Saudi Arabia surpasses homeownership goals, sets sights on 70% by 2030
The kingdom's housing program achieves remarkable success, surpassing targets and reducing waiting times from 15 years to immediate entitlement, revolutionizing...
Economy
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
Business
Morocco ‘breathing again’ as tourists return after Covid curbs
Morocco this week reopened land borders with the Spanish enclaves of Ceuta and Melilla, two years after they were shut...
- The city of Marrakesh, famous for its views of graceful red buildings set against palm trees and snow-capped mountains, has long drawn visitors
- The city was hard hit by a two-year collapse in tourism that saw arrivals to the North African kingdom plummet to just a third last year from 2019
Business
IMF and Pakistan to discuss release of funds as economy falters
Pakistani Prime Minister Shehbaz Sharif, who took power with a coalition that removed Khan in a no-confidence vote last month,...
- Pakistan has repeatedly sought international support for its economy, which has been hit by crippling national debt
- A six billion dollar IMF bailout package signed by former Prime Minister Imran Khan in 2019 was never fully implemented
Economy
Japan economy shrank as Omicron wave hit
Japan's economy shrank slightly in the first quarter of 2022, official data showed Wednesday, hit by Covid-19 restrictions and higher...
- Economists expect the economy to recover again in the April-June quarter now that virus restrictions have been lifted, but caution there are some caveats
- Wednesday's data showed the economy's rebound in the last quarter of 2021 was 0.9 percent, slightly weaker than an initial estimate of 1.1 percent growth
Economy
Stocks recover as Shanghai set to ease lockdown, reopen business
The impact of Beijing's zero-Covid strategy on the world's second-largest economy was revealed Monday when official data showed that retail...
- Much of the city of 25 million has been under lockdown since April as Beijing attempts to stamp out an Omicron-fueled virus surge.
- Tuesday's rally coincides with the third day in a row that Shanghai has recorded no Covid-19 cases outside of its quarantine facilities.
Business
Julphar Q1 sales up by 156 percent
Acquisition of Planet Pharmacies and growth in segment ops led to growth.
- Gross profit margin increased to 41 percent compared to 28 percent in the previous year.
- EBITDA from continuing operations increased to AED40 million in Q1 2022.
Economy
Quality education could add $2.54 trillion to global economy
A worldwide improvement in students’ capacity for problem-solving to the average level of today’s top 10 scoring countries could add...
- Children today need to find their way in an increasingly uncertain world – a post-pandemic world of climate change, automation and rapid digitisation, a WEF report said.
- The report suggested that investing in the workforce and supporting teachers to teach in new ways, using innovative teaching methods, is critical to unlock these skills.
Business
Morocco, Spain reopen borders after two-year closure
The gates opened shortly after 11:00 pm local time (2200 GMT) on Monday night, letting dozens of cars and queues...
- borders between the two countries were shut due to Covid restrictions and a major diplomatic row
- Local economies in the border areas of two enclaves depend on the crossing of people and goods
Geostrategy
Lebanon vote weakens Hezbollah bloc as reformists book gains
Scuffles and cases of voter intimidation were reported on polling day, although Interior Minister insisted when announcing partial results that...
- Lebanese Forces Party can emerge as the largest Christian party in Lebanon as it has won several new seats
- Some polling centers lacked electricity in Lebanon, voters had to use their phone lights to cast their ballots
Economy
Oil demand exceeded 2019 levels in March, production lags
New data from the Joint Organisations Data Initiative (JODI), a Riyadh-based international collaboration to improve the availability and reliability of...
- Oil demand in March was at 101 percent of 2019 levels, while crude production was only at 97 percent. Demand exceeded 2019 levels despite sharp declines in China
- Demand for gasoline, diesel, and LPG exceeded pre-COVID levels in March, but jet fuel demand was 25 percent lower than 2019 levels
Economy
NEOM will be subject to Saudi sovereignty and rules: Report
Saudi Arabia has rejected claims that its planned futuristic megacity known as NEOM will have different rules from the rest...
- NEOM is part of Crown Prince Mohammed bin Salman's Vision 2030 plan to diversify Saudi Arabia's oil-dependent economy.
- It has been billed as a futuristic cityscape evocative of a sci-fi blockbuster -- with everything from flying taxis to robot-maids.
Saudi Arabia surpasses homeownership goals, sets sights on 70% by 2030
The kingdom's housing program achieves remarkable success, surpassing targets and reducing waiting times from 15 years to immediate entitlement, revolutionizing...
Economy
Company News
ADNOC L&S gets new VLCC
Business
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At 5%, Middle East has highest GDP share from tourism: report
Dubai, UAE - The Middle East has seen the strongest rebound in the post-pandemic global tourism recovery, according to a...
Economy
Abu Dhabi to unveil one of world’s biggest airport terminal
Dubai, UAE - An airport terminal able to handle up to 45 million passengers a year will open in Abu Dhabi...
Business
Moody’s lowers Country Garden credit ratings
Beijing, China - Moody's further downgraded the credit ratings of Chinese property developer Country Garden on Thursday as the heavily indebted...
Business
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Economy
UAE economy expected to grow by 3.5 percent in 2023, says UBS
ABU DHABI, UAE - Chief Investment Officer, Emerging Markets at UBS Global Wealth Management Michael Bolliger forecasts the UAE's gross...
- The bank's positive outlook on the UAE’s medium-term growth prospects is supported by strong demand for its oil exports and energy investments.
- The bank also expects a strong 4.5 percent expansion for the non-energy part of the economy for this year.
Business
UAE industrial, business sectors see 4% rise in cumulative credit balance by H1 2023
ABU DHABI, UAE - Credit facilities provided by national banks to the business and industrial sectors rose by US$7.7 billion...
- Credit facilities by national banks to business, industrial sectors in UAE rose by US$7.7 billion in H1 2023.
- As per CBUAE’s figures the two sectors saw a 4 percent rise in cumulative credit balance to US$203 billion by the end of June 2023.
Business
Global construction industry projected to reach $12.9 trillion by 2028
Dubai, UAE -- The global construction industry is projected to reach a staggering $12.9 trillion by 2028, with a robust...
- The study says residential construction will continue to dominate, driven by rising per capita income and disposable income.
- The Asia Pacific region is poised to retain its leadership position, attributed to increasing urbanization and robust infrastructural development.