The International Monetary Fund (IMF) has projected strong economic growth for the UAE, forecasting a 4% increase in 2025 despite reduced oil production under OPEC+ agreements. In a recent statement following its staff visit, the IMF highlighted the UAE’s focus on non-hydrocarbon sectors, which are thriving thanks to tourism, construction, and public spending. Financial services...
Salem Rashed Alowais, the UAE Ambassador to the United Mexican States, held a meeting with Fernández Noroña, the President of the Senate of Mexico, in Mexico City. During this meeting, Alowais delivered greetings from Saqr Ghobash, the Speaker of the Federal National Council (FNC), expressing wishes for Noroña’s continued success. He also extended hopes for...
OMNIYAT Properties has solidified its position as a leader in Dubai’s ultra-luxury real estate market, securing AED2.94 billion ($800.4 million) in sales for 2024. According to Property Monitor, a UAE-based real estate market intelligence firm, the developer captured 37% of transactions in the exclusive $10 million-plus residential category. According to Economy Middle East, the company...
Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the inaugural UAE-Kuwait Week will take place in Dubai from February 3 to 4, 2025. This event aims to enhance strategic economic and trade ties between the United Arab Emirates and Kuwait while identifying new...
The Abu Dhabi stock market saw significant gains last week, adding AED 8.9 billion to its market value and closing at AED 2.996 trillion. This improvement was partly driven by better performance in US stock markets and optimism surrounding a potential decline in US interest rates. The Abu Dhabi Securities Exchange (ADX) index rose by...
During 13th International Pharmacy and Medicine Conference (ICPM 2025), Sharjah has announced the establishment of three new pharmaceutical factories, which will collectively require an investment exceeding $84 million (AED308.7 million). These agreements were signed during the conference, held at the Sharjah Research, Technology, and Innovation Park. The new facilities will complement an existing pharmaceutical plant...
Khalaf Al Habtoor, chairman of the UAE-based Al Habtoor Group, has expressed plans to launch a major project in Lebanon after the country forms a new government. He described the initiative as “large and ambitious”, highlighting its potential to boost Lebanon’s economy and create thousands of jobs. While details about the investment’s scale or focus...
The Federal Tax Authority (FTA) in the UAE has announced that corporations failing to pay their due corporate tax will incur a monthly penalty of 14 percent per annum. This penalty is applied to the unpaid tax amount and begins accruing from the day after the payment deadline. Each month following the deadline, the penalty...
The Sharjah Entrepreneurship Festival (SEF) 2025 is set to become the largest event of its kind in the region, with an anticipated attendance of 12,000 participants. This year’s festival will feature more than 250 activities, including 45 specially designed workshops and masterclasses that cover essential aspects of the entrepreneurial journey, such as business development, finance,...
Emirates Airlines has announced that it will resume flights to Beirut, Lebanon, beginning on 1st February 2025, with a daily service. Additionally, the airline will reinstate its daily flights to Baghdad, Iraq, on the same date. This move marks a significant return of services to both cities after a period of disruption. From February, Emirates...