Egyptian farmers behind world’s perfumes face climate fight alone, yield drops by half
For years, Egyptian jasmine picker Wael al-Sayed has collected blossoms by night in the Nile Delta, supplying top global perfume...
Economy
US Fed chair opens door to rate cut as Trump steps up pressure
Last year, the Fed chair used his keynote speech at the Jackson Hole Economic Policy Symposium to indicate the time...
Economy
Economy
$341bn in non-oil trade between UAE, G20 countries: UAE Minister
New Delhi, India - The non-oil trade between the UAE and G20 countries in 2022 hit $341 billion, which is...
- G20 countries are the UAE's largest trading partners, accounting for 43% of its non-oil exports, 39% of e-exports, and 67% of imports, the minister said
- He noted that the UAE's non-oil trade with the G20 countries grew significantly in 2022, up 56% from 2020 and 34% from 2019
Economy
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
- A GASTAT report showed a 6.1% increase in non-oil activities over 2022, a 2.3% increase in government activities over 2022, and a 4.3% decrease in oil activities.
- According to the report, seasonally adjusted real GDP decreased by 0.2 percent in Q2 of 2023 compared to the Q1 of 2023.
Economy
China reports drop in exports and imports in August
Beijing, China--China's exports and imports sank again in August, data showed Thursday, as the world's second-largest economy struggles with sluggish global...
- The customs authority said that overseas shipments dipped 8.8 percent on-year, compared with a 14.5 percent plunge in July
- The country's exports, apart from a brief rebound in March and April this year, have been in constant decline since October
Economy
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
- According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
- The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors
Economy
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...
- With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
- The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks
Economy
China’s digital economy surged by $4 trillion from 2016 to 2022
Tianjin, China - The digital economy in China surged by $4.1 trillion from 2016 to 2022, which works out as...
- By 2022, the scale of China's digital economy had reached an impressive $6.99 trillion, constituting a substantial 41.5% of the nation's GDP
- China has established over 1,700 digital workshops and smart factories and more than 240 industrial internet platforms
Economy
Qatar’s non-energy private sector records strong growth in August
Doha, Qatar--Qatar's non-energy private sector witnessed strong expansion in August on the back of new orders in the manufacturing and...
- According to the QFC's latest purchasing managers' index (PMI) survey, the expansion rate was the third strongest so far in the current year
- QFC CEO Yousuf Mohamed al-Jaida said PMI has held steady over the past six months at a level consistent with solid economic growth
Economy
Israel suspension of Gaza exports risks ‘catastrophe’: businesses
Osama Nofal, of the Gaza economic ministry, put the value of Gaza exports to Israel and the occupied West Bank...
- Israel's army chief on Monday ordered a halt to commercial deliveries from Gaza to Israel after an alleged attempt to smuggle explosives
- The Gaza Strip has been under a crippling Israeli blockade since the Islamist group Hamas seized power in the Palestinian territory in 2007
Business
stc buys stake in Telefónica
The group invests in information, communications and technology sectors.
- The group's growth strategy has resulted in investments in the Information, Communication and Technology sectors inside Saudi Arabia and globally
- The most recent investment being the acquisition by Tawal, a subsidiary of stc Group, of United Group’s telecommunications tower assets in Bulgaria, Croatia and Slovenia
Economy
Healthcare sector in Qatar witnesses remarkable growth, says IPA Qatar
Doha, Qatar--Sustained investment in healthcare infrastructure in Qatar has seen a rapid transformation in the sector as promotion of health...
- A study carried out by IPA Qatar shows that health promotion and disease prevention underpin its commitment to ensuring the well-being of its citizens
- In the next 10 years, digital infrastructure, virtual care, remote patient monitoring and AI will account for some 30% of hospital investments in the region
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Egyptian farmers behind world’s perfumes face climate fight alone, yield drops by half
For years, Egyptian jasmine picker Wael al-Sayed has collected blossoms by night in the Nile Delta, supplying top global perfume...
Economy
Company News
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Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
Economy
Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
Asian markets drop as Biden drops out of White House race
Asian markets fell Monday as Joe Biden's decision to drop out of the US presidential race fuelled fresh uncertainty, while...
Economy
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Economy
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
- Gold rose 0.5% to $2,482.29 per ounce, hitting an all-time high
- Markets are fully pricing in a rate cut of at least 25 basis points
Economy
Transformative New Murabba Stadium design in Riyadh revealed by PIF
Equipped with cutting-edge sporting technology, the stadium will offer an immersive and personalized experience for fans. Additionally, it will act...
- The design of the Stadium symbolizes the fusion of tradition and innovation that defines New Murabba
- The project is scheduled for completion by the end of 2032
Economy
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
- A “hard landing” for the U.S. economy was not “a likely scenario.”
- The central bank’s next policy meeting is at the end of July