Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
Business
Business
EU terms blockade of Ukraine grain by Russia ‘real war crime’
EU foreign policy chief Josep Borrell said Monday that Russia should be held "accountable" if it keeps blocking the export...
- Western countries have demanded Moscow to stop blockading Ukraine's Black Sea ports to allow grain export
- French Foreign Minister insisted that "Russia must stop playing with global hunger" as it seeks leverage on the West
Business
DP World, Saudi Ports Authority to establish Jeddah Logistics Park
The port-centric park will boost Jeddah Islamic Port’s re-export activities and reduce the time and cost of logistics for importers...
- The port-centric park will boost Jeddah Islamic Port’s re-export activities and reduce the time and cost of logistics for importers and exporters
- It will also offer processing, labelling, fulfilment, consolidation, de-consolidation, and temperature-controlled storage for cargo
Economy
UAE-India trade to rise 120% to US$100bn in 5 years
The agreement is the first of its kind that the UAE has signed with any country, and it is India's...
- The agreement is the first of its kind that the UAE has signed with any country, and it is India's first with any country in the Middle East and the Gulf region
- The UAE’s foreign trade in 2021 recorded nearly AED1.9 trillion, growing 27 percent compared to 2020, and 11 percent compared to 2019
Economy
Asian markets and oil prices tank on recession concerns
Asian markets fell again Monday and oil prices extended losses on growing fears that central bank moves to rein in...
- The losses come after a sell-off last week fueled by the Federal Reserve's sharp interest rate hike last week, the biggest in nearly 30 years
- In early trade, Asian traders were struggling, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Jakarta and Wellington all in the red
Economy
Inflation, subsidy reform hit stomachs in isolated Iran
Inflation is making an unwelcome comeback globally -- stoked by high energy and food prices, driven largely by Russia's invasion...
- Economic analyst Saeed Laylaz believes price growth in Iran has exceeded 40 percent annually since 2018
- In Tehran's marketplaces, attention is focused on the consequences and effects of inflation, rather than its causes
Economy
UAE to attract super rich, say investment trends
One big factor for more HNWIs making their way to the UAE is the ongoing war in Ukraine which has...
- The UAE tops the list of the ten countries drawing net inflows of the wealthy in 2022, followed by Australia, Singapore and Israel
- The report titled "The flow of the world's wealthy in the second half of 2022", tracks private wealth and investment migration trends worldwide
Geostrategy
Russia eyes improved ties with Saudi Arabia, UAE
Putin and Arab leaders focus on boosting relations in various fields -- including technology, food security and energy -- during...
- Russia President Vladimir Putin and several Arab leaders stress on the importance of strengthening relations
- Relations in various fields -- including technology, food security and energy -- remain in focus during SPIEF 2022
Economy
DCCC holds talks on UAE-India free trade agreement
Dubai Customs Consultative Council held a meeting on the historic UAE-India Comprehensive Economic Partnership Agreement, expected to increase trade between...
- The UAE-India Comprehensive Economic Partnership Agreement is expected to increase trade between the two countries by 120 percent
- Due to CEPA, trade between the two countries is expected to reach US$100 billion within five years compared to US$45 billion currently
Videos
UAE set to lead MENA metaverse
Firms in the region are now offering better participation, levels of cooperation and communication to their staff through productive workspaces...
- At its broadest, metaverse combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies and other advanced technologies.
- As the next big market opportunity, the metaverse could provide nearly US$800 billion in revenue by 2024, Bloomberg Intelligence estimates show.
Economy
Sheikh Hamdan lauds success of Barakah Nuclear Plant
The UAE is continuing its move towards environmentally friendly energy sources to fulfill its international obligations regarding climate change and...
- The UAE is continuing its move towards environmentally friendly energy sources to fulfill its international obligations regarding climate change
- The country will achieve the objectives to diversify energy sources and its ambitious strategic initiative for climate neutrality by 2050
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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
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
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Gig economy accounts for up to 12% of the global labor market: WB
Washington, US – The ‘gig economy’ accounts for up to 12 percent of the global labor market—much higher than previously...
Economy
Expansion may offer limited economic boost to BRICS
The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them,...
Geostrategy
Qatar real estate trading crosses $143m in August 27-31 2023
DOHA, QATAR - The volume of real estate trading in non-residential sales contracts at the Department of Real Estate Registration...
Business
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Economy
US Treasury pushing to increase IMF funding by raising quota obligations
The comments from Jay Shambaugh, the Treasury's under secretary for international affairs, underscore the Biden administration's push for the IMF...
- An increase in quotas "will reduce its reliance on borrowed resources and provide the IMF with a more consistent and predictable level of resources," said Jay Shambaugh.
- The Treasury is also looking at ways to expand the influence of emerging markets and developing economies at the top of the IMF, he said.
Business
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.
- Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
- Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.
Business
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
- EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
- 9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.