AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
Economy
Economy
Saudi Arabia to set up five new renewable energy projects
The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use...
- The projects, whose total capacity reaches 3,300 MW, includes three which will utilize wind energy and two which will use solar energy
- The projects are part of the National Renewable Energy Program as part of Saudi Arabia’s target to reach the best energy mix
Economy
Pound hits record low against dollar on recession fears
Continuing with its slide against the dollar, the pound hit a record low on fears about the UK economy after...
- The pound fell below $1.10 for the first time since 1985 as new finance minister Kwasi Kwarteng announced his controversial mini-budget
- The collapse in sterling came as markets across the world are sent into a spin by recession worries caused by a sharp tightening of monetary policy
Economy
Germany vows to protect its SMEs from energy crisis
The German economy, like the economy of the vast majority of European countries, faces major challenges due to the Russian...
- Habeck said that the German government should not leave small and medium-sized companies to face the risk of recession alone
- The German minister seeks to include about one million small and medium-sized companies under the protectionist umbrella
Economy
Egypt’s gas export revenues up 13-fold in 8 years
Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022.
- Egypt’s natural gas and liquified natural gas (LNG) export revenues reached $8 billion in the fiscal year 2021-2022
- Egypt has quadrupled its exports of LNG and natural gas over the past eight years from 1.9 million tonnes to 7.2 million tonnes
Geostrategy
Global Islamic Refugee Fund launched, seeks to raise $400m
The funds are scheduled to be deposited in a trust account to finance programs as per the needs of refugees...
- The fund consists of an endowment account and a non-endowment account, to receive and invest donations per the principles of Islamic finance.
- Islamic Solidarity Fund for Development contributed $50 million to endowment account, and UNHCR contributed $50 million to non-endowment account.
Geostrategy
Jordan PM meets Iraqi, Syrian, Lebanese agriculture ministers
Jordan Prime Minister Dr. Bisher Khasawneh has a joint meeting with the agriculture ministers of Iraq, Syria and Lebanon.
- The Jordan PM stressed the importance of the four countries' cooperation to enhance sustainable food security.
- The PM said COVID-19 pandemic and Ukraine war have affected basic commodities supply chains.
Videos
Gender bias in MENA workforce raises concerns
The latest study on Diversity, Equality and Inclusion sheds light on the diversity gap in the region while offering solutions.
- Middle East – IMA and IFAC recently release DEI report: "Diversifying Accounting Talent in the MENA region: A Critical Imperative to Achieve Transformational Outcomes”.
- The study focuses primarily on gender, nationality, and ability within the MENA region, assessing deeply rooted issues inhibiting DEI progress within the accounting profession.
Geostrategy
UAE delegation attend meetings on sidelines of UNGA session
The UAE delegation attended the sixth day of high-level meetings on the sidelines of the 77th Session of the United...
- The meetings included a ministerial-level interaction with the Non-Aligned Movement.
- It also included meeting with the African Union.
Business
Sharjah Chambers discusses credit report, score for SMEs
The Sharjah Chamber of Commerce and Industry (SCCI) has hosted a webinar in cooperation with Al Etihad Credit Bureau (AECP)...
- The webinar discussed various topics including the comprehensive credit protection solutions provided by Al Etihad Credit Bureau.
- The credit protection solutions help companies improve risk management and make the right decisions when interacting with customers.
Business
GHD, Fraunhofer–Gesellschaft to help develop UAE hydrogen policy
The Ministry of Energy and Infrastructure (MoEI) of UAE announced that it had signed an agreement with GHD Group, in...
- UAE's National Hydrogen Strategy will help in formulating policies for energy-mix diversification strategies and net-zero targets by 2050.
- Crucial elements must be in place for a booming hydrogen-based economy, including proper infrastructure, technological readiness and market access.
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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
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
Company News
Latest News
Israel-Hamas conflict sparks global economic anxiety
With potential spikes in oil prices and uncertainty surrounding major projects like the IMEC, the world faces a complex economic...
Geostrategy
Infra investments crucial to Dubai’s growth and global allure
Dubai's iconic skyline and architectural marvels have garnered global attention, offering stunning views for visitors and residents alike. This allure...
Economy
Oxford Economics predicts 4.4% GDP growth for UAE in 2024
Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by...
Economy
Most Read
Economy
Oil prices spike as Hamas attack on Israel fuels supply fears
The attack and Israel's declaration of war in response to it have raised concerns that a potential broadening of the...
- The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high
- It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices
Business
Al Etihad Payments partners with NIPL to develop UAE Domestic Card Scheme
ABU DHABI, UAE – Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and...
- To be launched in early 2024, the card scheme will aim to facilitate the growth of e-commerce and digital transactions in the UAE.
- It will bolster financial inclusion, support the nation’s digitization, increase alternative payment options and enhance the UAE’s competitiveness.
Economy
UAE approves $52 billion federal budget for 2024-26
UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum, who chaired a meeting of the cabinet where the budget was...
- The UAE cabinet also announced the formation of the Financial Stability Board, led by Sheikh Mansour bin Zayed Al Nahyan, to fortify financial stability.
- This government also announced establishment of the Emirates Pharmaceutical Corporation to serve as the official regulatory body for medical and pharmaceutical products.