Local Economy

UAE – Mubasher: Dubai’s GDP grew by 3.20% in the first quarter (Q1) of 2024, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE. The emirate’s GDP growth has been …

UAE – Mubasher: Dubai Chambers has signed a memorandum of understanding (MoU) with SGS Gulf Limited to support and facilitate the export of products and services from local companies to international markets. This agreement allows companies in …

Riyadh – Mubasher: The Saudi Ministry of Industry and Mineral Resources has initiated its most extensive mineralised belts to date that cover an expansive 4,788 square kilometres over five exploration licences, according to a press release. The …

Mubasher: Primary debt issuances of bonds and sukuk in the Gulf Cooperation Council (GCC) countries surged to $75.50 billion in the first half (H1) of 2024, marking a 38% year-on-year (YoY) increase from $54.80 billion. Saudi Arabia led the GCC …

UAE – Mubasher: The Central Bank of the UAE (CBUAE) has signed two memorandums of understanding (MoU) with the Central Bank of Seychelles (CBS) to support the use of local currencies in settling cross-border financial and commercial transactions, …

UAE – Mubasher: Abu Dhabi Future Energy Company (Masdar) has raised $1 billion through its second green bond issuance, under its Green Finance Framework. The issuance includes two tranches of $500 million each, with tenors of 5 and 10 years and …

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has completed the issuance of its five-year Euro Medium-Term Note (EMTN) bond under its Social Finance Framework. The lender offered a $600 million issue, which was oversubscribed …

UAE – Mubasher: Dubai developer Binghatti saw record interest for its recent $200 million sukuk tap, receiving around $2.10 billion in orders. That represented an oversubscription of approximately 420% backed by global investors, according to a …

UAE – Mubasher: Abu Dhabi Global Market (ADGM) will implement major reductions of 50% or more for obtaining non-financial and retail licences within its jurisdiction as of 1 January 2025, according to a press release. This initiative comes in line …

UAE – Mubasher: The Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The agreement allows the CBUAE and the NBE to swap local currencies …

Cairo – Mubasher: The International Monetary Fund (IMF) has cut its expectations for Egypt’s real GDP growth for 2024 and 2025 by 0.3% for each year. The IMF reduced its expectations for the country’s growth in 2024 and 2025 to 2.70% and 4.10%, …

Mubasher: The Gulf Cooperation Council (GCC) is negotiating a free trade agreement (FTA) with the UK that could be signed by the end of 2024. The bloc’s Secretary-General Jasem Albudaiwi held a meeting with UK Trade Minister Jonathan Reynolds in …

Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …

UAE – Mubasher: Dubai Chambers has entered into a Memorandum of Understanding (MoU) with VFS Global, visa outsourcing and technology service provider for governments and their diplomatic missions, to boost trade and investment growth for …

Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …

UAE – Mubasher: The number of economic licences in Ajman rose by 15% year-on-year (YoY) to 37,755 during the first half (H1) of 2024. In H1-24, 3,000 new licences were issued, up 5% YoY, according to a report by the Department of Economic …

Mubasher: Saudi Arabia and the UAE accounted for 82% of the GCC countries' total oil exports to Japan in May 2024, with their exports totalling about 53.69 million barrels. The GCC countries exported about 61.85 million barrels of crude oil to …

UAE – Mubasher: DHG Properties, a leading real estate development company operating within DHG Holding, noted that price growth in Dubai’s residential market accelerated with a notable increase from 20.30% in February 2024 to 20.70% last March. …

Riyadh – Mubasher: Saudi Arabia held the third position in 5G Download Speed among key markets in the EMEA region, according to a report released by Opensignal. The report highlighted that the Kingdom witnessed a significant improvement in 5G …

Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index. Riyadh’s population is anticipated to grow by 26% …

Dubai – Mubasher: Ajman Bank collaborated with Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), to integrate with the Aani Instant Payment Platform. This significant partnership reinforces Ajman Bank’s position as one …

UAE – Mubasher: The Abu Dhabi Department of Economic Development (ADDED) partnered with the Abu Dhabi Investment Office (ADIO) to organise the third edition of Al Multaqa quarterly meetings. The gathering provided the business community with …

Cairo – Mubasher: Egypt's construction industry, the largest in Africa and third largest in the MENA region, is projected to grow at a compound annual growth rate (CAGR) of more than 8% until 2029, according to JLL’s construction market …