World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
Economy
Business
More than 1,800 new companies set up businesses in RAKEZ in Q1
Ras Al Khaimah, UAE--More than 1,800 new companies have set up their businesses in Ras Al Khaimah Economic Zone (RAKEZ)...
- Ramy Jallad, CEO of RAKEZ, said that the emirate has positioned itself as a preferred hub for international traders due to its business-friendly ecosystem
- A large chunk of investors setting up businesses in the economic zone come from India, Pakistan, UK, Russia and Egypt, demonstrating its global appeal
TRENDS Poll: 38% feel AI threatens their jobs
New job opportunities are expected to emerge, but only individuals with advanced technological skills and education would be eligible for...
- TRENDS conducted a Twitter poll, asking its followers whether their jobs were at risk due to AI in an attempt to gauge its impact
- The results revealed that 38 percent of respondents believed their jobs were at risk, while 31 percent responded negatively
Business
Dubai Municipality unveils new online system for building permits
Dubai, UAE-- Seeking to enhance the emirate's position as a global pioneering city in adopting the latest technology in the...
- Aligned with the updated Dubai Building Code, the new system will provide smart and integrated services and solutions while implementing automated checks
- Complying with the latest BIM standards and geographic information systems, it will facilitate user registration through digital ID and instant recognition
Business
SPC Free Zone signs contracts with publishers from Sweden, Egypt and Algeria
Sharjah, UAE--The Sharjah Publishing City Free Zone (SPC Free Zone) has signed more than 10 partnership agreements with publishers from...
- The free zone since its founding in 2017 has hosted companies and institutions working in the publishing, printing, and distribution fields
- It held meetings with more than 50 publishers from around the world, underscoring the emirate's efforts to support the publishing and creative industries
Economy
UAE Gen Z prioritizes hybrid work and career progression: study
Dubai, UAE - The Gen Z in the UAE has a strong inclination towards hybrid work arrangements, where they can...
- A significant portion of Gen Z respondents in the UAE (42%) are engaged in formal or informal side jobs, surpassing the rate of non-Gen Z respondents (27%)
- The majority of Gen Z in the UAE (70 percent) express a preference for hybrid work environments, allowing them to have the flexibility of working both in the office and remotely
Economy
UAE-India partnership a driver for economic growth: Al Marri
Speaking at an event in New Delhi, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said that the...
- The minister said that the two countries were speeding up efforts to develop both economies and adopt plans that support vision for expansion
- Al Marri noted that the UAE is interested to support Indian government's plan to lift the country's GDP to US$5 trillion by the year 2025
Economy
Trade pacts propel Jordan’s trade to $23bn with partner nations
Amman, Jordan - Jordan's trade exchange with countries it has free trade agreements with accounted for a significant portion of...
- The country joined the Greater Arab Free Trade Area in 1978, solidifying its economic ties within the region
- The free trade agreement with the United States came into force in 2001, followed by the Jordanian-European Partnership in 2002
Business
RAKEZ highlights Ras Al Khaimah’s potential to Chinese business owners
RAS AL KHAIMAH, UAE - A top-level delegation from Ras Al Khaimah Economic Zone (RAKEZ) recently concluded its trip to...
- The RAKEZ delegation interacted with prominent Chinese business owners from a range of sectors.
- The team traveled through Shanghai, Suzhou, Qingdao, Tianjin, Guangzhou, Foshan, and Zhuhai.
Business
PIF sets up firm Badael to curb tobacco use in Saudi Arabia
RIYADH, SAUDI ARABIA- The Public Investment Fund (PIF) announced the establishment of Badael Company, which aims to develop, manufacture and...
- Badael aims to address the negative impact that smoking has on the well-being of the Saudi population.
- The company’s products are expected to help nearly one million people give up smoking by 2032.
Business
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter...
- Ajman tourism is looking for new ways to collaborate with local and international partners to advance the tourism sector by attracting new investments.
- The emirate of Ajman hosts 44 hotel establishments ranging from 1-star to 5-star hotels, resorts and luxury hotel apartments with 3,997 hotel rooms.
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Company News
Latest News
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
Geostrategy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy
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UNCTAD eWeek focuses on AI risks, e-commerce growth in developing countries
At UNCTAD eWeek 2023, experts stress the importance of aligning AI development with Sustainable Development Goals to mitigate risks and...
- At UNCTAD eWeek 2023, experts stress the importance of aligning AI development with Sustainable Development Goals to mitigate risks and ensure a secure digital future.
- Australia committed $2 million to UNCTAD for e-commerce support in developing nations, as Kenya unveiled a national strategy to spur its digital economy growth.
Economy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
- Expenditures are expected to increase by 1 percent from 2023 to reach QR 200.9 billion, due to a rise in the allocations for salaries and wages.
- Allocations for both current expenditures and secondary capital expenditures also increased by 6.4 percent and 27.5 percent respectively, compared to 2023.
Business
Waning influence of OPEC+ in spotlight as prices flag
Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output
- While Riyadh blamed speculators for the drop, rather than weak demand, analysts say the cartel's lack of unity has fuelled scepticism about their latest announced cuts.