kazakhstan. An exclusive DIFC …

Fuel prices in the UAE for month of February were announced on Wednesday. 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 2.40

Traders continue to buy and sell amidst bullish sentiments at the UAE’s two main bourses that led to gains of AED2.6 billion by the end of today’s session, driven by property and banking blue chips and institutional recommendations to distribute lucrative dividends. FAB was the best performer and edged up …

Abu Dhabi Commercial Bank, ADCB, today reported its full year financial results for 2019, announcing a net profit of AED5.244 billion with double-digit annualised return on tangible equity of 11.2%. The Board of Directors has recommended a cash dividend of AED0.38 per share, translating to a pay out of AED2.644 …

A review of the World Logistics Passport initiative, which was recently launched by the UAE, took place on the sidelines of the 50th World Economic Forum in Davos, Switzerland, during which Sultan bin Saeed Al Mansoori, UAE Minister of Economy, confirmed that the initiative is a distinct example of the …

The total number of around 28 billion Internet-of-Things devices across the world in 2020 is expected to increase to 75.44 billion by 2025, which will pose a major cybersecurity threat to the global economy, an expert told Emirates News Agency. As billions of smart devices are interconnected, hackers can target …

The Abu Dhabi Investment Office, ADIO, today announced AED60 million of investment in the latest batch of startups and fund managers applying to its Ventures Fund. The recipients, Securrency, TruKKer, Sarwa, YACOB and Okadoc, are innovation-focused companies that are either based in Abu Dhabi or expanding into the emirate. ADIO …

 The UAE Central Bank announced that money supply aggregates for currency circulation outside banks and monetary deposits, M1, increased by 0.5 percent, from AED512.1 billion at the end of November 2019 to AED514.8 billion at the end of December 2019. According to a press statement released by the Central Bank …