IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%
Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...
Economy
Business
Specialized sessions on Metaverse opportunities held in Dubai
As many as seven side sessions were held on the first of the two-day specialized sessions on Metaverse.
- The first day's sessions discussed methods of an economically viable, inclusive and safe metaverse, focusing on governance, and economic and social value creation.
- The first day of the Dubai Metaverse Assembly also included live demonstrations in web 3.0 and the metaverse introduced by SIAPartners.
Geostrategy
‘Agri-tech, innovation key in improving farmers’ livelihoods’
UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri participated in the Agriculture Ministers’ Meeting in Bali...
- Innovation and agri-tech has helped UAE to support smallholder farmers and enhance their contribution to food security.
- innovative agricultural methods are the building blocks of sustainable food systems, says UAE minister.
Business
Four new Saudi fintech firms to work under legislative pilot environment
Riyadh, Saudi Arabia---The Central Bank of Saudi Arabia has authorized four new financial technology companies to work under the umbrella...
- Saudi Central Bank's approval for these firms brings the total number of such authorized companies to 42.
- This step will achieve the objectives of enhancing and diversifying the innovations presented in the financial sector, promoting savings, payments and investment activities.
Geostrategy
UAE, Tanzania sign pact to avoid double taxation
UAE and Tanzania have signed an agreement for avoiding double taxation and preventing tax evasion.
- The pact was signed as part of the UAE's endeavors to strengthen cooperation frameworks in tax matters.
- The agreement is in line with both countries’ efforts to boost cooperation in tax fields, increase investment opportunities, encourage trade exchange.
Business
First international shipment arrives at Mugharraq Port
Abu Dhabi, UAE--- AD Ports Group Thursday announced the arrival of the first international shipment at Mugharraq Port, one of...
- This is the first shipment since Mugharraq Port was recognised as an international port facility.
- International recognition was achieved after a series of major upgrades at the port.
Geostrategy
Dubai fifth globally in UN digital city governance survey 2022
Dubai ranked fifth globally and first in the Arab World in the Local Online Service Index (LOSI) 2022 issued by...
- The latest Local Online Service Index assessed digital governments in major cities across 193 countries.
- Dubai received perfect scores in Institutional Framework, Content Provision and Service Provision, earning it top ranking in these vital indicators.
Business
DMCC holds events in Miami and New York to attract US companies
Dubai, UAE--- Dubai Multi Commodities Centre (DMCC) said Thursday it has concluded Made For Trade Live events in Miami and...
- DMCC said it sees significant opportunities for growth in the UAE–US trade corridor, which was worth US$23 billion in 2021.
- The Centre home to more than a third of the approximately 1,500 US businesses in the UAE.
Economy
UAE to develop international maritime network
The Ministry of Energy and Infrastructure (MoEI) announced the launch of the "UAE Maritime Network".
- The initiative supports the Ministry of Energy and Infrastructure efforts to enhance the position of the UAE’s maritime sector globally.
- The maritime network will be a knowledge hub for global stakeholders on investment opportunities in the UAE’s maritime industry.
Saudi Crown Prince meets minister of defense, commanders
Prince Mohammed bin Salman bin Abdulaziz expressed his appreciation for the progress achieved in the implementation of the ministry's development...
- Prince Mohammed bin Salman bin Abdulaziz expressed his appreciation for the progress achieved in the implementation of the ministry's development program
- Defence minister Prince Khalid bin Salman bin Abdulaziz affirmed the ministry will continue to implement the development programs drawn up by the Crown Prince
Economy
UAE economy achieves pre-pandemic level growth: WB regional director
Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and...
- Abousleiman said the UAE led the world with a successful vaccination programme in 2021, as well as its monetary and fiscal stimulus packages
- He added that the GCC region is projected to expand by 5.9 percent in 2022 before moderating to 3.7 percent and 3.3 percent in 2023 and 2024, respectively
IMF projects 3.3% global growth for 2025, MENA to rebound to 3.6%
Dubai, UAE -- The International Monterey Fund (IMF) has projected global growth to remain at 3.3 percent this year and...
Economy
Company News
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PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
Business
Red Sea International Film Festival to showcase 14 short films
Jeddah, Saudi Arabia - The Red Sea International Film Festival (RSIFF) unveiled Monday the lineup of international short films participating...
Arts & Culture
IMF forecasts UAE GDP growth of 3.4% in 2023
MARRAKESH, MOROCCO - The International Monetary Fund (IMF) has forecast that the UAE's real Gross Domestic Product (GDP) will grow by...
Economy
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Business
Dubai at top global ranking for attracting Greenfield FDI projects in H1 2023
DUBAI, UAE - Dubai remains the top global destination for attracting Greenfield Foreign Direct Investment (FDI) projects, with the emirate...
- During the first half of 2023, Dubai’s global share in the attraction of Greenfield FDI projects stood at 6.58 percent.
- The results align the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy over the next decade.
Geostrategy
Saudi Arabia, India ink MoU on electrical interconnectivity, green hydrogen
RIYADH, SAUDI ARABIA - India and Saudi Arabia signed a Memorandum of Understanding (MoU) here in electrical interconnection, green/clean hydrogen,...
- The signing took place during the Middle East and North Africa Climate Week 2023 in Riyadh, Saudi Arabia.
- The MoU was signed by Saudi Arabia’s Minister of Energy and India’s Minister of Power and New and Renewable Energy.
Business
Hotels in UAE generate revenues of US$7bn in first seven months, says minister
ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of...
- Hotel establishments in the country hosted 16 million guests in in the first seven months of 2023, said the UAE economy minister.
- Some 56 million hotel nights have been booked while the occupancy rate reached 75 percent from January to July.