Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
UAE’s real GDP increases by 3.8% during first nine months of 2024
Dubai, UAE -- The UAE’s real GDP increased by 3.8 percent during the first nine months of 2024 compared to...
Economy
Economy
Year of Sustainability a springboard for global climate action, says Sheikha Shamma of UICCA
Containing the fallout of climate change, addressing related damage and losses, and meeting the relevant needs of developing countries are...
- Containing the fallout of climate change, addressing related damage and losses, and meeting the relevant needs of developing countries are key challenges, says Sheikha Shamma
- The UAE’s leadership is prioritising the issue of climate change and has taken proactive steps to accelerate the pace of its climate action efforts, she adds
Economy
Tunisia milk market ‘collapsing’ as feed prices soar
Since October, many shops in Tunisia have restricted milk purchases to two cartons per person as consumers scramble for limited...
- The North African country's farming union says the price of cattle feed has risen by up to 40 percent in the past year
- The dairy sector's woes have been exacerbated by years of drought, drying up reservoirs and making it harder for farmers to grow their own fodder
YEARBOOK 2023
Realty may help GCC economies grow 3.3% this year
The Gulf countries are witnessing an increase in investors' confidence due to the region's comparatively good economic conditions, a latest...
- The Gulf countries are witnessing an increase in investors' confidence due to the region's comparatively good economic conditions, a latest JLL report highlights
- Since mid-2020, the oil price has rebounded strongly, boosting consumer and investor confidence and resulted in significant financial infusions into the real estate market
Market Report
Markets rise on better-than-expected US growth
Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year...
- For 2022 as a whole, the US economy grew at a slower pace than the previous year, expanding 2.1 percent, the Commerce Department said.
- Investors are also focused on the next move of the US Federal Reserve, which has hiked rates since last year in a bid to tame galloping inflation.
Economy
US economy slows in 2022, may result in lower Fed rate hikes ahead
Household spending and business investment remained positive in the final quarter last year though they slowed, while inventories and net...
- Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year.
- Against this backdrop, the world's largest economy expanded 2.1 percent for all of 2022, down from the figure in 2021.
Market Report
DGCX reports 16% growth in total volume of trades in 2022
DUBAI, UAE - Dubai Gold and Commodities Exchange (DGCX) Thursday announced its full-year market statistics for 2022, reporting 8.239 million...
- The DGCX is the largest and most diversified derivatives exchange in the Middle East.
- DGCX saw steady trading in Indian Rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies.
Business
Nokia 2022 net profit $4.7bn
The company's Q4 net profit surged to US$3.4 billion.
- Nokia's annual net sales grew 12 percent to US$27.1 billion (24.9 billion euros)
- The company is engaged in a major competition to install 5G networks around the world
Economy
New UAE commercial agency law will help in improving business environment
ABU DHABI, UAE - The UAE is determined to foster the attractiveness and competitiveness of the business environment in order...
- The UAE aims to offer a legislative framework to enable companies to promote the new economic model, particularly the commercial agencies sector.
- With innovative projects and crucial commercial activities, this sector significantly contributed to the country's development during the past several years.
Economy
UN blames Myanmar military coup for boost in opium farming
The area of land used for opium poppy cultivation expanded by a third to just over 40,000 hectares in 2021-22...
- The UNODC estimates Myanmar's opium economy is worth around $2 billion -- the equivalent of up to three percent of the country's GDP in 2021
- A combination of the pandemic and the aftermath of the coup hammered Myanmar's economy with an 18 percent contraction in 2021, according to the World Bank
Economy
OPEC Fund lends Panama US$120m in loan for climate action
Vienna, Austria--The OPEC Fund for International Development (the OPEC Fund) has lent Panama a US$120 million in loan to support...
- The money is intended to mitigate, contain and reverse the effects of climate change, helping Panama to achieve its long-term climate change commitments
- Panama is considered a carbon negative country with almost no contributions to global emissions but the country is vulnerable to the impacts of climate change
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Tech and sustainability drive Singapore’s smart tourism vision
To realize its vision for “smart tourism”, Singapore Tourism Board is leveraging cutting-edge technologies like artificial intelligence, data analytics, and...
Interview
Company News
Latest News
Oil prices up on Saudi, Russia push for output reduction
Riyadh, Saudi Arabia - Collaboration between Saudi Arabia and Russia to drive OPEC+ members toward output cuts has resulted in...
Economy
Doha Forum debates advantages in Gulf-Europe green ties
Doha, Qatar-- Oil and gas producers in the Middle East are assessing "challenges and opportunities" available for their economies to...
Economy
COP28 focused on achieving balanced package in negotiations: Majid Al Suwaidi
Dubai, UAE-- The COP28 Presidency is focused on achieving a balanced package in the negotiations, according to Ambassador Majid Al...
COP28 UAE
Most Read
Digitization helps UAE make supply chain sustainable
"The UAE launched the 'Trade Tech Initiative' in partnership with the World Economic Forum. The initiative aims to accelerate the...
- Green trade as a key driver for a sustainable, resilient global economy.
- E-commerce growth in the UAE contributes to carbon emission reduction.
Business
NEOM launches ‘Topian’ to ensure climate-proof agriculture in Saudi
NEOM, Saudi Arabia: NEOM, a mega-city project in Saudi Arabia characterized by futuristic urban planning and advanced technologies, Sunday announced the...
- Topian has been launched with the support of the Saudi Ministry of Environment, Water and Agriculture (MEWA).
- Topian has signed numerous local and international strategic partnership agreements with organizations that share Topian’s commitment to reshaping the future of food.
Economy
Faster hydrogen production needed for energy transition: WTO
Abu Dhabi, UAE-- In order to speed up the energy transition there must be a fast increase in the production...
- IRENA believes that hydrogen and its derivatives would meet 14% of global final energy consumption in 2050
- Hydrogen generated from renewable power is recognised as a key pillar in replacing fossil fuels and decarbonising sectors