Economy

Abu Dhabi Fund for Development signs $205 million GCC power grid expansion

The project is a key component of the UAE’s long-term strategy to diversify and modernize its energy infrastructure, in alignment with the UAE Energy Strategy 2050

Abu Dhabi’s Sheikh Khaled to lead UAE delegation at Supreme Eurasian Economic Council meeting

UAE’s participation underscores growing diplomatic and economic ties with the Eurasian region 

Sharjah authorities strengthen ties to boost trade and tourism growth

Sharjah has experienced significant growth in business establishment and sustainability over the years

U.S. economy faces stagflation, recession risks as JPMorgan lowers growth projections for 2025

Rising tariffs are dampening global economic momentum and reigniting domestic inflationary pressures 

Middle East emerges as luxury retail’s next powerhouse as consumer spending grows

The influx of HNWIs is reinforcing the region’s appeal for luxury brands and underlining its long-term growth potential

Jordan’s economic growth outpaces forecasts as IMF releases new funds

Jordan continues to make progress with a gradual fiscal consolidation and strengthening fiscal sustainability

UAE: Strong sovereign ratings from top 3 credit rating agencies spotlight economy’s resilience

Fitch Ratings affirmed the UAE’s rating at “AA-” with a stable outlook on June 24

U.S. current account deficit hits record high as foreign direct investment plummets to $52.8 billion in Q1 2025

The decrease coincided with heightened business uncertainty over President Trump's tariff proposals and policies.

UAE remains world’s top wealth magnet, to attract record 9,800 millionaires in 2025

The estimated wealth of millionaires moving to the UAE this year is $63 billion

World Bank approves $146 million grant to restore electricity in Syria

The project will deliver technical assistance to help shape Syria’s electricity sector strategy

How fiscal policy, increased public spending are shaping GCC economic resilience in 2025

Total public spending in GCC countries is projected to reach $542.1 billion in 2025 

UAE Central Bank boosts gold reserves by 19.3 percent to $7.46 billion in Q1 2025

Demand deposit balances surpassed AED1.147 trillion, up from AED1.109 trillion in December 2024 

Fitch affirms UAE rating at AA-, Abu Dhabi at AA with stable outlook

Rating reflects the UAE's moderate consolidated government debt, strong net external asset position and high GDP per capita

Will the GCC introduce personal income tax after Oman makes the landmark policy shift?

Oman's decision marks a milestone for the region, where tax-free personal income has long been a defining feature of the social contract

Non-oil activities in Saudi Arabia surge by 5.3 percent in 2024, reports GASTAT

Non-oil growth indicates positive trends across various economic sectors in Saudi Arabia for 2024

Dubai Chamber of Commerce welcomes 4,543 new Indian businesses in Q1 2025

The wholesale and retail trade sector ranked first, accounting for 36.2 percent of new registrations

Oman becomes first GCC state to impose personal income tax starting 2028

The 5 percent tax will be imposed on a natural person whose total annual income exceeds OMR42,000

Sheikh Mohammed celebrates 25 years of The Executive Office in advancing Dubai’s strategic vision for global leadership

His Highness tours an exhibition highlighting key strategic projects and initiatives of The Executive Office

Bahrain and U.K. ink $2.7 billion strategic investment partnership for carbon reduction, sustainable development

Shaikh Salman bin Khalifa emphasized the enduring strength of relations between Bahrain and the U.K.

Egypt aims for 4.5 percent economic growth as parliament passes FY2025/26 development plan

Real GDP growth is projected to rise from 2.4 percent in FY2023/24 to 3.8 percent in FY2024/25, then to 4.2 percent and 4.6 percent in FY2025/26 and FY2026/27, respectively, according to World Bank projections

Turkey central bank holds interest rates at 46 percent amid geopolitical tensions

Market rates, such as the Turkish Lira Overnight Reference Rate (TLREF), have also aligned in the 46 percent range

Global FDI falls 11 percent in 2024 amid major slowdown in Europe, developed economies: UNCTAD

In too many economies, capital is stagnating or bypassing entirely the sectors that matter most, said UNCTAD

Saudi Arabia’s PIF launches new company to build, operate facilities of Expo 2030 Riyadh

Company plans to lead the transformation of the Expo’s gated area into a global village to serve as a multicultural hub

UAE attracts over $45 billion in FDI in 2024, aims for $354 billion in six years: Sheikh Mohammed

The UAE ranked second only to the U.S. in the number of new FDI projects launched last year

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