Business

OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and US attacks on Iran.

The United Arab Emirates has consolidated its status as a leading force and key player in the digital nomad economy, rising to second place globally as a top destination for digital nomads in 2025.

A walkout by French air traffic controllers to protest against staff shortages and ageing equipment forced airlines to cancel hundreds of flights on Thursday, just as the summer season gets under way.

Abu Dhabi’s economy continues to show strong momentum in 2025, with new data from the Statistics Centre–Abu Dhabi revealing a GDP of AED 291 billion in the first quarter, up 3.4 per cent year-on-year.

Dubai has launched a programme for first-time home buyers, aiming to make homeownership more accessible and affordable by facilitating priority access to new launches, preferential pricing and tailored mortgage solutions. 

Archer Aviation has conducted test flights of its Midnight electric vertical take-off and landing (eVTOL) air taxi services at Al Bateen Executive Airport in Abu Dhabi, marking a key milestone for its planned commercial deployment in the UAE and the expansion of its operations in the region.

US and India trade negotiators are pushing to try to land a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, but disagreements over US dairy and agriculture remained unresolved, sources familiar with the talks said.

A cyber hacker broke into a database containing the personal information of millions of customers, Qantas said, in Australia's biggest breach in years and a setback for an airline rebuilding trust after a reputational crisis.

Emirates has officially launched its daily services to Shenzhen, marking the airline’s fourth gateway in the Chinese mainland after Beijing, Shanghai and Guangzhou.

Dubai Airshow has officially opened registration for its 19th edition, taking place from November 17-21 at Dubai World Central.

US President Donald Trump on Tuesday threatened to cut off the billions of dollars in subsidies that Elon Musk's companies receive from the federal government, in an escalation of the war of words between the president and the world's richest man, one-time allies who have since fallen out.

Dubai Holding and Select Group, a real estate development and investment firm, have partnered to develop two "large-scale" residential and hospitality establishments in Palm Jebel Ali and Dubai Design District (d3). 

Air Arabia has announced the return of direct flights between Sharjah and Damascus, starting July 10.

Emirates REIT (real estate investment trust) has recorded total property income of $19 million in the first quarter of 2025, marking a 24 per cent year-on-year growth.

Dubai Municipality has announced that the Committee of Registration and Licensing the Practice of Engineering Consultancy & Contracting has issued a decision to suspend two engineering consultancy offices and bar them from licensing any new projects for a period of six months.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has reviewed the 2024 annual report of the Ministry of Finance (MoF) titled "Financial Sustainability and Global Leadership".

Sharjah Economic Development Department (SEDD) has launched an “Instant Licence” service in order to promote investments and attract investors to the Emirate.

Sharjah Airport has announced a significant increase in summer travel volume, with more than 800,000 passengers expected to fly in between July 1 and 15.

The UAE’s travel and tourism sector delivered a standout performance in 2024, contributing AED 257.3 billion to the national GDP — 13 per cent of the total economy, according to a report by the World Travel and Tourism Council (WTTC).

A bank in the UAE has been fined AED 3.5 million and banned it from operating for six months for failing to comply with Sharia guidelines.

Emirates Airline said it was preparing for a busy week of departures as travellers head to their summer holiday destinations, with more than 30,000 passengers expected to pass through daily until Monday. 

Flydubai is reinstating flights across its network and preparing to resume a full schedule.

Global shares rallied and the dollar extended declines on Tuesday after US President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed.

The UAE and Canada will expand cooperation in several key sectors, including artificial intelligence, trade and energy.

Etihad Airways is re-routing several flights on Monday, June 23 and Tuesday, June 24 due to airspace restrictions across parts of the Middle East.

Tesla deployed a small group of self-driving taxis picking up paying passengers on Sunday in Austin, Texas, with CEO Elon Musk announcing the "robotaxi launch" and social-media influencers posting videos of their first rides.

A US attack on Iranian nuclear sites could push oil prices even higher and trigger a knee-jerk rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy.

President Volodymyr Zelenskyy has called on Ukraine's Western partners to allocate 0.25 per cent of their GDP to helping Kyiv ramp up weapons production and said the country plans to sign agreements this summer to start exporting weapon production technologies.

A policy dialogue on women’s economic empowerment concluded in Dubai, with GCC countries backing efforts for joint legal reforms, childcare investment and enhanced knowledge exchange across institutions.

The UAE ranked 10th globally as a leading destination for inbound foreign direct investment (FDI) in 2024, with inflows reaching AED 167 billion.

Saudi Arabia's sovereign wealth fund PIF has launched a new unit that will be responsible to build and operate the facilities of Expo 2030 Riyadh – Saudi Arabia’s first World Expo.

Careem, Uber's ride-hailing arm in the Middle East, will suspend its Pakistan service on July 18, citing economic challenges, rising competition and capital constraints, ending its core business in a country where it helped pioneer app-based transport nearly a decade ago.

Meraas, part of Dubai Holding Real Estate, has awarded a construction contract worth over AED 450 million to Naresco Contracting for Central Park Plaza, a high-end residential development at City Walk.

Dubai International Chamber has launched a new representative office in Canada's Toronto, as it aims to bolster economic ties and explore avenues of increased investment between Dubai and Canada.

US President Donald Trump has signed an agreement formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal.

The Central Bank of the UAE (CBUAE) has revoked the licence of Sundus Exchange and removed it from its official register.

The Trump Organization launched a self-branded mobile service and a $499 smartphone on Monday, dubbed Trump Mobile, signalling a new effort to court conservative consumers with a wireless service positioned as an alternative to major telecom providers.

Nakheel, part of Dubai Holding Real Estate, has awarded three contracts worth over AED 750 million for major infrastructure works on Palm Jebel Ali.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has expressed confidence that the country will achieve its non-oil foreign trade targets four years ahead of schedule.

The UAE’s real GDP touched AED1.77 trillion in 2024, marking a 4 per cent growth, with non-oil sectors accounting for 75.5 per cent of the national economy.

The General Pension and Social Security Authority (GPSSA) has introduced an initiative to waive penalties for small private firms over delays in registering employees or processing end-of-service benefits.

Expo 2020 Dubai has reaffirmed its commitment to gender equality and women’s empowerment.

Expo 2020 Dubai and the United Nations Global Compact are joining forces to hold a Sustainable Development Goals Business Forum.

More than 2,500 online travel agents, tour operators, hotel groups and airlines have signed on as Authorised Ticket Resellers (ATRs) for Expo 2020 Dubai.

A spectacular line-up of sights, sounds and tastes await visitors at Expo 2020 Dubai, through a series of specially curated itineraries.

Apple on Tuesday launched the iPhone 12 with faster 5G connectivity, which the company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.