AI to boost trade by nearly 40% by 2040: World Trade Report 2025
The 2025 edition of the World Trade Report reveals that, with the right enabling policies, artificial intelligence (AI) could boost...
Economy
Global oil supply hit record high in August: IEA
Paris, France -- Global oil supply hit a record high in August as OPEC+ and other countries ramped up production,...
Economy
Business
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...
- Around 30 turbines are expected to be delivered by the end of the year along with the project's first solar panels.
- The $8.4 billion NEOM green hydrogen plant is expected to reach full production by the end of 2026.
Business
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnerships
- The company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
- PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Economy
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...
- The IMF's forecast is in line with that of the World Bank, which released a similar estimate two days ago.
- It forecast that the economies of Middle East and Central Asia will grow by 2 percent in 2023 and 3.4 percent in 2024.
Economy
World economy resilient, says IMF; keeps growth forecast unchanged
The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains...
- Inflation, which has fallen sharply since last year, is predicted to remain elevated at 6.9 percent this year.
- Central banks across the globe have raised interest rates sharply in efforts to contain inflation.
Geostrategy
Israel-Hamas conflict sparks global economic anxiety
With potential spikes in oil prices and uncertainty surrounding major projects like the IMEC, the world faces a complex economic...
- With the world grappling with economic challenges, the sudden escalation in the Middle East threatens to send oil prices skyrocketing
- Recent reports suggested that Saudi leaders were considering boosting oil production to foster better relations with Israel
Economy
Infra investments crucial to Dubai’s growth and global allure
Dubai's iconic skyline and architectural marvels have garnered global attention, offering stunning views for visitors and residents alike. This allure...
- The emirate's strategic investments in infrastructure, from the Dubai International Airport to iconic landmarks like the Burj Al Arab, have bolstered its global stature
- With a prime focus on sustainability and a vision for 2040, Dubai continues to charm and attract businesses, tourists, and investors from across the globe
Economy
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
- Scott Livermore, Chief Economist, Oxford Economics Middle East, predicted a 4.2 percent growth in non-oil GDP this year, driven by diversification strategies.
- He also expected continued growth in the realty market and a strong recovery in travel and tourism, with Dubai surpassing pre-pandemic visitor levels by the first half of 2023.
Economy
UAE helps in shaping future of international archiving
"With the ICA's theme, 'Enriching Knowledge Societies,' we're poised to delve into myriad topics, including the pivotal role of artificial...
- The UAE, a global hub for diverse sectors, hosts ICA Abu Dhabi Congress 2023, a premier knowledge platform with world-renowned archiving experts and specialists
- The Congress emphasizes AI's impact on archiving, expects over 5,000 attendees from 135 countries, and features the ICA Hackathon showcasing student innovations
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
- The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high
- It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
- To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
- It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
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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
AI to boost trade by nearly 40% by 2040: World Trade Report 2025
The 2025 edition of the World Trade Report reveals that, with the right enabling policies, artificial intelligence (AI) could boost...
Economy
Company News
Latest News
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
Car-centric Saudi to open first part of Riyadh Metro
Riyadh, Saudi Arabia - Saudi Arabia announced Wednesday it is ready to open the first part of the Riyadh Metro,...
Trump’s tariff threats stoke global fears, prompting retaliation warnings from allies and rivals
US President-elect Donald Trump's sweeping tariff plans target Canada, Mexico, and China, raising fears of a global trade war, with...
Most Read
How public-private partnerships can ensure ethical, sustainable and inclusive AI development
Public-private partnerships (PPPs) address AI bias by combining ethical guidelines with technological auditing tools. Governments set accountability frameworks, and companies...
- The rapid pace of AI development, growing awareness of its societal impact and the need to harness AI for good makes bridging the 'AI divide' essential
- By collaborating, stakeholders can ensure AI advances responsibly, equitably and for the greater good, helping to build a more just and sustainable future for all
Iran slams new EU, UK sanctions as unjustified: foreign ministry
ran's foreign ministry Tuesday slammed as unjustified the new sanctions by the European Union and Britain against Tehran over its...
- Sanctions also included the national airline, Iran Air, for transporting ballistic missiles and military supplies to Russia
- Iran's economy suffers from US sanctions following the unilateral US withdrawal in 2018 from a landmark nuclear deal
G20 leaders to grapple with climate, taxes, Trump comeback
G20 leaders gather in Brazil on Monday to discuss fighting poverty, boosting climate financing and other multilateral initiatives that could...
- The main star of the show is expected to be Chinese President Xi Jinping
- Wars in Ukraine and the Middle East would be kept off the summit agenda to focus on the poor.