World Bank approves $1.1 bn in financing for Jordan
The World Bank announced Tuesday it will provide Jordan with $1.1 billion in new financing to support economic reforms and...
Economy
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,...
Business
Business
Empower 2022 net profit $762m
Firm has proposed dividend of S$115 million for 2nd half 2022.
- The quality and sustainability of its services and advanced infrastructure has made it one of the world's largest player in the district cooling industry.
- This performance reflects the confidence in Empower by its customers and stakeholders, and the economic boom of Dubai.
Economy
UAE minister stresses importance of data protection at WGS
Dubai, UAE--Ohood Al Roumi, the UAE's Minister of State for Government Development and the Future and Vice Chair of the...
- Al Roumi said that the future belongs to those who succeed in employing data to drive progress and innovation
- She stressed the importance of establishing joint efforts between governments, decision makers, and societies to protect data and enhance data regulations
Economy
Qatar to send 10,000 World Cup cabins to Turkey and Syria
To house millions of people who lost homes in the devastating earthquake, Qatar will send some 10,000 cabins and caravans...
- The mobile homes were used for a few weeks when Qatar hosted the football World Cup last year
- Sheikh Tamim bin Hamad Al-Thani visited Turkey on Sunday, the first foreign leader to do so since last week's quake
Interview
UAE leads as ease in doing business makes prospects bright for small startups, self-employed across GCC
The market for small startups and self-employed entrepreneurs will boom due to lower startup cost amidst policy reforms and more...
- The UAE leads the pack as startups across GCC expect growth to continue as new laws make it easier for them to do business in the region, Be Unique CEO Dariush Soudi tells TRENDS
- "There will be a huge increase in blockchain platforms," he says, adding that this increase will come with a greater need for cyber security, programming and data analysis
Economy
IMF concerned over public debt in MENA countries
Speaking at the Arab Fiscal Forum in Dubai, the head of the IMF Kristalina Georgieva stated that public debt in...
- The IMF cautioned last month that economic growth in MENA could slow to 3.2% this year, before ticking up to 3.5% in 2024
- She said the region needs to boost its average tax-to-GDP ratio to at least 15% from a current 11%
Economy
UN relief chief fears Turkey-Syria quake deaths to top 50,000
UN relief chief Martin Griffiths said the death toll from the massive earthquake will "double or more" from its current...
- Officials and medics said 24,617 people were killed in Turkey and 3,574 in Syria. The confirmed total now stands at 28,191
- Turkey's disaster agency said more than 32,000 people from Turkish organizations are working on search-and-rescue efforts
Economy
Arab Parliament ratifies Jordan’s idea on center for food security
Cairo, Egypt--The Arab Parliament on Saturday endorsed a proposal submitted by Jordan's Lower House Speaker Ahmad Safadi, stipulating the establishment...
- Safadi said Jordan can facilitate and coordinate Arab and international action, and the proposed center would accelerate and enhance the global response to food crises
- He underscored the importance of supporting Libya and Yemen, and voiced rejection of all forms of external interference in their affairs
Economy
Realty growth in Saudi Arabia, UAE to build on strong private sector and robust spending via govt initiatives
While 2022 saw record levels of demand for commercial office space as a result of ‘Programme HQ’, 2023 looks set...
- Pent-up demand from travelers and increased spending by residents led the post-pandemic recovery of the real estate sector in Dubai
- The post-COVID recovery of the Saudi real estate sector is led by increasing tourist demand and government spending on infrastructure projects
Economy
New lab set to make KSA a leader in renewable energy
The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's...
- The Gulf International Laboratory aims to localize industries, enhance local content and build capabilities to boost competitiveness of the Kingdom's economy
- The laboratory is likely to save more than US$ 266.5 million in the field of testing energy devices by eliminating tests conducted outside Saudi Arabia
Economy
Saudi ministry signs MoU with Standard Chartered to boost mining investment
Riyadh, Saudi Arabia – The Saudi Arabia’s Ministry of Industry and Mineral Resources (MIM) and Standard Chartered Bank (SCB) have...
- The MoU will assess the requirements for sustainable investment in the mining sector in Saudi Arabia as per the objectives of Vision 2030
- The deal also aims at promoting knowledge transfer, tech enablement, job creation and implementation of Future Minerals Forum outcomes
World Bank approves $1.1 bn in financing for Jordan
The World Bank announced Tuesday it will provide Jordan with $1.1 billion in new financing to support economic reforms and...
Economy
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UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
Economy
EU agrees on 150-million financial aid for Tunisia
A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian...
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Economy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
- Expenditures are expected to increase by 1 percent from 2023 to reach QR 200.9 billion, due to a rise in the allocations for salaries and wages.
- Allocations for both current expenditures and secondary capital expenditures also increased by 6.4 percent and 27.5 percent respectively, compared to 2023.
Business
Waning influence of OPEC+ in spotlight as prices flag
Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output
- While Riyadh blamed speculators for the drop, rather than weak demand, analysts say the cartel's lack of unity has fuelled scepticism about their latest announced cuts.
Saudi Arabia introduces unified platform for visas, including Hajj, Umrah
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application...
- The platform aims to automate visa issuance procedures, thereby enhancing the overall visitor experience
- The initiative is a step in the kingdom's strategy to bolster tourism in the forthcoming years