Boeing lowers 2044 global air fleet outlook amid supply chain woes
New York, United States -- The global commercial aviation fleet will stand just under 50,000 planes in 2044, with most...
Economy
US, China seek to extend trade truce with London talks
After a round of talks in Geneva last month, the United States and China will sit down at the negotiating...
Economy
Economy
Kuwait approves new government amid political crisis
Kuwait's emir approved a new cabinet Sunday two days after he dissolved the parliament elected only weeks earlier, and he...
- The new government -- the small emirate's 46th -- is headed by Prime Minister Sheikh Ahmed al-Abdullah al-Sabah
- MPs have previously accused ministers of corruption
Economy
Dubai 21st most richest city in the world, top in the Middle East
New York is the richest city in the world, with 359,500 millionaires and 60 billionaires, although the Bay Area of...
- New York is the richest city in the world, with 359,500 millionaires and 60 billionaires
- Dubai has 72,500 millionaires, 212 centi-millionaires (100 mn +) and 15 billionaires
Economy
Saudi Arabia invests billions in biotech sector: report
The kingdom accelerates its biotech and genomics sector with substantial investments, in line with Vision 2030's push for economic diversification...
- A recent Arthur D. Little (ADL) projects a double-digit growth that could reinforce Saudi Arabia as a major player in the global biotech landscape
- The Kingdom's commitment is evident in its significant R&D investments, with a reported US$ 3.9 billion allocated in 2021 alone
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
- International benchmark Brent crude traded at $85.28 per barrel
- Increase of 4.9 million barrels in US crude oil inventories
Economy
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
- After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent
- For months, the US central bank has held its benchmark lending rate at a high level to cool demand and rein in price increases
Economy
Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
- Another key driver of this positive shift is institutional investors' increasing adoption of blockchain technology
- Stablecoins offer a reliable store of value for individuals living in regions with economic instability or currency devaluation
Economy
GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
- Saudi Arabia launched the Global Supply Chain Resilience Initiative to attract investments and position itself as a hub for leading industrial companies
- The UAE is focusing on strengthening its food supply chains through local production initiatives, logistics hubs, and advanced technologies
Economy
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
- The debt-to-GDP ratio in the MENA region has increased by over 23 percent in the past six years, according to World Bank report
- The report highlights a staggering increase of over 11 percentage points in the debt-to-GDP ratio in 2020 alone due to pandemic
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
- The IMF recommended that the ECB cut rates quarterly in quarter-point increments until September 2025
- Monetary policy in the GCC will remain tight, deterring some private sector investment
Business
Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
- The region has positioned itself as a hub for a diverse range of travelers, including job seekers, investors, artists, and even those merely passing through
- The GCC is becoming a hub for major cultural and entertainment events, from art exhibitions and live concerts to sports events
Boeing lowers 2044 global air fleet outlook amid supply chain woes
New York, United States -- The global commercial aviation fleet will stand just under 50,000 planes in 2044, with most...
Economy
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Trump’s new tariffs take effect, with 104% on Chinese goods
US President Donald Trump's punishing tariffs on dozens of economies came in force Wednesday, including over 100 percent in levies...
Economy
China vows ‘fight to the end’ as Trump warns 50% more tariffs
China vowed on Tuesday to "fight to the end" against fresh tariffs of 50 percent threatened by US President Donald...
Economy
Trump’s tariffs shake up MENA economies, hitting allies, adversaries, oil trade and emerging industries: Report
Trump's sweeping tariffs are reshaping trade dynamics across MENA, impacting oil-exporting Gulf nations like Saudi Arabia, UAE and Qatar, according...
Economy
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Business
Abu Dhabi’s non-oil foreign trade grows by 9% in 2024 to $83bn
Abu Dhabi, UAE -- Abu Dhabi Customs reported a 9 percent increase in the emirate’s non-oil foreign trade in 2024,...
- Non-oil exports soared 16 percent in 2024, reaching AED 107.8 billion compared to AED 93 billion in 2023.
- Re-exports grew by 11 percent to exceed AED 58 billion, compared to AED 52.4 billion in 2023, while imports grew by 3 percent to AED 140.2 billion.
Economy
Saudi stocks take 5-year record fall, plunge nearly 7% after US tariffs spark global market turmoil
Other Gulf markets also took a dive, reflecting global trends as countries around the world grapple with Trump's shock tariffs...
- President Donald Trump's tariff offensive unleashed this week has sparked a global stock market rout, also raising fears of a general trade war and recession
- State-run financial newspaper Al-Eqtisadiah said that "the Saudi stock market lost more than half a trillion riyals (about $133 billion) in market value during Sunday's trading"
Economy
Trump’s global tariff takes effect in dramatic US trade shift
US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating...
- The trade gaps, said the White House, were driven by an "absence of reciprocity" in relationships and other policies like "exorbitant value-added taxes."
- Come April 9, around 60 trading partners -- including the European Union, Japan and China -- are set to face even higher rates tailored to each economy