OPEC+ ministers, led by Saudi Arabia and Russia, meet as oil output hike looms despite falling prices
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and...
Economy
UAE-Morocco consortium sign $14 billion worth of energy, water infrastructure projects
Morocco on Monday signed deals with an Emirati-Moroccan consortium for energy and water infrastructure projects, which according to one of...
Economy
Economy
Dubai, Abu Dhabi real estate market thrives in Q1 2024
“2024 has opened up to an interesting and promising phase of growth within our sector. As proptech leaders, we can...
- In Abu Dhabi, Q1 2024 recorded 814 residential transactions representing around 38% of the total transactions
- Data from the Dubai Land Department showed a significant surge in total sales transactions in Q1 2024
Economy
March sees GCC Index drop as heavyweight sectors lag
GCC equity markets experienced a March downturn, influenced by seasonal selling pressure during Ramadan, leading to a 3.0% drop in...
- The decline was mainly led by seasonal selling pressure during Ramadan as investors booked profits after last month’s healthy gains
- Qatar suffered the steepest fall by 6.0%., Saudi Arabia was next with a slide of 1.8% while Kuwait and Dubai indices fell by 1.5%
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Economy
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
- The objective is to incentivize offenders to settle their fines within a six-month window from the commencement of the initiative
- Payment options include either clearing all fines at once or settling each fine individually, provided there are no additional safety-related violations
Business
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
- Bamford told TRENDS that the region is blessed with ample solar and wind resources needed for generating the lowest-cost electricity that is eventually needed to produce hydrogen.
- The emergence of the hydrogen industry in GCC nations promises significant economic opportunities, with projections suggesting a market worth $100 billion by 2030.
Economy
Saudi Arabia offers 6 mining opportunities for local, international investors
Riyadh, Saudi Arabia - The Saudi Ministry of Industry and Mineral Resources on Wednesday announced six new mining opportunities for...
- The opportunities are part of the fifth round of mining competitions for exploration licenses and encompass gold, copper, zinc, lead, and silver ores
- Investment opportunities for exploration licenses include Al-Halahila site in the Najran region, estimated to be more than 34 square kilometers in size
Gold hits fresh record above $2,300 as Fed hints at easing monetary policy
On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely...
- Gold has chalked up multiple records over recent weeks as the US Federal Reserve indicates it is about to begin easing monetary policy which makes it more attractive to investors
- Its popularity as a safe haven in times of turmoil has also provided plenty of support, with traders fretting over the Middle East crisis and the ongoing war in Ukraine
Business
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
- The Strategy will generate an estimated 178,000 new jobs by 2030 as the entire tourism infrastructure develops to meet this demand
- It intends to almost double international overnight visitors from 3.8 million in 2023 to approximately 7.2 million in 2030
Business
Russia becomes world’s fourth-biggest LNG producer, says PM
MOSCOW, RUSSIA – Prime Minister Mikhail Mishustin said the country became the world’s fourth-biggest LNG producer last year.The Russian Prime...
- Mikhail Mishustin said that the volume of LNG exports rose almost three-fold in six years.
- In January - February 2024, natural gas production in Russia increased by 11.3 percent year-on-year.
Economy
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
- The bank said the rate of damage appears to be leveling off as few assets remain intact
- The report also found that more than half of Gaza's population were on the brink of famine
OPEC+ ministers, led by Saudi Arabia and Russia, meet as oil output hike looms despite falling prices
The 22-nation group began a series of cuts in 2022 to prop up crude prices, but Saudi Arabia, Russia and...
Economy
Company News
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EU skewers Google, Apple over tech rules – despite Trump threats
The European Union defied US threats of retaliation Wednesday by accusing Google of violating its digital rules -- which could...
Science
AI, wealth management and trust: Could machines replace human advisors?
The future of wealth management lies in hybrid models, combining AI’s data-driven precision with human empathy and ethical oversight. While...
Economy
OECD lowers global growth projections over tariffs, uncertainty
"We are navigating troubled waters," said the OECD's chief economist Alvaro Santos Pereira as he summed up the world's economic...
Economy
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Economy
US Fed likely to keep rates steady as uncertainty over Trump’s economic policies looms
Since January, Trump has imposed levies on major trading partners Canada, Mexico and China, and on steel and aluminum imports,...
- The Trump administration has also embarked on unprecedented cost-cutting efforts that target staff and spending, while the president has promised tax reductions and deregulation.
- But Fed Chair Jerome Powell emphasized this month that it is the "net effect" of policy changes that will matter for both the economy and monetary policy.
Interview
The future of logistics: Insights from DHL’s Amadou Diallo
The future of logistics is a convergence of technology, sustainability, and human ingenuity, which are transforming supply chains into more...
- in the MEA region, key hubs such as Doha, Dubai, Jeddah, Casablanca, Salalah, Nairobi, Durban, and Tema serve as vital nodes for regional distribution.
- Additionally, hubs like Istanbul, Dubai, and Addis Ababa improve connectivity within this region, said Diallo.
Economy
Humanity’s future is increasingly inseparable from AI
Private sector, governments, and nonprofits must invest in AI education, Jason Alan Snyder tells TRENDS in an exclusive interview.
- Top executives are leveraging AI to enhance their capabilities, enabling them to become highly innovative communicators, Jason Alan Snyder tells TRENDS
- A 2024 OECD report reveals that AI is reshaping critical aspects of human development, including health, education, social norms, he adds