Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...
Economy
Economy
Halal tourism eyes recovery as COVID-19 norms ease
The recovery process of the sector remains fragile and could be disrupted by the ongoing war in Ukraine, fuel price...
- The recovery process of the sector may get disrupted by the ongoing Ukraine war, fuel price rise, and other potential health threats, say experts.
- The pre-pandemic projection of 230 million arrivals by 2026 will now be reached in 2028 with an estimated expenditure of USD$225 billion, they add.
Geostrategy
‘Delay in govt formation, budget approval to hit Iraq’s economy’
A report issued by the World Bank warns of the delay in forming a government in Iraq and of not...
- A World Bank report warns of the delay in forming a government in Iraq
- Report warns of impact of budget's non approval on the country's economy
Economy
Venezuelan President calls on Qataris to invest in his country
President of Venezuela Nicolas Maduro, called on Qatari businessmen to invest in his country, to enjoy the benefits offered by...
- President of Venezuela Nicolas Maduro reviewed opportunities for tourism and investment cooperation
- Maduro said his government has developed plans to promote 18 vital sectors for the economy
Economy
UAE highly values intellectual property system, fosters innovation: Al Marri
The UAE attaches great importance to developing the intellectual property (IP) system and encouraging innovators and creators and the country...
- UAE Minister of Economy Abdullah bin Touq Al Marri stated this during meetings with World Intellectual Property Organisation, UNCTAD, WEF officials.
- The meetings were held on the sidelines of the UAE's participation in WTO's 12th Ministerial Conference (MC12) held recently in Geneva, Switzerland.
Geostrategy
Saudi crown prince to visit Turkey on June 22: Turkish official
Saudi Crown Prince Mohammed bin Salman will visit Turkey on June 22, a Turkish official said on Friday. The details...
- Turkish President Recep Tayyip Erdogan had already paid a visit to Saudi Arabia in late April, where he met the prince before travelling to Mecca
- According to the Turkish official, other details related to Saudi crown prince visit will be announced "over the weekend"
Economy
WTO strikes landmark deals package after tense talks
The World Trade Organization concluded hard-won deals Friday on fishing subsidies, food insecurity and Covid-19 vaccines in a landmark bundle...
- The ministerial conference also agreed on deals on e-commerce, responding to pandemics and reforming the organisation itself
- The last ministerial conference in Buenos Aires in December 2017 was seen as a flop after failing to strike any heavyweight deals
Economy
Dubai records decade-high sales transactions in May
Mo’asher’s data for May highlights the continuous positive performance of Dubai's real estate sector throughout 2022.
- The emirate's real estate market recorded a total of 6,652 sales transactions in May 2022, a 52 percent increase in volume and a value growth by 66 percent
- Mo’asher’s data for May highlights the continuous positive performance of Dubai's real estate sector throughout 2022
Economy
Fuel prices hit record highs in Morocco
Petrol prices rose to record highs in Morocco on Thursday, fuelling anger among unions who demanded the government of energy...
- Morocco has seen months of rising prices and growing calls for caps on energy firms' profits
- The government has so far refused to reinstate fuel subsidies removed in 2015, but has doubled its budget for subsidising cooking gas
Economy
Bank of England hikes interest rate for fifth consecutive time
British economic output declined for the second month in a row in April, weighed down by rocketing prices that are...
- BoE policymakers agreed at a regular meeting to increase the cost of borrowing by a quarter-point to 1.25 percent.
- Pound fell 1 percent against the dollar following the announcement, one day after the Federal Reserve hiked US interest rates.
Business
Qatar Airways posts record profit
The profit result was "200 percent above its highest annual historical profit".
- Qatar Airways, the Middle East's second biggest airline after Emirates, had reported in September last year an overall loss of $4.1 billion in the 2020-2021 financial year.
- The Qatari airline said it carried 18.5 million passengers in 2021-2022, an increase of 218 percent over the previous 12-month period.
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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
Exports key target of GCC hydrogen strategies
Clean hydrogen could be bigger than the oil and gas economy for the region, says Jo Bamford, chairman of HYCAP,...
Business
Company News
Latest News
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.
Business
$341bn in non-oil trade between UAE, G20 countries: UAE Minister
New Delhi, India - The non-oil trade between the UAE and G20 countries in 2022 hit $341 billion, which is...
Economy
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...
Economy
Most Read
Economy
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...
- According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
- The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors
Economy
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...
- With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
- The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks
Economy
China’s digital economy surged by $4 trillion from 2016 to 2022
Tianjin, China - The digital economy in China surged by $4.1 trillion from 2016 to 2022, which works out as...
- By 2022, the scale of China's digital economy had reached an impressive $6.99 trillion, constituting a substantial 41.5% of the nation's GDP
- China has established over 1,700 digital workshops and smart factories and more than 240 industrial internet platforms