Key MENA trends: M&A surge to five-year high, Saudi port activity rises in May
Qatar's foreign reserves rise 3.6 percent year-on-year despite a dip in bonds and treasury holdings, Iraq releases Australian and Egyptian...
Economy
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
Business
Radisson eyes bigger share of Middle East hospitality sector
Dubai, UAE-- Seeking to take advantage of the boom in the Middle East's hospitality sector, Radisson Hotel Group will triple...
- The hotel group plans to have 150 properties across the Middle East by the end of the decade, from its current portfolio of 52 hotels in the region
- It will open seven properties across Saudi Arabia in 2023 as its intends to capitalize on the surge in religious tourism in the kingdom
Economy
As Israel celebrates 75th anniversary, its economy presents a dichotomy of success and inequality
A country that describes itself as a "start-up nation" now boasts of higher per capita GDP than many European countries....
- Growth in Israel was 6.5 percent in 2022, down from 8.6 percent in 2021 but well above the OECD average of 2.8 percent, and the budget deficit largely contained
- Israel's cyber security work has made the sector one of economy's driving forces, with companies such as Check Point establishing themselves as global leaders in IT security
Business
Beema’s Q1 profit soars
The firm recorded a jump in the net profit to US$3.73mn.
- In 2022, Beema achieved gross written premiums of $108 million, an increase of 6.8 percent from 2021
- It reported a total shareholders' income of $28.46 million and a total shareholders' profit of $15.54 million in 2022
Iran’s president visits Syria for first trip since war
Preparations for Raisi's visit have been underway for days in the Damascus district housing Iran's embassy, with concrete barriers in...
- The visit comes just weeks after Iran's landmark agreement to restore ties with regional rival Saudi Arabia and amid a flurry of diplomacy in the Middle East
- Raisi and Assad would discuss "bilateral ties, shared economic and political issues, and positive developments in the region", Syria's state news agency said
Economy
Saudi Arabia approves rules to aid foreign investment in securities market
Riyadh, Saudi Arabia - Saudi Arabia has approved new rules aimed at boosting foreign investment in the country's securities market. ...
- The rules aim to make it easier for foreign investors to enter the Saudi capital market by consolidating regulations governing foreign investment into a single document
- They remove several requirements previously placed on Qualified Foreign Investors, including the need to apply for a qualification and assessment agreement
Business
Turkey discovers oil field with 100k barrels daily capacity: Erdogan
The oil field discovery is set to yield a daily production of up to 100,000 barrels that will help Turkey...
- Erdogan said in a speech that Turkey has already begun supplying "high-quality" oil to refinery, with a productivity rate reaching about 100,000 barrels per day
- The president said that with reserves worth "tens of billions" of dollars, it will shore up Turkey's energy prospects and contribute to its economic growth
Business
e& profit at US$600mn in Q1
Its consolidated revenues rise to US$3.53bn in Q1 of 2023.
- Etisalat by e& added 13.9 million subscribers in the UAE, a 6 percent increase as against the same period of last year
- According to Brand Finance, e& has strengthened its position as the most valuable brand in the MENA region
Economy
Tech impact: New jobs emerge as automation prevails
As future job market will be affected by AI, digitization and economic developments, big data analytics, management technologies, and cybersecurity...
- As future job market will be affected by AI, digitization and economic developments, big data analytics, management technologies, and cybersecurity will drive employment growth
- Slower economic growth, supply shortages, and inflation pose greater threats to employment prospects, says WEF report while highlighting the importance of investing in green firms
Business
Pfizer Q1 profit at $5.5bn
Profit fell on declining COVID-19 vaccine revenues.
- Shares of the pharma giant edged higher as Pfizer CEO touted an "unprecedented" number of new launches.
- Revenues fell 29 percent to $18.3 billion following a $10 billion drop from COVID-19 vaccine Comirnaty.
Economy
Federal Reserve begins rate talks that could hearld end of hikes
With the Federal Open Market Committee (FOMC) widely expected to raise its base rate a quarter-point on Wednesday, analysts will...
- In March, the Fed held off a larger rate hike, instead opting for a quarter-point rise amid a banking crisis unleashed by SVB's collapse.
- Like the Fed's previous rate decision, the meeting on May 2 and 3 takes place shortly after one of the largest bank failures in American history.
Key MENA trends: M&A surge to five-year high, Saudi port activity rises in May
Qatar's foreign reserves rise 3.6 percent year-on-year despite a dip in bonds and treasury holdings, Iraq releases Australian and Egyptian...
Economy
Company News
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Saudi Central Bank Governor discusses global economy in meeting with ECB chief
Riyadh, Saudi Arabia - The Saudi Central Bank Governor (SAMA) Ayman Al-Sayari discussed the recent developments in central banking and...
Economy
Ex-Amazon economist to head Turkey’s central bank
Erkan resigned just a week after completing a historic series of interest rate hikes that have pushed the baseline rate...
Economy
IMF upgrades Saudi Arabia’s 2025 economic growth prediction to 5.5%
Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a...
Economy
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Economy
China economic slowdown to continue for the next four years, says IMF
BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging...
- The world's second-largest economy last year saw some of its slowest growth in decades
- A debt crisis in the property sector added to geopolitical tensions and weakening global demand.
Economy
Saudi Arabia launches program to boost exports
Riyadh, Saudi Arabia - Saudi Arabia has embarked on a program to equip Saudi exporters with the necessary information on...
- General Authority for Foreign Trade, through its Agency for Private Sector Affairs and International Representation, has launched workshops called "Through the Attachés"
- The Foreign Trade Authority, with a focus on boosting exports, and safeguarding trade interests, plays a critical role in developing the national economy
Interview
WEF24: Corruption puts institutions, growth at risk
Despite existing laws, global corruption has not decreased due to lack of enforcement and judicial independence, Francois Valerian of Transparency...
- Despite existing laws, global corruption has not decreased due to lack of enforcement and judicial independence, Francois Valerian of Transparency International tells TRENDS.
- Corruption, a global economic issue, involves cross-border reinvestment of stolen funds, necessitating stronger, independent judicial systems to enforce anti-graft laws, he adds.