India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
Economy
Oil prices fall amid Israeli Palestinian cease-fire hopes, US crude stockpile building
Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories...
Economy
Economy
GCC, Korea discuss intra-trade during FTA talks
The two sides launched their negotiations on June 6, during which they discussed many topics aimed at enhancing investments between...
- The two sides launched their negotiations on June 6, during which they discussed many topics aimed at enhancing investments between the two sides
- Head of the GCC Negotiating Team, Abdurrahman bin Ahmed Al-Harbi stated that the agreements follow the directives of the leaders of GCC member states
Geostrategy
UAE tops Arab countries as best Foreign Direct Investment hub
The UAE remained the largest recipient of FDI with flows increasing from US$19.88 billion in 2020 to US$20.7 billion in...
- The UAE remained the largest recipient of FDI with flows increasing from US$19.88 billion in 2020 to US$20.7 billion in 2021
- The report showed that global flows of FDI recovered to pre-pandemic levels last year, reaching US$1.58 trillion, an increase of 64 percent compared to 2020
Economy
Sustainability meets affordability at smart UAE homes
With proliferation of smart home technology and advanced Wi-Fi connectivity, a smart home is achievable to anyone, says Sharjah Sustainable...
- With proliferation of smart home technology and advanced Wi-Fi connectivity, a smart home is achievable to anyone, says Sharjah Sustainable City CEO Yousif Ahmed Al-Mutawa
- The UAE is proactively embracing digital technologies to promote sustainability and ensure that GCC remains well-positioned to evolve into a power-packed digital economy
Economy
Saudi Industrial Production Index rises by 26 percent in April
Saudi Arabia's Industrial Production Index (IPI) in April 2022 increased by 26.7 percent compared to the same month last year....
- Growth attributed to the high production in mining, quarrying and manufacturing activity.
- The IPI is an economic indicator that reflects the relative changes of the volume of industrial output.
Economy
UAE strengthens ties, strategic partnership with South Korea
The UAE Minister held a series of high-level meetings with government and business leaders in South Korea to strengthen bilateral...
- The UAE Minister held a series of meetings with govt leaders in South Korea
- The Minister held meetings with business leaders in South Korea
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
India, Iran sign 10-year agreement to develop port project
Tehran, Iran - India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in...
Economy
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Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
Economy
RAKEZ, Indian Economic Trade Organization ink MoU to boost business ties
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Economic Trade Organization (IETO) have signed...
Business
UAE vows full backing for GCC economic integration by 2025
Dubai, UAE - The United Arab Emirates (UAE) has reaffirmed its commitment to advancing the economic integration of the Gulf...
Economy
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Economy
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...
- While developed countries currently dominate the demand for gig workers, the demand in developing countries is growing at a much faster rate
- Almost 60 percent of firms surveyed in poorer countries reported increased outsourcing to gig workers. In wealthier countries, less than half said the same
Geostrategy
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,...
- The anticipated inclusion of six nations into BRICS, including Saudi Arabia and UAE, is expected to ease tensions among them, and foster increased bilateral collaboration
- After expansion, the bloc will represent 30% of global GDP, 45% of the population, control 80% of oil production, and account for 16% of global trade by next year
Business
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...
- The total sales contracts for residential units in the Real Estate Bulletin during August 27-31 reached US$75 million.
- The real estate trading in sales contracts in the non-residential category during August 27-31 reached US$ 68 million.