Economy

The value of the UAE Central Bank’s reserves of gold bars rose to around AED1.72 billion during Q1 of 2018, a growth of 6.6 percent from AED1.099 bn during the corresponding period 2017. Statistics issued by the Bank showed that its reserves of gold grew exponentially since 2015, which is …

Reuters reported the increase of property stocks in Dubai and Abu Dhabi rose in early Monday trading after the United Arab Emirates approved a system to grant residency visas of up to 10 years to investors and specialists. Emaar Properties rose 4 percent and DAMAC Properties climbed 1.3 percent, lifting …

ohn Iossifidis, Chief Executive Officer, Noor Bank, on 16th May rang Nasdaq Dubai’s market-opening bell to celebrate the listing of Noor Bank’s US$500 million Sukuk. The listing was acknowledged with a prominent congratulatory message displayed on Nasdaq Tower in Times Square, New York, United States. The listing marks Noor Bank’s …

Dubai SME, the agency of the Department of Economic Development, DED, located in Dubai and mandated to develop the small and medium enterprise, SME, sector, has announced the licencing of the first business incubator in Dubai, following the introduction of the “Incubators and Business Accelerators” regulations. The regulations were introduced …

Aldar Properties PJSC, has announced it delivered a net profit of AED 668 million for the first quarter (Q1) of 2018, up 4 percent from same period last year’s AED 641 million. Commenting on the results, Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said, “Aldar started 2018 strongly …

A local newspaper has said that an AED165 billion investment by Abu Dhabi National Oil Company, ADNOC, in the Ruwais refinery will change the company into a supplier of petrochemicals and polymers to international markets. “ADNOC’s strategic move will boost UAE economy,” Gulf News wrote in an editorial today, while …

UAE cabinet issues an order about VAT on exhibitions and conferences that entities in this sector have the right to refund VAT in the amounts imposed to provide services for the establishing and organizing of these events.

The two largest property developers in Dubai and Abu Dhabi are joining forces to pursue local and international real estate projects worth 30 billion dirhams ($8.2 billion). Emaar Properties PJSC, the developer of the world’s tallest tower, and Abu Dhabi’s Aldar Properties PJSC signed the partnership agreement, Dubai’s Media Office …