OPEC+ expected to open taps more despite price slump
The Organization of the Petroleum Exporting Countries and their allies - collectively known as OPEC+ - have justified their change...
Economy
China’s Xiaomi to invest nearly $7 bn in chips
Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said...
Business
Business
Content creation key to awareness, culture, human development: Dubai ruler
Dubai, UAE -- Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, attended part of...
- The three day 1 Billion Followers Summit is being held in the UAE at Emirates Towers, the Dubai International Financial Centre, and the Museum of the Future in Dubai,
- For the first time globally, leading platforms including Snapchat, X, YouTube, TikTok, LinkedIn, and Meta (Facebook, Instagram, WhatsApp) have come together in one place
Economy
UAE’s tech industry set to achieve record growth in 2025
Abu Dhabi, UAE - The UAE’s technology industry is set to achieve record growth in 2025, driven by significant expansion...
- The UAE has strengthened its position on the global map as an innovation-driven destination for the expansion of both global and emerging tech companies
- International reports predict that the tech sector will continue to grow in areas such as artificial intelligence (AI), cloud computing, and emerging technologies like blockchain
Business
Dubai vs Doha: The Battle for Creator Economy Supremacy and Innovation in the Middle East
Dubai’s aggressive initiatives like the 1 Billion Followers Summit and specialized creator visas put it ahead in attracting global talent,...
- Dubai is aggressively positioning itself as a global hub for the creator economy, leveraging infrastructure, regulations, and location
- Doha’s Qatar Media City aims to attract media and digital companies, establishing the city as a regional innovation hub
Economy
Global workforce transformation by 2030: WEF predicts 78 million new jobs amid disruptive changes
The widening skills gap challenges employers, with over 59% of the workforce needing reskilling while millions risk redundancy due to...
- One of the most pressing challenges identified by the report is the widening skills gap, with 63% of employers citing it as a significant barrier to transformation
- Upskilling remains the preferred strategy for workforce adaptation, with 77% of employers planning initiatives to enhance their employees' skills
Economy
Qatar’s non-energy private sector shows strong growth in 2024
Doha, Qatar – Qatar’s non-energy private sector recorded robust growth in the final months of 2024, according to the latest...
- The labour market was a key driver of this growth, with employment and wages increasing at record levels
- Employment saw substantial growth as companies sought to raise output, enhance services, and manage workloads
Economy
Saudi Arabia plans to sustain borrowing spree to fund major projects beyond oil: report
Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic...
- The National Debt Management Center (NDMC) has estimated Saudi Arabia’s funding needs for 2025 at 139 billion riyals ($37 billion)
- Saudi Arabia was one of the largest bond issuers among emerging markets in 2024, issuing $17 billion in international bonds
Economy
Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
- In an annual study released by Japan’s Mori Memorial Foundation, the index highlights Dubai’s role as a leader in innovation, economic dynamism, and global connectivity
- This achievement makes Dubai the only city in the Middle East to feature in the top 10, reaffirming its position as a major global hub for business, talent, and investment
Democratization of investments: Digital platforms open private equity to individual investors
The shift towards greater accessibility – which has accelerated particularly within the last five years – has opened up new...
- Digital platforms are enabling individual investors to access sophisticated tools and strategies
- Investors have improved access to strategies which have the potential to elevate returns
Economy
UAE labour market transforms with AI revolution and growing demand for high-skill professions
The country is among the most attractive markets for skilled global professionals and talent, thanks to its competitive advantages, including...
- As 2025 begins, the UAE is expected to see a growing demand for highly skilled professionals, particularly in AI and fields leveraging AI technologies across various industries
- A 2024 report by Deel, a global HR management company, highlighted the UAE as the top choice for workers seeking work visas worldwide
Economy
Females make up 37.6% of the GCC population of 57.6 million
Muscat, Oman - The population of the six GCC countries reached 57.6 million in 2023, compared to 56.6 million in...
- The population density was 23.9 people per square kilometre, with the total area of the GCC countries amounting to 2.4 million square kilometres
- The Atlas revealed that the total workforce in the GCC countries reached approximately 33.1 million in 2023, compared to 30.3 million in 2022
OPEC+ expected to open taps more despite price slump
The Organization of the Petroleum Exporting Countries and their allies - collectively known as OPEC+ - have justified their change...
Economy
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Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...
Economy
UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
Economy
Trump’s tariffs fallout: Why trade tensions are a ‘storm cloud’ over financial markets
Stocks later rallied after Trump announced a 90-day pause on additional higher tariffs that were set to impact around 80...
Economy
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Economy
Egypt central bank lowers interest rate for first time since 2020
Egypt's central bank on Thursday announced that it was lowering interest rates for the first time since 2020, days after...
- The Central Bank of Egypt cut interest rates by 225 basis points, its monetary policy division said in a statement
- Its overnight deposit rate, overnight lending rate, and the rate of the main operation now stood at 25%, 26 percent and 25.5%, respectively
Economy
Global economy under pressure could slow to 2.3 percent: UNCTAD
UNCTAD report '"Trade and Development Foresights 2025 – Under pressure: Uncertainty reshapes global economic prospects” cited mounting threats including trade...
- Rising trade tensions are impacting global trade, with UNCTAD noting that recent tariff measures are disrupting supply chains and undermining predictability.
- The slowdown will affect all nations, but UNCTAD remains concerned about developing countries and especially the most vulnerable economies.
Economy
OPEC lowers 2025 oil demand forecast over impact of US tariffs
The Saudi-led oil cartel said in a monthly report that it now expects demand to grow by 1.3 million barrels...
- The Organization of the Petroleum Exporting Countries now sees global demand reaching at total 105.05 million bpd this year.
- Oil prices sank to a four-year low last week, dipping under $60 per barrel over concerns about the impact of President Donald Trump's tariffs.