• Navigating the complex landscape of cyber insurance

    The cyber insurance industry will persistently evolve as the threat landscape expands. As the criteria for insurability rise, enterprises shouldn't merely strive to meet the minimum standard but should also aim to exceed it with a comprehensive approach to data protection, adds Russell.
  • China’s industrial sector posts robust growth in 2023

    Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according to the Chinese newspaper People's Daily Online. The nation's first domestically-produced large cruise ship has wrapped up its maiden test voyage, with plans for its official naming and delivery by...
  • Oil prices slide 1% on strong dollar, China economy worries

    Dubai, UAE--Oil prices declined more than 1% on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Brent crude futures fell $1.07, or 1.2%, to $85.74 a barrel by 0631 GMT while U.S. West...
  • GCC becomes safe haven for expats amid uncertainty

    While Western economies continue to struggle with the aftermath, the region has shown remarkable recovery, instilling a sense of security and optimism among expatriates.
  • ExxonMobil to buy Denbury

    ExxonMobil will acquire Denbury for $4.9 billion.
  • 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.
  • Dubai real estate sector strengthens on investors’ confidence

    The present market conditions indicate that investing in real estate assets, especially in beachfront destinations, is opportune. These destinations are expected to significantly contribute to the growth of the UAE's prime real estate sector in 2023 and beyond, with no signs of this trend diminishing.
  • EIB pledges US$535mn for Syria-Turkey quake reconstruction

    Brussels, Belgium--The European Investment Bank today pledged $535 million in earthquake reconstruction and recovery package for Turkey and Syria at the donors’ conference convened in Brussels by the European Commission and Swedish Presidency of the European Council. The EUR 500 million support from EIB Global, part of broader European Union...
  • OPEC projects world oil demand to average 101.9 mb/d in 2023

    Vienna, Austria  – The Organisation of the Petroleum Exporting Countries (OPEC) projected oil demand to grow by a healthy 2.3 mb/d YoY in 2023 to average at 101.9 mb/d, driven by the ongoing recovery in the travel and transportation sectors. “Following estimated growth of 2.5 mb/d y-oy in 2022, oil...
  • UAE donates 10 ambulances to Syria for relief efforts after quake

    Abu Dhabi, UAE--The UAE has presented Syria with 10 state-of-the-art ambulances, as part of Operation Gallant Knight 2 and the UAE's ongoing efforts to aid the quake-hit Syrian people. Dr. Salem Al Falasi, who is in charge of following up on the needs of the health sector in Syria, said...
  • UNDP requests $113.5 million to support early recovery in Turkey

    ANKARA, TURKEY - Clearing the mountains of rubble due to buildings collapse in the earthquakes that hit Turkey on February 6 and 20, 2023 is the top-priority action mapped out by the United Nations Development Program (UNDP) in its response to the disaster. Rubble removal accounts for a large share...
  • Pakistan to seek billions in Geneva conference for flood recovery

    Months after the floods left most of the country devastated, Pakistan will seek billions in international support toward its recovery and to help it better resist climate change. It will co-host a conference with the UN in Geneva, urging countries, organizations and businesses to step up with financial and other...
  • PIF leads Saudi Arabia on path of economic reforms

    In order to achieve the Vision 2030 goals, the PIF and its portfolio companies seek to help the kingdom grow its annual non-oil GDP by about seven percent.
  • Qatar’s budget surplus exceeds $21bn in 9 months

    The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices.
  • IATA expects airline losses in 2022 to slide down to US$9.7bn

    Geneva, Switzerland— The International Air Transport Association (IATA) has upgraded its outlook for the airline industry’s 2022 financial performance as the pace of recovery from the COVID-19 crisis quickens. It expects Industry losses to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for...
  • IATA says global passenger demand for air traffic growing

    Geneva, Switzerland— Total global air traffic has shot up 44.6 percent in October as against October 2021, according to the International Air Transport Association (IATA). Total traffic in October 2022 (measured in revenue passenger kilometers or RPKs) rose 44.6 percent compared to October 2021. Globally, traffic is now at 74.2...
  • Pandemic resilience gives Abu Dhabi economy an edge

    Health remains key focus as the UAE capital leads global bid to combat the pandemic, as evidenced by its role in clinical trials for COVID-19 vaccines and therapeutic innovations.
  • Saudi GDP surges 12.2% in Q2, surpassing estimate

    The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding the government estimate of 11.8 percent. The kingdom, the world’s top oil exporter, has richly benefited from high crude prices and a significant post-pandemic recovery.
  • Bahrain launches multi-entry e-visa for training purposes

    Bahrain has launched a multi-entry e-visa for training purposes, allowing a holder to stay in the kingdom for six months.
  • JODC posts increase in revenue

    High pilgrim traffic caused revenue to go up to $104.34m.
  • Dubai energy demand shoots up by 6.3% in H1 of 2022

    Demand for energy in Dubai has shot up 6.3 percent to 23,096 GWh in the first half of the current year, according to Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA).
  • Integrity of digital infrastructure crucial for companies

    For businesses who feel they have no choice but to pay cybercriminals in order to unlock their files, they not only put their money at risk, but also put their reputation at stake. Thus, a robust cybersecurity strategy as well as having an insurance policy against data breaches should be...
  • Staff shortages and strikes threaten pandemic recovery for airlines

    Desperate to put the coronavirus pandemic behind them, airlines will hold talks on Sunday ahead of a potential summer of chaos with shortages and strikes that could threaten their recovery. While trade is roaring back to life, representatives from the aviation sector meeting for three days in Qatar have a...
  • UAE and European Union look to deepen cooperation

    The UAE and European Union are looking to deepen cooperation in many fields, and in particular in sub-Saharan Africa. In this regard, Sheikh Shakhboot bin Nahyan bin Mubarak Al Nahyan, Minister of State, received Jutta Urpilainen, Commissioner for International Partnerships at the European Union, and explored further cooperation between the...
  • Egypt looks to rake in $3.5bn in revenues from Suez Canal in H1

    Egypt is expecting to rake in $3.5 billion in revenues from the Suez Canal during the first half of 2022, according to Osama Rabie, the chairman of the Suez Canal authority. 
  • Morocco battles effects of climate change

    A withering drought and poor harvests plus price hikes fueled by the war in Ukraine are threatening Morocco's fragile economic recovery.
  • A UK study says only 29% Covid patients fully well one year on

    Not even one in four people have completely recovered from Covid a full year after being hospitalized with the disease, a UK study indicated Sunday, warning that long Covid could become a common condition. The study involving more than 2,300 people also found that women were 33 percent less likely...
  • IMF says Ukraine war slowing economic growth worldwide

    The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF Managing Director Kristalina Georgieva said Thursday. Families already were struggling with higher energy and food prices and "the war has made this much worse."
  • S&P gives Saudi economy positive rating after recovery

    S&P has revised its outlook for Saudi Arabia from a stable to positive in the light of the recovery of the kingdom's economy from the pandemic, driven by higher oil prices.
  • Inflation pinches GCC consumers’ pockets

    The wave of inflation continues to put pressure on consumers not just in the United States, Europe, and the Arab world, but also in the Gulf region. Economies in the Middle East are exposed to the global price fluctuations because of heavy import dependence. Localized factors like rental deflation and...
  • IMF, World Bank warn of global impacts as Russia invades Ukraine

    The World Bank and IMF warned on Thursday that Russia's invasion of Ukraine would have repercussions for the global economic recovery.
  • Petrobras 2021 profit hits $20bn

    Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020.
  • Post-Covid recovery needs to be green, human centered: UN chief

    As the pandemic grinds on, poverty is rising, inequalities are widening, and household incomes are dwindling, while billionaires have seen their profits soar. The situation is worse for women, as they face rising unemployment and shoulder most of the burden for care.
  • IMF praises UAE for the handling of economy during pandemic

    The UAE government has been praised by no less than the International Monetary Fund for the handling of its economy during the pandemic.
  • Top Saudi Arabian companies pay stable to higher dividends in 2021

    Saudi Arabia's 10 biggest companies witnessed the recovery of dividends paid out to investors in 2021, as the economy began to rebound from Covid-19 setbacks, although it remains to be seen how the Omicron variant will affect the gains. The 10 companies, valued at more than $2 trillion (SR 7.5...
  • Emirates upbeat on growth despite global surge in Covid cases

    Aviation giant Emirates said Thursday it expects business to grow next year despite the surge in global coronavirus cases fueled by the Omicron variant. The Dubai-based carrier said in November it was already on the path to recovery as six-month losses dropped by more than half from a year earlier....
  • IEA sees ‘more comfortable’ year for oil market in 2022

    The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be "more comfortable" in 2022, the International Energy Agency said on Tuesday. The oil market "appears to stand on a better footing than it has for some time," the IEA wrote in its...
  • Moody’s forecasts stable outlook for GCC banks

    Moody’s has forecast a stable outlook for GCC banks during the next 12 to 18 months, primarily due to economic recovery in the region and higher oil prices.
  • Oman budget deficit down by 62.9 percent as oil prices recover

    The deficit had fallen to RO1 billion ($2.6 billion) by October-end from RO2.71 billion ($7.05 billion) during the same period in 2020.
  • QNB sees global economy recovering, despite bottlenecks

    The bank said it was confident that the global bottlenecks would continue to improve over the coming year. ‘We expect this to reduce the pressure currently being felt by global central banks, enabling them to keep interest rates lower for longer,’ it said.
  • US Federal Reserve says Omicron poses risks to economy

    Fed chief Jerome Powell has said the new strain could also heighten uncertainty regarding inflation.
  • Help lower oil prices, IEA urges OPEC

    The head of the IEA has called on OPEC and its allies to take measures to help bring oil prices down to ‘reasonable levels’.
  • Aviation emerging out of Covid crisis, outlook brightening: Airbus CEO

    The global aviation sector has begun to emerge from the Covid pandemic, its worst-ever crisis, and the "outlook is starting to brighten", Airbus CEO Guillaume Faury told journalists Monday. A large order of 255 of Airbus' single-aisle A231 planes announced Sunday at the Dubai Airshow "completely justifies" a shift to...
  • Bahrain plan eyes $2.5bn fresh direct investment by 2023

    The primary aim of the plan is apparently to create quality jobs and enhance Bahrain’s economic competitiveness.
  • Political stability spurs Kuwait’s economic recovery

    In June, the government passed the budget for 2021-22, which projected spending of US$ 76 billion and a deficit of US$ 40 billion.
  • Sharp recovery to see Middle East box office revenue cross $800m in 2021

    Box office revenue in the Middle East made the fastest recovery in the world, from $250 million in 2020 to over $800 million it is set to cross this year. The revenue is expected to continue to rise, reaching $1 billion in 2022 and $1.3 billion in 2024, research has...
  • Social unrest may spoil Mideast recovery: IMF

    The fund also warned that the longer-term risk of the uneven recovery could permanently widen wealth, income, and social gaps.
  • SIB profit up 30 percent in nine months

    The bank said it continued hedging policy despite corona recovery.
  • Savills says GCC real estate to benefit from global migration

    The Middle East’s real estate sector may benefit from the return of global population movement to pre-pandemic levels in 2024.
  • World Bank sees ‘uneven, tenuous’ Mideast recovery

    The region’s per-capita GDP is forecast to grow by only 1.1 percent this year after declining by about 5 percent in 2020.