• First week of Ramadan sees Saudis spend $3.12 billion

    Riyadh, Saudi Arabia - Saudi Arabian consumers spent a total of SR11.68 billion ($3.12 billion) through point-of-sale transactions during the initial week of Ramadan, spanning from March 10 to March 16. The data, disclosed by the Saudi Central Bank (SAMA), outlines a total of 168 million transactions during this period....
  • China’s Guangdong province now boasts of 75,000 high-tech companies

    Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By the end of 2023, the province's estimated annual research and development (R&D) expenditure topped 460 billion yuan (about 64.8 billion U.S. dollars), boasting 1.35 million R&D personnel and more than...
  • Arab countries public expenditure climbs to US$957.5bn in 2022: AMF

    Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to $878.9 billion in 2021, according to the Arab Monetary Fund (AMF). AMF, in its Joint Arab Economic Report, explained that current expenditure in Arab countries increased by about 9.9% to...
  • Saudi Arabia hopes to post budget surplus of US$24bn

    Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the kingdom's Minister of Finance. The top oil exporter of the world is hoping to see its GDP grow by 8 percent, and it expects inflation to be around 2.6 percent.
  • GCC luxury market grows despite supply chain woes

    The GCC personal luxury market will continue to be on a ‘strong growth trajectory,’ Chalhoub Group Chief Strategy Officer (CSO) Jasmina Banda tells TRENDS.
  • UAE disburses $2.17bn in insurance expenditure among beneficiaries

    UAE’s estimated insurance expenditure reached more than AED8 billion ($2.17 billion) in 2021 an increase of AED499.4 million in comparison to 2020, according to General Pension and Social Security Authority (GPSSA). The total insurance expenditures disbursed to pensioners, beneficiaries (dependents of pensioners) and insured (contributors) affiliated with GPSSA in 2021...
  • Dubai government approves budget for 2022-24

    Sheikh Mohammed bin Rashid Al Maktoum said the budget supports the Dubai Strategic Plan 2030 and places Dubai at the 'forefront of worldwide efforts to promote recovery'.
  • Bahrain’s deficit dips 35 percent to $1.38bn in H1

    Bahrain has succeeded in lowering its deficit by 35 percent to $1.38 billion in the first half of 2021, compared with the same period last year.