The Central Bank of the UAE has raised its benchmark interest rate by 75 basis points, in line with the US Federal Reserve's increase of three-quarters of a per cent.
The US move, the third rise in three months, is designed to control rampant inflation.
Countries around the world are experiencing sharp price rises, fuelled by increasing energy costs, although the UAE inflation rate remains relatively in check, according to the Central Bank
The CBUAE also decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate.
The Base Rate, which is anchored to the US Federal Reserve’s interest on reserve balances, signals the general stance of the CBUAE’s monetary policy. It also provides an effective interest rate floor for overnight money market rates.
Dubai Electricity and Water Authority (DEWA) recorded consolidated full year revenue, for 2024, of AED 30.98 billion, EBITDA of AED 15.70 billion and net profit after tax of AED 7.24 billion.
The UAE's Minister of Economy and Chairman of the General Civil Aviation Authority (GCAA), on Monday emphasised the aviation sector's critical role in the global economy, noting that it accounts for 12 to 13 per cent of GDP in some countries and supports millions of jobs worldwide.
World leaders and technology executives are convening in Paris on Monday to discuss how to safely embrace artificial intelligence at a time of mounting resistance to red tape that businesses say stifles innovation.
The Abu Dhabi Registration and Licensing Authority (ADRA), which develops and regulates the business sector, on Monday revealed significant growth in business licences and compliance indicators in the Emirate's mainland and non-financial economic free zones during 2024.
Dubai Electricity and Water Authority (DEWA) has announced that it will adopt the cubic metre as the standard unit for measuring water consumption starting from the March 2025 billing cycle.
DEWA announces record AED 30.98 bln revenue
Aviation sector contributes $4.1 trillion to global economy
Paris AI summit draws world leaders
16% growth in new economic licences in Abu Dhabi during 2024
