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.
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.
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.
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’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.
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.
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.
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 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 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.
