In a historic first, the UAE has become one of the world’s top 10 exporting countries, reported state news Agency Wam, citing the latest figures from World Trade Organisation (WTO). The country’s goods and services trade has increased from $949 billion in 2021 to $1.637 trillion last year.
Senior UAE authorities have reported damage at a major plant of leading petrochemicals company Borouge located in Abu Dhabi after falling debris from an air defence interception ignited three fires, but no injuries were reported. Earlier, authorities said operations at the plant were suspended because of the blaze.
The eight OPEC+ countries, namely the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, have announced an adjustment to oil production levels, reaffirming their joint commitment to supporting stability in global oil markets, said a report.
The UAE Fuel Price Committee announced May 2026 fuel prices, keeping diesel unchanged to support logistics and supply chains, while petrol saw minor adjustments reflecting global trends under a flexible, transparent monthly pricing system ensuring market stability.
The Emirates Drug Establishment (EDE) has officially granted approval for EURneffy, a novel epinephrine-based treatment available in 1 mg and 2 mg strengths, making the UAE the first country in the region to authorise this innovative therapy.
Borouge, an Abu Dhabi–based petrochemicals company, reported $1.2 billion revenue, $343 million EBITDA and $156 million profit in Q1 2026. Production hit 1.21 million tonnes at 98 per cent capacity, while 61 per cent of March output was rerouted amid Strait of Hormuz logistics disruptions.
The United Arab Emirates’ planned exit from OPEC and OPEC+ from May 2026 is expected to have limited immediate impact on oil markets in the near term but could weaken the group’s supply management over time, HSBC said, while OPEC+ sources signalled the alliance would remain broadly intact.
Majority of construction professionals (58%) believe AI could help reduce workload across their two biggest challenges - keeping projects on schedule and managing mid-project changes - while 65% believe AI could streamline their biggest administrative time drains, according to a new study.
The GCC projects market experienced a slowdown in the first quarter due to the Middle East conflict with the total value of contracts plunging 9.7% to $61.2 billion, according to a report. This contraction was driven largely by a substantial downturn in contract awards within Saudi Arabia and UAE.
In a shock move poised to rattle global oil markets, the UAE has announced it will exit the Organisation of the Petroleum Exporting Countries and its wider Opec+ grouping, effective May 1, 2026.
