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Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business to set up shop. But can the model work to power the GCC economy?
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Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such as facilitating connectivity to global supply chains through e-commerce, and ramping up promotion and marketing efforts for domestic products.They also called for expanding outreach to foreign markets, fostering collaboration between... -
COP28 huge moment for world and UAE: UK Economic Secretary to Treasury
Dubai, UAE-- Describing the COP28 as a huge moment for the world and the UAE, Andrew Griffith, Economic Secretary to the UK Treasury, said the whole world's eyes "will be here." Speaking to the media in Dubai, he said that sustainable finance will be central to the global event. He... -
Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview. -
Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview. -
Bahrain EDB attracts $295m in IT sector as part of total investments worth $1.4bn
Manama, Bahrain--Bahrain Economic Development Board (Bahrain EDB) has attracted $295 million in direct investments within the Information and Communications Technology (ICT) sector as part of a total projected direct investment worth $1.4 billion, during the first nine months of 2023. Stemming from 14 local and international projects, the direct investments... -
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... -
Deals with India add pace to Saudi diversification
Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and plans for an economic corridor from India to Europe. -
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE. -
Single window offers fresh air to Qatar enterprises
This enhanced suite of services simplify registration for investors, enabling them to complete company setup steps without visiting multiple ministries or their websites. -
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, primarily driven by Vision 2030 which has been steadily diversifying the economy since its launch in 2016, according to the International Monetary Fund. The IMF said in a statement... -
Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly. -
GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options. -
Saudi Arabia: An emerging tourism hub
The Kingdom is harnessing the potential of tourism for economic growth, job creation, and cultural exchange. In 2022, Saudi Arabia welcomed 16.6 million visitors, becoming the most visited Middle Eastern country. By Q1 2023, the number of tourists increased by a remarkable 64 percent compared to 2019. Key attractions include... -
UAE, Saudi firms eye global acquisitions worth $20bn
Companies like ADNOC, Saudi sovereign fund, and Niu are making significant strides as the two Gulf countries seek to diversify their economies and capitalize on high oil prices. -
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The peace deal has ignited debates on its potential to transform Middle East from a region hit by conflicts to a peaceful place. Dive into an in-depth analysis from TRENDS. -
Resumption of Saudi-Iran relations: A step towards regional, economic stability or a strategic play?
The bilateral peace agreement has sparked intensified debates about its potential to transform the Middle East from a conflict-ridden region to peaceful and prosperous place. -
Gulf telecom shows robust growth, eyes new avenues
Driven by expats and national development programs, the UAE and Saudi Arabia are expected to experience growth in consumer and enterprise segments, say experts. -
Strong economy, innovation shield GCC banks
GCC banks, which are recognized for their sophistication and maturity, have minimal exposure to the ongoing global crisis due to proactive administrations and robust regulations across the region, they add. -
UAE implements corporate tax amidst mixed reactions
Some experts deem the tax rate reasonable in global context, while others remain concerned about challenges the new tax regime could pose for family-owned businesses. -
Japan deal expands UAE’s defense relations with Asia
The signing of the UAE-Japan defense cooperation agreement aims to promote transfer of technology, cooperative research, development, and production projects. -
‘Qatar’s economy is shining example of reforms’
The contribution of the non-oil sector to the growth of the economy is the strongest in the Gulf region, which indicates that the diversification that has been followed over the past years is bearing fruit, adds Georgieva during an interview on the sidelines of the Qatar Economic Forum in Doha. -
Gulf states’ sovereign funds drive climate innovation
"The SWF investment in climate tech will help sustain the shift away from the Gulf States' traditional source of income (oil and gas) as countries worldwide transition to cleaner energy sources. It will also create new opportunities for the countries in the region to thrive," he adds. -
GCC project awards surge despite economic challenges
Saudi Arabia remains the largest projects market in the GCC as the total value of contracts awarded increases by 54.7 percent YoY during Q1-2023 to US$29.9bn, says a latest report. -
Saudi Arabia and Switzerland look to boost ties in industrial, mining sectors
Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial and mining sectors, besides increasing access to non-oil exports. In this connection, the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, held a meeting with Switzerland's State... -
Dubai closes in on top spot for sea trade
The city, with a rich history of trading with the world through sea, looks to emerge as one of the top maritime cities of the world with a new bout of investments in infrastructure. -
Diversifying economy focus of UAE’s plans: President
The UAE will continue to strengthen cooperation and enable positive, respectful dialogue between countries to achieve stability and prosperity for all, says the country's President. -
Saudi Arabia and UAE drive real estate growth in the region
Saudi Arabia and the UAE are driving the real estate market in the Middle East region with the backing of government and evolving market dynamics. -
AD Ports H1 revenue up 21%
Diversification, new leases, and partnerships fueled the rise. -
Why is Bahrain pursuing unconventional path of diversification?
Gulf Cooperation Council (GCC) nation Bahrain is pursuing the path of diversification and has been able to diversify its economy quite efficiently in the last few years. Over the time, Bahrain has been able to cash in on the unexplored potential of sectors like tourism and technology. Owing to its...