• Passenger air traffic has surpassed pre-pandemic levels: ICAO

    Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In the first quarter of 2024 than in 2019, with airlines expected to sustain their operating profitability seen in 2023. Demand this year is forecast to be around 3 percent above...
  • Passenger air traffic has reached pre-pandemic levels, says ICAO

    MONTREAL, CANADA – In the first quarter of 2024, the International Civil Aviation Organization (ICAO) projected that passenger air traffic levels will be around 2 percent higher than in 2019, with airlines expected to sustain their operating profitability seen in 2023. Demand this year is forecast to be around 3...
  • Ajman records real estate transactions worth US$195m in February

    AJMAN, UAE – Director-General of Ajman’s Department of Land and Real Estate Regulation Eng. Omar bin Omair Al Muhairi said that there were 129 real estate valuation transactions in the emirate in February, valued at around US$195 million (AED718 million). He highlighted the ongoing momentum in Ajman's real estate market,...
  • Abu Dhabi residential sector achieves record growth in 2023, says report

    ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total of 11,200 units were sold across the capital, up 83 percent y-o-y. The increase in demand for residences has been driven by several positive initiatives and announcements by the government,...
  • Nvidia profit soars to US$12.3bn

    The company's revenue spiked to US$22.1bn.
  • Air cargo demand rebounds in 2023 amid economic uncertainty

    Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to new data for global air-freight market released by the International Air Transport Association (IATA). As per the new data full-year demand reached a level just slightly below 2022 and 2019....
  • Toyota sells record number of vehicles in 2023

    It is the world's top automaker for the fourth year in a row.
  • Education campaigners alarmed as homeschooling rises in England

    LONDON, UK - Education campaigners demanded government action on Friday after new figures revealed that the number of children in England being homeschooled jumped more than 13 percent in one term last year. The spike -- from an estimated 86,200 in homeschooling at the start of 2023 to 97,600 in the...
  • Alef Group announces US$84m sales transaction at ACRES 2024

    SHARJAH, UAE - Alef Group concluded its participation in the ACRES Real Estate Exhibition 2024 with resounding success, generating significant demand and securing approximately US$84 million (AED310 million) in sales transactions for its residential projects. CEO of Alef Group Issa Ataya said, “ACRES was a good opportunity to connect with...
  • China remains world’s largest logistics market in terms of demand

    BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's largest logistics market in terms of demand, China Federation of Logistics and Purchasing said. According to a report from CCTV, He Liming, the chairman of the China Federation of Logistics...
  • China’s economy to grow steadily in 2024, say analysts

    Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last year, propelled by the gradual increase in domestic demand and with more stimulus policies in the offing, China Daily reported, citing officials and economists on Wednesday. Economists said the country...
  • Global air travel reaches 99% of 2019 levels: IATA

    IATA’s Director-General Willie Walsh said that international travel is 5.5% below pre-pandemic levels, but that gap is narrowing fast. "And domestic markets have been above their pre-pandemic levels continuously since April." According to Walsh, international travel is moving ever closer to surpassing the 2019 peak year.
  • Middle East air cargo volumes up 13.5% in November

    Dubai, UAE - Middle Eastern carriers recorded a 13.5% year-on-year increase in cargo volumes, strongest performance in the world. In November 2023, the air cargo was over 13.0%, a 15.4% rise compared to November 2022. The International Air Transport Association (IATA) released on Tuesday the data for November 2023 global air...
  • Air cargo demand up 8.3 percent in November 2023, says IATA

    GENEVA, SWITZERLAND - The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years. This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo. Global...
  • South Korea posts 32% jump in export of eco-friendly vehicles

    Seoul, South Korea--South Korea's exports of eco-friendly vehicles surged 32.5 percent year-on-year to a record high during the first 11 months of 2023, due to solid global demand for electric vehicles (EVs), Yonhap News Agency reported on Sunday. The export volume of eco-friendly automobiles came to 662,307 units during the...
  • OPEC+ cartel’s grip on oil market loosening as demand slows: IEA

    Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to...
  • Dubai faces warehouse shortage, says new report

    DUBAI, UAE — The supply of under construction warehouse stock in Dubai’s industrial market stands at 1.56 million square feet according to Knight Frank's latest report: Dubai & Abu Dhabi Industrial Markets Review, Q3, 2023. According to Knight Frank, demand is outstripping supply and occupiers are faced with the prospect of...
  • Biodiversity credits demand may rise to $180bn annually by 2050

    The transformation hinges on nearly all major companies adopting nature-related goals, with biodiversity credits playing a major role.
  • Hamas ready to swap prisoners with Israel, says official

    NEW YORK, US  - Hamas is ready for a "complete compromise" deal on the issue of swapping hostages with Israel, Ghazi Hamad, a senior member of the Palestinian group's political bureau, said in an interview with NBC News. “We want these people to go home,” Hamad said. “And, also, we...
  • SABIC Agri-Nutrients profit falls

    SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.
  • Delta posts Q3 profits of $1.1b  

    The company’s revenues rose 11 percent to $15.5 billion.
  • Samsung profits plunge

    The company expects Q3 profits to fall nearly 80% to US$1.8bn.
  • Rising demand for critical metals pose dilemmas for investors

    PARIS, FRANCE - Soaring demand for the raw materials needed for the transition towards renewable energy is creating dilemmas for investors weighing the economic, environmental and human rights risks of such projects. With demand for fossil fuels expected to peak by the end of the decade, the focus is shifting towards...
  • S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms

    Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...
  • China reports drop in exports and imports in August

    Beijing, China--China's exports and imports sank again in August, data showed Thursday, as the world's second-largest economy struggles with sluggish global demand and a wider slowdown. However, the pace of contraction slowed from the previous month and not as bad as feared. Overseas shipments sank 8.8 percent on-year, the customs authority...
  • Oil prices climb to highest level in seven months on supply fears

    Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. A Middle Eastern country is widely expected to extend a voluntary 1 million barrels per day oil production cut into October, prolonging supply curbs engineered by...
  • DUBAL, Oriental Copper ink MoU

    JV will manufacture high-quality copper products in UAE.
  • SABIC H1 net profit slumps 87%

    The second quarter net profit fell 85 percent on weaker demand.
  • Lufthansa profit soars

    The German airline's net profit climbed to US$964m in Q1.
  • UAE’s real estate market remains strong in the first half of 2023: CBRE

    Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the year as non-oil economy witnesses strong growth in spite of global macroeconomic headwinds. According to a market report by CBRE, rental performance in Abu Dhabi’s occupier market showed substantial improvement...
  • Fire at substation in Iraq sparks nationwide power outage

    Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks amid the searing summer heat. Electricity is a sensitive political issue in Iraq as despite the country's huge oil reserves, its dilapidated power grid is incapable of meeting peak demand...
  • Samsung Q1 profit falls 95%

    This is firm's worst quarterly profit since Q1 2009.
  • Proton says will analyze VPN sign-ups to identify attacks on democracy

    GENEVA, SWITZERLAND - Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks on free speech in countries like Russia and Iran before they hit the headlines. Switzerland-based Proton said its new observatory would document spikes in sign-ups to its virtual private networks...
  • Morocco claims Israel recognizes its sovereignty over Western Sahara

    Dubai, UAE--Morocco said that Israel has recognized its sovereignty over the disputed territory of Western Sahara and is mulling opening a consulate there, according to media reports. A statement from Morocco's Royal Palace said Israel's position was expressed in a letter to King Mohammed VI from Israeli Prime Minister, Benjamin...
  • Tunisia protestors demand jailed opposition figures be freed

    Around 100 protesters rallied in Tunisia's capital to demand freedom for detained critics of President Kais Saied who has ruled largely by decree for the past two years. The demonstrators, including detainees' relatives, gathered outside the Court of Appeal in Tunis to protest the continued detention of 20 high-profile political,...
  • Office segment demand drives Saudi Arabia’s real estate boom

    "The office sector shines brightest in the real estate market. Saudi Arabia's rapid economic growth drives the demand," Faisal Durrani, Partner, Head of Middle East Research told TRENDS. "Overseas businesses are flocking to Riyadh, evidenced by a 54 percent rise in business licenses in 2022."
  • OPEC chief anticipates a 23% rise in global oil demand by 2045

    Kuala Lumpur,  Malaysia - The Organization of the Petroleum Exporting Countries (OPEC) expects global oil demand to rise to 110 million barrels per day (bpd) by 2045, 23 percent higher than current levels, OPEC Secretary-General Haitham Al Ghais said during the Energy Asia 2023 conference which began Monday in the...
  • UAE banking system maintained stable funding in Q1 of 23: CBUAE

    Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...
  • High oil prices fuel Saudi Arabia’s economy as GDP grows to 8.7% in 2022

    Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against a 3.9 percent jump in 2021, on the back of high oil prices. The kingdom's economy successfully emerged from the Covid-19 crisis and the policies undertaken by the government accelerated...
  • Strong economy, HNWIs help GCC luxury market thrive

    TRENDS explores how the growing number of high net worth individuals (HNWIs) in the GCC region is boosting demand for luxury goods and services across various sectors.
  • Demand drives up customized car markets

    Popular car customizations include color changes, custom rims and tires, body kit installations, modified exhaust systems for a more aggressive sound, and upgraded interiors with custom upholstery and audio systems.
  • Eurozone banks toughen lending criteria, says ECB

    FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt crisis, while demand for loans fell heavily, according to a European Central Bank survey released Tuesday. The results highlight the impact of aggressive monetary tightening combined with recent banking sector...
  • American Q1 profit at $10m

    The airline's revenues were $12.2 billion, up 37 percent.
  • Qatar sees record expenditure during Eid holidays

    The entertainment sector, which includes restaurants, cinemas, and theme parks, attracts customers at record rates during the festive period, especially with the introduction of various smart applications that facilitate e-purchasing and e-payment methods, in line with offers and promotional campaigns that attract more clients.
  • United Airlines reports Q1 loss

    The US airline posted a quarterly loss of US$194mn.
  • China’s consumer price inflation falls below one percent in March

    Struggling to recover from its pandemic-driven slump, China, the world's second largest economy, has reported that its consumer price inflation fell below one percent in March, a sign of weak demand. The country is targeting an average inflation rate of three percent for 2023, which is still far below the...
  • Samsung expects profit to plunge

    Memory chip sales hammered by a global downturn.
  • WTO sees 2023 global trade growth at 1.7 percent

    The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed down by the Ukraine war and stubbornly high inflation. Presenting their annual trade forecast, WTO economists said they expected to see the volume of global merchandise trade slow to 1.7...
  • Global cocaine supply reaches record levels, says UN drug agency

    VIENNA, AUSTRIA  -  Coca cultivation hit a record high by soaring 35 percent from 2020 to 2021, a UN report showed Thursday, amid new cocaine trafficking hubs emerging in southeastern Europe and Africa. Bolivia, Colombia and Peru - which have historically dominated the production of coca leaves - altogether cultivated an...
  • Oil demand to hit record as China reopens, air travel recovers: IEA

    Demand is expected to reach 101.9 million barrels per day on average in 2023, an increase of two million barrels per day from last year, the IEA said. It would be up 1.4 million barrels a day from the pre-pandemic level in 2019 as consumption of fossil fuels behind global...
  • Remote work, hybrid workplace boost telecom demand

    Demand for technologies including 5G, AI, ML, IoT, and advanced data analytics will continue to rise in the UAE this year, du CEO Fahad Al Hassawi tells TRENDS.