From entertainment to economics: GCC govts make room for creators in their national vision plans
In Saudi Arabia's Vision 2030, digital content creation is a key pillar of economic transformation, and Qatar National Vision 2030...
Economy
Saudi Bank credit grows by over 116 billion in one year by June 2025
Riyadh, Saudi Arabia - Bank credit extended to the public and private sectors in the Kingdom continued its upward trend,...
Economy
Economy
S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1”...
- The agency gave a stable rating in the wake of the kingdom's ongoing initiatives to carry out significant reforms and achieve structural improvements
- The kingdom's growth, according to S&P, will increase at a rate of 3.4% between 2024 and 2026 mainly due to the anticipated rise in oil demand
Economy
Inclusive policies key to greater global cooperation
“By placing an emphasis on inclusive policies, embracing digitalization and fostering stronger international collaboration, we can establish a trade landscape...
- Shamika N. Sirimanne emphasizes the need for inclusive policies and digital transformation to boost global trade
- UN's fifth global survey shows 68.6% of trade facilitation measures from WTO's agreement have been implemented
Economy
Saudi ministry inks economic pact with Alfaisal University
RIYADH, SAUDI ARABIA - The Kingdom's Ministry of Economy and Planning signed a deal with Alfaisal University to promote economic...
- Under the MoU, the two parties will cooperate to promote economic development, activate academic research.
- The Ministry of Economy and Planning will provide consultations on the use of university resources such as student research.
Business
Sharjah Social Security Fund offers service period purchase option
SHARJAH, UAE - The Sharjah Social Security Fund (SSSF) has allowed the possibility of acquiring the service period for insured...
- This move aligns with the fund's strategies aimed at enhancing the well-being of employees and providing them with opportunities to boost their pensions.
- The fund said it is allowed to procure the service period for insured employees after they have completed a minimum of 20 years of actual service.
Business
Saudi-China Entrepreneurs Association and HKTDC sign MoU
Hong Kong - The Saudi Arabia-China Entrepreneurs Association (SCEA) has signed a Memorandum of Understanding (MoU) with the Hong Kong...
- The MoU between SCEA and HKTDC aims to fortify commercial ties, particularly aiding startups and service providers eyeing global expansion.
- The agreement was signed during the eighth Belt and Road Summit, a two-day event themed "Ten Years of Cooperation for Mutual Benefit".
Economy
IMF to exhort China to shift growth model toward consumption
Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector,...
- The IMF intends to exhort Beijing to shift its growth model away from debt-fueled infrastructure investment and real estate
- In July the IMF forecast China's 2023 growth rate to hover at 5.2% and 4.5% in 2024 but warned it could be lower
Economy
Aid groups warn of outbreak of disease in Libya after floods
Several aid organizations have warned of the outbreak of disease in the port city of Derna, after Sunday's flood submerged...
- Islamic Relief has warned of a second humanitarian crisis from water-borne diseases and shortages of food
- The UN has made an appeal for more than $71 million to assist hundreds of thousands in need
Geostrategy
Libya flood toll is partly due to years of division, say analysts
TRIPOLI, LIBYA - Over a decade of bloody power battles in Libya have resulted in vital infrastructure falling into disrepair, culminating...
- Libya has been wracked by conflict and division ever since a NATO-backed uprising toppled and killed longtime dictator Moamer Kadhafi in 2011.
- Tripoli-based prime minister blamed the tragedy on the absence of adequate development plans and the "effect of the years" on the dams.
Economy
IMF criticizes Lebanon for failure to adopt reforms
The International Monetary Fund renewed its criticism of Lebanon for failing to enact reforms demanded by creditors in return for...
- In April 2022, Lebanon and the IMF reached conditional agreement on a $3-billion-dollar loan package to bail out the economy.
- But politicians have yet to enact the painful reforms demanded to begin the 46-month financing program.
Business
Dubai real estate transactions worth over $3.4bn in week ending September 15
DUBAI, UAE - A total of 2,329 real estate transactions worth over US$3.4 billion (AED 12.7 billion) were conducted during...
- A total of 549 plots were sold for US$1.1 billion, while 1,780 apartments and villas were purchased for $1.07 billion.
- A plot in Marsa Dubai sold for US$169 million while a plot sold for US$49 million in Business Bay.
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From entertainment to economics: GCC govts make room for creators in their national vision plans
In Saudi Arabia's Vision 2030, digital content creation is a key pillar of economic transformation, and Qatar National Vision 2030...
Economy
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China’s Xi promises US$50 billion for Africa over next three years
China, the world's number two economy, is Africa's largest trading partner
Business
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
Economy
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
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Economy
China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
- China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption
- In August, the Purchasing Managers' Index (PMI) - a key barometer of industrial output - stood at 49.1 points, the National Bureau of Statistics (NBS) announced
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
- Oil prices climbed 0.8% after Israel and Hezabollah traded rocket salvos
- The dollar slipped a further 0.5% to 143.64 yen, having fallen 1.3% on Friday
US Fed chair says ‘the time has come’ to start cutting rates
The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in...
- "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," Fed chair Powell said
- After holding its key lending rate at a two-decade high for more than a year, Powell's remarks suggest the US central bank is now all but certain to start cutting rates