March sees GCC Index drop as heavyweight sectors lag
GCC equity markets experienced a March downturn, influenced by seasonal selling pressure during Ramadan, leading to a 3.0% drop in...
Economy
Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
Economy
EDB inks MoU with ADDED to enhance support for Financial Support Program
Abu Dhabi, UAE--Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with the Abu Dhabi Department of Economic...
- The financing program aims to help Abu Dhabi-based companies to receive finance offers from a range of banks all at once
- Emirates Development Bank can, according to its mandate, provide $8.16 billion in financing support to 13,500 companies by 2026
Business
Jewels of Emirates continues to attract visitors on third day
SHARJAH, UAE- The fourth edition of Jewels of Emirates Show at the Expo Center Sharjah has so far seen record...
- The event received an overwhelming response from visitors, with exhibitors unveiling a stunning array of exclusive and rare jewelry pieces.
- Emirati designer Shamma Al Hallami, in partnership with Salem Al Shueibi Jewelery, also debuted her latest collection of 18-carat gold jewelry
Business
EU bicycle exports surged to US$1.1bn in 2022
BRUSSELS, BELGIUM - The EU exported US$1.1 billion (€1.1 billion) worth of bicycles in 2022 (both electric and non-electric, a...
- The EU exported 365,000 electric bicycles and imported 1.2 million in 2022 while the imports were worth US$2.6 billion.
- The overall increase in the trade of bicycles can be attributed to an increase in the export and import of electric bicycles.
Business
Renewable power capacity to rapidly expand, IEA report reveals
PARIS, FRANCE - Renewable power capacity is expected to jump by a third this year globally as growing policy momentum,...
- Renewables are at the forefront of Europe’s response to the energy crisis, accelerating their growth there.
- New policy measures are also helping drive significant increases in the United States and India over the next two years.
Business
Middle Eastern Airlines post 38% rise in traffic in April 2023
Dubai, UAE - Middle Eastern airlines carriers posted a 38 percent increase in traffic in April compared to the same...
- With a capacity increase of 27.8 percent, Middle Eastern airlines accommodated the growing demand for air travel
- Total air travel reached 90.5 percent of pre-Covid levels, highlighting a significant rebound in passenger demand
Business
Cloud adoption may unlock $181bn for UAE economy
By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says...
- By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says a report by Amazon Web Services
- The UAE outpaces the MENA region in cloud computing, with a 1% increase in cloud usage potentially boosting the GDP by an average of 0.21%, or $854.7m annually, it adds
Economy
UAE economy to grow 4.2% in 2023, says Arab Monetary Fund
Abu Dhabi, UAE -- The UAE's economic growth is expected to remain robust, averaging 4.6 percent from 2022 to 2024,...
- The AMF's "Arab Economic Outlook Report" forecasts a 4.2 growth rate in 2023, accompanied by a decline in the consumer price index to 2.9 percent in 2023 and 2.57 percent in 2024.
- With stable oil and gas prices and lower prices for basic goods, such as agricultural products, the report projected a 3.4 percent growth for Arab economies.
Business
RAKEZ presents benefit of investing in UAE industrial zones
RAS AL KHAIMAH, UAE -Â Ras Al Khaimah Economic Zone (RAKEZ) successfully participated in the second edition of the Ministry...
- Make it in the Emirates Forum brings together investors, prominent stakeholders to discuss the role of industrial zones in driving economic progress.
- The forum aimed to position the UAE as a preferred hub for emerging industries on a global scale and promote local production by attracting investors.
Economy
US job hiring rises in May but wage gains ease
Hiring in the United States heated up again in May, according to government data released, with the strong labor market...
- The United States added 339,000 jobs last month, surpassing estimates and picking up from a revised 294,000 figure in April.
- Wage gains in the US moderated slightly with average hourly earnings up by 0.3 percent, slightly down from 0.4 percent in April.
Business
MoIAT inks MoU with MEXT to implement industrial transformation Index
ABU DHABI, UAE - The Ministry of Industry and Advanced Technology (MoIAT) and MEXT signed a memorandum of understanding (MoU)...
- The move is part of the UAE's efforts to accelerate decarbonization and digitalization within the global manufacturing sector.
- First implemented in the UAE in February in line with the UAE Net Zero by 2050 strategic initiative, the ITTI will soon be deployed in the region.
March sees GCC Index drop as heavyweight sectors lag
GCC equity markets experienced a March downturn, influenced by seasonal selling pressure during Ramadan, leading to a 3.0% drop in...
Economy
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Oman year-on-year growth rate touches 15.4 percent
Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information...
Economy
Bahrain economy posts 2.45% growth in third quarter of 2023
Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP...
Economy
Morocco doles out aid to low-income families
The launch comes a decade after the social benefits program was proposed, and as part of an overhaul of social...
Economy
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Economy
ADDED, Siemens Energy to support sustainable industrial development in Emirate
ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy...
- The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in the region.
- Siemens Energy will support IDB to localize the manufacturing capabilities in Abu Dhabi and provide technological solutions.
Economy
Saudi Arabia jumps to second rank in ICT index among G20 nations
Riyadh, Saudi Arabia -- Saudi Arabia jumped 10 ranks to second place among the G20 countries according to International Telecommunication...
- The index monitors the economies of 169 countries to measure their progress in ICT services through two main pillars ‘universal connectivity’ and ‘meaningful connectivity.
- It reflects the robust and developed digital infrastructure, with an increase of 99 percent of Internet penetration rate in Saudi Arabia.
Economy
Kuwait’s annual inflation jumps to 3.79% in November
According to the Kuwait Central Statistical Bureau, the upward trend was mainly attributed to rising prices across all major groups...
- There was a 6.86% jump in the clothing group and a 3.13% rise in housing services
- Culture and entertainment sectors surged by 3.54%, and education costs rose by 0.72%