Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
Economy
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Economy
MEASA has world’s highest growth potential but untapped largely: Report
Middle East, Africa and Southern Asia (MEASA) has the world’s highest growth potential, according to a report by the New...
- Over the last decade, MEASA GDP per capita has almost doubled in real terms, outpacing the growth of the rest of the world.
- However, while this century's entire world population growth projected will originate from MEASA, yet it accounts only for 15 percent of global GDP.
Business
Saudi Arabia inks investment deals worth $4bn in Q1
Saudi Arabia finalized investment worth SR15.2 billion ($4 billion) in the first quarter of 2022 and closed 101 investment deal...
- The country finalized 101 investment deals in the first quarter of 2022
- The investments reflect a 225 percent increase from the same period last year
Business
Iraq approves $17bn to pay Iran gas debt and buy grain
Iraq passed Wednesday an emergency finance bill to pay debts to Iran to ensure gas supplies and forestall worsening power...
- Iraq's agricultural sector contracted by 17.5 percent last year "following severe droughts, energy outages, and the rising global price of inputs", according to the World Bank
- Despite its immense oil and gas reserves, Iraq remains dependent on imports to meet energy needs
Economy
Women in MENA workforce could hike GDP by $2 trillion: Study
World Bank data indicates only 40% of working-age women in the GCC are employed, even though they are increasingly better...
- World Bank data indicates only 40% of working-age women in the GCC are employed, even though they are increasingly better educated
- Young women face an “expectations vs. reality” gap between their ambitions and their experiences of employers
Geostrategy
European sanctions will wipe out Russia’s 15 years of economic gains
Sanctions imposed on Moscow over the invasion of Ukraine are rolling back more than a decade of economic progress and...
- According to IIF report, Russian economy will contract by 15 percent in 2022 and another three percent in 2023
- The damage will make it more costly for Russian president Vladimir Putin to continue the war
Economy
With inflation on rise, ECB readies tougher action
The European Central Bank is set to announce the end date to its bond-buying stimulus on Thursday, as concerns over...
- Inflation in the eurozone rose to 8.1 percent in May, the highest level in the history of the currency club and well above the ECB's own two-percent target
- The surge has largely been driven by the war in Ukraine, which has decisively pushed up the cost of energy, food and raw materials
Business
Sharjah sees Dh6bn in real estate deals in Q1
The emirate is currently witnessing the launch of related commercial, industrial and residential projects in various cities.
- The emirate is currently witnessing the launch of related commercial, industrial and residential projects in various cities
- Al Shamsi also highlighted the importance of the acres real estate exhibition, which the Sharjah Real Estate Registration Department organises annually
Economy
UAE Central Bank predicts country’s GDP to grow by 4.2 percent in 2023
The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent...
- In its Annual Report for 2021, the CBUAE estimated the non-oil GDP growth to reach 3.9 percent in 2023.
- The oil GDP growth will reach 5 percent in 2023, compared with earlier estimates of 3.4 percent.
Economy
World economy will pay a ‘hefty price’ for Ukraine crisis: OECD
The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it...
- The Paris-based organization, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict.
- The OECD noted that commodity prices had risen, hitting real income and spending, "particularly for the most vulnerable households".
Geostrategy
One third of humanity is still totally offline: UN report
The Global Connectivity Report 2022 argues that while easy, affordable access to fast broadband is near-ubiquitous in most rich-world nations,...
- The report advocates for putting 'universal and meaningful connectivity' at the center of global development.
- The cost of broadband subscriptions and digital devices remains a major barrier to connectivity, the report says.
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Iraqi Prime Minister unveils action plan to revitalize local banking sector
The Iraqi government, in collaboration with the Central Bank of Iraq, will provide support for local Iraqi banks through foreign...
Economy
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stc buys stake in Telefónica
The group invests in information, communications and technology sectors.
Business
Healthcare sector in Qatar witnesses remarkable growth, says IPA Qatar
Doha, Qatar--Sustained investment in healthcare infrastructure in Qatar has seen a rapid transformation in the sector as promotion of health...
Economy
Saudi Arabia and Russia extend oil cuts, Brent crude price up
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another...
Business
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Economy
G20 per capita coal emissions growing: research
According to the research published by Ember, an energy thinktank that pushes for renewable power, per capita G20 coal emissions...
- Countries such as Britain, Germany and the United States were able to significantly decrease per capita emissions
- But at the same time, other countries, including G20 host India, Indonesia and China, all saw their emissions rise
Economy
Saudi Arabia to invest $25bn over next five years: Pakistan interim PM
Islamabad, Pakistan - Pakistan's caretaker Prime Minister, Anwaar-ul-Haq Kakar, announced on Monday that Saudi Arabia plans to invest up to...
- The investment is part of a concerted effort to boost foreign direct investment in the South Asian nation
- Pakistan is believed to possess untapped mineral deposits conservatively valued at around $6 trillion
Economy
BRICS’ share in global GDP to rise to 30% from January 2024: Indian bank
New Delhi, India - The share of the BRICS (Brazil, Russia, India, China, South Africa) group in the global Gross...
- Currently, China is the largest contributor to the aggregate GDP of BRICS, with a staggering 70% share, followed by India at 13%, Russia at 8%, Brazil at 7%, and South Africa at 2%
- One of the most significant impacts of the new members joining BRICS will be on global oil production, which is expected to increase from 18% to 40%