The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
Saudi Arabia’s inflation rate 2 percent in Jan, rental prices main driver
Riyadh, Saudi Arabia -- Saudi Arabia's annual inflation rate in Jan 2025 reached 2 percent compared to January 2024, the...
Economy
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
Economy
Economic slowdown will force workers into worse jobs: UN
The ILO said deficits in decent work had been worsened by multiple, overlapping crises, including Russia's war in Ukraine, emerging...
- As prices rise faster than incomes, the cost-of-living crisis risks pushing more people into poverty, the UN's International Labor Organization said
- ILO called for an investment surge in education and training, saying two-thirds of global youth labor force was "without a basic set of skills", which limited their job prospect
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
The future is already here
Humanity is on a tech-fueled trajectory. Data and informed predictions are inspiring, showing how AI is reshaping economies, smart cities...
Analysis
Company News
Latest News
COP28 strong push for climate action in Arab region
"The UNDP has spent approximately $1 billion in the Arab region for integrated development solutions driven by national priorities and...
Economy
COP28 chief urges nations to reach climate compromise
Setting the ambitious goal of having a deal in place by Tuesday, the last day of the conference, Sultan Al...
COP28 UAE
Egypt to sign agreement on curbing methane emissions
Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting...
COP28 UAE
Most Read
Business
People-positive approach needed in clean power transition: WEF paper
Dubai, UAE -- Building massive infrastructure for clean power projects in pursuit of climate goals will need nearly $4.5 trillion in...
- The white paper calls for a dialogue between the industry and community groups and NGOs to define common standards for a people-positive energy transition.
- It also urges governments to not only focus on the lowest price but also the wider societal value creation in their transition plans.
Business
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,...
- In 2023, 46.7 percent of newly established headquarters operate in the Software & IT services sector.
- The Regional Headquarters (RHQ) Program is an initiative jointly developed by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
COP28 UAE
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
- FMC member companies have signed 94 offtake agreements to purchase emerging climate technologies.
- The coalition engages 13 governments who together account for over 50% of global gross domestic product