Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
Powell indicates Fed won’t wait until inflation is down to 2% before cutting rates
Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut...
Economy
Business
Aramco, Sinopec to partner on projects in Saudi Arabia, China
This latest collaboration builds on existing joint ventures between the two companies.
- This latest collaboration builds on existing joint ventures between the two companies
- The companies will discuss the establishment of a manufacturing hub in King Salman Energy Park
Economy
OPEC+ agrees small oil output rise despite Biden plea
The cartel led by Saudi Arabia and Russia decided to raise production by 100,000 barrels per day for September, much...
- Biden made a controversial trip to Saudi Arabia in July in part to convince the kingdom to loosen the production taps to curb rampant inflation
- Saudi Arabia faced a balancing act between its old ally, Washington, and its OPEC+ partner Moscow, which has been hit by Western sanctions over the Ukraine invasion
Economy
Saudi job numbers see big jump in July, highest in three years
Due to an improvement in business conditions in July, Saudi Arabia has posted a strong growth in job numbers in...
- The report said that the improved business conditions resulted in stronger demand for talents, which has now reached the highest since September 2019
- It further added that Saudi Arabia faced slightly lower inflation in July but still marked the second fastest price increase since August 2020
Economy
Qatar Broad Money Supply hits $185 billion by June 2022
Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3...
- Cash equivalents; including Commercial Bank Deposits, attained for approximately QR 984 billion during June 2022.
- The report noted the increase in deposits and credit facilities for commercial banks at a monthly rate of 1.7 percent and 0.7 percent.
Business
UAE accounts for 25 percent of MENA digital media subscriptions: Report
UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030,...
- UAE’s publishing sector has grown by 150 percent during the current decade and it will reach $650 million in 2030.
- The global media and entertainment services sector will reach $2.4 trillion in 2023.
Economy
Respite for Erdogan: Turkish inflation stabilizes at under 80 percent
The official annual rate of consumer price increases reached 79.6 percent in July compared to 78.6 percent in June. Turkey...
- Turkey now has a real interest rate of negative 64.4 percent the lowest in the world by a substantial margin.
- This means that Turks have a strong incentive to spend as much as they can before their liras lose even more value.
Economy
Metaverse Strategy set to position emirate as global Web3 hub
Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector.
- Dubai is already home to more than 1,000 companies in the metaverse and blockchain sector
- The DMS aims to support more than 40,000 virtual jobs and add $4 billion to Dubai’s economy
Economy
US Fed official sees hope for US and EU to keep recession at bay
A US central bank official still sees hope for the US and EU to avoid recession and achieve a soft...
- James Bullard said at New York Univeristy that a soft landing is feasible in the US and the EA (euro area)
- US inflation hit 9.1 percent in June, the highest in four decades
Economy
UAE’s Ministry of Climate Change and EDB partner to help SMEs
The Ministry of Climate Change and Environment (MoCCAE) and Emirates Development Bank (EDB) have joined hands to set up a...
- The partnership will contribute to the UAE’s sustainable economic development and food security
- The MoU aligns with ministry's endeavors to scale up local agricultural production to increase the sector’s role in strengthening the country’s food security
Geostrategy
China hits Taiwan with fresh trade curbs as Pelosi visits
The trip by Pelosi, who is second in line to the presidency and the highest-profile elected US official to visit...
- The trip by Pelosi, who is second in line to the presidency and the highest-profile elected US official to visit Taiwan in 25 years, has ignited a diplomatic firestorm
- China's Customs Administration said Wednesday it would suspend some citrus fruits and fish imports from Taiwan
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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
Dubai’s GDP tops $31.3 bn in Q1 2024, growing 3.2%
The financial and insurance sector saw a 5.6% rise, reaching USD 4.1 billion (AED 15.1 billion), supported by significant growth...
Company News
Latest News
NASA capsule brings to Earth first major asteroid sample
Dugway, United States-- A seven-year space voyage came to its climactic end Sunday when a NASA capsule landed in the desert...
Science
Jordan, Egypt and Iraq pledge to boost ties in economic and political fields
New York, US-- Jordan, Iraq, and Egypt have pledged to cement the partnership between themselves in order to boost cooperation...
Economy
UAE most competitive MENA economy
The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.
Infographics
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Geostrategy
Two weeks after calamity, Libya flood toll surpasses 3,800
Many of the dead are believed to have been swept out to sea, from where their bodies are still washing...
- A total of 3,845 people are now confirmed to have died, said Mohamed Eljarh, spokesman for the relief committee
- He said the figure included only those whose burial had been recorded by the health ministry, so it is "expected to rise every day"
Business
China-Arab States Expo kicks off, highlighting deep trade ties
Yinchuan, China--The sixth China-Arab States Expo commenced today in Yinchuan, northwest China's Ningxia Hui Autonomous Region, marking yet another chapter...
- WIth more than 1,000 entities participating in the expo, it showcases innovations from 18 trailblazing companies across various sectors
- The main highlight of the event in northwest China is the clean energy section, themed “Deepen Energy Cooperation, Create a Green Future”
Geostrategy
Egypt, Sudan and Ethiopia restart Nile dam talks
The massive $4.2-billion dam built by Ethiopia has stoked tensions with Egypt and Sudan as they fear the dam will...
- The three countries, according to Ethiopia's foreign ministry, started a second round of negotiations in Addis Ababa
- Egyptian President Abdel Fattah al-Sisi and Ethiopian Prime Minister Abiy Ahmed agreed in July to finalise a deal within four months