Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...
Economy
Saudia to acquire 20 wide-body aircraft
10 of these being acquired for its flydaeal low-cost airline
Business
Business
Dubai records 5.18m international overnight visitors in Q1
Dubai, UAE -- Dubai welcomed 5.18 million international overnight visitors from January to March 2024, an 11 percent rise over...
- Dubai begun 2024 by being named the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards.
- From January to March, the Western Europe region was Dubai’s biggest source market with 1.138 million arrivals, a 22 percent overall share.
Business
NEOM, Saudi Red Sea Authority to partner in marine tourism
NEOM, Saudi Arabia -- Saudi Red Sea Authority (SRSA) has signed a memorandum of understanding (MoU) with NEOM to collaborate...
- The partnership will promote the sharing of expertise and enable the implementation and activation of joint initiatives.
- The agreement specified several areas of cooperation, such as supporting opportunities available to investors in coastal tourism and water activities.
Business
Miral Destinations to showcase latest attractions at ATM 2024
Abu Dhabi, UAE -- Miral Destinations, a subsidiary of Miral and promotional partner for Yas Island and Saadiyat Island Abu...
- Scheduled to take place from 6-9 May in Dubai, ATM offers a stage for Miral Destinations to demonstrate its dedication to innovation and sustainable tourism, media reports said.
- Saadiyat Island Abu Dhabi is launching the ‘Elevate your Senses’ campaign during Arabian Travel Market.
Business
UpLink launches initiatives to push circular carbon economy transition
Riyadh, Saudi Arabia -- UpLink, the World Economic Forum community dedicated to supporting early-stage impact-focused entrepreneurs, has announced the launch...
- In collaboration with Saudi Arabia's Ministry of Economy and Planning and Ministry of Energy, UpLink unveiled its Circular Carbon Economy Partnership.
- The partnership aims to select a cohort of 10-20 early-stage startups to receive support in scaling their impact over the next year.
Geostrategy
Saudi Arabia calls for ‘real commitment’ towards a Palestinian state
Riyadh, Saudi Arabia -- Saudi Arabia has called for a "real commitment to a two-state solution that is a credible, irreversible...
- At the WEF meeting, Prince Abdulaziz bin Salman, Minister of Energy, said a just and equitable energy transition will only be achieved by using a range of energy sources.
- Saudi Arabia's tourism sector has nearly doubled, growing from $35 billion to $66 billion, and set its sights on reaching $80 billion this year.
Business
UAE’s Islamic finance sector grows by 8 percent in 2023: S&P
Abu Dhabi, UAE -- The total assets of the global Islamic finance sector continue on a path of rapid growth,...
- The agency expects high single-digit growth in the period 2024-2025 after the sector achieved 8 percent growth in 2023.
- The agency explained in its report that the sukuk market started strong in 2024, with total issuances reaching $46.8 billion by 31st March, 2024.
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
- The IMF recommended that the ECB cut rates quarterly in quarter-point increments until September 2025
- Monetary policy in the GCC will remain tight, deterring some private sector investment
Business
ADQ buys stake in Plenary Group
The deal is aimed at expanding public and social infrastructure.
- ADQ will acquire a 49 percent stake in Plenary, including all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec.
- Established in 2004, the Plenary has a portfolio of 21 assets under management valued at over US$25 billion across Australia and the Middle East.
Business
Qatar reveals program, speakers for Autonomous e-Mobility Forum
Doha, Qatar – The Autonomous e-Mobility (AEMOB) Forum, a groundbreaking initiative in the realm of sustainable transportation, announced its final...
- The event is slated to take place from April 30 to May 2, 2024, at the Qatar National Convention Centre (QNCC) in Doha.
- It has attracted significant sponsorship from over 20 prominent organizations. Notable sponsors include Mowasalat Company (Karwa).
Business
Dubai Chamber attracts MNCs valued at $82.84bn in 2023
Dubai, UAE -- Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers,...
- Initiatives like 'Create Apps in Dubai' triple app developers, fostering innovation and entrepreneurship in the emirate.
- Through workshops and roadshows, Dubai Chamber engages globally, attracting digital companies to the emirate's burgeoning tech landscape.
Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...
Economy
Company News
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Saudi Arabia retains first rank in MENA Venture Capital funding in 2024
Riyadh, Saudi Arabia -- Saudi Arabia maintained its first rank across MENA in terms of Venture Capital (VC) funding in...
Business
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Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
- On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
- UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.
All six lines of Riyadh Metro are now operational
The Royal Commission for Riyadh City (RCRC) announced that the phased rollout of Riyadh Metro culminated as of Sunday, Jan....
- The Royal commission announced the operation of three new stations on the Blue Line
- Riyadh Metro users will be received from 6:00 am until 12:00 midnight
Business
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The index has remained above the neutral level (50.0 points) since September 2020.
- Business conditions experienced a marked improvement, propelled by a substantial surge in new orders.