Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
Economy
Business
ENEC inks MoU with OSGE
Aim is to help in decarbonization of the Polish power sector.
- One of the aims of the agreement is exploring opportunities to invest in Small Modular Reactors.
- Nuclear energy is recognised by both the UAE and Poland as an essential clean energy resource.
Business
Saudi EXIM, India EXIM ink MoU
Pact was signed on the sidelines of G20 Summit in New Delhi.
- The primary objective of this agreement is to facilitate the export of products and services between Saudi Arabia and India.
- The key areas of cooperation encompass exporting products and services, the exchange of information and expertise.
Business
Iran-US non-oil trade reaches US$31m in January-July 2023
TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
- Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
- Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.
Videos
Middle East sets global standards in renewable energy
This TRENDS Explainer Video explores how the Middle East is fueling its economy with renewables like solar, wind, and green...
- This TRENDS Explainer Video explores how the Middle East is fueling its economy with renewables like solar, wind, and green hydrogen, catalyzing a global clean energy shift
- By 2030, solar energy is expected to make up 15 percent of the Middle East's power mix, while new wind projects in Oman, Egypt, and Saudi Arabia will generate local jobs
Economy
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
- Saudi IPI retreated to 122.03 points in July, according to the base year 2010, compared to 135.23 points in the year-ago period.
- The decline in IPI is the largest since April 2021, when it recorded a drop of 24Â percent.
Economy
Russia to cancel tourist visas to four Gulf countries
Speaking at the Eastern Economic Forum (EEF), Russia's Minister of Economic Development Maxim Reshetnikov said that his country has offered...
- He said the countries of the Middle East and Southeast Asia are among those "with which we interact"
- The minister added, "this is where incremental growth of premium class tourists is possible in particular"
Economy
Iran’s oil exports to China touch all-time record in August
Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according...
- According to data released by Kpler, a French firm, oil exports to China had reached an average of 1.5 million barrels per day (bpd) in August
- It is estimated that Iran’s revenues from August sales of oil to China had amounted to some $3.5 billion, which it said was equal to entire oil sales in 2020
Geostrategy
Global aid pours into Morocco as quake death toll passes 2,100
The International Federation for Red Cross and Red Crescent Societies has warned that the next 24 to 48 hours will...
- Countries such as Turkey, Switzerland, Belgium, Italy, Poland, and Israel have also offered assistance
- A team of French volunteer firefighters has arrived in Morocco as US says it is ready to provide assistance
Economy
‘Saudi Arabia emerges as a leader in digital economy’
"Today, the Kingdom takes pride in its advanced technological sector, which has solidified its regional and global position as a...
- Saudi Arabia ranks second in digital competitiveness among G20 countries, fourth globally in the Digital Readiness Index, and garnered $446m in venture capital investments in H1
- Women's participation in Saudi sectors rose from 7% to 33%, the Kingdom launched the world's largest virtual hospital, and introduced the first Arab and Muslim female astronaut
Economy
GCC chief highlights private sector’s role in sustainable Gulf economy
Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient...
- The secretary general was speaking at the the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain
- He pleaded for increased cooperation between the GCC and the Gulf private sector to tackle the myriad challenges facing the region
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
Business
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Female founders flourish in UAE’s startup ecosystem
Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international...
Economy
WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
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Business
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
- The total number of F&B companies registered with Dubai Chamber of Commerce stood at 22,585 at the end of 2023.
- Dubai Chamber of Commerce launched 11 business groups dedicated to the industry, eight of which were set up in 2023.
Economy
Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
- Analysts say gold is currently trading at $2,016 and could surge by about 50 percent if central banks dramatically increase purchases.
- Another factor that could drive gold prices is the global economy's deep recession, which could prompt the Federal Reserve to cut rates rapidly.
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle.The sukuk are offered to qualified investors...
- The sukuk are offered to qualified investors inside and outside Saudi Arabia.
- The amount and sukuk’s terms of offer will be subject to market conditions.