Economy

The rate adjustments align with the Fed’s policy due to the Gulf currencies being pegged to the U.S. dollar

The average cost of a 20 feet container with imports from Shanghai has come down to $1,000 from $3,500 since July

August marks the second consecutive month of negative fuel charges adjustment

GCC growth is projected to more than double to 4.4% in 2025, driven by the reversal of OPEC+ oil production cuts, according to the latest ICAEW Economic Insight report.

China maintains its position as the top investor with a net FDI of $174.69 million in the first two months of fiscal year 2024-25

The Federal Board of Revenue has previously warned that it will not extend the date for filing of income tax returns beyond Sept 30

FED sees interest rate at 4.4% by the end of 2024

SBP plans to borrow a total of PKR 6.295 trillion from September to November

62% of IT companies maintain specialized foreign currency accounts

Over 114,000 Emiratis now work in private companies, with 81,000 hired since the launch of the Nafis programme, which offers financial support and training to boost Emiratisation.

This improvement is attributed to a reduction in the trade deficit and an increase in remittances

Talks to secure a new labor contract have stalled over issues ranging from wages and benefits to terminal automation

Industry sources informed Nukta that last year nearly 2.5 million bales changed hands without any legal invoice

Cotton arrivals till September 15 declined by 64% compared to the same period last year

Fed funds futures show 61% chance of 50-bps rate cut

The loans will focus on climate-resilient infrastructure, social protection programs and institutional reforms to foster sustainable development

Microsoft and G42 strengthen AI collaboration with $1.5 billion deal to establish two AI hubs in Abu Dhabi, focusing on responsible AI development and social impact

Massive infrastructure projects and government-backed initiatives drive the kingdom’s real estate market toward unprecedented expansion.

New trade deal cuts 99% of tariffs, strengthens UAE-Australia economic ties

Islamabad and Moscow will hold in-depth discussions on the procurement of crude oil and LNG