Gross national income of GCC countries hits $2.143 trillion
Muscat, Oman -- The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of...
Economy
Bitcoin hits record high above $124,000 before retreating
Tokyo, Japan - Bitcoin hit a record high on Thursday during early Asian trading, surpassing $124,000, driven by favourable US...
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....
- 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
Gross national income of GCC countries hits $2.143 trillion
Muscat, Oman -- The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of...
Economy
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GCC leads the charge in global sustainability efforts
The region is spearheading sustainability initiatives to address climate challenges, with Saudi Arabia making significant strides towards renewable energy and...
Economy
Jordan oil imports decline in January, boosting trade balance
Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according...
Economy
Ten years from home World Cup, Saudi sizes up ‘huge challenge’
As the only  bidder, Saudi Arabia was anointed host of the 2034 World Cup last October by FIFA. Infrastructure is...
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Market Report
Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest...
- Moscow has escalated its aerial attacks on Kyiv, targeting key infrastructure in the wake of Ukrainian attacks on Russian oil facilities.
- Russia is a key producer of oil, while the Gaza-Israel war has given rise to worries about Middle Eastern crude supplies.
Business
Aramco CEO highlights collaboration with Beijing at forum in China
AL-DHAHRAN, SAUDI ARABIA – Aramco President and CEO Amin Nasser outlined the potential for stronger collaboration with Chinese partners in...
- The CEO acknowledged China's economic growth in recent decades, and expressed admiration for the country’s ability to overcome challenges.
- He underscored the possibility of fostering broader economic globalization by strengthening ties with Chinese partners.
Economy
UAE’s global investments grow amid economic crisis
"The UAE has strengthened its position in the global economy. The total value of UAE assets abroad, whether government or...
- UAE's investments abroad remain strong, hitting $2.5 trillion in early 2024 despite global economic challenges.
- Investments include deals with the US, Egypt, the UK, India, and upcoming focus on Europe for currency stability.