Economy

Agthia 9M profit nearly triples

Third-quarter revenue increased 14.4 percent.

UAB nine-month profit rises 6%

Loan growth, lower impairment charges boost earnings

du 9M profit up 10.8%

Revenue grows as connectivity demand supports earnings

Al Rajhi Bank 9M profit up

Revenue growth lifts earnings despite higher provisions

Mashreq prices Dim Sum bond

UAE bank raises offshore renminbi funding

Saudi Arabia’s high-stakes race toward Vision 2030: Diversifying amid global uncertainty

Moving forward, lower oil revenues will continue to pose challenges to the Saudi economy and its overall targets. Earlier this...

Economy

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
Economy

Abu Dhabi’s non-oil economy expands 7.7 percent in Q3 2023

ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has reported a substantial 7.7 percent growth in the...
  • The growth is due to the success of Abu Dhabi’s comprehensive strategies aimed at fortifying its standing as a prominent economic powerhouse.
  • Preliminary estimates reveal that most of non-oil activities have sustained growth rates, contributing 52.8 percent to the overall economy.
Economy

Innovations make Dubai Airport soar to new heights

In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity...
  • In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity in international flights.
  • In 2019, the airport surpassed pre-COVID-19 levels with 54 million seats, and a forecast predicts up to 4% passenger traffic growth across UAE airports in 2024.
Economy

‘Gulf-Korea FTA marks historic economic milestone’

"The implementation of such free trade agreements follows directives from GCC leaders aimed at strengthening economic ties with other countries...
  • The GCC's agreement with Korea, covering 18 chapters including goods, services, and digital trade, underscores its dedication to global economic integration.
  • Following its recent trade deal with Pakistan, the GCC's new agreement with Korea highlights its robust economic status, thanks to dedicated negotiators.
Business

Sharjah Consultative Council okays emirate’s draft budget 2024

Sharjah, UAE - The Sharjah Consultative Council approved the draft law regarding the budget of departments and entities of the...
  • The draft was presented to the council by Sheikh Mohammed bin Saud Al Qasimi, Head of the Sharjah Finance Department for a final review and approval
  • After a final review, the council approved the draft law regarding the 2024 general budget for the Sharjah Government departments
Economy

Tunisia, Saudi Arabia sign 7 MoUs in various sectors

Tunis - Tunisia and Saudi Arabia signed seven memoranda of understanding in various fields and sectors on Wednesday afternoon The...
  • The MoUs encompass various areas such as water, environmental protection, agricultural scientific research, climate and meteorology cooperation, tourism and industry
  • Tunisian minister Boughdiri stressed her commitment to enhancing collaboration between the two nations, highlighting the significance of these agreements
Economy

UAE’s hiring landscape sees rise in homegrown talent

"The challenge today is not just in assimilating this fresh talent but in bridging the gap between them and the...
  • New graduates bring unique lifestyles and perspectives to the workforce.
  • The generational divide: From self-made success to a reliance on support.
Business

GCC forges ahead in sustainable tech initiatives

In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant...
  • In 2023, the Gulf countries made a strong push towards renewable energy and pioneering green hydrogen projects, signaling a significant green transition in the region.
  • The GCC's commitment to sustainable technology initiatives, including advancements in renewable energy, green hydrogen, and smart city solutions, make it a global leader.
Economy

Dubai real estate sales near record $109bn in 2023

Dubai, UAE - Dubai real estate annual sales comprising 127,000 deals have exceeded Dhs400 billion ($109 billion) during the current year...
  • The momentum in the real estate market in the emirate will continue during the next year, according to Walid Al Zarooni, CEO of the W Capital.
  • The residential real estate markets, Al Zarooni said, may remain at the investors radar during 2024 considering the latest trends in the market
Economy

Oman year-on-year growth rate touches 15.4 percent

Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information...
  • The growth revolves around a rapidly evolving landscape, propelled by strategic investments and diversification endeavors.
  • Omani Maritime freight was at the forefront, commanding a significant 54.8% share of all inbound goods in 2022.
Economy

Bahrain economy posts 2.45% growth in third quarter of 2023

Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP...
  • According to the report, the jump in growth is due to the surge in the non-oil sector by 4.48 percent at constant prices and 4.81% at current prices on an annual basis
  • The gross domestic product at constant prices reached $9.15 billion during the third quarter of 2023 compared to $8.79 billion during the same period of 2022.

Saudi Arabia’s high-stakes race toward Vision 2030: Diversifying amid global uncertainty

Moving forward, lower oil revenues will continue to pose challenges to the Saudi economy and its overall targets. Earlier this...
Economy

Company News

Latest News

US and China prepare for trade talks as Trump floats tariff cut

Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked...
Economy

Damascus, Ankara agree natural gas deal for Syria

Damascus, Syria - Syrian Energy Minister Mohammad al-Bashir said Friday Damascus and Ankara had reached a deal for Turkey to...
Economy

‘Bombshell’ OPEC+ output hike hits oil price

Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
Economy

Most Read

Economy

Warren Buffett says will retire from Berkshire Hathaway by year’s end

Buffett transformed Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate,
  • Buffett's success, coupled with his ability to explain his thinking in clear soundbites, has made him highly influential in the business and financial communities
  • Several years ago, Buffett had already indicated that the 62-year-old Abel would be his pick for successor in an interview with CNBC
Economy

OPEC+ countries to open the oil taps despite price slump

Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000...
  • Saudi Arabia, along with Russia and six other members of the oil cartel, will implement a production adjustment of 411,000 barrels a day out of the ground
  • Numbering a total of 22 countries, most of which are highly dependent on oil, the OPEC group had until recently been exploiting supply scarcity to boost prices
Economy

Trump’s next 100 days: Now comes the hard part

In a dizzying first three months, Trump wielded executive power like no other modern president, signing more than 140 orders...
  • The job gets trickier now for the self-styled dealmaker-in-chief, who must corral fractious Republicans on Capitol Hill to anchor his domestic policies in legislation
  • Trump's political capital will be put to the test as he aims to shepherd his sprawling agenda on tax, border security and energy production through the House and Senate