Economy
Business and economy news
1542 articles in this section
Cheval Collection Expands Dubai Footprint with New Luxury Hotel Apartment and Branded Residence Project
UK-based luxury hospitality firm Cheval Collection is expanding its Middle East presence with a new luxury hotel apartment and branded residence project in Dubai South, set to open in 2030. The company is also exploring further opportunities in Abu Dhabi and other MENA regions.
Egypt's Tax Authority Collects LE 14 Billion via Advanced Risk-Assessment System
Egypt's Tax Authority has collected LE 14 billion using a new tax risk-assessment system that leverages AI and big data. The system targets high-risk files, sparing compliant taxpayers from audits and aiming to integrate the informal economy.
UAE Corporate Tax Revenue Soars to Dh46.5 Billion in 2025, Marking Significant Growth
UAE corporate tax revenues surged by nearly 34% to Dh46.5 billion in 2025, driven by improved taxpayer compliance. The Federal Tax Authority reported significant increases across VAT and excise tax collections as well.
Egyptian Gold Prices Dip Amidst US Inflation Surge; Experts Weigh Rebound Prospects
Gold prices in Egypt have fallen due to higher-than-expected US inflation, which strengthens the dollar and suggests continued interest rate hikes. Experts anticipate continued volatility but note a shift in consumer behavior towards gold bars and coins for investment.
Pakistan's Imports from India Rebound Amidst Lingering Tensions
Pakistan's imports from India have seen a significant increase, particularly in pharmaceuticals, despite ongoing political tensions and past trade restrictions. Economic factors and the availability of competitive pricing from Indian suppliers are driving this trend.
DIP Holding Soars on Debut: First UAE IPO of the Year Sees Strong Investor Demand
DIP Holding's shares surged over 6% on their debut, marking the first UAE IPO of the year amidst strong investor demand. The successful offering signals renewed confidence in the UAE's capital markets despite regional economic challenges.
AD Ports Group Achieves 73% Profit Surge Amidst Strategic Maneuvers to Counter Hormuz Strait Disruptions
AD Ports Group reported a 73% jump in third-quarter net profit, reaching Dh767 million, driven by strategic efforts to mitigate disruptions from the Strait of Hormuz closure and enhance supply chain resilience through alternative routes and expanded logistics operations.
Dubai's Airport Growth Fuels UK Business Expansion Amidst Global Uncertainties
Dubai's expanding airport infrastructure is bolstering its status as a financial hub, attracting UK businesses despite global uncertainties and geopolitical risks. Former City of London leader Professor Michael Mainelli highlighted the importance of open air routes for Dubai's continued growth.
Poland's Orlen Cancels QatarEnergy LNG Contract Amid Supply Disruptions
Poland's Orlen has canceled a long-term LNG contract with QatarEnergy due to delivery issues linked to the Iran war and disruptions in the Strait of Hormuz. This is the first such cancellation by a QatarEnergy customer.
US Inflation Surges, Pushing Federal Reserve Towards December Rate Hike Amidst Geopolitical Energy Concerns
Higher-than-expected US inflation data is increasing the likelihood of a Federal Reserve interest rate hike in December, with policymakers citing lingering effects of the Iran conflict on energy prices. Traders are largely anticipating a rate increase, with some advocating for a more significant hike.
US Senate Advances Sweeping Energy Infrastructure Bill Amid Bipartisan Support and Environmental Concerns
The US Senate has advanced a bipartisan bill to expedite energy infrastructure and data center development, promising significant electricity cost savings but facing opposition from environmental groups concerned about fossil fuel impacts.
Lebanon Set to Launch Long-Awaited Second Airport on December 14, Boosting Economic Hopes
Lebanon's long-awaited second airport, Rene Mouawad Airport in Qlayaat, will begin commercial flights on December 14, aiming to stimulate economic and tourism growth. The facility is expected to ease congestion at Beirut's Rafic Hariri International Airport and boost passenger numbers.
Spain Gripped by Nationwide Strike Amidst Escalating Housing Crisis and Cost of Living Woes
Spain is preparing for a nationwide 24-hour general strike called by major unions to protest soaring rents and the cost of living. The walkout is expected to disrupt public services and comes weeks before a crucial election, highlighting a deepening housing crisis.
Abu Dhabi's Cost of Living Remains Stable Amidst Global Geopolitical Tensions
Abu Dhabi's inflation rate remained stable at 1.52% in September, with its consumer price index showing a modest monthly increase driven by the recreation and culture sector. Despite global geopolitical tensions and rising energy costs impacting other regions, Abu Dhabi's inflation stays below its Gulf peers.
GCC Nations Tap Localized Green Supply Chains for Economic Growth and Resilience
GCC countries are increasingly focusing on localized green supply chains to drive economic growth and enhance resilience. This strategic shift prioritizes sustainability, reduced carbon footprints, and strengthened domestic capabilities, positioning the region as a potential global hub for sustainable industrial development.
California Voters Reject Billionaire Tax Proposal Amidst Political Divisions
California voters have rejected Proposition 40, a proposed one-time 5% tax on billionaires, with opponents arguing it would drive away high-net-worth individuals and businesses. The failure is seen as a blow to the progressive wing of the Democratic Party.
Global Markets Find Relief as Trump Hints at De-escalation in Iran Conflict
Global financial markets are experiencing volatility, but pressure has eased following Donald Trump's comments suggesting a potential end to the Iran conflict. Meanwhile, global leaders gather in Turkey for Cop31, focusing on solutions.
Adnoc Gas Boosts 2026 Net Income Target to $4 Billion Amidst Q3 Profit Surge
Adnoc Gas has raised its 2026 net income forecast to at least $4 billion, driven by a significant improvement in Q3 earnings despite regional maritime disruptions. The company continues to pursue long-term growth strategies and has secured new supply agreements.
Adnoc Drilling Secures $314 Million in Contracts with Kuwait Oil Company for Offshore Operations
Adnoc Drilling has secured two contracts worth up to $314 million from Kuwait Oil Company, marking its entry into offshore Kuwait operations. The four-year contracts, with an option for extension, are set to begin in late 2027.
China Extends Rare Earth Export Pause for Two Months Ahead of Trump-Xi Summit
China has extended its pause on export controls for rare earth minerals by two months, a move that comes just before an expected meeting between Presidents Donald Trump and Xi Jinping. This extension is part of a broader trade truce aimed at de-escalating tensions ahead of the Asia-Pacific Economic Cooperation summit.
Iraq Eyes Doubled Oil Production by 2032 with Ambitious 10 Million Bpd Target
Iraq aims to more than double its oil production to 10 million barrels per day by 2032, a move Prime Minister Ali Al Zaidi believes will significantly boost national development and the economy. The country is in talks with Opec to increase export quotas and is pursuing new deals and export routes.
US-Saudi Business Council Explores Deeper Trade and Investment Amid Regional Tensions
The US-Saudi Business Council is focused on expanding trade and investment ties between the two nations. This comes amid regional tensions and attacks impacting Saudi Arabia's economy and security.
Dubai Faces Student Housing Crisis as International Enrollment Surges
Experts highlight an urgent need for more and better student accommodation in Dubai as the emirate aims to significantly increase its international student body, facing obstacles in achieving its 'Education 33' strategy goals due to a shortage of quality housing.
Paraguay's Ex-President Santiago Pena Arrested Amidst Bank Collapse Crisis
Paraguayan police raided the home of former President Santiago Pena amid an investigation into the collapse of Ueno Bank, which has triggered a significant economic and political crisis in the nation. Pena faces charges including breach of trust and administration for personal gain, related to allegations of using his influence to channel public funds into the bank.