Browsing: Economic Recovery

Business

PGIM Opens Office in Abu Dhabi Amid Asset Manager Influx

PGIM, the investment management arm of US-based Prudential Financial, has opened an office in Abu Dhabi. This move adds to the growing number of money managers expanding into the UAE capital to target its increasing number of wealthy clients.

Business

Kuwait Records KWD1.6bn Budget Deficit for FY 2023/24

Kuwait reported a budget deficit of $5.2B (KWD 12.4B) for FY2023/24, marking a 17.9 per cent reduction compared to the previous year, according to the finance ministry on Wednesday. The decrease is attributed to lower oil revenues due to production cuts.

Banking

Dubai’s Budget: Sheikh Mohammed Reveals $67B Spending Plan

His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his role as Ruler of Dubai and Vice President and Prime Minister of the UAE, has given his approval to the Dubai Government’s general budget for the fiscal years 2024-2026, with a total budget of AED 246.6B ($67.1B). Additionally, Sheikh Mohammed has sanctioned Law No. (20) of 2023 concerning the Dubai Government’s General Budget for the Fiscal Year 2024, with an estimated expenditure of AED 79.1B ($21.5B).