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IMF pins UAE economic growth at 5.1% for FY2025

The UAE's economy is set to grow by 5.1% in 2025, driven by strong non-oil sectors and structural reforms, according to the IMF. Diversification and public investment are key growth factors.

Saudi Arabia ramps up agricultural output with $10bn inflow to private sector FDI

Saudi Arabia secures $9.8B private investment to drive agriculture growth under Vision 2030, with tech and sustainability focus. Incentives like loans and infrastructure improvements will enhance food security in the Kingdom.

Financiers flock to Riyadh for ‘Davos in the Desert’ FII conference

Financiers will gather in Riyadh from October 29 to 31 for Saudi Arabia's 8th Future Investment Initiative. Vision 2030 needs urgent foreign investment amidst tighter budgets, as Saudi eyes foreign investment.

UAE mosques to install EV charging stations in governmental clean energy project

UAE mosques will soon have EV charging stations as part of a new energy efficiency project. The initiative supports the country’s green mobility and sustainability goals.

Dubai’s aviation industry set to add $53 billion to GDP by 2030

Dubai’s aviation sector will contribute nearly one-third of GDP by 2030 but faces hurdles due to Boeing’s aircraft delays. Emirates is scaling up Airbus orders to meet demand.

UAE tops MENA bond market growth, drives sustainable investments: LSE Deputy CEO

LSE Deputy CEO highlights the UAE's dominance in MENA bond markets, driven by its leadership in sustainable investments. Strategic partnerships are key to this success, propelling growth in infrastructure and green finance sectors.

Saudi Arabia secures over $2bn through multi-tranche sukuk offering

Saudi Arabia raises SAR 7.8 billion from a multi-tranche sukuk issuance, continuing its commitment to Islamic finance. The issuance spans five tranches with the largest maturing in 2039.

Emirates named world’s best airline, dominating premium services and entertainment

Emirates named world’s best airline, dominating in inflight entertainment and premium services. Awarded 19 accolades, including Best First Class and Premium Economy, highlighting its luxury offerings and loyalty programme.

Qatar Airways debuts world-first free Starlink Wi-Fi on Boeing 777 flights

Qatar Airways launches the world's first Boeing 777 flight equipped with SpaceX's Starlink internet, offering passengers free, high-speed connectivity. The airline plans rapid fleet-wide roll-out, marking a leap in in-flight passenger experience.

Saudi Arabia eyes BeIN Sports acquisition from Qatar to expand wealth fund sports portfolio

Saudi Arabia is in talks to acquire Qatari broadcaster BeIN Sports, marking a significant potential shift in Middle East sports media. The deal is in line with the Kingdom's growing investment in sports, both regionally and globally.

Dubai and Abu Dhabi rank first globally in ease of entry for skilled talent, says new report

Abu Dhabi and Dubai ranked first globally for ease of entry, driven by open immigration policies that attract top talent. GCC cities thrive in services and innovation, leading economic diversification efforts.

Saudi Aramco CEO says company “bullish” on growing Chinese oil demand

Saudi Aramco CEO Amin Nasser remains optimistic about China’s oil demand amid ongoing energy transition challenges, citing growth in liquid-to-chemical projects. Nasser emphasised the importance of a balanced energy mix for developing countries, where oil demand remains strong.

Pakistan’s stock market soars as KSE100 Index surpasses 86,700 points

The strong bullish trend in the Pakistan Stock Market continues, with the 100 Index gaining over 600 points, crossing the 86,700 points mark. This surge in the stock market is primarily driven by growing investor confidence and economic stability.

Qatar Chamber cuts fees to support businesses, encourage investment

Qatar Chamber has slashed fees for services to encourage local businesses and attract foreign investment. The decision is part of Qatar’s broader strategy to promote economic diversification and strengthen its position as a regional business hub.

UAE pledges support to help Russia address Ukraine conflict during BRICS discussions

UAE and Ireland sign extradition, anti-money laundering pacts to combat organised crime

The UAE and Ireland have signed two agreements to strengthen cooperation in fighting organised crime and facilitating extradition. The treaties streamline legal processes and enhance mutual legal assistance, reinforcing their partnership in combating transnational crime.

First Abu Dhabi Bank exceeds Q3 forecasts with AED4.46bn profit despite rising impairments

First Abu Dhabi Bank (FAB) reported a Q3 profit of AED 4.46 billion, exceeding estimates due to higher revenue growth, despite a rise in impairment charges. Total assets grew to AED 1.2 trillion, reinforcing FAB’s position as the largest lender in the UAE.

Qatari economy to grow another 2% before FY2024 comes to a close, says Sheikh Tamim

Before the fiscal year closes, the Qatari economy is projected to grow another 2%, said Qatari Emir Sheikh Tamim. He highlighted Qatar's steady economic growth despite post-World Cup challenges, with future growth projected at 4.1% annually by 2025.

UAE non-oil economic growth set to climb by 4% in 2025 as investments accelerate

The UAE’s non-oil sector will drive a projected 4% economic growth in 2025, supported by investment inflows into financial and real estate markets. Simultaneously, a rebound in the oil sector is expected, bolstering overall economic expansion.

Saudi Arabia’s NEOM megaproject using 20% of global steel supply to propel city construction

Neom, the new Saudi mega-city, is utilising 20% of the world’s steel supply to drive construction, becoming a major power-buyer in global construction and logistics. This $500 billion Saudi project is set to redefine future cities.

Dubai Chamber launches 2024 Dubai Startup Guide for entrepreneurs: read it in full here

Dubai’s new 2024 Dubai Startup Guide provides a roadmap for entrepreneurs in the digital economy, offering insights into sectors like fintech, AI, and Web3. Released ahead of Expand North Star 2024, it highlights free zones, accelerators, and government-backed initiatives supporting global startups.

UAE authorises AED stablecoin, with dirham-pegged tokens to compete in crypto

The UAE’s Central Bank has approved AED Stablecoin, positioning it as the first regulated dirham-pegged stablecoin, while Tether plans to enter the market with its own version.

UAE president to visit Russia, marking the Emirates’ first BRICS summit

Sheikh Mohamed bin Zayed’s visit to Russia strengthens economic and energy ties with President Putin, highlighting the UAE’s growing global influence. The UAE’s debut at the BRICS Summit signals its rising status on the international stage.

Emirati, Saudi institutions lead Gulf university rankings with AI innovation and inclusivity

Universities in the UAE and Saudi Arabia have emerged as the top institutions in the Arab world, led by King Fahd University, with a focus on AI and inclusivity.

Putin stresses need for independent Palestine, invites Palestine to Kazan BRICS summit

Putin reaffirmed Russia’s support for a two-state solution to resolve the Israel-Palestine conflict, stressing the need for a full-fledged Palestinian state. He criticised the dissolution of the Middle East Quartet and highlighted the deeper historical and spiritual aspects of the conflict.

Putin welcomes Saudi mediation in Russia-Ukraine peace talks

Putin expresses openness to Saudi Arabia hosting peace talks with Ukraine but insists negotiations must resume based on the 2022 Istanbul agreement. The talks depend on Ukraine lifting its ban on dealing with Russia.

How Padel is transforming sports culture in Saudi Arabia

Padel has become a social and athletic sensation among both men and women in Saudi Arabia, with the sport booming thanks to Vision 2030 and the rise of community-driven clubs.

Saudi Arabia economy to boost 4.9% next year driven by Vision 2030 reforms, says World Bank

Saudi Arabia’s economy is set for steady growth, says the World Bank, with GDP projected to rise to 4.9% by 2025, supported by Vision 2030 reforms and increasing female labour participation.

Indian RAW agent Vikash Yadav charged in plot to assassinate Khalistan activist in U.S.

Indian intelligence officer Vikash Yadav has been charged with plotting to kill Sikh activist Gurpatwant Singh Pannun on U.S. soil, escalating diplomatic tensions between India, the U.S., and Canada.

Nakheel signs contracts worth AED 5 billion with Shapoorji, Ginco, UNEC to develop Palm Jebel Ali

Palm Jebel Ali is set to redefine waterfront luxury living in Dubai with over AED 5 billion invested in ultra-luxury villas by Nakheel, featuring 723 exclusive beachfront villas.

Debut EU-GCC summit held in Brussels to boost trade, security, diplomatic ties

At the groundbreaking EU-GCC summit, leaders pledged to supercharge trade, energy, and security cooperation, while driving forward innovation and climate action.

Dubai property market hits record AED 140bn in sales for Q3 2024 as demand soars

Dubai’s real estate market sets a new record in Q3 2024 with over AED 140 billion in sales, driven by strong apartment and villa demand. Property values continue to rise, attracting global investors to Dubai's prime market.

Riyadh Fashion Week 2024 kicks off: high fashion meets bespoke Saudi tailoring

Riyadh Fashion Week 2024 blends Saudi heritage with cutting-edge fashion, showcasing renowned designers and streetwear innovators. Global A-listers and fashion experts gather for a captivating five-day event from October 17 to 21.

Oxford says “absolutely not” to Imran Khan’s chancellorship bid over ethics and corruption

Imran Khan’s bid for Oxford’s chancellorship was swiftly rejected due to corruption charges, misogynistic remarks, and Taliban sympathies. His exclusion reaffirms Oxford’s commitment to ethical leadership and global human rights standards.

UAE backs international AI policy in major step towards global regulation

The policy, grounded in ethics and sustainability, aims to align the UAE’s AI development with international standards and foster stronger global partnerships.

UAE shows support for Lebanon with landmark lights, large-scale relief campaign

Iconic UAE landmarks, including Burj Khalifa, have been illuminated in solidarity with Lebanon, while a large-scale humanitarian campaign collects relief aid.

Saudi Arabia invests heavily in Red Sea tourism with new mid-market projects

Saudi Arabia is diversifying its Red Sea tourism with new mid-market and budget projects, expanding beyond luxury.

Qatar writes off private-sector loans to fuel non-oil business growth

Qatar writes off SME loans to support non-oil economic growth, aiming to boost private sector viability and ease banking pressures.

UAE exempts crypto transfers, conversions from 5% VAT surcharge

The UAE exempts cryptocurrency transfers and conversions from VAT, effective from November 2024, with retroactive application from 2018.

Canada and India expel diplomats in escalating dispute over Khalistan activist assassination

Tensions between Canada and India escalate as both nations expel diplomats over the assassination of Sikh activist Hardeep Singh Nijjar, spawning questions over alleged Indian government links.