A strengthening dollar is to putting pressure on the service industry, and being blamed for the Dubai private sector contracting. That’s according to financial experts following the latest Dubai Economy Tracker which indicated that the private sector had modest declines in February for the first time since 2010. The index is provided by Emirates NBD and is a monthly assessment of business activity. The index for February declined to 48.9 in February from 50.7 in January.
Saudi Aramco resumes oil loading at Ras Tanura after 4-month halt
Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data from LSEG showed.
Summer Davos ends with call to boost innovation and growth
Global leaders have called for greater investment in innovation, skills and technology to drive economic growth as the World Economic Forum's Annual Meeting of the New Champions concluded in Dalian, China.
ADNOC and partners to develop mega gas project
Abu Dhabi's Supreme Council for Financial and Economic Affairs (SCFEA) has awarded the concession for the development and production of the Bab Gas Cap project to ADNOC and a group of international energy partners.
Bank fined AED 20 million for repeated regulatory failures
The UAE Central Bank (CBUAE) has fined a branch of a foreign bank AED 20 million for repeated failures in its anti-money laundering and counter-terrorism financing controls.
UAE announces Retail T-Sukuk subscription details
The Ministry of Finance has announced the subscription period for the UAE’s first-ever Sovereign Retail T-Sukuk Programme, offering individual investors a new government-backed investment opportunity that complies with Islamic Shariah principles.
