Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
Economy
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
Business
Economy
Saudi Arabia ranks 2nd fastest growing tourism destination in world
The kingdom received about 7.8 million international tourists for all purposes during the first quarter of 2023, representing its highest...
- The kingdom also became 13th globally, advancing by 12 places, as one of the top countries receiving international tourists in 2022
- The number of international tourists who visited the kingdom, for all travel purposes, hit 16.6 million in 2022, WTO reported
Economy
GCC women surpass men in education, empowerment
The GCC countries are committed to enhancing the status and competence of women, and providing support to ensure their active...
- Women in GCC countries have surpassed men in the education index, with the female-to-male ratio in university education reaching approximately 59%
- The number of female graduates in the GCC is double that of men, highlighting the region's commitment to enhance the status and competence of women
Geostrategy
Gulf investments fuel Turkey’s economic growth
The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the...
- The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the country
- Qatar has emerged as a significant investor in Turkey, with foreign direct investments reaching approximately $10.3bn by 2021 end
Business
UAE ministry hosts discussion on poultry industry, food security
DUBAI, UAE - UAE Ministry of Climate Change and the Environment (MOCCAE) on Tuesday organized the second National Dialogue for...
- The National Dialogue for Food Security, organized by MOCCAE, aims to discuss topics that contribute to enhance food security for UAE.
- The dialogue was also attended by poultry industry experts and representatives of various federal and local government entities.
Business
CBUAE imposes administrative sanctions on 8 banks
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) imposed administrative sanctions on eight banks operating in the...
- The administrative sanctions take into account the banks' failures to comply with the CBUAE's instructions
- CBUAE works to ensure that all licensed financial institutions abide by the UAE laws, regulations and standards.
Economy
US retail sales, industrial production post April gains
Retail sales in the United States returned to growth in April fueled by a rebound in motor vehicle sales, data...
- Retail sales rose by 0.4 percent in April from a month earlier to $686.1 billion, the US Commerce Department said in a statement.
- A separate report released by the Federal Reserve showed that industrial production rose 0.5 percent month-on-month.
Business
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by...
- The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd in April.
- Russia's tax receipts from its oil and gas sector were down by 64 percent year-on-year, the agency added.
Business
European Union backs tougher tax rules on crypto transactions
Regulators worldwide are increasingly worried about the lack of oversight of the digital currency sector but the European Union has...
- During a meeting of EU economy and finance ministers on Tuesday, they agreed on rules to go after individuals who stash their cash where tax authorities have no oversight.
- The rules will close loopholes that allow people to avoid taxation on their income using crypto assets, Swedish Finance Minister Elisabeth Svantesson said.
Economy
European economy expands less than previous estimates
On Monday, the European Commission boosted its 2023 economic growth outlook for the 20-country euro area by 0.2 points to...
- The European Union of 27 members registered a growth of 0.2% in Q1, in comparison to the first quarter of 2022, where it grew at 0.3%.
- The European Commission has forecast a rate of 5.8% for inflation in the current year, slightly above its prediction of 5.6% previously.
Economy
China sets economic growth target of 5% in 2023
Beijing, China - China has set a growth target of approximately 5 percent for the Gross Domestic Product (GDP) as...
- Government Work Report also sets an ambitious goal of generating 12 million urban jobs this year, surpassing the previous year's benchmark of at least 11 million
- The country's GDP experienced a growth rate of 4.5% in the first quarter of 2023 marking the highest growth since the first quarter, according to National Bureau of Statistics.
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
Economy
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Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...
Economy
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...
Economy
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Economy
‘Nuclear solutions remain key to sustainable future’
“In the context of energy transition, flexibility is gaining more traction in the energy markets. This is exactly what small...
- Kirill Komarov of Rosatom underscores the importance of nuclear power in combating climate change.
- SMRs have become crucial for decarbonizing remote areas reliant on carbon-intensive diesel generators.
Economy
GCC countries follow US Federal Reserve’s lead in holding interest rates
Abu Dhabi, UAE – The Central Banks of the United Arab Emirates and Qatar have chosen to maintain their current...
- The Central Bank of the UAE (CBUAE) announced that it would keep the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40 percent
- Following suit, Qatar Central Bank (QCB) also maintained its current interest rates, including the rates for deposit, lending, and repurchase agreements
COP28 UAE
World Bank to expand climate funding in MENA by $10 billion
Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to...
- The funding supports both reducing net emissions and resilience projects, said Meskerem Brhane, the bank's Regional Director for Sustainable Development, MENA.
- She added that by embracing green growth strategies, the region's GDP could potentially grow to over $13 trillion by 2050.