UAE’s global investments grow amid economic crisis
"The UAE has strengthened its position in the global economy. The total value of UAE assets abroad, whether government or...
Economy
Passenger air traffic has surpassed pre-pandemic levels: ICAO
Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In...
Economy
Infographics
GCC countries lead the world in remittances
Over the past four years, GCC members have seen billions of dollars being remitted to other countries.
- Member nations of the GCC have always had a healthy representation of immigrants in their workforce
- As a result, these countries also see some of the largest amount of remittances sent out of them
Economy
Morocco to support transporters during fuel price spike
The Moroccan government faced weeks of pressure over rising prices, in a country heavily dependent on imports of energy and...
- The Moroccan government faced weeks of pressure over rising prices, in a country heavily dependent on imports of energy and cereals
- Both oil and wheat prices surged due to Russia's invasion of Ukraine, although oil fell back on Monday
Investigation
Solar switch may put off electricity crisis in Lebanon
Lebanon's energy industry sees a loss of up to $2bn every year as state treasury pays over $50bn in advances...
- Between $1.5bn and $2bn is lost in Lebanon's energy industry every year as state treasury pays over $50bn in advances to Electricité du Liban
- The country’s electrical network sees 3500 megawatts demand while only 2,000 megawatts is produced, says energy expert Ahmed Daher
Business
UAE e-commerce hits $5bn in 2021, may surpass $8bn by 2025
E-commerce in the UAE surged to over $5 billion in 2021 and is projected to surpass $8 billion by 2025,...
- More consumers in the UAE made online purchases across all categories during 2021, compared to 2020, with 75 percent of respondents typically purchasing online.
- The UAE and Qatar are on top, with GDP-per-capita above $40,000 and internet penetration above 90 percent.
Business
Startups in UAE capitalize on corporate reforms
New corporate laws and business-friendly policies give start-ups an upper hand in the UAE as they are predominantly created and...
- Corporate reforms will make more people try entrepreneurship in the UAE, say businesspersons
- The UAE recognizes that high levels of technical skills proficiency are essential to thrive in the digital economy
Economy
Chinese cities and factories lock down as outbreak spreads
China cannot relax its zero-Covid policy just yet despite the low fatality rate of Omicron, say medical experts.
- Authorities in China have reported 2,300 new covid cases across the country on Monday
- China cannot relax its zero-Covid policy just yet despite the low fatality rate of Omicron, say medical experts
Economy
Post-Covid retail outlook bright in GCC
Saudi Arabia and UAE, two biggest economies in the Gulf Cooperation Council region, rely heavily on retail industry.
- UAE and Saudi Arabia witnessed growth, albeit low, in the retail sector even during the pandemic.
- Professional services network Deloitte has said that 2022 offers an opportunity for the long-overdue retail reset.
Business
Jordan’s trade deficit with EU expands 12.9% to $3.77bn
Jordan’s trade balance deficit with the European Union countries expanded by 12.9% in 2021 compared to 2020.
- Total trade deficit reached about JD2.671 billion ($3.77 billion) in 2021
- The value of national exports to EU countries increased by 29.9 per cent during 2021
Economy
DEWA completes first stage of world’s largest aquifer project
Dubai Electricity and Water Authority (DEWA) has completed the construction of the first stage of the Aquifer Storage and Recovery...
- The full scale of the ASR project can store up to 6,000 million imperial gallons of water once completed by 2025 as a strategic reserve.
- The production capacity of desalinated water of DEWA is currently 490 MIGD, including 63MIGD using Sea Water Reverse Osmosis (SWRO) technology.
Geostrategy
Jordan to receive $1.65bn in US aid in 2022
Jordan has seen several factors affect its economy, such as the conditions brought on by the Covid-19 and the Syrian...
- The US Congress has approved a new aid package for Jordan for 2022, estimated at $1.65 billion
- The aid is expected to support Jordan’s development and reform programs during 2022
UAE’s global investments grow amid economic crisis
"The UAE has strengthened its position in the global economy. The total value of UAE assets abroad, whether government or...
Economy
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US to invest $1.2 bn on facilities to pull carbon from air
The two projects -- in Texas and Louisiana -- each aim to eliminate one million tons of carbon dioxide per...
Geostrategy
Youth play crucial role in building sustainable future
"The UAE is committed to a sustainable future, and we believe that our youth are the key to achieving this...
Economy
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Business
Stock markets drop over fears of more interest-rate hikes
In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a...
- Official data Thursday that showed US inflation rising less than expected in July failed to stop bets on the Federal Reserve raising borrowing costs
- Across the Atlantic, better-than-expected UK growth data Friday increased the likelihood of more BoE tightening, boosting the pound
Business
IEA predicts record oil demand of 2.2m barrel a day in 2023
PARIS, FRANCE - The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in...
- World oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak", IEA said.
- "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day," it said.
Economy
Non-oil sectors to maintain UAE economy’s robust growth: OPEC
This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The...
- The report said the oil demand growth is forecast to slow to 2.2 mb/d in 2023, down from 2.4 mb/d in the previous assessment.
- The main drivers of liquids supply growth for 2023 are expected to be the US, Brazil, Norway, Kazakhstan Guyana and China, while the largest decline is expected from Russia.