Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
Dubai real estate sets all-time record in 2024
Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time...
Economy
European Central Bank to signal no rush to cut interest rates
The Frankfurt institute is tipped to pause for the third meeting in a row following a historic run of hikes...
- The ECB is "in no rush yet" to change course and governors may not even discuss cuts at this week's meeting, Deutsche Bank economists wrote
- "We expect Thursday's ECB press conference to again highlight the exceptionally low possibility of a rate cut before the summer," agreed Unicredit in an analyst note
Economy
Saudi Arabia lists priority specializations for Special Talent Residency
Riyadh, Saudi Arabia - Saudi Arabia's Premium Residency Center on Sunday revealed a list of priority specializations that qualify individuals...
- Saudi Arabia is actively seeking to attract top-tier talents and minds globally, encouraging them to reside and work in the country to foster development
- The specified specializations that make expatriates eligible for Special Talent Residency encompass a diverse range of sectors
Business
Quiet and not-so-quiet luxury at Paris Fashion Week
PARIS, FRANCE - The Paris Fashion Week menswear shows draw to a close on Sunday. Here are some of the highlights...
- Celebrity presence has always been a big part of the fashion game, with sporting tie-ups playing an increasingly big role.
- New York label KidSuper scored big by convincing Brazilian footballer Ronaldinho to walk the catwalk.
Business
UAE foreign investment projects second highest in world: UNCTAD
Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the...
- The number of these projects increased by 28 percent compared to 2022, said the UNCTAD report entitled “Investment Trends Monitor”.
- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized that the UAE is benefiting from the forward-looking vision of its leadership.
Business
ArcelorMittal wants ‘amicable solution’ on Italy steelworks
ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome...
- Italy considers the steelworks a strategic asset, but it has long been plagued by financial problems and environmental concerns.
- Talks with ArcelorMittal, which owns a 62-percent stake, had broken down over how to keep production going.
Business
Saudi GACA issues air carrier, airport classifications for December 2023
RIYADH, SAUDI ARABIA - The General Authority of Civil Aviation (GACA) issued its monthly classification index for air transport service...
- Flynas had the fewest complaints among airlines, 42 per 100,000 travelers and a complaint resolution rate of 100 percent.
- SAUDIA Airlines came second, with 61 complaints per 100,000 travelers and a resolution rate of 99 percent.
Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
- As final consumption continues to rebound, it will lead to consistent growth in production and import demand.
- There has been a continuous enhancement in the competitive capabilities of China's logistics enterprises.
Economy
Dubai GDP growth up 3.3 percent in nine months of 2023
Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy improved with a...
- Accommodation and food services activities witnessed a remarkable 11.1 percent growth, solidifying Dubai's position as a global tourism leader.
- Dubai's financial and insurance sector, a significant contributor to the economy, posted a growth of 2.7 percent.
Economy
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development.In this...
- The CEO of UPDA lay emphasis on the need for exchanging expertise and technologies in the field of urban development
- Al Khayat apprised the delegation about UPDA’s role in overseeing the policy of sustainable urban planning in the kingdom
Business
Cinema ticket prices in Saudi Arabia decline by 16% in 2023
Riyadh, Saudi Arabia - The average cinema ticket prices decreased by over 16% in 2023 compared to the previous year,...
- With 627 screens across 69 venues nationwide, Saudi Arabia's cinema sector is expanding at one of the fastest rates globally
- In 2022 and 2023, box office sales exceeded $240 million annually, with over 17 million cinema tickets sold in 2023 alone
Dubai ranks among world’s top 10 cities in Global Power City Index for second consecutive year
Dubai, UAE - Dubai has been ranked eighth worldwide and first in the Middle East in the Global Power City...
Economy
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China factory activity contracts for second straight month
Beijing, China - Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's...
Economy
UAE realty sector poised for growth as central bank forecasts 6.2% GDP growth in 2025
Factors such as increased foreign investment, ambitious urban projects, and favorable regulatory reforms are expected to propel the real estate...
Business
RTA launches Phase II Study of Intelligent Traffic Systems Initiative
Dubai’s Roads and Transport Authority (RTA) has started the study and design of Phase II of ITS Improvement and Expansion...
Economy
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Economy
UAE, Qatar Central banks keep interest rates unchanged towing the line with US Fed
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep interest rates unchanged, following...
- The US Fed funds rate was maintained at the 5.25% - 5.50% range
- The US Consumer Price Index (CPI) showed no increase in May
Economy
Saudi Arabia launches ‘National Semiconductor Hub’
At least 50 semiconductor design companies will be established in Saudi Arabia by 2030 after a new initiative was launched to develop...
- To be supported by deep tech venture capital fund that exceeds $266 million
- Hub is a strategic effort to establish a semiconductor design industry ecosystem in Saudi worth SR50 billion
Economy
Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives
Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future...
- "In the case of climate, we are not the dinosaurs. We are the meteor. We are not only in danger. We are the danger", says UN chief
- Sheikh Mohammed bin Rashid says: "We renew our call to the younger generations to make all efforts to ensure its [environment's] sustainability."