MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
Geostrategy
Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
Economy
Strong non-oil sector growth to push UAE real GDP up 2.8% in 2023: WB
The Emirates' non-oil sector is projected to grow by 4.8 percent, driven by robust domestic demand, particularly in tourism, real...
- The economies of the Gulf Cooperation Council (GCC) are projected to grow by 2.5 percent in 2023 and 3.2 percent in 2024.
- A report released by the bank also said that the direct medical costs of seven major non-communicable diseases in GCC region was around $16.7 billion in 2019 alone.
Business
DEWA and Huawei to develop new technologies in electricity, water sectors
Dubai, UAE--DEWA and Huawei are looking to develop new technologies and solutions to boost efficiency and sustainability in the electricity...
- The collaboration between the two entities has resulted in progress in digital transformation, exchanging the best international solutions, experiences and practices
- Saeed Mohammed Al Tayer, MD & CEO of DEWA, noted the progress of the joint projects between the two sides, including Moro’s green data centres
Business
Beyon announces ‘the biggest ever investment’ in digital infrastructure in Bahrain
Manama, Bahrain - Beyon has announced a major investment of more than $250 million in state-of-the-art digital infrastructure in Bahrain...
- Batelco, part of the Beyon group, has joined the Southeast Asia - Middle East - Western Europe consortium, which is building a 21,700 km-long undersea cable system
- The new subsea cable will create a layer of network diversity and resilience for the heavily used routes connecting the Middle East with Southeast Asia and Western Europe
Economy
Iran and Russia look to expand ties in the energy sector
Tehran, Iran-- Iran is looking to deepen energy ties with Russia as the latter is keen to explore and develop...
- Russian Deputy Prime Minister Alexander Novak said that projects to develop oil fields in Iran are underway and new projects are being outlined, "where I expect progress soon"
- Iranian Oil Minister Javad Owji said that the two sides also discussed the construction of nuclear power plants in Iran and other electrical power generation
Economy
Gross banks’ assets vault 2.2 percent to US$1trn in February: CBUAE
Abu Dhabi, UAE--Gross banks’ assets, including bankers’ acceptances, rose by 2.2 percent, from $999 billion at the end of January...
- According to the central bank, gross credit shot up 1.2 percent from $510 billion at the end of January 2023 to $517 billion at the end of February 2023
- It further added that total bank deposits climbed 0.4 percent, from $608 billion at the end of January 2023 to $610.48 billion at the end of February 2023
Economy
Sharjah Chambers reviews efforts to bolster UAE’s food security
Sharjah, UAE-- Sharjah Chamber of Commerce and Industry (SCCI) has reviewed the UAE efforts to achieve and maintain the food...
- The meeting discussed avenues for boosting exports, and explored strategies to monitor international markets in order to support local production
- The participants highlighted the country's advantageous position, its advanced logistics infrastructure, and strong international trade relations
Innovating from jewelry to carpets, Egyptian brands rise
In the era of global mass production, Egypt's once expansive pool of skilled artisans has shrunk, with many young people...
- Experts in the sector say the global appeal of Arab and Islamic designs from other countries shows Egypt could do more to promote its rich, millennia-old artistic heritage
- Artists and artisans in Egypt, the Arab world's most populous country, draw from a history that spans ancient Pharaonic times, the Mamluk, Ottoman and modern eras
Economy
Saudi Arabia and Algeria sign agreement to boost ties
Jeddah, Saudi Arabia--Saudi Arabia and Algeria have agreed to expand bilateral relations, boosting ties in all areas. In this regard,...
- Presided over by the ministers, the two sides signed the agreement during the meeting of the fourth session of the Saudi-Algerian Political Consultations Committee
- The two sides discussed enhancement of joint efforts on several issues in order to strengthen stability and prosperity for the two countries and their peoples
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
MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
Geostrategy
Company News
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GCC economies eye $2.5trn from better productivity
The region pins hope on the new Productivity Potential Index that offers a forward-looking framework, incorporating environmental, health, and innovation...
Economy
Saudi Arabia extends online services to help foreign firms set up regional hqrs in kingdom
Riyadh, Saudi Arabia - Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking...
Economy
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
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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...
- He affirmed his country's eagerness to explore and exchange digital best practices with the UAE
- Jean said the UAE has attracted Korean experts specialised in AI to enhance knowledge exchange
Economy
IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
- The Israel-Hamas war raging since October has already hit the Middle East and North Africa region's economy, the IMF chief said.
- She said that if there are other "consequences in terms of where the fighting goes, it could be more problematic for the world as a whole".
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