Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
Economy
Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
Economy
Economy
Qatar’s nominal GDP to hit $227.3bn in 2023, inflation 3%
Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven...
- The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent in 2024.
- The report forecasts the current account surplus to reach 20.8 percent of GDP in 2023 and 22.8 percent of GDP in 2024.
Geostrategy
Rescue ship saves 86 migrants off Libyan coast: charity
The UN's International Organization for Migration estimates that 1,724 migrants had disappeared trying to cross the Mediterranean to Europe so...
- Spokesman for the charity said that most of the migrants were minors, trying to cross the Mediterranean on their own, without family
- Italian authorities said the passengers can disembark at its port of Bari, which the charity said was still a three-day voyage away
Economy
Qatar to ramp up investment and economic cooperation with Iran
Tehran, Iran-- Qatar has renewed its willingness to boost economic cooperation with Iran, ramping up investment in order to strengthen...
- The resolve to boost ties was expressed in a phone call between the Emir of Qatar Sheikh Tamim bin Hamad Al Thani and the Iranian President Ebrahim Raisi
- The Iranian president on his part said the Islamic Republic has always emphasized the promotion of relations and expansion of ties between the two countries
Economy
Sharjah Football Company signs Tunisian star Mohamed Firas Belarbi
Sharjah, UAE--Sharjah Football Company has signed Mohamed Firas Belarbi, the Tunisian international defender, from the Ajman Club for an undisclosed...
- Belarbi considered to be one of the most effective attacking midfielders in the UAE championships over the past two years took part in all 26 league matches, scoring 12 goals
- Sharjah Football Company, founded in 2007, is a joint venture between Sharjah Sports Club and the Sharjah Investment and Development Authority
Economy
Doha, Dubai most competitive job markets globally
Despite international scrutiny over labor practices, Qatar and the UAE continue to attract job seekers with attractive policies like tax-free...
- Despite international scrutiny over labor practices, Qatar and the UAE continue to attract job seekers with attractive policies like tax-free income, a recent study points out
- Cities in Northern California, particularly San Jose and San Francisco, have demonstrated high competitiveness due to major layoffs in tech firms, adds the Resume.io study
Economy
Key technologies set to positively impact the world
Jurgens' remarks coincide with the World Economic Forum's announcement of its annual list of breakthrough technologies. These technologies, including flexible...
- The World Economic Forum has releases its annual list of breakthrough technologies poised for global impact
- The list of the important innovations includes flexible batteries, generative AI, and sustainable aviation fuel
Science
New WEF report reveals technologies to impact world in the next five years
TIANJIN, CHINA - The World Economic Forum on Tuesday announced its annual list of breakthrough technologies with the greatest potential...
- The new technologies include flexible batteries, generative AI and sustainable aviation fuel.
- These would be disruptive, attractive to investors, researchers, and achieve considerable scale within five years.
Economy
Saudi Arabia’s imports from GCC states drop 15% to $1.49bn in Apr
Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council countries fell 15 percent year-on-year to SAR 5.6 billion...
- Compared with March 2023, the Kingdom's imports from GCC dropped by 21 percent, or SAR 1.52 million.
- The Kingdom's merchandise imports rose 1 percent year-on-year to almost SAR 57.9 billion in April.
Economy
Central Bank of Bahrain treasury bills oversubscribed by 109%
Manama, Bahrain - This week’s BD 70 million issue of Treasury Bills of Government of Bahrain have been oversubscribed by...
- The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain (CBB), on behalf of the Government of Bahrain
- The weighted average rate of interest is 6.15 percent compared to 6.11 percent in the previous issue on June 21
Economy
Most markets rise but traders fret interest rate hikes, Russia situation
The more positive environment came as concerns over Russia subsided following an aborted uprising, though developments in the nuclear-armed country...
- With the events in eastern Europe a little less worrying for now, focus has returned to the battle against surging inflation, which has dogged global markets this year.
- Fed's warning last week that rates would likely need to go higher dealt a blow to hopes that officials were at the end of close to completing their tightening cycle.
Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
Economy
Company News
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Sustainable practices make GCC economy resilient
A shift to green tech and renewable energy is fostering the Gulf economy's resilience and diversification for a sustainable future,...
Economy
IMF okays $700 million disbursement for cash-strapped Pakistan
Washington, United States - The IMF's executive board approved an immediate disbursement of around $700 million for Pakistan Thursday as part...
Economy
Oil prices rise after US, UK strike Houthi rebels
Oil prices surged four percent after US and UK forces launched strikes against Iran-backed Houthi rebels after attacks on ships...
Market Report
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Economy
Morocco joins UAE, Jordan, Egypt, Bahrain in regional industrial collaboration
Manama, Bahrain – Morocco became the fifth country to join the UAE, Jordan, Egypt and Bahrain at the fourth meeting...
- Morocco is expected to bring significant value to the partnership, given the country’s advanced industrial capabilities
- The country's GDP exceeded $134 billion in 2022 and its industrial sector provided over 1 million jobs, through some 121,000 companies
Business
Wars to cast pall over meeting of global VIPs in Davos
Paris, France - The world's political and business elites will convene in Davos next week, with wars in Gaza and Ukraine...
- Russia's nearly two-year-old assault on Ukraine has taken centre stage at previous editions of the World Economic Forum (WEF)
- The gathering "is taking place against the most complicated geopolitical and geoeconomic backdrop in decades", said WEF president Borge Brende
Economy
Dubai aims to become global creative economy capital
"Dubai transcends economic statistics; it embodies a pursuit of the highest quality of life. Our aspiration is to achieve excellence,...
- Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, invites content creators to join in shaping Dubai's narrative.
- He underscores Dubai's strategic role as a global hub, especially through DXB airport, serviced by Emirates Airlines and flydubai.