The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reported China’s consumer price index climbed...
Economy
Economy
Abu Dhabi Chamber holds session on Emiratization in private sector
The Abu Dhabi Chamber of Commerce and Industry has organized an awareness session on increasing Emiratization rates in the private...
- A number of topics were discussed during the session including encouraging young Emirati talents to join the private sector
- The UAE government has announced a comprehensive federal program 'Nafis' for increasing Emiratization rates in the private sector
Economy
Saudi Arabia’s Industrial Production Index grows by 24 percent in May
Saudi Arabia’s Industrial Production Index (IPI) grew by 24 percent in May 2022 compared to the same period last year....
- The growth is the third highest rise in the last three years, according to the kingdom’s General Authority for Statistics (GASTAT).
- GASTAT said the growth of the IPI turned positive in May 2021 after a long period of negative growth rates in 2019 and 2020, partly impacted by Covid 19.
Economy
World population set to reach 8bn this year, says UN
The world's population is expected to hit eight billion on November 15, the UN forecast Monday in a report that...
- The forecast by the UN Department of Economic and Social Affairs said the world's population is growing at its slowest pace since 1950
- It should hit 8.5 billion in 2030 and 9.7 billion in 2050, peaking at around 10.4 billion people in the 2080s before steadying at that level until 2100
Business
Three first phase buildings of Grove District sell out: Aldar
37% of sales were completed by non resident investors, 27% by expatriate residents, and the remainder by UAE nationals.
- 37% of sales were completed by non resident investors, 27% by expatriate residents, and the remainder by UAE nationals
- Due to increased demand, apartments at Grove Gallery Views are now available for purchase by buyers of all nationalities
Economy
Fear of global slowdown worries Gulf economies
The global economic stagnation is expected to impact the GCC growth due to the decline in industrial and economic activities...
- Economic stagnation has been a concern in many countries worldwide, especially in the Gulf states
- Economic stagnation is a concern in light of the growing inflation, rise in interest rates and disruption in supply chains
Economy
What led to Sri Lanka’s economic ruin and what lies in store?
Under the rule of the Rajapaksa clan, Sri Lanka moved closer to China and borrowed billions of dollars for vanity...
- Even with help from India and others, in April the country defaulted on its $51-billion foreign debt pile.
- Unofficial inflation rates are second only to those of Zimbabwe, making many goods -- if they can be found -- too expensive for many people to afford.
Videos
Dubai tourism achieves robust growth in 2022
The sector recovered fast in the emirate after the easing of Covid-19 restrictions, registering a 203 percent increase in the...
- The increased flow of tourists helped improve hotel occupancy across the emirate, which reached 76 per cent during the period, the highest globally in Q1.
- Successful handling of the pandemic, a safe environment for travelers and world-class infrastructure have contributed towards the rising tourist inflow.
Economy
Regional projects vital for future, says Jordan’s King Abdullah
King Abdullah spoke about Jordan's Economic Modernization Vision for the next decade which seeks to sustain recovery the COVID-19 pandemic....
- King Abdullah spoke about Jordan's Economic Modernization Vision for the next decade which seeks to sustain recovery from the COVID pandemic.
- The vision plans for the coming years by capitalizing on opportunities in the Kingdom, especially amid the impact of the Ukrainian crisis.
Arts & Culture
Reforms crucial to revive pandemic-hit culture sector
The sector also saw a decline of 25 percent of its Gross Value Added in 2020. However, while most of...
- The culture was one of the most seriously impacted sectors globally due to COVID-19 pandemic, with more than 10 million jobs lost in 2020 alone
- Revenues from the digital creative economy totalled US$2.7 billion globally in 2020, over a quarter of the sector’s overall revenue, says a report
Economy
Growth in focus as UAE signs CEPAs with key nations
Since February this year, the Gulf country has inked Comprehensive Economic Partnership Agreements with India, Indonesia and Israel. Trade deal...
- Since February this year, the Gulf country has inked Comprehensive Economic Partnership Agreements with India, Indonesia and Israel.
- This month, the country will sign its fourth CEPA with Colombia and is in negotiations with Turkey and several African and East Asian countries
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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
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
Economy
Company News
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Libya flood toll is partly due to years of division, say analysts
TRIPOLI, LIBYA - Over a decade of bloody power battles in Libya have resulted in vital infrastructure falling into disrepair, culminating...
Geostrategy
IMF criticizes Lebanon for failure to adopt reforms
The International Monetary Fund renewed its criticism of Lebanon for failing to enact reforms demanded by creditors in return for...
Economy
Dubai real estate transactions worth over $3.4bn in week ending September 15
DUBAI, UAE - A total of 2,329 real estate transactions worth over US$3.4 billion (AED 12.7 billion) were conducted during...
Business
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Geostrategy
Transfer of Iran’s unfrozen foreign assets to Qatari banks soon
TEHRAN, IRAN – The foreign minister of Qatar said the procedures for the transfer of Iran’s unfrozen foreign assets to...
- Qatar has been a mediator in talks that led to a prisoner exchange deal between Iran and the United States.
- The deal involves the release of five prisoners from each side and the unfreezing of some US$6 billion worth of Iranian funds.
Economy
Nearly two-thirds of Saudi Arabian employees lack enhanced digital skills
Riyadh, Saudi Arabia - A substantial 62% of employees in Saudi Arabia are eager to acquire improved digital skills in...
- The findings also exposed a troubling trend, with 45% of respondents expressing concerns about job security due to their perceived lack of IT competencies
- The survey also highlighted a specific group within the workforce most apprehensive about job security – department heads and top managers
US approves most Egypt aid despite rights alarm
Egypt is one of the largest recipients of US military aid, dating to its historic normalization of relations with Israel...
- The $1.215 billion package marks the third straight year that US government has waived some restrictions imposed by Congress on aid to Egypt
- "This decision reflects that Egypt is making a specific and ongoing contribution to US national security priorities," a State Department official said