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
Business
Alkhaleej Insurance posts profit
Its net profit soared 33% to US$7.49mn for Q1 of 2023.
- Its EPS stood at QR 0.107 at the end of March 31, 2023 as against EPS QR 0.080 for the same period in 2022
- Qatar Islamic Insurance reported a 7.16 percent jump in the net profit to $8.04 million in net profit in the first three months of 2023
UAE launches guide to aid adoption of AI technology
Dubai, UAE - The UAE government has launched a comprehensive guide for the adoption of generative AI applications in the...
- The guide provides a comprehensive exposition of generative artificial intelligence, explores the challenges and opportunities inherent in diverse digital technologies
- The guide showcases 100 use-cases of generative AI, including image and video synthesis, language translation, music composition, and text creation
Business
Abu Dhabi aims to draw 24 million visitors by end of 2023
Abu Dhabi, UAE--The emirate of Abu Dhabi is looking to draw some 24 million visitors by the end of 2023,...
- In 2022, the Abu Dhabi hotel occupancy rate touched 70 percent as 18 million visitors trooped into the emirate, posting a 13 percent jump
- The emirate received the highest number of international visitors from India, Saudi Arabia, the United Kingdom, and the United States
Economy
EU reports employment rate of 75 percent in 2022
BRUSSELS, BELGIUM - In the European Union countries, 75 percent (193.5 million) of people in the 20-64-year- age group were...
- The employment rate in the EU dropped to 72 percent in 2020 due to the COVID-19 pandemic.
- In 2022, the EU over-qualification rate was 22 percent, with 21 percent for men and 23 percent for women.
Geostrategy
Iran’s parliament removes minister over rising prices
Iran's parliament voted in an impeachment session to remove the industry minister amid soaring prices as the Islamic republic's economy...
- The vote came with the economy battered by Western sanctions, rampant inflation and depreciation of the rial against the dollar.
- Defending the minister ahead of the vote, President Ebrahim Raisi had urged "stability in the management of this ministry".
Business
DEWA keen to enhance happiness in work environment, says CEO
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) affirmed its commitment to achieve the 'We the UAE 2031' vision...
- "We harness all capabilities, technologies and digital solutions to strengthen the skills of our employees," DEWA CEO said.
- "We consider employees the main pillar for strengthening DEWA’s position as one of the most prominent utilities in the world," he said.
Economy
ECB looks to hike interest rate again but analysts divided on how much
The Frankfurt-based institution has already lifted rates 3.5 percentage points since July last year to tame energy and food costs...
- Currently many analysts are betting on a quarter point hike from ECB, due to slowing inflation as well as a stable outlook in the 20-nation currency club
- A day ahead of the ECB's announcement, the US Federal Reserve is set to unveil its latest rate decision, with traders expecting another quarter point hike
Economy
China’s manufacturing declines in April as recovery challenges loom
Its economy grew 4.5 percent in the first three months of the year as the country reopened after dropping strict...
- Its PMI dropped to 49.2 in April from 51.9 in March, and below the 50-point mark that separates expansion and contraction in activity, data from NBS showed
- The March reading was the highest since May 2011, as the country saw a surge in demand for travel, entertainment and other leisure services unavailable for nearly three years
Economy
Gaza merchants sulk over tax hike as poverty bites hard in enclave
A split between Hamas and the PA, which administers the Israeli-occupied West Bank, often leads to disputes over taxation and...
- According to the Palestinian Central Bureau of Statistics and the IMF, the poverty rate has reached 53 percent and unemployment has hit 45 percent
- Nahed al-Souda, secretary of the clothes traders' syndicate, said a compromise was eventually reached, allowing for the tax-free importation of 600,000 pairs of jeans
Economy
UAE keen to expand ties with Uzbekistan beyond clean energy: Al Mazrouei
Suhail bin Mohammed Mazrouei, Minister of Energy and Infrastructure, said the UAE was keen to widen ties with Uzbekistan in...
- Al Mazrouei maintained that the UAE will continue to help Uzbekistan in achieving economic and investment goals
- President Mirziyoyev of Uzbekistan praised the UAE for supporting the Central Asian nation in its quest for growth and development
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
Tawzea, NWC ink pacts
Business
Latest News
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
Business
GCC central banks mimic Fed, hold interest rates steady
Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...
Economy
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Business
UAE economy to grow 5.7% in 2024 in spite of global challenges
Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including...
- According to a top official in the ministry of finance, the country's initiative to diversify the economy and promote sustainable growth have proven effective
- The official said that the UAE's non-oil foreign trade touched a record of $338 billion in the first half of 2023, marking a 14.4% increase from the same period in 2022
Interview
WEF24: Geopolitical upheaval to affect global economy
Geopolitical tensions, including the Russia-Ukraine conflict, Middle East unrest, and China-Taiwan ties are key economic disruptors, says Bill Browder of...
- Geopolitical tensions, including the Russia-Ukraine conflict, Middle East unrest, and China-Taiwan ties are key economic disruptors, says Bill Browder of Hermitage Capital.
- Economic outlook remain tough with inflation-growth conflict as US stays stable, Europe stagnant, and China slowing, spotlighting on central banks' strategies, he adds.
Business
Global stock markets swing ahead of Fed’s latest rate decision
"Markets are eagerly anticipating today's meeting from the Federal Reserve with traders looking for signs over whether a March rate...
- London and Paris rose but Frankfurt fell near the half-way stage, after a mixed showing in Asia. The dollar edged higher against the euro and yen
- Investors are hoping the Fed will begin cutting rates soon after hiking them to their highest level in more than two decades to combat inflation