IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from
Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...
Economy
How social media can ‘trigger’ eating disorders in young people
Paris, France -- Social media can push vulnerable young people towards developing eating disorders by glorifying thinness and promoting fake,...
Science
Geostrategy
SCCI discusses trade with Guatemalan, Indonesian delegations
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has discussed strengthening trade and economic ties with diplomatic...
- The discussions focused on amplifying bilateral relations in industry, agriculture, food security, livestock and broadening trade exchanges.
- SCCI invited Indonesian businessmen to visit Sharjah to see the progress on existing projects and experience the facilities the emirate offers.
Geostrategy
Iran, Indonesia sign trade agreement during Raisi visit
Indonesia and Iran signed a trade agreement in Jakarta where President Joko Widodo hosted his Iranian counterpart Ebrahim Raisi. Tehran...
- Under the pact, Iran will provide easier access for Indonesian exports including vegetable oil, cocoa, coffee and tobacco.
- Jakarta would lower tariffs on Iranian exports to Indonesia, including oil and its derivative products, minerals, chemicals and iron.
Economy
Saudi energy minister warns oil short-sellers ahead of OPEC+ meet
Speaking on the sidelines of the Qatar Economic Forum, Saudi Arabia's Minister of Energy Prince Salman said OPEC+ pursued three...
- “I keep advising them that they will be ouching — they did ouch in April,” Prince Abdulaziz bin Salman said. “I would just tell them: Watch out!”
- Prince Salman said that a future source of energy cannot be tackled amid foggy vision. He had called OPEC+ to stick to its Oct 2022 agreement.
Economy
Biden-McCarthy ‘productive’ debt ceiling talks fail to uplift markets
After their latest get-together on Monday, the Republican Speaker said: "I felt we had a productive discussion. We don't have...
- With just weeks to go before the United States runs out of cash, the standoff has become the key topic on trading floors
- Months of negotiations have failed to break the deadlock and lift the borrowing limit from the current $31.8 trillion
Economy
CBUAE ‘removes’ board of directors of insurance company
Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating...
- The bank did not divulge details on the identity of the insurance company or what led to the removal of the board of directors
- It only added that "this administrative sanction is imposed in accordance with Article 41 of the Federal Law No. 6 of 2007"
Economy
Oil, non-oil sectors may hurt UAE’s growth prospects
OPEC-agreed oil output cuts, non-oil sector slowdown due to higher rates, and weaker external demand may act as potential setbacks...
- OPEC-agreed oil output cuts, non-oil sector slowdown due to higher interest rates, and weaker external demand may act as potential setbacks for UAE's economy this year
- The UAE's real GDP growth rate might drop to 3 percent in 2023, a sharp decrease from the robust 7.6 percent in 2022, predicts the latest forecast by GlobalData
Economy
Iran, Indonesia to sign preferential trade agreement to boost trade
Tehran, Iran-- Less than a year after signing a preferential trade agreement (PTA) with the UAE, Indonesia will sign a...
- According to Indonesia's trade ministry, the treaty will lead to improvement in trade ties and scale up the trade-transaction value between the two countries
- As per the PTA, products such as vegetable oil, cocoa, coffee, tea, spices, fruits, vegetables, and fish from Indonesia that are popular in Iran will be given preference
Economy
UAE institutional investors should focus on transition investment: NYUAD report
Abu Dhabi, UAE-- In order to advance the United Nations Social Development Goals, the UAE institutional investors should concentrate on...
- The participants in the workshop noted that transition investment can make a significant difference to the global economy and the MENA region
- The event drew a wide array of people like asset managers, researchers and policymakers to share knowledge and best practices on unlocking large-scale investments
Economy
UAE and Malaysia agree to boost cooperation in clean energy
Kuala Lumpur, Malaysia-- The UAE and Malaysia are looking to bolster cooperation in the field of energy, in addition to...
- The two ministers explored collaboration on investment and development in the energy sector and ways to boost capacity of the two countries in the field of sustainable development
- The visiting minister Al Mazrouei noted that the UAE is seeking to form new partnerships with allies in order to shape a better future for the coming generations
Economy
Entrepreneurship, SMEs drive Qatar’s economic growth
The Gulf country, according to reports, ranks first in the MENA region and fifth globally in entrepreneurship education and training...
- Qatar ranks first in the MENA region and fifth globally in entrepreneurship education and training at university and vocational levels, says a top QSTP executive
- Numerous initiatives are in place to stimulate the economy, including enhancing investment climate, encouraging local manufacturing and expanding logistics infra
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IMF upgrades Saudi real GDP growth forecast to 6% in 2025, up from
Riyadh, Saudi Arabia -- The International Monetary Fund (IMF) has revised upwards its forecast for Saudi Arabia's economic growth to...
Economy
Company News
Oil prices rise following Red Sea attacks
Market Report
Latest News
Saudi Arabia enacts law to safeguard whistle-blowers and witnesses
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday granted approval for the law for the protection of whistleblowers, witnesses, experts,...
Economy
UAE is an exceptional economic leader in Middle East
"We've collaborated closely with the World Governments Summit for over a decade. It presents a vital opportunity to foster innovative...
Economy
South Korea presses for enhanced ties with UAE in high tech and AI
Dubai, UAE--South Korea has pressed for boosting cooperation with the UAE in the field of advanced technology and artificial intelligence...
Economy
Most Read
Business
Energy transition led Saudi Arabia to halt oil expansion, says official
RIYADH, SAUDI ARABIA – The Kingdom's surprise decision to halt a planned expansion of its oil production capacity reflects ambitions to...
- Aramco announced on January 30 that the energy ministry had ordered it to maintain production capacity at 12 million barrels per day.
- Officials in the world's biggest crude exporter did not explain the move, leaving analysts to speculate that it reflected lack of confidence
Business
GPSSA issues circular on pensions, gratuity in UAE
ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and...
- The circular included limiting the procedure of deduction from the pension or end-of-service gratuity for the benefit of GPSSA's debt.
- In cases of unlawful disbursement, GPSSA has the right to deduct from other beneficiaries' shares, proportional to their entitlements.
Economy
Global changes call for adaptable fiscal policies
He highlights the UAE's strategic priorities, including the future of fiscal policy, the application of sustainable fiscal policies to foster...
- The Eighth Arab Fiscal Forum, held in Dubai, focuses on sustainable development and economic resilience.
- Key discussions includes balancing public revenues, managing debt, and combatting climate change.