Energy costs push OECD inflation to highest level this year
Dubai, UAE -- Annual inflation across the Organisation for Economic Co-operation and Development (OECD) accelerated to 4.4% in April from...
Economy
Pakistan encouraging US-Iran talks but says ‘time is of the essence’
Pakistan is continuing to play a behind-the-scenes diplomatic role between the United States and Iran as tensions remain high over...
Geostrategy
Economy
Key MENA trends: M&A surge to five-year high, Saudi port activity rises in May
Qatar's foreign reserves rise 3.6 percent year-on-year despite a dip in bonds and treasury holdings, Iraq releases Australian and Egyptian...
- Egypt and Turkey continue their coordination on ceasefire efforts and humanitarian aid, as diplomatic momentum struggles against on-ground escalation.
- The ICRC has warned that the healthcare system is on the brink of collapse, with medical infrastructure under increasing strain from ongoing hostilities.
Economy
MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
- Saudi government announced a $5.6 billion fertilizer JV between SABIC and Aramco, while also adopting new green building codes to reduce emissions
- From launching the world’s first AI-powered media council to streamlining family business, Abu Dhabi and Dubai are reinventing the regulatory ecosystem to attract global capital
Economy
IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from
Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...
- This adjustment from earlier estimates reflects the impact of extended oil production cuts and a slower-than-expected rebound in oil output.
- The IMF anticipates that inflation will remain contained, with an average annual rate holding steady at 2.1 percent in 2025 and easing slightly to 2 percent the following year.
Geostrategy
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
- AI is a key enabler, making many emerging tech synergies commercially viable across industries.
- Digital twins, enhanced by AI and sensors, are expanding efficiency in sectors from aerospace to healthcare.
Business
Cross-border deals fuel M&A surge in MENA region in Q1 2025
Dubai, UAE -- The Middle East and North Africa (MENA) region has kicked off 2025 with a remarkable surge in...
- Cross-border deals were the primary engine behind this growth, accounting for 52 percent of the total deal volume (117 deals) and 81% of the total deal value ($37.3bn).
- The UAE cemented its position as the top target country for M&A activity in Q1 2025, attracting 63 deals totaling a substantial $20.3 billion.
Geostrategy
With AI and more shade, Saudi Arabia set for a searing hajj
Riyadh, Saudi Arabia -- With artificial intelligence, more shade and misting machines, Saudi authorities are preparing to welcome more than...
- Saudi Arabia's hajj minister Tawfiq al-Rabiah told AFP on Thursday that efforts to mitigate the searing desert heat remained a top focus among authorities.
- This year, Rabiah said authorities have mobilized more than 40 government agencies and 250,000 officials and doubled their efforts to mitigate heat-related risks.
Business
Dubai Airport tops air connectivity ranking for Asia-Pacific and Middle East
Dubai, UAE - Dubai International Airport (DXB) has once again secured the top spot in the Airports Council International’s (ACI)...
- Paul Griffiths, CEO of Dubai Airports, hailed the recognition as a testament to the airport’s strategic importance in global aviation
- Griffiths highlighted that DXB’s strength lies not only in the scale of its operations but also in the reliability and quality of its services
Business
Saudi Arabia unveils ‘Colour Your Summer’ program, targeting 41 million visitors
Riyadh, Saudi Arabia -- Saudi Arabia's tourism sector is poised for an unprecedented summer season, with the official launch of...
- It brings together over 120 partners from across Saudi Arabia's tourism ecosystem, including both public and private sectors, to offer an unparalleled array of experiences.
- Major events include the highly anticipated Esports World Cup (EWC) in Riyadh from July to August, alongside dynamic Jeddah and Aseer Seasons.
Business
ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
- The rigs are expected to commence operations around the end of 2Q 2025, delivering revenue in the second half of 2025 onwards.
- This award further de-risks and reaffirms ADNOC Drilling’s current 2025 and medium-term guidance, the company said.
Business
World’s longest diamond necklace set to break Guinness record at Sharjah show
Sharjah, UAE – Exhibitors at the 55th Watch and Jewelry Middle East Show, scheduled from May 28 to June 1,...
- The piece incorporates more than 600 lab-grown diamonds, precisely set in 18-karat rose gold, representing a fusion of luxury aesthetics and cutting-edge production techniques.
- The official Guinness assessment is set to take place on the first day of the 55th Watch and Jewelry Middle East Show.
Most Read
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
Energy costs push OECD inflation to highest level this year
Dubai, UAE -- Annual inflation across the Organisation for Economic Co-operation and Development (OECD) accelerated to 4.4% in April from...
Economy
Company News
Latest News
MENA emerges as fast-growing global e-trading hub, UAE leads with over half-trillion dollars in volume
The Middle East and North Africa (MENA) region is rapidly becoming one of the world’s most dynamic retail e-trading markets,...
Economy
UAE’s AI Office announces Google Gemini as top model in ‘AI in the Ring’ Index
Dubai, UAE - The UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office announced that Google Gemini has ranked...
Business
GCC countries attract $523.4bn in foreign investment in 2023
Muscat, Oman -- The GCC countries have seen a steady rise in foreign investment, according to data from the Statistical...
Business
Most Read
Business
Emirates orders 65 more Boeing 777X planes despite delays
Dubai, UAE -- Emirates, the Middle East's biggest airline, topped up its order of Boeing 777X planes on Monday despite...
- The order of 65 777-9s, valued at $38nn including engines, came despite last month's announcement that delivery was now due in 2027 -- seven years behind the original schedule.
- Emirates, already the biggest customer for the Boeing 777, now has 270 777X, 10 777 freighters and 35 Boeing 787s on order.
Business
Ring, Lloyds Bank and Snapchat hit by massive internet outage
Lloyds Bank and Halifax’s mobile apps went down for users on Monday after a major outage linked to Amazon Web...
- Dozens of popular websites and apps, including Snapchat, Ring, Fortnite, and Amazon’s own Prime Video, were inaccessible during the blackout
- Lloyds’ website posted a notice saying: “Sorry, we’re unable to process your request at the moment. We are currently having some technical issues.”
Interview
Digital sovereignty Is the new independence, says UAE cybersecurity official
Digital sovereignty, in my view, is no longer a technical concept — it’s a cornerstone of national independence and strategic...
- Digital sovereignty, in my view, is no longer a technical concept — it’s a cornerstone of national independence and strategic stability, says Lt. Colonel Al Shebli in an interview
- The UAE has been forward-thinking in this domain, ensuring that data, platforms, and systems critical to our nation’s wellbeing remain under national jurisdiction. he adds