Local Economy

UAE – Mubasher: The Abu Dhabi Chamber of Commerce and Industry highlighted a 23.80% year-on-year (YoY) rise in the number of certificates of origin issued in the January- May 2024 period.  In cooperation with Etihad Credit Insurance (ECI), the Abu …

Mubasher: Global demand for gold rose by 4% year-on-year (YoY) to 1,258 tonnes in the second quarter (Q2) of 2024, according to a report by the World Gold Council (WGC). The growth in demand was driven by a 53% YoY surge in over-the-counter (OTC) …

UAE - Mubasher: The UAE and Chile cemented trade ties, signing a comprehensive economic partnership agreement (CEPA) during a visit by Chilean President Gabriel Boric to Abu Dhabi. Witnessed by UAE President Sheikh Mohamed bin Zayed, the CEPA aims …

UAE – Mubasher: The number of digital startups supported by the Dubai Chamber of Digital Economy (DCDE) soared by 212% year-on-year (YoY) to 215 during the first half (H1) of 2024 from 69 in the same period the year before. The combined market …

UAE – Mubasher: Dubai's real estate market is poised for significant growth, with over 30,000 residential units expected to be handed off in the second half (H2) of 2024, according to a report by W Capital, a leading real estate brokerage firm in …

Riyadh – Mubasher: Saudi Arabia is leading a nine-member government delegation in the first round of negotiations for a free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and Turkey. The negotiations, set to take place from 29 …

Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Karim Badawi, has signed two agreements with international companies for natural gas exploration and production, with total investments of $342 million. The first …

UAE – Mubasher: The UAE and Morocco have finalised the terms of a comprehensive economic partnership agreement (CEPA) to boost trade exchange and investment relations. The CEPA aims facilitate the free flow of goods and services by reducing or …

UAE – Mubasher: The trade exchange between the UAE and China is expected to reach $200 billion by 2030. This growth is expected to be further supported by new regional trade blocs like BRICS+, as global trade shifts from globalisation to …

Abu Dhabi – Mubasher: Moody's Ratings has affirmed Emirates Telecommunications Group’s (e&) long-term issuer rating at ‘Aa3’, with a stable outlook. The rating agency also affirmed the company’s baseline credit assessment (bca), senior unsecured …

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 …