Davos2025: 33 industrial clusters from 16 countries commit to economic growth, jobs creation and emissions cuts
The Transitioning Industrial Clusters initiative aims to improve collaboration and develop a shared vision among co-located companies and public institutions,...
Economy
EXCLUSIVE: AI agents to reshape the future of work, says CEO Automation Anywhere
Davos, Switzerland: AI agents are set to revolutionize the way businesses operate, with tasks being divided into autonomous, AI-assisted, and...
Business
Economy
MoHRE discusses ‘Emiratisation’ program with UAE recruitment agencies
Dubai, UAE--The Ministry of Human Resources and Emiratisation (MoHRE) has held a meeting with a number of recruitment agencies in...
- The meeting was held to implement the UAE resolution and avoid the penalties that will be imposed on companies that are not committed to achieving the required targets
- It discussed the benefits and support packages for establishments that comply with the legislation
Economy
World Bank cuts China growth forecasts on Covid woes, property crisis
In a statement, the World Bank slashed its forecast to 2.7 percent from 4.3 percent predicted in June. It also...
- After years of sudden lockdowns, mass testing, long quarantines and travel restrictions, China this month abruptly abandoned its zero-Covid policy
- Beijing has sought to mitigate low growth with a series of easing measures to provide support, slashing key interest rates and pumping cash into the banking system
Economy
Saudi Arabia, Azerbaijan ink 6 agreements, MoU
The agreements included the establishment of the Saudi-Azerbaijan Joint Business Council.
- The agreements included the establishment of the Saudi-Azerbaijan Joint Business Council
- The MoU was signed between the Saudi Fund for Development and the Azerbaijan Ministry of Economy
Economy
CBUAE projects real GDP to grow by 7.6% in 2022
In its Q3 review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including...
- In its Q3 review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including tourism, hospitality, real estate and manufacturing
- The review expected the non-oil GDP to grow by 6.1 percent in 2022, against 4.3 percent previously, with the oil GDP to expectedly grow by 11 percent this year
Economy
Banking, realty sectors drive UAE financial markets
Dubai real estate market recorded 476 sales transactions worth AED1.17 billion, in addition to 92 mortgage deals of AED181.95 million.
- Dubai real estate market recorded 476 sales transactions worth AED1.17 billion, in addition to 92 mortgage deals of AED181.95 million on Monday
- The Central Bank of the Emirates has raised its estimates of real GDP growth in the country to 7.6 percent at the end of the current year 2022
Economy
Saudi Arabia, UAE lowest-risk investment havens in the ‘riskiest’ Middle East and Africa region
The region was ranked the riskiest by the Global Risk Report Quarterly Update. But the GCC region stood out, offering...
- In Africa, Morocco, Botswana and South Africa were the low-risk investment destinations, in that order, as far as the macroeconomic risks are concerned.
- Syria, Yemen, and Libya were on the list of the highest-risk countries in the third quarter.
Geostrategy
Iran says Jordan summit is a good opportunity for nuclear talks
TEHRAN, IRAN - Iran's foreign minister said Monday that a summit to take place this week in Jordan will be a...
- On-off talks to revive the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), started in April last year.
- A UN nuclear watchdog team led by IAEA deputy director-general was on a one-day visit to Iran.
Geostrategy
Sharjah, Belgium discuss enhancing ties
SHARJAH, UAE - A Belgian delegation met with Sheikh Majid Al Qasimi, Director of the Department of Government Relations (DGR)...
- The two parties agreed on organising a Sharjah delegation visit to Belgium for strengthening bilateral relations.
- the Belgian Ambassador to the UAE expressed his interest in visiting universities in Sharjah to discover more partnership opportunities.
Geostrategy
UAE takes part in 17th Asia Pacific Regional Meeting of ILO
SINGAPORE - The UAE has participated in the 17th Asia Pacific Regional Meeting of the International Labor Organization (ILO) in...
- Over 500 representatives of governments, labor organizations and companies from 33 countries took part in the meeting.
- The meeting discussed labor priorities and ways to promote employment in the Asia Pacific.
Economy
Egypt’s IMF deal aims to reduce government debt
Cairo, Egypt--The IMF's new $3 billion financial support package for Egypt aims to reduce government debt to less than 80...
- Egypt negotiated its latest IMF loan as the economic fallout from the war in Ukraine exacerbated a foreign currency shortage resulting from Egypt's large trade deficit
- The package includes a monetary policy aimed at gradually reducing inflation, fiscal consolidation to ensure a downward public debt trajectory while enhancing social safety nets
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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
Davos2025: 33 industrial clusters from 16 countries commit to economic growth, jobs creation and emissions cuts
The Transitioning Industrial Clusters initiative aims to improve collaboration and develop a shared vision among co-located companies and public institutions,...
Economy
Company News
Latest News
Oil industry faces moment of truth as clean energy transitions advance: IEA
Paris, France--Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate...
Economy
Indonesia’s exports to UAE expected to rise by $4bn with CEPA trade pact
Jakarta, Indonesia - The Comprehensive Economic Partnership Agreement (CEPA) is expected to increase Indonesia’s exports to the UAE by around...
Economy
Movement against ‘Pro-Israeli’ fast-food chains gains momentum
Tehran, Iran – Egypt, Jordan, and Turkey witnessed a significant surge in a boycott targeting multinationals that have either pro-Israeli...
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Business
Saudi Arabia raises US$11bn syndicated loan to fund deficit
RIYADH, SAUDI ARABIA - Saudi Arabia raised a syndicated loan of US$11 billion (SAR 41.25 billion) to fund a budget...
- The 10-year loan was funded by a group of banks including Industrial and Commercial Bank of China
- Citigroup Inc, First Abu Dhabi (FAB), and HSBC Holdings Plc,will help in funs according to sources familiar with the matter.
Business
Saudi minister says 6,225 industrial firms from Kingdom invest US$30bn in Egypt
RIYADH, SAUDI ARABIA - A total of 6,225 Saudi industrial businesses are operating in Egypt with US$30 billion worth of...
- At least 518 Egyptian companies are operating in the Saudi market, the minister said.
- He said that over 285 Egyptian brands are spread out across the Kingdom.
Business
Qatar posts trade balance surplus of US$16.7bn in Q3 2023
DOHA, QATAR - The merchandise trade balance of Qatar (difference between total exports and imports) recorded a surplus of US$6.7...
- In Q3 2023, Asia was the principal destination of Qatar’s exports and imports, representing 74.9 percent and 36.3 percent respectively.
- In Q3 2023, the European Union, accounting for 10.4 percent and 27.5 percent of Qatar's exports and imports respectively.