Governments must put creativity at the center of economic strategy: Report
Titled Creative Futures: The Springboard for Sustained Economic Growth and Diversification, the report argues that cultural and creative industries —...
Economy
Qatar announces $430 mn in support for Lebanon
A visiting Qatari official on Monday announced a multi-million dollar aid package for Lebanon, primarily to support the country's crumbling...
Economy
Economy
Stablecoins and DeFi drive crypto market’s renewed growth: report
The "2024 Crypto Spring Report" highlights the resurgence of the cryptocurrency market, fueled by institutional adoption, stablecoins, DeFi, signaling a...
- Another key driver of this positive shift is institutional investors' increasing adoption of blockchain technology
- Stablecoins offer a reliable store of value for individuals living in regions with economic instability or currency devaluation
Economy
GCC countries mobilize to build resilient industrial supply chains: report
GCC countries are prioritizing actions like near-shoring, international partnerships, and technology adoption to ensure supply chain adaptability and responsiveness, says...
- Saudi Arabia launched the Global Supply Chain Resilience Initiative to attract investments and position itself as a hub for leading industrial companies
- The UAE is focusing on strengthening its food supply chains through local production initiatives, logistics hubs, and advanced technologies
Economy
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
- The debt-to-GDP ratio in the MENA region has increased by over 23 percent in the past six years, according to World Bank report
- The report highlights a staggering increase of over 11 percentage points in the debt-to-GDP ratio in 2020 alone due to pandemic
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
- The IMF recommended that the ECB cut rates quarterly in quarter-point increments until September 2025
- Monetary policy in the GCC will remain tight, deterring some private sector investment
Business
Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
- The region has positioned itself as a hub for a diverse range of travelers, including job seekers, investors, artists, and even those merely passing through
- The GCC is becoming a hub for major cultural and entertainment events, from art exhibitions and live concerts to sports events
Economy
Despite sanctions, Iran oil exports hit six-year high: report
Tehran, Iran - Iran managed to sell an average of 1.56 million barrels per day during the first quarter of...
- The success in oil exports highlights the challenges faced by the US and EU in their efforts to exert pressure on Tehran
- Iran's Oil Minister Javad Owji stated that oil exports generated over $35 billion in revenue in the previous year
Economy
Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...
- West Texas Intermediate jumped 4 percent to $86 and Brent rose 3.9 percent to $90.5
- Asian stocks tumbled Friday, with Japan’s Nikkei slumping as much as 3.5 percent
From sand dunes to boardrooms: Strategies for success in challenging times
"Leadership teams must recognize that the livelihoods of their employees' families hinge on the stability of the business. Understanding that...
- When there is a significant decline in economic activity over a long period of time, retaining employees and attracting new talent also becomes difficult
- In smaller or medium-sized organizations, equipping your teams with the skills and knowledge to pivot products, services, and methodologies is crucial for instilling confidence
Economy
Low-pressure system eases over UAE: Dubai Airport delays remain
The Ministry of Interior has announced the end of the low-pressure weather system that wreaked havoc for many Dubai International...
- The UAE recorded its heaviest rainfall in the 75 years
- Dubai International Airport, a major travel hub, is barely functional
Economy
Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...
- The selling came after Wall Street's three main indexes tanked
- Investors appeared to ignore figures showing China's economy grew 5.3 percent in Q1, 2024
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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
Governments must put creativity at the center of economic strategy: Report
Titled Creative Futures: The Springboard for Sustained Economic Growth and Diversification, the report argues that cultural and creative industries —...
Economy
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India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...
Economy
Austrian university develops technique to renew buildings without demolition
Vienna, Austria - A research team from Graz University of Technology in Austria has succeeded in developing an innovative fastening...
Science
US Fed chair opens door to rate cut as Trump steps up pressure
Last year, the Fed chair used his keynote speech at the Jackson Hole Economic Policy Symposium to indicate the time...
Economy
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Economy
Less tax, more luxury: millionaires flock to Dubai for its zero income tax policy
Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy...
- The UAE and Dubai have long welcomed wealthy people from nearby countries, and people helping millionaires to move there told AFP it is seeing more Westerners joining the fray
- The Gulf state's golden visa scheme, meant to attract wealthy or skilled foreigners, allows individuals to obtain a 10-year residence permit
Science
Google to provide Gemini AI tools to US government
Google will provide its Gemini artificial intelligence tools to US federal agencies practically free, the government announced Thursday.
- A suite of AI and cloud computing services called "Gemini for Government" from Google is intended to speed the adoption of the technology across the US government
- AI tools being provided include generation of video, images, or ideas as well as digital "agents" capable of independently tending to complex tasks
Economy
Asian markets creep up as investors await key speech
Hong Kong, China - Asian markets edged mostly upward in muted morning trading on Thursday, one day before a key...
- US Federal Reserve Chairman Jerome Powell, who has resisted public demands by President Donald Trump to cut rates, is scheduled to deliver remarks Friday
- Data last week provided a mixed picture of US inflation, making it uncertain if the Fed will lower rates as many investors expect in September