UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
Business
Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives
Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future...
Economy
Economy
UAE construction sector logs 135% growth in project announcements
Dubai, UAE - The UAE has witnessed 135 percent year-on-year (YoY) growth with AED 49.25 billion ($13.37 billion) project announcements...
- The surge in project awards is equally impressive, rising from $9.10 billion to $13.36 billion
- The figures underscore the significant investments being made in the UAE's infrastructure development
Science
UAE and Egypt to boost cooperation in higher education, scientific research
Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific...
- The Egyptian minister noted the depth of the ties across all levels between the two countries, especially in scientific, cultural and educational fields
- The UAE official applauded the relations between the UAE and Egypt, noting the latter's role in the education field and stressing UAE's resolve to deepen ties
CBUAE Governor, IMF Managing Director explore areas for cooperation
Abu Dhabi, UAE - Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) discussed ways...
- Balama and Georgieva discussed efforts by the IMF and central banks toward enhancing the integrity of the financial system and supporting global economic growth
- The CBUAE's ambitious agenda for green financing, aligned with the UAE's strategy for sustainable economic growth and financial stability, was also a key topic of discussion
Economy
GCC, Central Asian states pledge to boost strategic ties
The two sides endorsed a comprehensive joint statement that called for the boosting of political and strategic ties and strengthening...
- Both sides stressed the need for regional and international security and promotion of renewable energy sources
- Pledges were made to invest in sectors like green economy, digital economy, innovation and green technology
Economy
Harness AI opportunities, assess threats to peace
"AI development is now outpacing Moore's Law and moving at breakneck speed, and governments are unable to keep up. This...
- AI's rapid development is outpacing Moore's Law, presenting a wake-up call for global governments, says UAE minister Omran Sharaf
- The minister advocates for "optimistic realists" who balance between assessing threats and leveraging opportunities presented by AI
Business
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
- The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
- This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.
Business
Governments should provide incentives for green finance, says Dubai Chambers’ webinar
DUBAI, UAE – Participants at a webinar strongly supported governments providing incentives or regulatory frameworks to encourage greater participation in...
- The webinar was organized by Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers.
- The webinar provided valuable insights and guidance aimed at helping companies to access green finance, attract green investment projects.
Economy
Saudi Arabia tops MENA region in venture capital investment during H1 2023
Riyadh, Saudi Arabia - Saudi Arabia is the top-ranked country in the MENA region in terms of Venture Capital funding...
- The Kingdom accounted for 42 percent of the total capital deployed in the region during H1 2023, up from 31 percent in 2022.
- -commerce and retail were the highest sector in the Kingdom by the amount of funding and by number of deals in H1 2023
Economy
Sharjah Chamber, Costa Rica discuss boosting economic ties
Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and Costa Rica have discussed ways to advance bilateral economic relations.The...
- Discussions focused on strengthening commercial and industrial cooperation and investment among the private sector organizations and institutions
- The chamber noted the incentives, privileges, and various forms of support and assistance offered by the emirate to foreign companies
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
Business
Company News
Latest News
Iran, Turkiye ink contract to connect power grids
Ankara, Turkiye – Iran and Turkiye signed contract to connect their power grids during the visit of Iranian president Ibrahim...
Paris stocks hit record thanks to luxury
Europe's main stock markets shot higher, with Paris closing at a record high as shares in LVMH surged on record...
Market Report
US Federal Reserve’s favored inflation gauge rises before rate decision
The US Federal Reserve's favored measure of inflation ticked higher last month, according to government data published. The latest announcement...
Economy
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Arts & Culture
Riyadh Season 2023 on track to outshine previous edition with over 15m visitors
Riyadh, Saudi Arabia - Riyadh Season 2023 is poised to surpass the record set in 2021, with over 15 million...
- The accomplishment was announced on Wednesday, highlighting the success in achieving the target number of visitors before the conclusion of the event
- Comparatively, the first edition of Riyadh Season in 2019 attracted more than 9.6 million visitors, while the third edition in 2022 saw a turnout of over 13 million visitors
Economy
US economy defy expectations to grow stronger in Q4 2023
Washington, US - US economic growth was stronger than expected in the final months of 2023, government data showed Thursday, offering...
- The US economy expanded at an annual rate of 3.3 percent in the fourth quarter, fueled by a resilient jobs market and consumer spending, the Commerce Department said
- The fourth quarter GDP jump "reflected increases in consumer spending, exports, state and local government spending" and other areas, it added
Economy
ECB to urge patience on rate cuts in battle against inflation
The central bank is tipped to leave rates unchanged for a third consecutive meeting, keeping the benchmark deposit rate at...
- Frankfurt institute launched an unprecedented rate hiking cycle in mid-2022
- ECB watchers will be more interested in president Christine Lagarde's press conference