Oil under $65 a boon for consumers, but a burden on producers
London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...
Business
Chief Economists warn global growth under strain from trade policy shocks and AI disruption
The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility fuel...
Economy
Iran claims foreign demand for its military equipment has gone up
Tehran, Iran— Claiming that Iran has received numerous “requests” from different countries for purchase of its defense equipment and cooperation,...
- Iran could not purchase weapons from outside because of the Western sanctions, but today it can produce them on its own
- The Islamic Republic has succeeded in keeping the country’s military and commercial jets airborne in spite of the sanctions
Economy
UAE to invest US$160bn in new economy sectors in next 30 years
London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the...
- The country began financing clean energy projects more than 15 years ago, and has made investments to the tune of $40 billion
- The UAE is seeking to lure $136 billion in foreign direct investment in the new economy sectors by 2030, the minister of economy said
Economy
ADB operations cross $20bn
Financial results were published in ADB’s Annual Report 2022.
- The $20.5 billion comprised loans and guarantees, grants, and equity investments provided to governments and the private sector
- The bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors
Economy
Private sector sees 13% increase in Emirati workers
More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis...
- More than 10,500 Emiratis have joined the private sector since the beginning of 2023, bringing the total number of Emiratis employed in the private sector to over 66,000
- Trends point to a positive job market outlook as employment experts predict an average increase of 2-5 percent in employee salaries in 2023, varying by sector and role
Business
Saudi Fund for Development to provide $130m loans to Kyrgyzstan
Two loan agreements were signed in the Kyrgyz capital Bishkek by the SFD CEO Sultan bin Abdulrahman Al-Marshad with the...
- The first agreement worth $100 million involves financing the construction of 3000 housing units covering an area 255,000 square meters.
- The second agreement is related to financing of the Taraz-Talas Road Project (Phase 4), which aims to reconstruct 93 km of road to improve road safety.
Business
Maqta Gateway buys TTEK
The total acquisition cost comes to US$26.7 million.
- This move will reinforce Maqta Gateway's market position as a leading digital trade and holistic single window solution provider.
- TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Business
Qatar expects Eid bonanza, hotel occupancy rates to go up 80%
Doha, Qatar-- Qatar expects a big boost in hotel occupancy rates by at least 80 percent during the Eid holidays...
- Qatar aims to have at least six million visitors annually and raise the contribution of the tourism sector to the country's GDP to 12 percent by 2030
- Visitors can now apply for a visa using a single platform, on which they can submit their visa applications and then receive the travel documents
Economy
Air pollution causes more than 1,200 deaths a year: EU agency
The EU environmental agency said that air pollution is responsible for causing more than 1,200 premature deaths a year in...
- The overall death tolls for the continent could be higher as the report did not cover the major industrial nations of Russia, Ukraine and the United Kingdom
- According to figures released on Monday, ninety-seven percent of the urban population were in 2021 exposed to air that did not meet WHO recommendations
Business
Stc to buy assets in Europe
It will acquire a portfolio of towers in Europe for US$1.3bn.
- According to a statement, Tawal infrastructure, an arm of Saudi Telecom will pay cash for a host of more than 4,800 towers in Bulgaria, Croatia, and Slovenia
- A few media reports said that it was close to a deal to buy the assets from United Group, which is backed by buyout firm BC Partners
Business
HFZA showcases Sharjah as attractive investment destination at India Steel 2023
SHARJAH, UAE - India is among the UAE's most significant investment partners, with substantial mutual investments. Iron and steel rank...
- Iron and steel rank among the top commodities exported from the UAE to India.
- India is among UAE's most vital trade partners, with substantial mutual investments.
Oil under $65 a boon for consumers, but a burden on producers
London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...
Business
Company News
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25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report
ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department...
Business
Saudi Aramco halts plan to raise production capacity
Tuesday's announcement was not expected to have an immediate effect on production or exports. After a series of oil supply...
Business
44% of Saudis are young, making up 78% of the labor pool
Riyadh, Saudi Arabia - Saudi Arabia on Monday launched "Youth Development Strategy" to help its youth to play a critical...
Economy
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Economy
SMEs drive economic innovation and growth in UAE
SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani,...
- SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani, CEO of Pemo, tells TRENDS.
- Gorani highlights the importance of a supportive ecosystem and government initiatives in nurturing this vital sector across the Gulf country.
Economy
Total market value of Saudi stocks hits $2.97 trillion
Riyadh, Saudi Arabia - The total market value of the primary Saudi stock market, represented by the All Tadawul Share...
- This valuation encompasses shares from 231 listed companies and funds currently actively traded in the market
- The total shares listed on the main stock market is reported to be 336.56 billion, with free shares accounting for 81.32 billion
Interview
WEF24: Creative leap diversifies Nigerian economy
Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and...
- Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and Creative Economy Hannatu Musa Musawa tells TRENDS.
- The African country is leading initiatives for global recognition, with Destination 2030 showcasing the country's rich cultural heritage and creative prowess, adds Musawa.