• Middle East commercial aircraft services market to grow to US$28bn

    Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’ latest Global Services Forecast (GSF). Growing to US$28 billion from US$12 billion, and registering a 4.4 percent average annual growth, the regional expansion will surpass the global average growth of...
  • IMF lifts global growth forecast citing unexpected ‘resilience’

    The updated figure, released in the latest World Economic Outlook (WEO) report, is 0.2 percentage points higher than the International Monetary Fund's previous forecast in October. "The global economy continues to display remarkable resilience, with inflation declining steadily and growth holding up," IMF chief economist Pierre-Olivier Gourinchas said.
  • IMF slashes its growth forecast for China and eurozone

    Marrakech, Morocco-- The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for...
  • World economy resilient, says IMF; keeps growth forecast unchanged

    The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains high and the outlooks for China and Germany were downgraded. The IMF's updated World Economic Outlook still sees growth of 3.0 percent for this year but it cut its forecast...
  • IMF to exhort China to shift growth model toward consumption

    Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector, and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told a media outlet. The Fund will strongly urge...
  • 15m electric cars will be shipped globally in 2023: report

    Dubai, UAE - Nearly 15 million electric cars, including both battery electric and plug-in hybrid vehicles, are expected to be shipped worldwide in 2023, Gartner, a global research firm says in its latest forecast.  The figure is anticipated to see a 19% increase in 2024, with a total of 17.9...
  • UAE to host faith leaders for climate crisis summit prior to COP28

    Abu Dhabi, UAE - A global summit for faith leaders from around the world will take place in Abu Dhabi from November 6 to 7, to highlight the crucial role of faith communities in addressing climate change. The summit will take place ahead of the 28th Conference of the Parties...
  • World Bank lowers MENA’s growth forecast to 2.2 percent in 2023

    DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from 1.7 percent  (in January 2023), thanks to greater-than-expected flexibility in major economies. In its latest report released in June 2023, the World Bank also expected the global growth to reach...
  • Airline industry’s net profits to shoot up to US$9.8bn in 2023: IATA

    Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is more than double the previous forecast of $4.7 billion, according to the International Air Transport Association's (IATA) outlook for 2023. Airline industry operating profits are expected to reach US$22.4 billion...
  • EU boosts 2023 growth outlook for region

    BRUSSELS, BELGIUM -  The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised the inflation forecast for the single currency area. The EU executive's spring forecast is more optimistic than that issued late last year, despite inflation proving "stickier than expected" in its...
  • 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...
  • OECD raises global growth forecast as inflation eases, recovery ‘fragile’

    The OECD raised its global economic growth forecast as inflation eases and China emerges from Covid restrictions, but warned of vulnerabilities as seen in the US bank sector turmoil. The Organization for Economic Co-operation and Development said it now expects the global economy to grow by 2.6 percent this year.
  • UK finances post stronger surplus before key budget

    London, United Kingdom--UK government finances recorded a stronger surplus than expected last month, official data showed Tuesday, news that analysts said could allow finance minister Jeremy Hunt to further ease a cost-of-living crisis. Net borrowing showed a surplus of £5.4 billion ($6.5 billion) in January, compared with the government's own forecast...
  • Morocco planning agency scales down growth forecast

    According to secretary general of the government's High Commission for Planning (HCP) Ayache Khellaf, assuming recovery of agricultural activities, the national economy should show a 3.3-percent increase in 2023. The HCP in July had projected a 3.7-percent increase in Gross Domestic Product this year after just 1.3 percent in 2022.
  • ‘OPEC+ predictions more accurate as it focuses on market fundamentals and stays away from politics’

    In all economic spheres from financial to commodities, credibility is a key ingredient to building the trust and confidence that lead to the stability of markets. Without credibility, markets become more volatile and less attractive for all types of participants, adds Prince Abdulaziz bin Salman.
  • Will Gulf economies expand despite global woes?

    Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.
  • Toyota leaves net profit forecast unchanged despite production woes

    Tokyo, Japan— Toyota kept its annual net profit forecast unchanged on Tuesday, as the weaker yen offsets supply-chain disruptions that have forced the Japanese car giant to slash production targets. The world's top-selling automaker said it now expects to sell half a million fewer vehicles in the current financial year because...
  • NASA scraps scheduled Moon launch due to tropical storm

    NASA has called off the scheduled Tuesday launch of its uncrewed mission to the Moon due to a tropical storm that is forecast to strengthen as it approaches Florida. After two previously canceled launch attempts, NASA is weighing returning the Artemis 1 mission rocket to its assembly site under the...
  • OPEC sees demand for oil tanking this year

    OPEC warns that the demand growth for 2023 will slow further to 2.7 million bpd, leaving its forecast unchanged from last month.
  • SABIC profit surges to $2.1bn

    The Saudi firm's net profit was fueled by higher sales volume.
  • European Union cuts growth forecasts as war-stoked inflation surges

    The EU executive, which tracks the economy of the 27 countries in the European Union, said GDP growth in the eurozone would reach 2.6 percent in 2022 and a sharply lowered 1.4 percent in 2023. Inflation would end the year at 7.6 percent, much higher than previously forecast, and 4.0...
  • GM lifts 2022 profit forecast

    The automaker now sees 2022 net profit of between $9.6 bn and $11.2 bn.
  • Oil stabilizes after big drop on IMF growth cut

    Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January...
  • Morocco: World Bank forecasts 1.1% growth in 2022, 4.3% in 2023

    "Growth in Morocco is projected to slow to 1.1 percent in 2022, as agricultural output declines by 17.3 percent due to the drought,” the WB said in its latest MENA Economic News Bulletin.
  • Jadwa Investment says Saudi economy to grow 7.7% in 2022

    The economy of Saudi Arabia is forecast to grow 7.7 percent this year propelled by the expansion of the kingdom's oil sector, according to Jadwa Investment.
  • E-commerce in F&B sector in Gulf is projected to reach $71.62 bn by 2028

    E-commerce in the F&B industry is booming with recent research forecasting it to reach USD71.62 billion by 2028, registering a compound annual growth rate of 17.8 percent. The steep upward trajectory is driven by several key factors, including sweeping consumer shifts towards online shopping for groceries, ready-to-eat food deliveries and...
  • France’s economy posts fastest growth in 52 years

    France's economy grew at its fastest pace since 1969 last year, official data showed Friday, enjoying a strong rebound from coronavirus lockdowns fueled in part by massive government support.
  • Samsung sees 52% jump in profits

    The firm was boosted by record sales in 4th quarter.
  • Saudi Arabia stares at another round of inflation

    The country’s inflation in the last quarter of this year, however, will be relatively stable, SAMA has pointed out. As for the Q3, the Kingdom recorded an average yearly inflation rate of 0.4 percent. This was mainly the result of higher prices of transportation.
  • Chip crunch forces Honda to downgrade profit forecast

    Japanese car giant Honda revised its annual profit forecast downwards on Friday, warning it sees no immediate end to the chip shortage and supply-chain issues impacting automakers worldwide.
  • Ras Al Khaimah set for healthy post-pandemic growth: S&P Global

    The emirate is expected to see a growth of around 2.5 percent between 2021 and 2024.
  • World Bank official for GCC says Saudi GDP to touch 3.3 percent in 2022

    With an improvement in global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 percent in 2021 and 3.3 percent the next year.
  • S&P says private sector lending in GCC to stay low, but Saudi Arabia to buck trend

    S&P Global Ratings has forecast that private sector lending will remain muted for one to two years in GCC countries. But, it added, that Saudi Arabia might buck the trend.
  • Al-Rajhi Capital predicts Saudi oil revenues to touch $145.3bn at the end of 2021

    Al-Rajhi Capital believes that Saudi oil revenues will touch $145.3 billion at the end of 2021, while total state revenues could go up to $246 billion. The assessment was made on the Saudi budget forecast released on Thursday.
  • UAE economy forecast to grow 4% this year

    The United Arab Emirates has forecast for its economy to grow by more than four percent this year, a level higher than previously forecast.
  • Saudi economy to grow much faster: Goldman Sachs

    Goldman raises Saudi growth forecast for GDP to 4.5% this year, compared to an earlier 2.5% Kingdom's overall economic activity accelerated notably in manufacturing, finance and construction US investment bank Goldman Sachs has significantly raised its expectations for Saudi Arabia's oil production and economic growth this year and in 2022...
  • Some MENA economies see turnaround, others may take time to recover: IMF

    Oil-producing countries will post positive growth, while economies dependent on tourism will struggle to stay afloat  IMF report says curbing the coronavirus and rolling out vaccination could uplift the economies The International Monetary Fund (IMF) has forecast a turnaround for some economies in the Middle East and North Africa (MENA)...