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.
Category: Economy
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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.
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UAE Achieves Record Non-Oil Foreign Trade of $338 Billion in First Half
The UAE's non-oil foreign trade reached an unprecedented value of AED 1.24 trillion ($337.6 billion) in the first half of 2023, marking a 14.4% year-on-year increase. This surge was driven by a remarkable 22% growth in non-oil exports with the country's top 10 trading partners during the same period. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, expressed confidence that the UAE's non-oil foreign trade would surpass AED 2.5 trillion this year and achieve the target of AED 4 trillion by 2031.