Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
Business
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.
Geostrategy
Venezuela President talks cooperation with Qatar emir
Venezuela's President Nicolas Maduro met Wednesday with Qatar's Emir Tamim bin Hamad Al-Thani in the gas-rich Gulf nation, his fifth...
- The talks focused in particular on "energy, the economy, investment, agriculture and tourism."
- Maduro visited Iran at the weekend where he signed a 20-year cooperation agreement with the Islamic republic
Geostrategy
Turkey to host meeting with UN, Russia, Ukraine for export of grains
Turkey is ready to host a four-way meeting with the United Nations, Russia, and Ukraine to organize the export of...
- Millions of tons of wheat are currently stuck in Ukrainian ports, either blockaded or occupied by Russian forces, and vessels face the danger of mines
- The UN Secretary-General's spokesman Stephane Dujarric said Ankara had an important role in resolving the situation which has raised the prospect of worldwide food shortages
Economy
Tunisia union demands salary hike on nationwide strike
Up to three million workers could observe the strike, shuttering 159 state agencies and public companies and bringing public transport,...
- Up to 3 million workers could observe the strike, shuttering 159 state agencies, public companies and bringing public transport to a halt
- In a statement on Wednesday, the UGTT union said workers would hold this strike to defend their economic and social rights
Economy
GCC central banks raise interest rates
Taking a cue from US Federal Reserve's decision to hike interest rate, Saudi Arabia, the UAE, and Bahrain have raised...
- The Saudi central bank raised repo rate by 0.5 percent to 2.25 percent from a previous 1.75 percent, and the reverse repurchase agreement (reverse repo) rate by 0.5 percent
- The UAE was quick to follow Saudi Arabia in hiking interest rate
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
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Saudi tourism on growth path despite hiccups
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DFM adds new investor accounts
Business
Saudi Industrial Production Index falls third month in a row
Riyadh, Saudi Arabia -- Saudi Arabia’s Industrial Production Index (IPI) fell for the third month in a row, declining by...
Economy
Russia to cancel tourist visas to four Gulf countries
Speaking at the Eastern Economic Forum (EEF), Russia's Minister of Economic Development Maxim Reshetnikov said that his country has offered...
Economy
Iran’s oil exports to China touch all-time record in August
Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according...
Economy
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Economy
‘Saudi Arabia emerges as a leader in digital economy’
"Today, the Kingdom takes pride in its advanced technological sector, which has solidified its regional and global position as a...
- Saudi Arabia ranks second in digital competitiveness among G20 countries, fourth globally in the Digital Readiness Index, and garnered $446m in venture capital investments in H1
- Women's participation in Saudi sectors rose from 7% to 33%, the Kingdom launched the world's largest virtual hospital, and introduced the first Arab and Muslim female astronaut
Economy
GCC chief highlights private sector’s role in sustainable Gulf economy
Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient...
- The secretary general was speaking at the the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain
- He pleaded for increased cooperation between the GCC and the Gulf private sector to tackle the myriad challenges facing the region
Economy
Kuwait unveils economic reform program, to focus on diversification
Kuwait City - Kuwait has announced a comprehensive economic reform plan for 2023-2027 to address various challenges facing the country’s...
- The program aims to upgrade Kuwait's monetary markets rating in FTSE Russell Indexes from emerging markets to advanced emerging markets
- In the petrochemical and oil sector, the government aims to increase oil production to 3.15 million barrels a day and refinery capacity to 1.45 million barrels a day