Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....
Economy
Economy
UAE adopting membrane technology to desalinate water
In 2021, the UAE launched a strategic initiative to become carbon-neutral by 2050.
- In 2021, the UAE launched a strategic initiative to become carbon-neutral by 2050
- In 2018, the country put into action the National Water Security Strategy 2036
Economy
Ukraine to receive $1.5bn in aid from World Bank
The World Bank on Tuesday approves an additional $1.5 billion in aid for Ukraine, bringing the total planned support package...
- The new financing from World Bank to Ukraine will be used to pay wages for government and social workers
- According to Zelensky, Ukraine's government needs a total of $7 billion aid in a month to continue to function
Economy
Baghdad Metro project to be included in Iraqi budget
The 96-kilometers-long ring road project which is currently in the design phase will be completed in four phases.
- The 96-kilometers-long ring road project which is currently in the design phase will be completed in four phases
- There are several projects to relieve the traffic bottlenecks, including the five entrances to the capital project, a government spokesman said
Economy
UAE secures 32% of Japan’s crude oil needs in April
The Agency for Natural Resources and Energy in Tokyo.reported that the amount of crude oil that Japan imported during that...
- The Agency for Natural Resources and Energy in Tokyo.reported that the amount of crude oil that Japan imported during that month amounted to 87.59 million barrels
- Ninety three percent of this originated from seven Arab countries: UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, Oman and Algeria
Geostrategy
Countries hand motion censuring Iran to IAEA
The United States, Britain, France and Germany have submitted a motion to the UN atomic energy watchdog to censure Iran...
- It is a sign of growing Western impatience after talks to revive the 2015 landmark nuclear accord with Iran stalled in March
- The vote on the motion is likely to happen on Wednesday or Thursday but Russia refused to be associated with the resolution
Geostrategy
Protesters end blockade as East Sudan governor resigns
A coalition of tribes in East Sudan announced on Tuesday the end of a sit-in which blocked roads to the...
- Beja tribes of Sudan ended their sit-in protest against a 2020 peace deal which they demanded to be scrapped as the Red Sea state governor resigned
- Army chief called the upcoming meeting with civilian groups a "historic opportunity" but the civilians have refused to take part
Arts & Culture
Widening cultural offerings add to Dubai’s growth
Alternative cinematic content is helping the emirate's creative economy diversify and contribute to its GDP, Butheina Hamed Kazim, Founder and...
- Alternative cinematic content is helping the emirate's creative economy diversify and contribute to its GDP, Butheina Hamed Kazim, Founder and MD of Cinema Akil tells TRENDS
- The Dubai Creative Economy Strategy seeks to raise the economic contribution of the creative economy to 5 percent of the emirate’s GDP by 2025
Business
Wall Street stocks down as World Bank lowers global growth outlook
Wall Street stocks fell early Tuesday as the World Bank slashed its global growth outlook and Target warned of lower...
- The World Bank cut its growth estimate for the global economy to 2.9 percent, 1.2 percentage points below the January forecast.
- The broad-based S&P 500 fell 0.5 percent to 4,100.91, while the tech-rich Nasdaq Composite Index also declined 0.5 percent.
Economy
Saudi GDP up nearly 10 percent in Q1 on oil activities
The Gross Domestic Product (GDP) of Saudi Arabia grew by 9.9 percent in Q1 of 2022 compared to Q1 of...
- The GDP Report for Q1 2022 was released by the General Authority for Statistics (GASTAT).
- The growth in Saudi's GDP is due to a surge in oil activities by 20.3% in Q1 2022 compared to Q1 2021.
Economy
GCC economies to grow by 5.9% in 2022: World Bank
The current rebound is due mainly to strong growth in oil exporters boosted by rising oil revenues and a general...
- In Saudi Arabia, strong oil production growth and a robust recovery in the non-oil sector is expected to drive
- The United Arab Emirates should also benefit in the near term from rising oil prices
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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
Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...
Economy
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DEWA presses into service seven 132 KV transmission substations in H1
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has pressed into service seven new 132 transmission substations in the first half...
Business
Oil prices climb to highest level in seven months on supply fears
Dubai, UAE--Oil prices rose to their highest in over half a year and snapped a two-week losing streak, buoyed by...
Economy
Iran and Syria sign agreement to build rail connection via Iraq
Tehran, Iran-- Iran and Syria have signed an agreement to connect the rail network between the two countries through Iraq....
Economy
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Business
Iraqi Trade Center to be launched at ACC’s headquarters in Jordan
AMMAN, JORDAN - Amman Chamber of Commerce (ACC) and the Iraqi Embassy here agreed to open Iraqi Trade Center at...
- The center's inauguration will allow Jordanian and foreign businesspeople to view investment opportunities offered by the Iraqi government.
- The center will provide Jordanian companies with the opportunity to learn about Iraqi industries and agricultural products.
Business
Leather, knitwear industries contribute 2.4% to GDP, says JCI
AMMAN, JORDAN - Representative of the leather industries and knitting sector at Jordan Chamber of Industry (JCI), Ehab Qadri, said...
- The sector's exports achieved a "remarkable" growth during the past year by nearly 21 percent, reaching $2.3 billion, compared to 2021.
- The sector, as per data from Social Security Corporation, employs around 76, 000 workers, constituting 27 percent of the total workforce.
Economy
China’s industrial sector posts robust growth in 2023
Beijing, China--China has reported robust progress in its industrial development this year, marked by significant milestones in several sectors, according...
- The country took a big leap in renewable energy, unveiling the world's premier 16-megawatt offshore wind turbine, showcasing its deep-sea wind power construction proficiency
- Its entrepreneur confidence index and prosperity index for strategic emerging industries posted robust growth, strengthening the positive trajectory of China's economic landscape