Key MENA trends: M&A surge to five-year high, Saudi port activity rises in May
Qatar's foreign reserves rise 3.6 percent year-on-year despite a dip in bonds and treasury holdings, Iraq releases Australian and Egyptian...
Economy
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
Economy
Debt, trade barriers drag Asian economies in 2024, says World Bank report
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...
- Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023.
- A key risk is that the US Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.
Economy
Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...
- A World Bank report said that policy uncertainties, trade barriers are impeding the region's economies
- The report added that Asia’s economies are growing more slowly than before the Covid pandemic
Opinion
Digital innovation fuels surge in Iraq’s banking sector
"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like...
- At the forefront of this remarkable journey are banks like the National Bank of Iraq and the Bank of Baghdad (BBOB), which have exhibited exceptional growth and profitabitability
- The establishment of the "National Company for Electronic Payment Systems in Iraq" underlines the sector's proactive approach towards embracing cutting-edge technology
Economy
Saudi women’s unemployment drops to 13.7% by 4Q 2023
Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...
- The unemployment rate among Saudi men remained steady at 4.6 percent during the same period
- The overall unemployment rate, encompassing Saudis and non-Saudis, saw a noteworthy decrease to 4.4% in the 4th quarter
Economy
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
- The Kingdom's remarkable performance in tourism was further highlighted by its leading position in the United Nations Tourism rankings for growth in international tourist arrivals
- The UN's tourism report also noted a substantial rise in both inbound and domestic tourism within the Kingdom, reinforcing its reputation as a premier global tourism destination
Business
Jordan exports pharmaceutical products worth US$874m in 2023
AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to...
- Jordan’s pharmaceutical and medical supplies sector has succeeded in transforming into a global industry.
- The pharmaceutical and medical supplies sector employ approximately 10,000 workers.
Economy
US Federal Reserve’s preferred inflation gauge ticks up as fuel costs rise
WASHINGTON, US – The US central bank's favored measure of inflation edged higher last month on the back of rising fuel...
- The personal consumption expenditures price index rose at an annual rate of 2.5 percent in February.
- Much of the February increase in the cost of goods came from energy prices, which rose 2.3 percent from January.
Economy
GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
- Total FDI in Saudi Arabia's economy during Q4 of 2023 totaled about US$5 billion.
- GASTAT said the results are based on a household survey conducted by the authority.
Economy
Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...
- Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports and enhance local capabilities.
- The initiative targets over 50 percent nationalization of the military industry by 2030, driven by economic and technological sovereignty, aligning with the Saudi Vision 2030.
Business
Abu Dhabi Chamber sets up working group to support startups, SMEs
ABU DHABI, UAE – The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has formed a working group specifically for...
- This initiative aims to support and represent the interests of startups and SMEs in the region.
- The goal is to make Abu Dhabi the top choice for business in the Middle East and North Africa by 2025.
Key MENA trends: M&A surge to five-year high, Saudi port activity rises in May
Qatar's foreign reserves rise 3.6 percent year-on-year despite a dip in bonds and treasury holdings, Iraq releases Australian and Egyptian...
Economy
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Analysis
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Trump puts world on edge as ‘Liberation Day’ tariffs loom
Trump kept rivals and allies alike guessing about who would be targeted and by how much, but promised to be...
Economy
Morocco ‘water highway’ averts crisis in big cities but doubts over sustainability
Morocco is spending hundreds of millions of dollars on tapping northern rivers to supply water to parched cities farther south...
Economy
Automakers lead market losses after Trump tariffs on imported vehicles
Wall Street's main indexes opened in the red, with General Motors sinking more than nine percent in early trading while...
Business
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Geostrategy
Lebanon cabinet appoints Karim Souaid central bank governor
Born in 1964, Souaid officially takes over after embattled former chief Riad Salameh's term expired in July 2023 with no...
- First vice-governor Wassim Manssouri had been acting head of the bank, a post that is traditionally reserved for a Maronite Christian in Lebanon's sectarian power-sharing system.
- Souaid is the founder and managing partner at Gulf-based Growthgate, according to his biography on the private investment firm's website.
Economy
Trump announces 25% tariffs on foreign-built vehicles
US President Donald Trump has announced steep tariffs on auto imports and parts, provoking threats of retaliation from trading partners...
- The duties take effect at 12:01 am (0401 GMT) on April 3 and impact foreign-made cars and light trucks while key automobile parts will also be hit within the month
- But the White House added that vehicles entering under the US-Mexico-Canada Agreement (USMCA) can qualify for a lower rate depending on their American content
Business
Stock markets rise on fresh hopes for Trump’s tariff approach
Investor sentiment has been jolted in recent weeks by fears that the president's hardball policies could deal a painful blow...
- Gold held at around $3,030 an ounce (28.3 grammes), having hit a series of records last week to a peak of more than $3,057 owing to a surge in demand for safe havens.
- Asian markets fluctuated through the day, with Tokyo falling while Hong Kong and Shanghai rose.