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
Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...
Economy
Economy
SEWA carried out 35 lighting projects during 2021
Dr. Eng. Hassan Al Zarooni, Director of the Electricity Distribution Department, said the projects support its efforts to achieve sustainability...
- Dr. Eng. Hassan Al Zarooni, Director of SEWA said the projects aim for sustainability through energy conservation
- This comes as part of the Sharjah’s efforts to design and implement road lighting networks in all regions
Economy
KSA converts its deposit with Central Bank of Mauritania into soft loan
The move comes as an extension of the Kingdom’s continuous support for the people and government of the Islamic Republic...
- The move comes as an extension of the Kingdom’s continuous support for the people and government of the Islamic Republic of Mauritania
- The support aims to contribute to promoting inclusive and sustainable economic growth, in addition to opening new financing channels
Economy
China economy grows 4.8% in first quarter as virus bites
The world's second-biggest economy was already losing steam in the latter half of last year with a property slump and...
- China's GDP growth was better than expected at 4.8 percent on-year in the first quarter
- But the data did not take in the gnawing impact of a weeks-long lockdown in Shanghai
Economy
Libya’s National Oil Corporation announces closure of Al-Fil oil field
Libya's National Oil Corporation announced Sunday the closure of production at a major oil field in the country's south, declaring...
- The closure comes after a group of individuals declared that they were halting production "until a government appointed by parliament takes office in the capital".
- The firm said it "is obliged to declare a state of force majeure" and would no longer be able to provide crude to the Mellitah complex on the country's northwestern coast.
Economy
Wheat harvesting begins in villages of Oman’s Adam Wilayat
The Department of Agriculture and Water Resources in the Wilayat of Adam in the Governorate of A'Dakhiliyah has started harvesting...
- The cultivation of wheat crop begins in Adam in November until March each year.
- Wheat is harvested in a number of villages using modern machines instead of the traditional method.
Analysis
Policy eyed as Mideast bears brunt of climate change
Disasters caused by climate change since 2000 have killed approximately 2,600 people, affected seven million others, and caused $2 billion...
- Temperatures in the region have risen by 1.5°C over the last three decades, twice the global increase of 0.7°C
- According to the IMF, disasters caused by climate change have killed approximately 2,600 people since 2000
Business
SAMA starts consumer microfinance licenses in kingdom
The Saudi Central Bank, or SAMA, has launched licenses for consumer microfinance operations in the Kingdom. This follows the bank’s...
- Microfinance targets individuals and small businesses, including self-employed people
- Sulfah is the consumer microfinance company which is given a license by Saudi Central bank
Economy
Iran-Oman trade reaches a record $1.3b: Envoy
Ali Najafi said that during the last Iranian year which ended on March 20, Iran’s exports to Oman were worth...
- Ali Najafi said that during the last Iranian year which ended on March 20, Iran’s exports to Oman were worth 716 million dollars
- Ambassador revealed that among Iran’s neighboring countries Oman ranks 6th in importing goods from Iran
Economy
Morocco: World Bank forecasts 1.1% growth in 2022, 4.3% in 2023
"Growth in Morocco is projected to slow to 1.1 percent in 2022, as agricultural output declines by 17.3 percent due...
- "Growth in Morocco is projected to slow to 1.1 percent in 2022, as agricultural output declines by 17.3 percent due to the drought,” the WB said in its latest MENA Bulletin
- The economy is projected to be driven by a still solid but moderating industrial performance and a faster recovery of tourism, the WB added
Analysis
GCC exchanges recoup their losses
From the UAE to Saudi Arabia, the main indexes made up for their losses as the week came to a...
- The Abu Dhabi index fell 1.3 percent on Thursday, its biggest daily fall in more than a month
- The Dubai index on Monday climbed 1.3 percent to its highest in the previous two weeks
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
Company News
Latest News
Dubai Chambers saves water, works on sustainability agenda
DUBAI, UAE - Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres...
Business
Greek firefighters struggle to control wildfires for sixth day
Athens, Greece--Hundreds of firefighters in Greece struggled Thursday to gain the upper hand against major wildfires burning unchecked for a sixth...
Economy
Egypt reports drop in unemployment rate in Q2 of 2023
Cairo, Egypt--Egypt's unemployment rate fell slightly by 0.1 percent to 7 percent in the second quarter of 2023, according to...
Economy
Most Read
Economy
AI startups set to rake in $10bn investments by 2026
Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of...
- Half of new cloud deployments will be integrated cloud data ecosystems by 2024, while edge AI will see 55% of all data analysis by deep neural networks by 2025, says a report
- By 2024, data-centric AI will prioritize synthetic data, comprising 60% of AI data, while ChatGPT's popularity prompts 45% of executives to boost AI investments, adds Gartner
Economy
Iran’s steel production sees 4.1% growth in first 7 months of 2023
Tehran, Iran - The World Steel Association (WSA) has reported a significant 4.1% increase in Iran's steel production during the...
- In July 2023, Iran's crude steel production slightly decreased by 1.5% compared to the same month in the previous year
- China remains the top global steel producer, contributing 626.5 million tons, followed by India, Japan, the United States, and Russia