Economy

Investment from the United Arab Emirates into Russia could hit $10 billion in the years to come, according to Kirill Dmitriev, chief executive of the Russian Direct Investment Fund (RDIF). Dmitriev was speaking to Rossiya 24 TV channel during a busy day for the Russian President Vladimir Putin, who signed …

Chinese tourists to Dubai can now benefit from instant VAT refund capabilities at Dubai Airports via the We Tax Refund on the WeChat Mini Programme, launched by Chinese tech giant, Tencent, and international payments service provider, Planet. With the support of Dubai’s Department of Tourism and Commerce Marketing, the new …

The upcoming visit of Russian President Vladimir Putin to the UAE reflects the strong strategic partnership between the two nations and will pave the way for further cooperation in a number of vital sectors, namely in oil and peaceful nuclear energy, said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister …

Governor of Dubai International Financial Centre, DIFC, Essa Kazim today rang the Nasdaq Dubai market-opening bell to mark Dubai soaring into the top ten of the Global Financial Centres Index, GFCI. Dubai International Financial Centre has risen up the ranks to the eighth position of the GFCI, securing the centre’s …

The UAE Cabinet has approved a policy to enhance the country’s position as a global hub for gold and jewelry trade, along with initiatives and tools to support its implementation. The aim of the new policy is to enhance the competitiveness of the UAE in the gold markets regionally and …

Abu Dhabi’s Consumer Price Index contracted by 0.9 percent on a year-on-year basis from January through September 2019, reaching 110.9 percent from 111.9 percent in the comparable period last year, according to data released by the Statistics Centre – Abu Dhabi. The data noted a 1.8 percent decrease in the …

The UAE and Belize recently signed an economic cooperation agreement to develop, enhance, and expand their cooperation on areas of mutual interests. The agreement was inked by Sultan bin Saeed Al Mansouri, Minister of Economy, and Erwin Contreras, Belize’s Minister of Economic Development, Petroleum, Investment, Trade, and Commerce. The agreement …

A consortium led by Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, today inaugurated Cibuk 1, the largest utility-scale commercial wind project in Serbia and the Western Balkans. The inauguration of the 300 million-euro project was attended by Aleksandar Vucic, President of …

The Producer Price Index increased to 124.6 points in Q2 2019, a growth of 6.6 percent from 116.9 points in the same period last year, according to the Statistics Centre- Abu Dhabi. The key activity that recorded an increase in the IPI during the second quarter of 2019 compared with …

Oil product stocks at the UAE East Coast port of Fujairah rose by 1.9 percent on the week to an eight-week high, led by gains in stocks of middle and heavy residues. Total stocks at the port were 20.3492 million barrels, up from 20.110 million barrels the previous week, according …