GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Dubai job hunt: Tips for success in the city of opportunity
Dubai, UAE - The UAE was recognized as the top destination for international professionals seeking employment visas. According to the...
Economy
Geostrategy
Yemen president transfers power to leadership council
In a major shake-up in the coalition battling Houthi rebels, Yemen's president Abedrabbo Mansour Hadi has formed a new council...
- A United Nations-brokered truce that started on Saturday has offered a glimmer of hope in the conflict amid the humanitarian crisis
- The truce came as peace talks were unfolding in Riyadh without the participation of the Houthis, who refused talks on ‘enemy’ territory
Economy
Saudi Arabia hosts annual joint meetings of Arab financial institutions
The meetings are taking place under the patronage of the Custodian of the Two Holy Mosques and Saudi ruler King...
- The Arab financial institutions hold these annual meetings to review the performance of each entity and the topics on its agenda
- The meetings also reportedly contribute to financing development projects in vulnerable countries
Business
More checks needed as crypto scams hit all-time high
Blockchain expert Kim Grauer offers insights into why people fall prey to scammers, how they can protect their crypto assets...
- In 2021, cryptocurrency-based crime reached an all-time high, with criminal addresses receiving $14 billion.
- By the end of 2021, criminals had accumulated $11 billion in crypto from known sources, compared to $3 billion in 2020.
Economy
Foreign Direct Investment into UAE reaches $20.7 billion in 2021
UAE received $20.7 billion in Foreign Direct Investment in 2021, recording a 3.9 percent growth over 2020. The country’s FDI...
- The country’s FDI balance now stands at AED 630 billion ($171.6 billion) by the end of 2021, a 13.7 percent growth over 2020.
- UAE's outward FDI flows reached nearly AED 82.6 billion ($22.5 billion) in 2021, with an annual growth of 19.1 percent.
Economy
UAE launches database to monitor energy, water consumption
Announced in July 2021, the national program aims to boost efficiency by 40 percent across the three most energy-consuming sectors...
- The database is part of the initiatives of the National Water and Energy Demand Management Program.
- It will help gauge energy and water consumption in government buildings and identify buildings with the highest consumption rates to develop rationalization programs.
Economy
Abu Dhabi non-oil GDP grows by 4.1 percent in 2021: Statistics Centre
Abu Dhabi’s non-oil GDP at constant prices grew by 4.1 percent in 2021, according to Statistics Centre-Abu Dhabi. The emirate’s...
- In 2020, a significant decline in oil prices had caused the emirate’s real GDP to fall by 7.7 percent, oil-GDP by 3.9 percent and non-oil GDP by 11.5 percent.
- In 2021, agriculture, forestry, and fishing expanded by 23.1 percent while the manufacturing activity expanded by 21.7 percent,
Economy
KSA elected member of International Anti-Corruption Academy
The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization.
- The selection followed the Kingdom's admission to the Academy’s membership as one of the founding members of the international organization
- The election represents a recognition of the Kingdom’s local and international efforts in protecting the integrity and fighting corruption
Business
UAE free zones set to gain from corporate tax relief
Around 40 free zones in the UAE are likely to attract more investors and FDI after they were declared exempt...
- The 9-percent corporate tax will be levied on companies with profits above AED375,000 (approximately $102,090)
- Announced on January 31 by the UAE’s Ministry of Finance, the tax regime will be implemented from June 1, 2023
Economy
World’s fossil fuel assets risk evaporating in climate fight
Oil platforms, pipelines, coal power plants and other fossil fuel assets could lose trillions of dollars in the battle against...
- The warning was issued in a 3,000-page report by UN experts who said fossil fuel assets must be retired and replaced with clean energy faster to mitigate financial losses.
- Such assets will become "stranded" and worth less than expected because they may never be used since fossil fuel demand must fall in the near future to limit emissions.
Economy
Saudi Finance Ministry forecasts kingdom’s GDP to grow by 7.4%
The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.
- The expected growth is driven by a rise in the oil GDP associated with the Organization of the Petroleum Exporting Countries agreement and the expected improvement in non-oil GDP
- As the economy continues to recover from pandemic repercussions, the government will continue to enhance the role of the private sector to be the main motivator of economic growth
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
GCC central banks hold rates steady, following US Fed
The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning...
Economy
Company News
Latest News
Global wealth set to rise by 38% over the next five years: study
Zurich, Switzerland – The latest Global Wealth Report predicts global wealth to reach $629 trillion by 2027, despite 2022 being...
Economy
New industrial licenses surge 17% in first year after Abu Dhabi Industrial Strategy launch
The number of new industrial Rowad permits issued in Abu Dhabi increased from 204 to 238 from July 2022 to...
Economy
Oil price, COVID-19 spur Arab world’s public finance
Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
Economy
Most Read
Economy
Lebanon freezes former central bank governor’s bank accounts
Seen as a key culprit in the country's dramatic economic crash, former governor Riad Salameh's bank accounts were ordered to...
- He is wanted in France and Germany, and Interpol has issued a Red Notice for his arrest
- Lebanon's fractious political class has failed to name a replacement for Salameh
Economy
ESG shapes MENA region’s urban regeneration strategy
ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and...
- ESG principles offer a solution framework as the region faces urbanization challenges, including unplanned settlements in cities like Cairo and Makkah, says a report
- Embracing the L-I-F-E (learn, integrate, fix and earn) approach for urban renewal offers GCC sustainability, resilience, growth, social unity, and global acclaim
Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.