Company Insights Central Bank of the United Arab Emirates Banking and Finance Central Bank of the United Arab Emirates News Economy UAE announces largest-ever budget for 2025 The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […] October 8, 2024 Analysis Finance Insurance payouts surge in UAE after record rainfall The UAE’s record-breaking rainfall contributed to soaring levels of insurance payouts in the first half of this year. The increase is also attributed to inflation, the Gulf state’s growing population and expanded insurance coverage across various sectors. The Central Bank of the UAE said in its quarterly economic review that the gross paid claims of […] October 8, 2024 Economy Gulf central banks mirror US Federal Reserve rate cut Gulf central banks lowered their key interest rates after the US Federal Reserve cut its benchmark rate by 50 basis points (bps) on Wednesday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 50 bps from 5.40 to 4.90 percent, effective Thursday. Saudi Arabia mirrored the US move, […] September 19, 2024 Video length: 06:56 Analysis Banking and Finance Revolut tipped to ‘shake up’ UAE remittance market UK fintech Revolut is stepping up recruitment in Dubai as it prepares to muscle in on the UAE’s $44 billion remittances market. Last month, more than a dozen Revolut insiders gathered at a cafe in Dubai’s Al Quoz district, courting talent for its UAE operations. The company told AGBI last year that it was recruiting […] September 17, 2024 Banking and Finance Bank liquidity in UAE surges 20% in Q2 Liquid assets in the UAE’s banking sector rose to AED801 billion ($218 billion) by the end of the second quarter of 2024, up 20 percent from the same period last year, the Central Bank of the UAE has revealed. The increase was AED135 billion year on year, with a quarterly gain of 2 percent, or […] September 17, 2024 Analysis Retail Retailers rejoice as shoppers prepare for new school term An estimated 1.5 million students across the UAE are expected to enrol for the new term on Monday – and retailers are welcoming the traditional spending spree for everything from school uniforms to stationery. This year’s back-to-school shopping sales in the UAE are predicted to reach about AED3 billion ($820 million). “Overall, there is expected to […] August 25, 2024 Economy UAE Central Bank hedges against uncertainty with gold The Central Bank of the UAE has increased its gold reserves by 19.7 percent year on year, reaching AED20.6 billion ($5.6 billion) by the end of May 2024, and up from just AED1.1 billion in 2018. The CBUAE’s decision to boost its gold reserves aligns with similar actions by other nations. According to the World […] August 6, 2024 Economy Sheikhs Hamdan and Abdullah named UAE deputy PMs Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Sheikh Abdullah bin Zayed Al Nahyan have been named deputy prime ministers in a major UAE cabinet reshuffle. Sheikh Hamdan will also serve as the defence minister, while Sheikh Abdullah will continue as minister of foreign affairs, the UAE state-run Wam news agency […] July 15, 2024 Finance Indian crypto exchange buys UAE’s BitOasis CoinDCX, the largest cryptocurrency exchange in India, has bought UAE-based crypto exchange BitOasis for an undisclosed amount. CoinDCX co-founder Sumit Gupta said the move would “establish an even more formidable foothold across the Mena region”. The Middle East-focused BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, has processed more than $6 […] July 3, 2024 Economy UAE businesses increase prices to protect margins Companies in the UAE were forced to hike prices for a second month in succession in June, according to the latest business sentiment survey from ratings agency S&P Global. S&P attributed the sharp rise in input prices to material costs, shipping fees and overheads. Wages also grew marginally throughout the month, leading to the fastest […] July 3, 2024 Posts navigation Previous 1 2 3 … 9 Next
Economy UAE announces largest-ever budget for 2025 The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […] October 8, 2024
Analysis Finance Insurance payouts surge in UAE after record rainfall The UAE’s record-breaking rainfall contributed to soaring levels of insurance payouts in the first half of this year. The increase is also attributed to inflation, the Gulf state’s growing population and expanded insurance coverage across various sectors. The Central Bank of the UAE said in its quarterly economic review that the gross paid claims of […] October 8, 2024
Economy Gulf central banks mirror US Federal Reserve rate cut Gulf central banks lowered their key interest rates after the US Federal Reserve cut its benchmark rate by 50 basis points (bps) on Wednesday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 50 bps from 5.40 to 4.90 percent, effective Thursday. Saudi Arabia mirrored the US move, […] September 19, 2024
Video length: 06:56 Analysis Banking and Finance Revolut tipped to ‘shake up’ UAE remittance market UK fintech Revolut is stepping up recruitment in Dubai as it prepares to muscle in on the UAE’s $44 billion remittances market. Last month, more than a dozen Revolut insiders gathered at a cafe in Dubai’s Al Quoz district, courting talent for its UAE operations. The company told AGBI last year that it was recruiting […] September 17, 2024
Banking and Finance Bank liquidity in UAE surges 20% in Q2 Liquid assets in the UAE’s banking sector rose to AED801 billion ($218 billion) by the end of the second quarter of 2024, up 20 percent from the same period last year, the Central Bank of the UAE has revealed. The increase was AED135 billion year on year, with a quarterly gain of 2 percent, or […] September 17, 2024
Analysis Retail Retailers rejoice as shoppers prepare for new school term An estimated 1.5 million students across the UAE are expected to enrol for the new term on Monday – and retailers are welcoming the traditional spending spree for everything from school uniforms to stationery. This year’s back-to-school shopping sales in the UAE are predicted to reach about AED3 billion ($820 million). “Overall, there is expected to […] August 25, 2024
Economy UAE Central Bank hedges against uncertainty with gold The Central Bank of the UAE has increased its gold reserves by 19.7 percent year on year, reaching AED20.6 billion ($5.6 billion) by the end of May 2024, and up from just AED1.1 billion in 2018. The CBUAE’s decision to boost its gold reserves aligns with similar actions by other nations. According to the World […] August 6, 2024
Economy Sheikhs Hamdan and Abdullah named UAE deputy PMs Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Sheikh Abdullah bin Zayed Al Nahyan have been named deputy prime ministers in a major UAE cabinet reshuffle. Sheikh Hamdan will also serve as the defence minister, while Sheikh Abdullah will continue as minister of foreign affairs, the UAE state-run Wam news agency […] July 15, 2024
Finance Indian crypto exchange buys UAE’s BitOasis CoinDCX, the largest cryptocurrency exchange in India, has bought UAE-based crypto exchange BitOasis for an undisclosed amount. CoinDCX co-founder Sumit Gupta said the move would “establish an even more formidable foothold across the Mena region”. The Middle East-focused BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, has processed more than $6 […] July 3, 2024
Economy UAE businesses increase prices to protect margins Companies in the UAE were forced to hike prices for a second month in succession in June, according to the latest business sentiment survey from ratings agency S&P Global. S&P attributed the sharp rise in input prices to material costs, shipping fees and overheads. Wages also grew marginally throughout the month, leading to the fastest […] July 3, 2024
