UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
‘Authenticity, experiences, culture, generational and solo travel to lead tourism trends’
Visit Saudi, experience the warmth, generosity and hospitality of the people, Jerry Inzerillo tells TRENDS in an exclusive interview.
Business
Economy
PwC report confirms assertions of TOP CEO Conference experts: Skills help women get more jobs across MENA
Young women in the MENA region are more likely to be in the workforce, while the GCC countries have seen...
- Young women in the MENA region are more likely to be in the workforce, while the GCC countries have seen advances in labor force participation, says the latest PwC report
- The TOP CEO Conference held in Dubai in May 2022 had suggested that women in the MENA region have made significant gains and have become a vital part of the region’s workforce
Economy
India raises interest rate but at slower pace
Mumbai, India—India's central bank on Wednesday raised its main interest rate for the fifth time this year, but by a smaller...
- Reserve Bank of India's move comes after US Federal Reserve chairman Jerome Powell signalled last week that officials would begin to take their foot off the pedal
- The Indian central bank retained its inflation forecast of 6.7 percent for the fiscal year to March but trimmed its economic growth projection to 6.8 percent from 7.0 percent
Economy
World economy faces more pain in 2023 after a gloomy year
Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency...
- IMF still expects the world economy to expand in 2023, with growth of 2.7 percent but the OECD is forecasting 2.2-percent growth
- Natural and man-made catastrophes have caused $268 billion in economic losses so far in 2022, according to reinsurance giant Swiss Re
Economy
Debt-service payments from IDA’s countries to top $62bn in 2022: World Bank
The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies.
- The report highlights rising debt-related risks for all developing economies - low as well as middle-income economies
- Rising interest rates and slowing global growth risk is tipping a large number of countries into debt crises
Economy
S&P Global says Egypt non-oil businesses contract in November
Cairo, Egypt—Egypt’s non-oil businesses have shown a contraction in November, resulting in output falling at the sharpest rate since the...
- Egypt’s Purchasing Managers’ Index fell from 47.7 in October to 45.4 in November — the second lowest since June 2020.
- According to S&P Global, Egypt’s purchase price inflation hit a 52-month high, leading 42 percent of surveyed firms to report a rise in total input costs over the month
Science
UN biodiversity talks begin, advertised as ‘last chance’ for nature
Delegates from across the world gathered for the December 7-19 meeting to try to hammer out a new deal for...
- Some countries want to set up a separate funding mechanism for biodiversity, which wealthy nations have largely resisted
- NGOs say the lack of world leaders at COP15 risks dampening momentum at the talks and could scupper an ambitious settlement
Economy
Jordan’s ‘New City’ project to create 90,000 jobs: Govt
The project is part of the state's economic vision and aims to accommodate the population increases in Amman and Zarqa.
- The project is part of the state's economic vision and aims to accommodate the population increases in Amman and Zarqa
- The goverment hopes to start implementing the project in 2025, ending the first phase in 2033
Economy
Dubai ruler evinces support for global economic growth
Reiterating Dubai's resolve to work in collaboration with its global partners, Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum...
- He spoke while touring the 43rd edition of the Big 5, the largest and most influential construction event in the Middle East, Africa and South Asia, at the Dubai World Trade Centre
- More than 2,000 participants from 60 countries are participating in the event, which includes 20 national pavilions
Economy
African Development Fund mobilises $8.9bn for Africa’s low-income countries
ADF is the concessional window of the African Development Bank Group, providing grants and soft loans to the continent’s low-income...
- ADF is the concessional window of the African Development Bank Group, providing grants and soft loans to the continent’s low-income countries
- The package includes $8.5 billion in core ADF funding and $429 million for the newly created Climate Action Window
Economy
Workers’ welfare key focus as GCC states strengthen, expand social protection systems, says Saudi minister
The participating Gulf countries highlight labor reforms to ensure protection of workers at the 17th Asia and the Pacific Regional...
- The participating Gulf countries highlight labor reforms to ensure protection of workers at the 17th Asia and the Pacific Regional Meeting of ILO in Singapore.
- The event coincided with the release of an ILO survey, which highlighted that one in five workers experienced workplace harassment globally.
UAE non-oil foreign trade up by 14.6% in 2024 to reach $816bn
Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching...
Business
Company News
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UAE approves official holidays calendar for govt, private sectors for 2024
UAE, Dubai - UAE has approved the year 2024 official holidays calendar for both public and private sectors. As part of...
Economy
MENA’s $2trn construction boom boosts sustainability
With innovative technologies and a focus on reducing emissions, this transformation could position the region as a global leader in...
Economy
Northvolt says it develops new sodium-ion battery
Stockholm, Sweden - Battery group Northvolt said on Tuesday it had developed a new sodium-ion battery, a technology using less critical...
Business
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Business
DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
- The company announced that the offer price range had been set between US$0.49 (AED1.80) and US$0.5 (AED1.85) per share.
- This implies a market capitalization at the time of listing of between US$1.2 billion (AED4.5 billion) and US$1.25 billion (AED4.6 billion).
Opinion
AI, Industry 4.0 transform Middle East manufacturing
"As we look ahead, the manufacturing landscape is set to continue evolving, navigating through the VUCA (volatility, uncertainty, complexity, and...
- Saudi Arabia, the UAE, and Egypt spearhead the Middle East's manufacturing growth, harnessing AI and Industry 4.0 to revolutionize their economic landscape.
- In 2024, Middle Eastern manufacturers will focus on smart manufacturing, AI-enhanced supply chains, and digital ecosystems, driving sustainable growth in a pivotal year.
Economy
Strains emerge in 72-year-old Türkiye-Israel trade ties
Amid Ankara's criticism of Israel's actions against Gaza and Israel reassessing diplomatic relations, the future of their oil and steel...
- Amid Ankara's criticism of Israel's actions against Gaza and Israel reassessing diplomatic relations, the future of their oil and steel economic partnership becomes uncertain.
- In 2022, Israel exported $2.34 billion worth of goods to Türkiye, while Türkiye's exports to Israel amounted to a substantial $7.03 billion, the latest trade figures point out.