UAE labour market transforms with AI revolution and growing demand for high-skill professions
The country is among the most attractive markets for skilled global professionals and talent, thanks to its competitive advantages, including...
Economy
Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling...
Economy
Economy
US Fed expected to slow pace of rate hikes as inflation eases
The consumer price index, a key gauge of inflation, logged its smallest annual increase in nearly a year, fueling optimism...
- The Federal Reserve has embarked on an all-out campaign to cool demand in the world's biggest economy
- It raised rates six times this year with interest-sensitive sectors like housing already reeling from tightening policy
Economy
AI-powered mobile app for crop disorder detection launched in Dubai
Called Dr. Nabat, the application is a result of collaboration between ICBA and the University of Barcelona.
- Called Dr. Nabat, the application is a result of collaboration between ICBA and the University of Barcelona
- The application is designed to aid smallholder farmers and extension specialists in spotting crop disorders at early stages
Economy
IMF says more financing needed for climate change fund
IMF chief Kristalina Georgieva has regretted the shortage of funds needed to help low-income countries tackle the impacts of climate...
- She said that the IMF expects more members to commit resources "so we don't end up having to ration support for countries"
- WTO Director-General Ngozi Okonjo-Iweala stressed the importance of supply chains when it comes to building resilience in developing countries
Economy
UAE economy maintains momentum in 2022: OPEC
The report cited recent economic indicators suggesting strong growth has been maintained in most activities.
- The report cited recent economic indicators suggesting strong growth has been maintained in most activities
- The tourism sector, which accounts for around 6% of the UAE’s GDP, experienced strong growth, the report said
Economy
Wealthy nations oppose new biodiversity fund
Montreal, Canada-- Creating a new global fund for biodiversity -- a core demand of developing countries at UN talks in Montreal...
- COP15 draft targets include a cornerstone pledge to protect 30 percent of the world's land and seas by 2030, eliminating harmful fishing and agriculture subsidies
- Dozens of countries, led by Brazil, India, Indonesia and African nations, are demanding financial subsidies of at least $100 billion a year until 2030
Economy
Qatar posts budget surplus of $8bn in third quarter
Doha, Qatar - Qatar posted a budget surplus of QR 30 billion ($8 billion) for the third quarter of 2022,...
- Total revenues for this quarter amounted to $22 billion, of which $21 billion came from oil and gas
- Total expenditures in the quarter amounted to $14 billion, of which $4 billion was spent on salaries and wages
Economy
KSA, UAE lead GCC growth amidst global woes
Saudi Arabia's GDP witnesses 9.3 percent increase in the third quarter of this year as the rally in oil prices...
- The International Monetary Fund expects Saudi economy to expand by 7.6% in 2022
- The UAE's economy is experiencing sustained momentum in 2022, says OPEC
Business
Sudan inks US$6bn UAE deal for new Red Sea port
Sudan signed an initial US$6 billion deal led by United Arab Emirates' AD Ports Group and Invictus Investment to build...
- The Abu Amama port, to be built north of the existing key hub of Port Sudan, will include an industrial zone.
- The signing came a week after Sudan's military and civilian leaders inked an initial accord aimed at ending the crisis since last year's military coup.
Business
Bank of China lists $300m bonds
The bank's Fitch A ratings bonds were listed on Nasdaq Dubai.
- The new listing highlights Nasdaq Dubai's significant role in strengthening links between the capital markets in Dubai and China.
- Bank of China's Dubai branch has issued the 2025-maturing bonds at a yield of 4.84 percent.
Economy
UAE Financial Restructuring Committee, World Bank discuss bankruptcy law
ABU DHABI, UAE - Members of the Consultative Council of UAE's Financial Restructuring Committee (FRC) has met with experts from...
- The meeting was held virtually and sought to discuss the latest updates on amendments to the bankruptcy law.
- The meeting discussed the proposed amendments to the bankruptcy law in terms of public policy.
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UAE labour market transforms with AI revolution and growing demand for high-skill professions
The country is among the most attractive markets for skilled global professionals and talent, thanks to its competitive advantages, including...
Economy
Company News
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EDB pledges to expand UAE’s renewables market through easy financing
Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources,...
Economy
Bahrain and Thailand seek to boost economic cooperation
Manama, Bahrain-- Bahrain and Thailand have held discussions to enhance economic cooperation in a meeting between top officials of the...
Geostrategy
GCC sovereigns eye fiscal rejuvenation
A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust...
Economy
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Economy
GCC maintains stable inflation rates despite crises
Pausing of rate hikes by global central banks amid fluctuating inflation rates influences global markets, with specific impacts in the...
- Pausing of rate hikes by global central banks amid fluctuating inflation rates influences global markets, with specific impacts in the MENA region, says a new report.
- The latest Kamco report offers an insightful analysis of economic trends in key Gulf countries, shedding light on their unique inflationary challenges and strategies.
Economy
Fitch maintains ‘A+’ rating of Saudi Arabia’s PIF, outlook stable
Riyadh, Saudi Arabia - Global credit agency Fitch Ratings has reaffirmed Saudi Arabia’s Public Investment Fund's (PIF) long-term foreign- and...
- The agency highlighted the PIF’s robust financial autonomy and its critical role in bolstering Saudi Arabia’s non-oil gross domestic product
- Fitch notably expressed the far-reaching consequences of a potential PIF default, foreseeing adverse effects on Saudi Arabia's Vision 2030 goals
Business
Dubai Investment posts profit
Its income for the first nine months of 2023 is US$816m.
- The company reported a net profit of $222.46 million for the nine-month period ended September 30, 2023
- The diversified investment company listed on the DFM said its total assets reached $5.71bn at the end of Q3 2023