Media’s Role in the Age of Algorithms
In a world where 5 billion people are active on social media, our digital voices shape culture, foster belonging, and...
Opinion
Economy
Top Middle East sovereign wealth funds invested $38.2 billion in 58 deals
Investments in H1 2024 led by the top Middle East sovereign wealth funds reached$38.2 billion in 58 different deals, according...
- The amount invested by the ‘Oil Five is more than double what the ‘Maple Eight’deployed
- Mubadala re-opened its Beijing office in 2023 to manage its $10 billion JV with SAFE and CDB
Geostrategy
Remittance flows to low-middle-income countries $656bn
World Bank’s latest Migration and Development Brief said the modest 0.7 percent growth rate reflects large variances in regional growth,...
- Remittances to LMICs are expected to grow at a faster rate of 2.3 percent in 2024, although this growth will be uneven across regions.
- Remittances to the Middle East and North Africa fell by 15 percent to $55 billion While those to South Asia grew by 5.2 percent in 2023.
Arts & Culture
Qatar to witness GCC’s highest growth in hospitality industry revenue until 2028
Hospitality industry revenue in Qatar is expected to witness the highest growth rate in GCC until 2028, Alpen Capital has...
- Qatar’s hospitality sector projected to rise 11% annually from $0.9bn in 2023 to $1.5bn in 2028
- In 2024 alone, Qatar is slated to host over 80 events scheduled throughout the year
Business
Global FDI falls by 2 percent to $1.3 trillion in 2023: UNCTAD
Geneva, Switzerland -- Global foreign direct investment (FDI) fell by 2 percent to $1.3 trillion in 2023 amid an economic...
- But the UNCTAD report highlights that the decline exceeds 10 percent when excluding the large swings in investment flows in a few European conduit economies.
- FDI flows to developing countries fell by 7 percent to $867 billion last year, reflecting an 8 percent decrease in developing Asia.
Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Arts & Culture
Oman aviation sector sees 16.4% passenger growth in first 4 months of 2024
Oman witnesses a 16.4% growth in passenger traffic in early 2024 The Sultanate of Oman’s aviation sector has experienced remarkable...
- Oman's four airports collectively handled over 4.9 million passengers
- Country planning to build six new airports and increase their number in Oman to 13 by 2028-29
Business
The Red Sea opens its third resort Nujuma, a Ritz Carlton Reserve
Riyadh, Saudi Arabia -- The Red Sea has announced the opening of its third resort, Nujuma, a Ritz Carlton Reserve....
- Inspired by the word Nujum, meaning "stars" in Arabic, Nujuma invites travelers to one of the world's most secluded and protected archipelagos.
- Accessed by chartered boat or seaplane, Nujuma features 63 overwater and beach villas, offering one-to-three-bedroom accommodation.
Economy
The U.S. playing the waiting game with inflation
Federal Reserve official Neel Kashkari has reiterated the Fed’s wait-and-see approach about possible rate cuts. In a recent interview on CNBC, Kashkari, who serves...
- The labor market remains strong in the U.S.
- The consensus is that the first rate cut won’t arrive before September
Business
UAE tax authority issues corporate tax guide for free-zone persons
Abu Dhabi, UAE -- The Federal Tax Authority (FTA) has issued a guide outlining the application of Corporate Tax to...
- It is in line with the Free Zone Corporate Tax regime, which enables Qualifying Free Zone Persons to benefit from a zero percent Corporate Tax rate on Qualifying Income.
- The guide includes many examples to assist Businesses with understanding how the key elements of the Corporate Tax Law apply to Free Zone Persons.
Business
Global tourism set to return to pre-Covid levels in 2024
Saudi Arabia and the UAE are the only high-income economies to rank among the top 10 most improved economies between...
- The Middle East had the highest recovery rates in international tourist arrivals (20 percent above the 2019 level).
- The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland.
Company News
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ADNOC L&S buys stake in Navig8
Business
Global economy set to face significant challenges in 2025: WEF survey
Geneva, Switzerland – The global economy is set to face significant challenges in 2025, with 56 percent of chief economists...
Economy
Fifth Aramco facility receives WEF Global Lighthouse Network tag
Dhahran, Saudi Arabia -- Aramco's North Ghawar Oil Producing Complex has become the company's fifth facility to be added to...
Business
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Business
Non-institutional foreign ownership in Tadawul-listed firms up slightly
Riyadh, Saudi Arabia -- Non-institutional foreign investors increased their stake in Tadawul-listed equities, excluding Saudi Aramco, from 9.70 percent to...
- The ownership increased from 9.70 percent to 9.72 percent, equivalent to SAR 334.55 billion, during the week ending January 9.
- GCC investors’ ownership in Saudi equities, excluding Saudi Aramco, declined from 2.27 percent to 2.18 percent of the total market capitalization.
Geostrategy
Cyber landscape complexity deepens cyber inequity, gap between organizations: WEF report
The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats, says WEF's...
- The complexity arises from the rapid growth of emerging technologies, prevailing geopolitical uncertainty and the evolution of threats.
- It also arises from regulatory challenges, vulnerabilities in supply chain interdependencies and the growing cyber skills gap, the report said.
Economy
World economic growth to remain at 2.8 percent in 2025: UN report
The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global...
- It said that positive but somewhat slower growth forecasts for China and the United States will be complemented by modest recoveries in the European Union, Japan, and Britain.
- US growth was expected to moderate from 2.8 percent last year to 1.9 percent in 2025 as the labor market softens and consumer spending slows.