‘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,...
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Economy
Oil, investment and reforms propel Saudi economy
The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil...
- The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report.
- Historically low unemployment due to increased labor force participation and expatriate worker rebound, while low inflation is aided by subsidies and a strong US dollar.
Economy
Wealthy Qataris to spend more on real-estate deals this year: survey
Doha, Qatar-- Rich Qataris are pouring millions of dollars into the country's luxury real-estate market, with residential sector and office...
- Knight Frank, in partnership with YouGov, looked into the investment pattern of rich individuals in Qatar, with a net worth in the region of US$155 million
- The respondents in the survey showed a preference for investment in the residential sector at 37 percent, followed by the office sector at 33 percent
Economy
‘UAE adopts top global food safety standards’
"Food safety is a main pillar of our strategy to achieve national food security. The Ministry has outlined its vision...
- UAE Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri, emphasizes the prioritization of food safety in the National Food Security Strategy
- Almheiri also highlights the importance of global food safety standards and the urgent need for worldwide frameworks to enhance these standards
Economy
Abu Dhabi curbs use of plastic bags by 95% since ban last year
Abu Dhabi, UAE-- Abu Dhabi has succeeded in curbing the use of plastic bags by around 95 percent since the...
- Nearly three years back, EAD brought in the single-use plastic policy with the aim of lowering the dependence on plastic items and promoting sustainability and recycling
- According to EAD, the carbon footprint of the amount of plastic eliminated is equivalent to 272, 000 tonnes of CO2, which means saving emission from 629,000 barrels
Geostrategy
Iran hints at cooperation with Saudi Arabia on ‘peaceful nuclear technologies’
Tehran, Iran-- With the restoration of diplomatic ties between Iran and Saudi Arabia, the talk in government circles in Tehran...
- A media outlet thought to be close to the Iranian security establishment tweeted that Iran could expand its relations with Saudi Arabia to the nuclear realm
- The tweet said that Iran could transfer its "experiences and achievements" to Saudi Arabia in compliance with international laws and under the IAEA supervision
SCA to waive off registration fee for listing of green bonds, sukuk in local market
Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to...
- The SCA's decision corresponds with the UAE's agenda to achieve the objectives of sustainable development in relation to economic growth
- Dr. Sultan bin Ahmed Al Jaber, Minister of Industry, said the world as a whole needs to do more to advance sustainability in the financial space
Economy
UAE, Egypt sign US$10bn deal to build Africa’s biggest wind farm
A consortium of companies, Masdar, Infinity Power and Hassan Allam Utilities have signed an agreement with Egypt to build a...
- The wind farm will enable Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030
- The project will help Egypt bring down annual carbon emissions by 9 percent, displacing 23.8 million tonnes of carbon dioxide annually
Geostrategy
Italian PM says making efforts for Tunisia IMF bailout
Italian Prime Minister Giorgia Meloni said Rome backed efforts to secure an IMF bailout for Tunisia and support to tackle...
- The IMF has called for legislation to restructure over 100 state-owned firms, which hold monopolies over many parts of the economy.
- Tunisia is struggling under crippling inflation and debt estimated at around 80 percent of its gross domestic product.
Business
Bybit partners with Sharjah varsity to boost crypto adoption in UAE
Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership...
- A Bybit contribution of $2,72,257 marks the first collaboration between American University of Sharjah and the crypto exchange.
- Eligible computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall.
Economy
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from...
- The World Bank expects global growth to reach 2.4 percent in 2024, compared to 2.7 percent in January 2023.
- The possibility of widespread banking disruptions and tighter monetary policy may also lead to weaker global growth.
‘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,...
Economy
Company News
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5 WEF reports shaping your 2024 agenda
From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
Geostrategy
China factory activity decline deepens in December
The National Bureau of Statistics (NBS) said, "In December... the level of vitality in the manufacturing sector somewhat declined." In...
Economy
UAE looks to support farmers to boost sustainability of food sector
Dubai, UAE--The UAE leadership places utmost importance on supporting farmers to enhance the sustainability of the agricultural and food sector,...
Economy
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Economy
Abu Dhabi’s non-oil economy expands 7.7 percent in Q3 2023
ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has reported a substantial 7.7 percent growth in the...
- The growth is due to the success of Abu Dhabi’s comprehensive strategies aimed at fortifying its standing as a prominent economic powerhouse.
- Preliminary estimates reveal that most of non-oil activities have sustained growth rates, contributing 52.8 percent to the overall economy.
Economy
Innovations make Dubai Airport soar to new heights
In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity...
- In 2023, Dubai International Airport ranked second globally in passenger count and was recognized for having the largest seat capacity in international flights.
- In 2019, the airport surpassed pre-COVID-19 levels with 54 million seats, and a forecast predicts up to 4% passenger traffic growth across UAE airports in 2024.
Economy
‘Gulf-Korea FTA marks historic economic milestone’
"The implementation of such free trade agreements follows directives from GCC leaders aimed at strengthening economic ties with other countries...
- The GCC's agreement with Korea, covering 18 chapters including goods, services, and digital trade, underscores its dedication to global economic integration.
- Following its recent trade deal with Pakistan, the GCC's new agreement with Korea highlights its robust economic status, thanks to dedicated negotiators.