Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
Business
Innovation, flexibility fuel GCC remote work growth
The UAE especially has become a regional hub for remote work, attracting digital nomads and businesses with its visa programs.
- Oman and Kuwait are more cautious due to infrastructure limitations and traditional work cultures.
- Saudi Arabia's Vision 2030, aimed at diversifying economy, emphasizes remote work for economic development.
Business
MENA startup investment surges in March 2023
Saudi startups were the biggest beneficiaries of LEAP24 tech conference, securing the lion's share of the total investment of S254...
- The gender gap in the MENA startup ecosystem remains a pressing issue. Male-founded startups secured nearly 90 percent of the deals.
- March 2024 wasn't just about investments. The month witnessed several noteworthy mergers and acquisitions (M&A) deals.
Economy
Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
- The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign institutions and banks
- Consideration will be given to the credit rating of each bank in this process
Economy
Saudi’s Modon attracts $3.8bn industrial investments in 2023
Saudi Authority for Industrial Cities and Technology Zones (Modon) has announced significant progress in attracting industrial and logistical investments for...
- New investments surged by 63 percent, with 891 local and foreign investments secured.
- The number of factories rose to 6,443, alongside 7,946 industrial, logistical, and investment facilities
Economy
Ramadan drives MENA online shopping boom, UAE takes the lead
As Eid Al-Fitr approaches, online shopping is expected to reach new heights, with anticipated growth in categories like flowers, cakes,...
- Flowwow has observed a 65% rise in online purchases from local UAE brands in March 2024 compared to last year
- The preference extends to cosmetics and fragrances, with a notable rise in demand for handmade varieties
Economy
UAE cements position as a top global investment hub in 2024
UAE ascends to 8th on Kearney's 2024 Foreign Direct Investment Confidence Index, affirming its appeal as a prime investment haven,...
- The Foreign Direct Investment Confidence Index,, now in its 26th iteration, continues to be an authoritative forecast of global FDI trends
- The UAE economy has witnessed extraordinary growth across key sectors that have thrived as a direct result of the nation’s diversification policies
Economy
‘Saudi Arabia leads its regional peers in construction growth’
The burgeoning construction sector in Saudi Arabia is fostering the expansion of its talent pool and consolidating its regional leadership,...
- The Red Sea Project, Diriyah Gate, Qiddiya Entertainment City, and NEOM have thrust the kingdom into the global limelight
- NEOM has made waves for its revolutionary take on connectivity infrastructure, innovative city features, and sustainability
Business
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
- Over 722,000 were international visitors to various events, showcasing an unparalleled 60 percent growth rate year-on-year.
- Flagship events such as GITEX Global and Gulfood maintained their leadership positions in their respective sectors.
Business
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
- They called for expanding outreach to foreign markets, fostering collaboration between the government and the industrial sector.
- Jordan has taken several measures to stimulate domestic exports, improve market access and maximize the benefits of existing free trade agreements.
Economy
Dubai, Abu Dhabi real estate market thrives in Q1 2024
“2024 has opened up to an interesting and promising phase of growth within our sector. As proptech leaders, we can...
- In Abu Dhabi, Q1 2024 recorded 814 residential transactions representing around 38% of the total transactions
- Data from the Dubai Land Department showed a significant surge in total sales transactions in Q1 2024
Tech Mahindra’s Ram Ramachandran: MEA, India key to shaping future in multipolar world
Davos, Switzerland -- The Middle East, Africa, and India have an important role and influence in shaping the evolving world order...
World Economic Forum
Company News
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Fifth France-Arab Summit: Forging partnerships for a sustainable tomorrow
As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab...
Business
ECB to cut rates again amid bleak eurozone outlook
The European Central Bank is expected to cut interest rates again this week amid a darkening outlook, with political turbulence...
World Bank announces record $100 bn support for world’s poorest countries
The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some...
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Seoul stocks sink amid S. Korea drama as Asian markets struggle
South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk...
- The Kospi index shed as much as 2.3 percent at the open
- The won tumbled more than three percent to a two-year low of 1,444 per dollar
Economy
Non-oil sectors drive robust growth in GCC countries, says World Bank report
While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling...
- "The [GCC] region has shown remarkable resilience in the face of global disruptions, moving steadily on their diversification agenda."
- Saudi Arabia's growth is expected to accelerate to an average of 4.7 percent in 2025-2026 as oil production increases.
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
- 3.7 billion acres must be restored by decade's end to combat crises
- Forest loss and degraded soils were reducing resilience to climate change and biodiversity loss