US consumer inflation in Feb up as Federal Reserve mulls rate cut
The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core"...
Economy
$2bn earmarked for Saudi real estate by Muslim global HWNIs
Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real...
Economy
Economy
Erdogan replaces agriculture minister of Turkey
Turkish President Recep Tayyip Erdogan appointed Vahit Kirisci as minister of agriculture and forestry after the resignation of Bekir Pakdemirli.
- A rapid succession of floods and wildfires engulfing Turkey killed some 100 people in July and August last year
- Turkey was criticized over the lack of firefighting planes, and accepted help from Azerbaijan, Iran, Russia, and Ukraine
Business
Saudi fintech cashes in on startups, investments
Saudi Arabia witnesses a 37 percent rise in the number of fintech startups and a $181 million increase in venture...
- Saudi Arabia witnesses a 37 percent increase in the number of fintech startups entering the market
- Saudi fintech sector is mostly driven by young entrepreneurs who compete with the country's top financial institutions
Economy
Dubai leads region in innovation, fintech
The emirate, which boasts a thriving community of startup incubators and accelerators, tops the list for foreign direct investment and...
- Dubai is developing an environment that encourages firms from all industries to innovate.
- The city has been able to leverage its strengths as a world-class city to attract global blockchain entrepreneurs.
Economy
Bahrain scores high in gender equality, women’s economic participation
The World Bank has reported that Bahrain’s score improved to 73 percent in women’s economic participation and gender equality from...
- The report, compiled by World Bank Group’s Women, Business and the Law 2022, examines laws and regulations that restrict women’s economic inclusion.
- Bahrain’s overall score improved by 9.4 points to a score of 65 out of 100, attributable to Bahrain gaining the perfect score of 100 in the Pay indicator.
Business
Lufthansa posts net loss of $2.2bn
The German carrier said it cut its losses by two-thirds in 2021.
- German airline Lufthansa said that Ukraine invasion has led to uncertainty in aviation sector
- It said rising price of fuel would also adversely impact the sector and could reduce the profit
Economy
UAE non-oil trade totals AED16.14 trillion in the last 10 years
The non-oil trade of the UAE has totalled AED16.14 trillion in the last ten years as the country's growth returned...
- According to Dr. Thani bin Ahmed Al Zeyoudi the UAE aims to increase the level of investment coming to the country to AED1 trillion within nine years
- "We work according to the plans of the UAE’s leadership to double national exports, foreign trade and economic growth," Al Zeyoudi said
Economy
UAE and Latvia launch economic cooperation program in six sectors
The UAE and Latvia have agreed on a six-track economic cooperation program covering trade and investment, innovation and advanced technology,...
- The program covers investment, innovation and advanced technology, transportation and logistics, agriculture, food, education and science.
- An MoU between the Investment and Development Agency of Latvia (LIAA) and the SMEs Development Department at the UAE Ministry of Economy.
Economy
Dubai to have Traffic Safety Strategy 2022-2026
The strategy’s objective is to make Dubai one of the safest cities in the world and achieve the zero road...
- The strategy’s objective is to make Dubai one of the safest cities in the world and achieve the zero road deaths vision
- The strategy will complement what has been achieved within the objectives of the National Agenda and Dubai Plan 2021
Economy
Dubai approves Savings Scheme for foreign employees in Govt
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, approved on...
- The initiative will also ensure that Dubai remains an attractive career destination that appeals to outstanding talent
- The announcement was made during a meeting of The Executive Council of Dubai held at "Deep Dive Dubai."
Economy
Is Gulf luxury sector immune from inflation?
However, just because there is inflation doesn't mean that people aren't spending, but they are spending differently. The that sales...
- The luxury industry in the GCC, is experiencing strong growth and closed 2021 above pre-pandemic levels
- Changes in tourism flows significantly impacted the luxury market in 2020 and the first few months of 2021
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US consumer inflation in Feb up as Federal Reserve mulls rate cut
The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core"...
Economy
Company News
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Jordan sees surge of investments to US$844.8m in first half of 2023
Amman, Jordan--Jordan’s economy has seen a 47.6 percent increase in investments in the first half of 2023, according to data...
Economy
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Business
US equities up as major firms set to unveil economic reports
New York, US - Wall Street stocks edged higher early Monday ahead of major economic reports and earnings releases later in...
- US equities have continued to trend higher in July behind hopes that the Federal Reserve will soon relent on interest rate hikes
- The broad-based S&P 500 added 0.3 percent at 4,593.56, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 14,370.18.
Economy
Federal Reserve open to alter interest rates, says official
Washington, US - A Federal Reserve official left open the possibility on Monday of pausing or stopping interest rate hikes at...
- To rein in surging costs of living, the Fed has lifted the benchmark lending rate rapidly since March 2022
- While the full effect of policy will take time to ripple through the economy, inflation has cooled
Economy
Saudi Arabia real GDP grows 1.1 percent in Q2 2023
RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023,...
- According to the report, seasonally adjusted real GDP decreased by 0.1 percent in Q2 of 2023 compared to Q1 of 2023.
- GASTAT carries out all statistical work, as well as the technical oversight of the statistical sector in Saudi Arabia.