Global economy faces ‘low normal’ growth, widening inequality gap
The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and...
Economy
WTO predicts modest trade growth for 2024-25 amid geopolitical risks
In 2024 and 2025, inflation is expected to gradually abate, allowing real incomes to grow again in advanced economies, boosting...
Geostrategy
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 Â
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.
Economy
Qatar banking on AI with nearly $2.5 bn in investments
Qatari Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani delivered on...
- Qatar is moving towards a comprehensive digital transformation by investing more in technology, innovation and AI
- The Qatar Central Bank (QCB) to issue guidelines on how to adapt artificial intelligence
Global economy faces ‘low normal’ growth, widening inequality gap
The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and...
Economy
Company News
Masdar acquires Saeta Yield
Business
Latest News
Media gag and manufactured consent: Israel’s campaign against Lebanon
Beirut, Lebanon: On Sunday, Israeli troops stormed the Al Jazeera office in the occupied West Bank and issued a 45-day...
Geostrategy
ADNOC Distribution H1 dividend $350m
The total dividend for 2024 is expected to be $700 million.
Business
DCO launches Digital Economy Navigator to bridge global digital gap
The navigator enables countries to better navigate their digital journeys, find opportunities for growth and benchmark progress,
Geostrategy
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Business
UAE banks’ Q2 investments in Islamic certificates, cash bills surge to $61.81bn
The banking sector in the country maintained strong capital adequacy, exceeding Basel 3 requirements, according to the Central Bank.
- Statistics showed that the foreign assets of the Central Bank increased by 5.3 percent year-on-year to reach AED 770.6 billion.
- The total capital and reserves of banks operating in the UAE increased by 3.9 percent to AED 495.2 billion at the end of the second quarter.
Business
Middle East renewable energy projects investments reach $75bn
London, UK -- The Middle East is moving towards investing $75.63 billion in renewable energy projects until 2030, according to...
- These investments include 116 renewable energy projects, which are expected to be operational between 2025 and 2030.
- Large solar projects, such as the fifth phase of the Rashid bin Mohammed Al Maktoum Solar Park, are making significant progress.
Business
TAQA launches new corporate identity
Abu Dhabi Energy Services will be renamed as TAQA Services.
- TAQA also announced that ADDC and Al Ain Distribution Company will merge under a new unified company.
- The Abu Dhabi Transmission and Despatch Company (TRANSCO) will be renamed TAQA Transmission Networks,