General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
Business
Economy
UAE to invest $20-25 bn in cash-strapped Pakistan
Abu Dhabi, UAE - The UAE and Pakistan recently sealed a significant deal, potentially injecting between $20 to $25 billion...
- The move comes as Pakistan grapples with economic challenges, including a balance of payments crisis and dwindling foreign exchange reserves
- Pakistan Prime Minister Kakar hailed the signing as a historic milestone that would elevate economic cooperation between the two nations
Geostrategy
Dubai Future Forum calls for creation of global framework
DUBAI, UAE: Governments and the United Nations should create an internationally adopted framework specifically designed to help solve global challenges,...
- The event examined the proliferation of AI and the future dynamics between humans and machines.
- It also discussed as to how the people and societies can adapt to rapid technological advancements.
Business
Ooredoo, QNBN sign agreement
The two companies will jointly develop Doha Port.
- The agreement represents a strategic partnership and reflects a commitment to driving innovation to build a more connected Qatar.
- Qatar National Broadband Network was established to implement the highest global standards in evolving telecommunication infrastructure.
Economy
Saudi banks see moderate improvement in margins in Q3: report
Riyadh, Saudi Arabia - Operating income of Saudi banks increased by 2.9 percent QoQ, majorly due to net-interest income (NII)...
- Top 10 lenders demonstrate resilience with a 2.9 percent quarter-on quarter (QoQ) increase in operating income, fueled by robust net interest income growth
- Moderated credit growth is anticipated in Q4’2023, underscoring a positive economic outlook, driven by non-oil sectors and sustained government spending
Business
$128 billion in US company deals during Dubai Airshow: US Ambassador
Abu Dhabi, UAE - Martina A Strong, the US Ambassador to the UAE revealed on Monday that American companies secured...
- Martina A Strong underlined the UAE's significance as a market for American companies, highlighting the presence of over 1,500 American businesses
- The companies are drawn to the UAE's strategic location, its pro-business environment, and its gateway to burgeoning regional markets, she noted
Geostrategy
Israel reportedly pulls support for Saudi bid to host Expo 2030, to back Italy
Tel Aviv, Israel - Israel has reportedly withdrawn its support for Saudi Arabia’s bid to host the Expo 2030. The...
- Israel had previously signaled its backing for Saudi Arabia as talks mediated by the US aimed at normalizing relations between the two nations gained momentum
- Riyadh’s alignment with the broader Arab community in condemning Israel's military operation in Gaza sparked a rift, prompting Israel to reconsider its support
Business
Abu Dhabi’s EWEC opens Q4 2023 Clean Energy Certificates auction
ABU DHABI, UAE - Emirates Water and Electricity Company (EWEC) on Monday announced that it will conduct its Q4 2023...
- CECs are the only accredited instruments in the Emirate that prove the environmental and economic benefits of consuming clean energy.
- Issued in units of 1MWh, each CEC certifies that the electricity consumed by the entity originates from a clean energy source.
Oman’s Producer Price Index down in Q3 2023
Muscat, Oman - The Sultanate of Oman's producer price index (PPI) in Q3 2023 recorded a decrease of 13 percent...
- Prices of oil and gas products decreased by 13.7 percent, under pressure from the decrease in the prices of crude oil and natural gas products by 16 percent
- Non-oil products also recorded a decrease of 8.2 percent due to a decrease in the prices of the manufacturing industries group by 10.2 percent
Geostrategy
Biden, Netanyahu, Hamas positive on possible extension of truce in Gaza
The pause that began Friday has seen dozens of hostages freed, with over 100 Palestinian civilians released by Israel in...
- Netanyahu said that he had discussed the release of another group of hostages from the Gaza Strip with the US President
- Hamas also said it was willing to extend the pause after it freed more hostages, including a four-year-old orphaned by its attack
Business
Infracorp logs $29.8m profit
The company specializes in social infrastructure.
- Infracorp is currently restructuring its industrial portfolio to support its expansion in developing vital industrial infrastructure in Bahrain
- The company is expanding its investment portfolio in the hospitality sector and attracting several international names, including ROKA and Avli by tashas
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
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Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
Defiant Netanyahu to face US Congress amid Biden’s withdrawal
US Secretary of State Antony Blinken, using an American football image, said Friday that negotiators were "inside the 10 yard...
Geostrategy
Saudi Arabia constitutes center for promoting moderate Islam: North Macedonia Mufti
Skopje – Islamic Union President and Republic of North Macedonia Mufti Sheikh Hafiz Şakir Fetahu stressed that Saudi Arabia has...
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Business
Chinese company to build Saudi Arabia’s first ocean park
Riyadh, Saudi Arabia - Haichang Ocean Park Holdings, China's largest ocean theme park operator, announced plans on Thursday to build...
- Haichang, which has a history of marine-themed tourism spanning over two decades, has previously collaborated on tourism projects in Vietnam, the Philippines, and Indonesia
- Currently operating parks in cities such as Shanghai, Dalian, Zhengzhou, and Sanya, Haichang attracts more than 20 million visitors annually
Economy
Oregon leverages coastal adventures and diverse landscapes to expand its tourism market
Oregon's tourism strategy focuses on year-round visitation, sustainability, and regenerative travel, aiming to optimize economic impact while preserving natural beauty...
- Oregon is a destination where you can wander along stunning shorelines, trek volcanic peaks, and paddle serene lakes
- But it is not just natural beauty, the coastal gem also boasts some of the nation's finest breweries and restaurants
Business
‘Digital transformation levels the playing field for GCC small businesses’
Digitalization is revolutionizing GCC entrepreneurship, offering vast opportunities and challenges, and driving innovation and growth, Jigar Sagar, an influential figure...
- GCC entrepreneurs benefit from reduced operational costs and enhanced productivity through digital technologies like automation, AI, and data analytics, says Sagar
- Women entrepreneurs in the GCC face unique challenges but show remarkable resilience and determination to succeed in business, he adds