Tag: Economy

Amid plunging oil prices and global energy tensions, Secretary Chris Wright will kick off a two-week trip to the UAE, Saudi Arabia and Qatar to push for increased production, assess nuclear cooperation, and align Gulf partners with Washington’s evolving energy strategy.

UAE oil sector growth slowed in March 2025 as the PMI fell to 54.0, the lowest in six months. New orders and job growth declined, but purchasing activity remained strong.

South Africa’s Absa Group is forming a team in Dubai to launch operations in 2026. The bank aims to boost African-Gulf investment ties, focusing on sectors like infrastructure and energy.

The European Commission will decide by May 12, 2025, on ADNOC’s takeover of Covestro, a €15.9 billion deal that could reshape the global chemicals industry and expand ADNOC’s high-tech materials portfolio.

South Africa’s Absa Group plans to launch a Dubai office in early 2026 to support growing trade between the Middle East and Africa and serve clients investing in African infrastructure.

The UAE reveals April fuel prices, showing a continued decline in petrol and diesel costs to reflect global oil trends and support local motorists and commercial transport.

Dubai’s population hits 3.9 million in Q1 2025, with forecasts pointing to 4 million by year-end as strong migration, tourism, and investment continue driving the emirate’s economic expansion.

US law firm Paul Hastings opens new Abu Dhabi office led by Dean Eshanov and George Kazakov to serve as a regional hub for cross-border energy, infrastructure, and investment deals.

The UAE signed trade agreements with Malaysia, New Zealand, Kenya, Ukraine and the Central African Republic under its CEPA strategy, boosting diversification and cementing its role as a global trade hub.

Uganda partners with Dubai’s Alpha MBM to develop a 60,000 bpd oil refinery, signaling a major step in its hydrocarbon ambitions with a $4 billion investment, storage terminal, and pipeline project.