Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Abu Dhabi targets 39.3 million visitors by 2030
Emirate's new tourism strategy aims to increase the sector’s contribution to GDP from $13.34 billion in 2023 to $24 billion...
Business
Business
Dubai real estate market records highest single-quarter deals since 2010
Dubai real estate market recorded the highest number of transactions since 2010 registered in a single quarter and the highest...
- Q1 2022 recorded a total of 20,539 sales transactions worth AED 55.51 billion ($15.11 billion).
- The quarter had the highest number of rental contracts ever recorded in a single quarter and it had a total of 160,530 rental contracts.
Economy
Humanity stuck in ‘spiral of self-destruction’: UN
Humanity is suffering from a "broken perception of risk", spurring us into activities and behaviours that cause climate change and...
- The report estimated that by 2030, we will be experiencing 560 disasters around the world every year -- or 1.5 disasters every day on average
- The sharp rise in disasters globally could be attributed to a "broken perception of risk based on optimism, underestimation and invincibility," UN said
Economy
China expands mass testing as lockdown fears grow
Under its zero-Covid policy, China has used strict lockdowns, mass testing and severe travel restrictions to stamp out infections. But...
- China is struggling with a new wave coronavirus infections, and it reported 52 new Covid deaths on Tuesday
- Officials ordered people in 12 central districts to undergo three rounds of PCR testing
Economy
Asia facing ‘stagflationary outlook’ amid Ukraine war: IMF
The Asian region faces a "stagflationary" outlook with economic growth being lower than previously expected and inflation being higher, a...
- The regional outlook, which follows the World Economic Outlook released last week, shows the growth forecast for Asia cut to 4.9 per cent
- Inflation is now expected to rise 3.2 per cent this year, a full point higher than expected in January
Analysis
New trends drive Arab automotive growth
From pre-owned cars to electric vehicles, a number of trends are driving the growth of the automobile sector in countries...
- Saudi imports of cars grew from 544,000 in 2020 to over 546,000 in 2021
- Around 28% of those polled in the UAE said they prefer to buy a used car online
Business
UAE and Egypt to boost investment and cooperation
UAE’s Minister of Industry and Advanced Technology Sultan bin Ahmed Al Jaber reviewed bilateral relations with Mostafa Madbouly, Prime Minister...
- This includes traditional and renewable energy, advanced industries, infrastructure, tourism, agriculture
- The two discussed on wind and solar energy, and finding opportunities for sustainable joint investments
Economy
New housing package worth $1.71 billion approved for UAE citizens in Dubai
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has approved a new housing package worth AED 6.3 billion ($1.71 billion)...
- The package includes housing and land allotments for 4,610 Emiratis in the city, on the occasion of Eid al-Fitr and as part of the Housing Program for Dubai Citizens.
- Al Maktoum also approved the development of a new housing complex in Al Khawaneej area 2, which will include 1,100 residential villas.
Economy
Morocco prime minister’s petrol business at center of dispute
Soaring fuel prices in Morocco have placed billionaire petrol magnate Aziz Akhannouch -- who is also prime minister -- at...
- Aziz Akhannouch last week had to try to explain to parliament the rise at the pump to a record $1.46 per liter of unleaded fuel.
- At that level, filling a car's tank would eat into a substantial chunk of income when the minimum monthly wage is barely $280 in the North African nation.
Economy
Saudi non-oil exports jump 31 percent
The exports were driven mainly by chemical products which jumped 80 percent year-on-year with a share contribution to total non-oil...
- In February Saudi Arabia exported SR8.7 billion worth of chemical products — SR3.9 billion more than in the same month of 2021.
- The ratio of non-oil exports to imports increased to 50.6 percent in February 2022, up from 45.7 percent a year earlier.
Videos
Relative debt of GCC countries
Here’s a look at which countries in the Gulf Cooperation Council (GCC) have how much debt, and how they compare...
- Global organizations like the World Bank could lend them money to improve their economy and infrastructure
- Nations have also been known to take loans from their own population, like in times of war, to raise money
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
Economy
Company News
Latest News
Joint Jordanian-Yemeni Business Council to resume activities, says JCC
AMMAN, JORDAN - President of the Jordan Chamber of Commerce (JCC) Khalil Al-Haj Tawfiq on Saturday discussed with Director General...
Business
Jordan oil bill falls in H1 2023 compared to H1 2022, says government
AMMAN, JORDANÂ - The value of the Kingdom's oil bill decreased during the first half of 2023 by 15.6 percent,...
Economy
Saudi Arabia’s foreign trade rises to $172bn in a year
Riyadh, Saudi Arabia - Saudi Arabia’s foreign trade soared to $172 billion last year, the Saudi Minister of Commerce and...
Economy
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Arts & Culture
Saudi Arabia’s archeologists make ‘significant’ discoveries at Al Abla site
Riyadh, Saudi Arabia--Saudi Arabia's Heritage Commission has announced significant discoveries made at the Al-Abla site in Asir region during the...
- The archeologists discovered features of residential and industrial units with gypsum-coated walls and floors
- They found hammerstones, grinders, and pairs of quern stones in various sizes and forms, and shards of pottery
Geostrategy
UAE-Hungary Political Consultations Committee discusses boosting cooperation
Budapest, Hungary--Senior officials from the UAE and Hungary met in Budapest on 22nd August for the inaugural round of the...
- Officials from the two countries reviewed the expanding relations and discussed ways to boost opportunities in order to ramp up economic and trade ties
- The UAE ambassador had a series of meetings with senior officials, intellectuals, and cultural figures intended to deepen relations between the two countries
Economy
DP World to invest $510m to develop mega-container terminal in India
New Delhi. India - DP World on Friday signed a concession agreement with the Deendayal Port Authority to develop, operate...
- DP World currently operates five container terminals in India – two in Mumbai, one each in Mundra, Cochin and Chennai
- With the addition of the Tuna Tekra terminal, the company will have a combined capacity of 8.19 million TEUs