The Gulf’s next currency isn’t petroleum. It’s know-how
The post-oil Gulf has the chance to redefine authenticity itself—as a deliberately trained, global hospitality culture built by people, not...
Economy
Global economy set for “sturdy growth” in 2026, MENA growth to outpace global economy
The Middle East and North Africa region is expected to outperform the global economy in 2026, with GDP projected to...
Economy
Geostrategy
China regulator to ban Evergrande chair from securities market for life
BEIJING, CHINA – Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life on grounds...
- Unable to repay interest on its loans, China’s real estate firm Evergrande formally defaulted in 2021, sending shockwaves through the industry.
- The company has struggled to repay creditors for years, defaulting in 2021 and becoming subject to a winding-up order by a Hong Kong court earlier this year.
Geostrategy
Dubai approves rise in energy, water efficiency programs
DUBAI, UAE – Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 81st...
- The Council reviewed updates of the demand side management strategy for 2030 and 2050.
- This is part of the efforts to make Dubai a leading example in efficient energy and water demand management.
Business
Shipping service connecting India, South East Asia with Saudi Arabia comes up
RIYADH, SAUDI ARABIA – VASI Shipping Pte Ltd has introduced a new shipping service IMS at King Abdulaziz Port in...
- This service aims to enhance its strategic partnerships with major international shipping lines, support the maritime sector.
- This initiative represents a significant step in bolstering the role of King Abdulaziz Port in Dammam in enhancing the maritime transport sector.
Economy
‘UAE offers an economic model for all to emulate’
"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...
- UAE minister Sheikh Nahyan bin Mubarak Al Nahyan highlights economic prosperity and global integration in Dubai.
- Attended by more than 600 economic leaders, the event serves as a platform for investment and trade enhancement.
Economy
UAE banking sector looks poised for continued growth in 2024
Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery...
- The indicators of rising assets, financing and capital adequacy ratios reflect the sector's flexibility and resilience to adapt to the changes the world is witnessing
- At the end of December 2023, total deposits of resident and non-resident customers with banks operating in the UAE rose by 4.2% and annually by 13.5% ), reaching $686bn
Geostrategy
Iran signs big contracts to increase oil production
Iran sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western...
- Iranian Oil Minister Javad Owji had said that oil production would reach 3.6 million barrels per day by the end of the Persian year on March 19.
- Iran's oil sector suffered a blow in 2018 when Western sanctions were reimposed, forcing foreign companies to leave the country,
Economy
Middle East leads way in global methane mitigation
The Middle East is emerging as an important region in the battle against methane emissions, crucial for curbing global warming....
- The Middle East is emerging as an important region in the battle against methane emissions, crucial for curbing global warming. say an IEA report.
- With Saudi Arabia and UAE leading by example through low emissions intensities , the region is setting new benchmarks in environmental stewardship.
Business
Saudi Arabia takes part in global mineral and mining meet in Canada
RIYADH, SAUDI ARABIA – A delegation comprising several entities from the Kingdom’s industry and mineral resources' system participated in PDAC...
- The Saudi delegation held meetings with teams from Canada, the Czech Republic and Ecuador.
- These are part of the 85 meetings they will hold with officials of countries and global firms participating in the event.
Economy
S&P affirms Saudi Arabia’s A/A-1 credit rating
Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit...
- The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and social reform agenda
- The agency forecasted GDP growth to average 3.3% in the medium term, due to the acceleration in non-oil sector investment and robust consumption in the Kingdom
Economy
Saudi Arabia grapples with over 1 million tons of annual vegetable waste
Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and...
- The kingdom has called for collaborative efforts to promote responsible consumption practices and reduce waste
- It has urged efficient vegetable usage and storage to minimize loss and contribute to a more sustainable food system
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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
The Gulf’s next currency isn’t petroleum. It’s know-how
The post-oil Gulf has the chance to redefine authenticity itself—as a deliberately trained, global hospitality culture built by people, not...
Economy
Company News
Latest News
Saudi Arabia’s real GDP up by 3.9 percent in Q2 2025: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) grew by 3.9 percent in the second quarter of...
Business
Microsoft valuation surges above $4 trillion as AI lifts stocks
Shares of Microsoft vaulted 5.3 percent after it reported $27.2 billion in quarterly profits as it touted massive investments in...
Business
Trump hits India with 25% tariff and ‘penalty’ over Russia ties
US President Donald Trump said Wednesday that imports from India will face 25 percent tariffs, while also announcing an unspecified...
Economy
Most Read
Economy
Tunisia plastic collectors spread as economic, migration woes deepen
Tunis, Tunisia - A towel draped over his head, Hamza Jabbari sets bags of plastic bottles onto a scale. He...
- The 40-something-year-old said he starts the day off at dawn, hunching over bins and hunting for plastic before the rubbish trucks and other plastic collectors come
- "It's the most accessible work in Tunisia when there are no job offers," Jabbari said, weighing a day's haul in Bhar Lazreg, a working-class neighbourhood north of Tunis
Economy
GCC countries record $587.8 billion in nominal GDP by end of Q4 2024
Muscat, Oman -- The nominal Gross Domestic Product (GDP) of the Gulf Cooperation Council (GCC) countries reached US$587.8 billion by...
- The contribution of non-oil activities to the GCC's nominal GDP reached 77.9 percent by the end of the fourth quarter of 2024,
- The manufacturing sector contributed 12.5 percent to the GDP, while wholesale and retail trade accounted for 9.9 percent.
Economy
US says tariff deadline of Aug 1 is firm, no extensions
Washington, United States -- The US deadline of August 1 for imposing tariffs on its trading partners is firm and...
- After the levies kick in, President Donald Trump -- who was negotiating with European Union officials -- is still willing to keep talking, Commerce Secretary Howard Lutnick said
- Britain, Vietnam, Indonesia the Philippines, and Japan have struck deals with the Trump administration ahead of the Friday deadline.