UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
Economy
Business
Dubai issues law to regulate urban planning for sustainable development
Dubai, UAE -- Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has issued a law (No. 16 of 2023) to...
- The law seeks to create an integrated and effective urban planning system that promotes investment, sustainable development, prosperity, and an improved quality of life.
- To oversee the implementation of this law, a 'Supreme Committee for Urban Planning' will be formed, comprising representatives from authorities responsible for urban planning.
Economy
Rich-poor split could tighten ‘grip of poverty’: World Bank chief
The G20 talks come after Russia on Monday refused to extend a deal allowing critical Ukrainian grain exports through the...
- World Bank said it is working to increase its financial capability to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment
- The United States says efforts to reform multilateral lenders such as the World Bank and other regional institutions could unlock $200 billion over the next decade
Economy
Trade hits new high as GCC-Japan ties get warmer
Japan's exports to the Gulf countries include automobiles, machinery, iron and steel, electrical machinery, rubber, textiles, visual goods, and foodstuffs.
- In 2020, Gulf countries' imports from Japan were estimated to be around $17.3 billion, down from $24.3 billion in 2018
- Japan's exports to the Gulf countries include automobiles, machinery, iron and steel, electrical machinery, rubber, textiles, visual goods, and foodstuffs
Economy
Qatari small and medium-sized companies sign deals worth US$201m in H1
Doha, Qatar--Small and medium-sized companies in Qatar have signed deals worth $201 million during the first half of 2023, benefiting...
- Tasdeer said that many Qatari companies took part in international exhibitions and trade missions, including Gulf and Arab markets as well as Turkey and India
- It is eager to continue its programs seeking to accelerate the development of the private sector in line with the National Vision of Qatar 2030
Economy
Saudi Arabia and Bahrain to collaborate on speeding up sustainable development
New York, US--Saudi Arabia and Bahrain are looking to collaborate in order to speed up the sustainable development goals, aligning...
- The discussion took place in New York on the sidelines of the United Nations High Level Political Forum on Sustainable Development 2023
- The ministers spoke at length about the he innovative practices adopted by the two countries for achieving sustainable development and deepening their expertise
Business
Qatar: Commercial Bank profit rises by 8.5%, Masraf Al Rayan’s dips by 24%
Doha, UAE - The Commercial Bank, a Qatari public shareholding company, experienced an 8.5 percent upswing in net profit, reaching...
- The figures issued by the bank website showed an increase in the EPS of Commercial Bank of QR 0.37 ($0.10) in the first half of 2023
- The financial statement of Masraf Al Rayan revealed a decline in net profits by 24 percent, to $207.12 million in H1 2023
Economy
Egypt building collapse kills eight residents in capital
According to state media and the public prosecution, eight people including seven members of one family were killed in Cairo...
- Many buildings in central Cairo dating back to the 19th and early 20th centuries are in dilipidated condition
- There have been many building collapses in recent years in Egypt due to non-compliance with regulations
Economy
UAE ranks first in Arab region and 29th globally in UN Industrial Performance Index
Abu Dhabi, UAE - The United Arab Emirates (UAE) has secured the top spot in the Arab region and risen...
- This index gauges and compares the strength of industrial competitiveness within countries
- The UAE has remained in the CIP’s top quintile, reflecting its position as a regional and global player in the industrial sector
Economy
Saudi Arabia: An emerging tourism hub
The Kingdom is harnessing the potential of tourism for economic growth, job creation, and cultural exchange. In 2022, Saudi Arabia...
- With impressive tourism statistics and a vision to attract 100 million annual visits by 2030, the Kingdom aims to contribute 10% to its GDP through tourism
- Saudi Arabia seizes opportunities through visa simplification, major events, and new markets as sustainability drive and Vision 2030 help the sector grow
Business
OQGN inks $1.2bn financing deal
Deal will provide firm access to capital in dual currencies.
- OQGN is the exclusive operator of the natural gas transportation network in Oman.
- This is considered one of the largest syndicates of Sharia-compliant financing in Oman.
UAE ranks among the world’s most competitive economies in 2024, says Switzerland’s IMD ranking
The country has risen to the 7th spot in the IMD World Competitiveness Ranking, highlighting its robust economic growth, strategic...
Economy
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Oil prices rise following Red Sea attacks
Market Report
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...
Economy
Dubai wins right to host 349 business event in 2023
DUBAI, UAE - Dubai consolidated its status as a central hub for international business events in 2023, with the city...
Business
Saudi Arabia set to launch advanced means of air mobility
Riyadh, Saudi Arabia - Saudi Arabia is planning to start air mobility that is most advanced and safest in the...
Economy
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Economy
Real estate workforce in Saudi Arabia soars to 26,000 after localization push
Riyadh, Saudi Arabia - The Saudi real estate sector has witnessed a remarkable surge in local employment, boasting a substantial...
- The significant 116% leap comes in the wake of the government's decision to prioritize the localization of the sector
- The housing sector, in particular, benefits from substantial corporate support, with 21 initiatives worth over $181 million
Business
IsDB discusses collaboration with China’s ICBC and BOC
Jeddah, Saudi Arabia -- President of the Islamic Development Bank (IsDB) Muhammad Al-Jasser held today held discussions with senior officials...
- The ICBC Bank Chief Business and Management Officer Wang Kun, expressed interest in the sukuk (Shariah-compliant bonds) market
- The BOC's Chief Business and Management Officer discussed strengthening collaboration in treasury activities, stock, and capital markets
Economy
Abu Dhabi establishes Artificial Intelligence and Advanced Technology Council
Abu Dhabi, UAE-- The UAE President Sheikh Mohamed bin Zayed Al Nahyan has issued a law, as the ruler of...
- The council has been set up to develop policies and strategies related to research, infrastructure and investments in AI in Abu Dhabi
- It will formulate plans in collaboration with local and global partners to enhance Abu Dhabi's status in the fields of artificial intelligence