General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
Business
Asian markets rally after positive China-US trade talks
Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the...
Economy
Economy
Four Saudi cities find top slots on IMD Smart City Index for 2023
Riyadh, Saudi Arabia--Four cities in Saudi Arabia were placed in the IMD Smart City Index for 2023. According to the...
- The holy city of Makkah found its way in the index for the first time this year, achieving the 4th rank in the Arab world
- In the global pecking order of cities, Riyadh was ranked 30th, Makkah 52nd, Jeddah 56th, and Madinah ranked 85th in the world
Economy
Industrial sector contributes 20% to Ajman’s GDP
Ajman, UAE – The industrial sector contributes approximately 20 percent to Ajman's GDP and is one of the sectors that...
- This was revealed at a session in Ajman conducted in partnership with the UAE Ministry of Industry and Advanced Technology
- The session discussed the launch of the "Make in the UAE" initiative such as the Industrial Technology Transformation programme and others
Economy
Future looks bright as businesses meet sustainability
"In Sharjah, we are working hard to bring more balance and harmony to our relationship with the land" she adds,...
- Sustainability and entrepreneurship is crucial in building a resilient and regenerative world, says Sheikha Bodour Al Qasimi, President of American University of Sharjah
- The awareness and commitment to be mindful of our impact on the planet should extend far beyond COP28, she adds while speaking at the Sharjah Ramadan Majlis 2023
Business
SDF signs $240m loan pact for Pakistan hydropower project
Dubai, UAE -- The Saudi Fund for Development (SFD) has signed a US$240 million loan agreement to support Pakistan's Mohmand...
- The project is co-financed by the Saudi Fund for Development, OPEC, Islamic Development Bank, and the Kuwait Fund for Arab Economic Development.
- By using renewable energy sources, the project will generate 800 MW of electricity production capacity.
Economy
US hiring eases in March as economy shows signs of cooling
US job gains eased in March for a second straight month, government data showed, adding to signs that the economy...
- The figures could bring some relief to policymakers who have been battling to rein in stubborn inflation.
- To ease demand, the Federal Reserve has lifted the benchmark lending rate nine times since early last year.
Economy
World food prices fall for 12 consecutive months, says UN
World food prices are still high but have fallen by a fifth compared to a year ago when prices soared...
- FAO said the fall in benchmark prices was "driven by declines in world quotations for cereals and vegetable oils."
- The UN agency added that food remained expensive for developing countries highly dependent on imports.
Business
Number of SMEs in UAE reaches 557,000 by end of 2022: Minister
Dubai, UAE -- A total of 557,000 small and medium enterprises (SMEs) were operating in the UAE at the end...
- Minister of Economy Abdullah bin Touq Al Marri said the number was in line with UAE’s ambitious plan to achieving 1 million SMEs by the end of 2030.
- The UAE banks provided AED 83.3 billion ($23 billion) in financial facilities to small and medium-sized enterprises in 2022.
World warms to Bridgetown Initiative on climate change ahead of WB, IMF meetings
Experts say developing nations are struggling to find the funds needed to stop burning planet-heating fossil fuels and prepare for...
- The IMF has created a new loan-based Resilience and Sustainability Trust to help poorer or vulnerable countries boost sustainable growth
- The World Bank says it delivered a record $31.7 billion last year to help countries tackle climate change and has started to draft a roadmap for change
Economy
UAE’s global merchandise trade crossed $1trn mark in 2022: WTO
Based on data from the WTO, the UAE's export values in 2022 grew by 41%, while imports made up 22%...
- Exports grew 41 pecent to $599 billion in 2022, accounting for 2.4 percent of the global merchandise exports share
- The UAE ranked 11th in terms of exports of commodities and was the 18th importer of global merchandise goods trade
Economy
UAE’s health sector witnesses digital transformation
The Gulf country has an influential and effective international presence and continues to fulfil its obligations in enhancing the efficiency...
- The UAE supports digital transformation, artificial intelligence, and big data in healthcare worldwide, says UAE's Minister of Health and Prevention
- The country ranked first in the world in 14 health indicators in 2022, adds Abdul Rahman bin Mohammad bin Nasser Al Owais on World Health Day
General Gulf inflation rate logs 1.7% by end of Dec 2024
Muscat, Oman -- The general inflation rate in the GCC countries rose by 1.7 percent at the end of December...
Business
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Tesla’s Musk throws down the gauntlet
Amid declining sales and safety concerns, CEO covets more control, seeking solace in SpaceX's success.
Business
Markets track Wall St rally but China worries cast shadow
Broader markets were also enjoying a day in the sun though traders struggled to maintain the morning's momentum. Tokyo put...
Economy
Pakistan, Dubai ink deals worth $3 billion at Davos
Davos, Switzerland - Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic...
Economy
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Business
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE -Â Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
- As the world confronts the challenges of global warming and the transition to a sustainable future, the impact on labor markets looms large.
- The direct consequences of climate change, including displacement, migration, and fluctuations have become increasingly pervasive.
Economy
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
- The IPI, which is released by the Planning and Statistics Authority, is a short-term quantitative index that measures the growth of various industrial sectors in the economy.
- The relative weight of main economic sectors under this indicator include mining (82.46 percent), manufacturing (15.85 percent), electricity (1.16 percent), water (0.53 percent).
Economy
China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...
- Many experts believe that China needs to set an annual GDP growth target of around 5 percent to boost business confidence
- The Chinese economy grew 5.2% in the fourth quarter of 2023 year-on-year, following a 4.9% growth in the third quarter