Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...
Economy
Economy
Qatar’s private sector exports surge 25% to $10bn in 2022
The total value of private sector exports during the fourth quarter of 2022 amounted to $2 billion.
- The total value of private sector exports during the fourth quarter of 2022 amounted to $2 billion
- The number of countries receiving Qatari exports in Q4-2022 reached 95 in the year
Economy
Sharjah ruler announces ‘valuable’ projects in central region
Sharjah, UAE-- Ruler of Sharjah Dr. Sheikh Sultan bin Muhammad Al Qasimi has affirmed that work is underway to complete...
- He announced the employment of 50 engineers from the region to work on Sharjah Electricity, Water and Gas Authority (SEWA)’s projects
- The lake will contain 420 million gallons of water, and it will not only provide Sharjah with water, but it will also reduce the temperature in the city of Al Dhaid
Opinion
The turbulent twenties, when risks collide
The world’s top current risks are energy, food, inflation and the overall cost of living crisis. Over the next two...
- Amidst the persistent health and economic overhang of a global pandemic and a war in Europe, the world is facing a set of risks that feel both wholly new and eerily familiar
- The world’s top current risks are energy, food, inflation and the overall cost of living crisis. Over the next two years, the cost-of-living crisis remains the number one threat
YEARBOOK 2023
Increased oil output, prices to spur Saudi growth
Large infrastructure projects -- mainly supported by the Public Investment Fund and National Development Fund -- are expected to boost...
- Large infrastructure projects -- mainly supported by the Public Investment Fund and National Development Fund -- are expected to boost the Kingdom's economy further.
- Private sector accounted for more than half of the increase as the unemployment among Saudi citizens fell from 15.4 percent in Q2 of 2020 to 9.7 percent in Q2 of 2022
Economy
Global recession likely in 2023, say WEF chief economists
Almost two-thirds of chief economists believe a global recession is likely in 2023, with 18 percent of them considering it...
- In China, expectations of growth are polarized, with respondents almost evenly split between those who expect weak or strong growth.
- One positive signal is that supply chain disruptions are not expected to cause a significant drag on business activity in 2023.
Economy
DFSA releases 2023-24 plan to support Dubai’s growth as financial hub
DUBAI, UAE - The Chairman of the Dubai Financial Services Authority (DFSA), Fadel Al Ali Monday announced the publication of...
- The two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Center.
- The DFSA will be pursuing several key projects that cut across multiple strategic themes.
Economy
Countries which transform food system can meet net-zero goals, says WEF report
DAVOS, SWITZERLAND – A report launched Monday at the World Economic Forum Annual Meeting 2023 shows how countries can accelerate...
- Food systems, when transformed, can help solve some of the world’s toughest problems, from climate change to resilient livelihoods.
- The report identifies models for businesses and policy-makers and a roadmap of priorities for countries to improve productivity and sustainability.
Economy
Europe investigators question witnesses over Lebanon central bank chief
European investigators began questioning high-profile witnesses in Lebanon as part of a probe into central bank governor Riad Salameh's wealth,...
- Investigators from France, Germany and Luxembourg questioned Saad Andary, Lebanon's central bank former vice governor.
- The investigators also questioned Khalil Kassaf, a former employee at Lebanon's banking control commission.
Economy
RAKTDA simplifies procedure for getting permits for Rak Holiday Homes system
RAS AL KHAIMAH, UAE- Ras Al Khaimah Tourism Development Authority (RAKTDA) has announced updates to its holiday homes system. RAKTDA...
- The updates are part of the Emirate’s efforts to continue diversifying and strengthening its existing accommodation portfolio of four- and five-star hotels and resorts.
- These measures will help in driving a sustained tourism economy that benefits not only investors but also its communities.
As Davos opens, Oxfam urges ‘billionaire busting’ policies
In a report titled "Survival of the Richest", Oxfam said billionaires had doubled their wealth over the last 10 years,...
- The very wealthy have grown richer amid the cost-of-living crisis sparked by the Covid pandemic and soaring food and energy prices following Russian war, the report said
- Since 2020, billionaire wealth has surged by $2.7 billion a day even as inflation outpaced the wages of at least 1.7 billion workers worldwide, Oxfam said
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Oil prices on the rise despite down week
Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and...
Company News
Najm inks pact with iot squared
Business
Latest News
KSA offers 30-year tax holiday for global corporations as regional HQ program fuels investment boom
The approaching 1 Jan deadline has seen investments on headquarters hit $242m in the first nine months of 2023 alone,...
Business
Mashreq commits $30bn to UAE banking sector’s sustainable finance by 2030 pledge
DUBAI, UAE -Mashreq bank has been announced as one of the top contributors to the UAE Banks Federation’s (UBF) pledge,...
COP28 UAE
Riyad Bank Saudi PMI down to 57.5 points in November
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Manager's Index (PMI), formerly S&P Global Saudi Arabia PMI,...
Business
Most Read
Geostrategy
Putin to visit UAE, Saudi Arabia for talks amid OPEC output cuts
Russian President Vladimir Putin, according to his aide Yuriy Ushakov, will first arrive in the UAE this week and then...
- The announcement of the visit follows the recent OPEC decision to cut oil production by 2.2m bpd in Q1 of 2024
- Saudi Arabia, as the world's largest exporter, will see a reduction of 1 million barrels per day
Economy
‘COP28 makes significant strides in climate action’
"COP28 is a very important conference because what it's doing is not just bringing people together, but it provides certainty...
- World Bank President Ajay Banga emphasizes COP28's significant progress in climate action, lauding its establishment of definitive deadlines for climate commitments.
- The ALTÉRRA fund, with a $30 billion capital, will enhance global climate action, alongside the World Bank's commitment to solar projects in Africa and methane reduction.
Business
Gold strikes fresh record high as rate cut bets surge
Hong Kong, China - Gold prices soared to a record high above $2,100 on Monday as traders grow increasingly confident the...
- The precious metal struck $2,135.39 in early Asian trade, topping the previous all-time high set in 2020, during the pandemic
- Bets on a drop in rates have weighed on the dollar, which has in turn made gold cheaper for international buyers