The trade volume between the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia experienced a significant increase of 28 percent in 2022, reaching a total of AED 137.51 billion. This figure surpasses the previous year's trade volume of AED 107.41 billion in 2018. Consequently, the cumulative non-oil trade between the two nations over the span of five years amounts to AED 586.75 billion.
Category: Economy
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Hamdan Bin Mohammed Supports Dubai Marine Transport Master Plan 2030
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has granted approval to the Dubai Marine Transport Master Plan 2030. This comprehensive plan entails a 188% expansion of the marine transport network, a 400% increase in passenger lines, and the creation of the world's first electric abra utilizing 3D printing technology.
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Invest in Sharjah Promotes Investment Opportunities at Belt and Road Summit
Sharjah FDI Office, known as Invest in Sharjah, actively participated in the Belt and Road Summit held in Hong Kong from September 13th to 14th, 2023. The delegation representing Invest in Sharjah included Ahmed Obaid Al Qaseer, CEO of Sharjah Investment and Development Authority (Shurooq); Marwan Saleh Alichla, Director of Investment Promotion & Support at Invest in Sharjah; Elie Armaly, Director of Business Development at Shurooq; and Fatima Al Shamsi, Investment Promotion Coordinator at Invest in Sharjah.
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UAE: Gold Prices Rise, Boosted by Weakening US Dollar
Gold prices in the UAE experienced an upward trend at the beginning of the week, nearing a one-month high during early trading. According to data from the Dubai Jewellery Group, the price of 24K gold increased by half a dirham, reaching Dh235.5 per gram at the market's opening, compared to last week's close of Dh235 per gram. At 9 am UAE time, the prices for 22K, 21K, and 18K gold stood at Dh218.25, Dh211.25, and Dh181.0 per gram, respectively.
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Emirates NBD Invests Strategically in Komgo through its Innovation Fund
Emirates NBD, a prominent banking group in the MENAT region (Middle East, North Africa, and Türkiye), has made a strategic equity investment in Komgo, a leading software development and technology services company revolutionizing the trade finance industry.
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UAE Corporate Tax Exemption for High-Earning Self-Employed Professionals
Self-employed professionals in the UAE earning over Dh1 million annually will be subject to UAE Corporate Tax. However, they are not required to establish a formal company structure for their operations.
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Booming Global Space Economy Unleashes Billions in Investments and Opportunities
The global space economy is experiencing remarkable growth, presenting lucrative economic prospects as it surpasses the half-a-trillion-dollar milestone in 2022, just a few decades after the concept of the "space economy" emerged.
Various studies conducted by prominent global institutions indicate that the global space sector is poised to exceed $1 trillion in value in the coming years.
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GCC Asset Management Market Poised to Reach $500 Billion by 2026 on Strong Oil Prices and Capital Inflows
According to a study, the asset management market in the GCC is expected to surpass global growth rates and reach nearly $500 billion in onshore assets by 2026, marking a significant increase from $400 billion at the end of 2022. Wealth management experts at Strategy& Middle East, a part of the PwC network, believe that the GCC asset management industry possesses robust growth potential, driven by favorable oil prices, substantial trade surpluses, and strong capital inflows, despite the complexities of the global market.
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UAE, Qatar, and Saudi Arabia Secure Top 10 Positions in Global Passport Rankings for Investment Opportunities
According to a study, the asset management market in the GCC is expected to surpass global growth rates and reach nearly $500 billion in onshore assets by 2026, marking a significant increase from $400 billion at the end of 2022. Wealth management experts at Strategy& Middle East, a part of the PwC network, believe that the GCC asset management industry possesses robust growth potential, driven by favorable oil prices, substantial trade surpluses, and strong capital inflows, despite the complexities of the global market.
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UAE Fuel Prices to Increase in September 2023
The committee responsible for monitoring fuel prices has approved an increase in fuel prices for September 2023. The price hike will range from 28 to 29 fils per liter for gasoline and 45 fils per liter for diesel compared to the prices in August 2023.
Fuel distribution companies have announced the new prices, which will be implemented starting from tomorrow, Friday, September 1, 2023. The new pricing includes a 5% value-added tax.