How the Middle East is positioning itself at the crossroads of a changing world
AI, geopolitics, climate, and demographics are reshaping the Middle East’s growth model beyond oil.
Economy
SoftBank lifts OpenAI stake to 11% with $41bln investment
Tokyo, Japan -- Japanese tech investor SoftBank said Wednesday that its stake in OpenAI is now around 11 percent after...
Business
Economy
Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...
- This translates to a non-oil economy valued at US$$453 billion (SAR1.7 trillion) at constant prices.
- Non-oil economy is valued at $$453 billion at constant prices, fueled by growth in investment, consumer spending and exports.
Iran’s aluminum ingot output up 7% in Feb 2024
Tehran, Iran - Iran’s production of aluminum ingot in the country registered a 7% growth in the first 11th month...
- Iran’s four major aluminum production companies produced 54,893 tons of aluminum ingots in February 2024
- The Iran Alumina Company produced more than 537,000 tons of bauxite from March 21, 2023, to February 22, 2024
Economy
Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...
- The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.
- Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
Geostrategy
UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...
- The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
- The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
Economy
MENA region could gain $385bn from women reentering workforce: survey
Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn...
- Nearly half of working women in the MENA region have taken a career break, with over 68% taking them at experienced levels and above, the study reveals
- Providing flexible working models that enable women to work additional hours could generate close to US$4.3 billion in GDP gains in the nine countries surveyed
Business
Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...
- The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
- The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
Economy
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"...
- The annual consumer price index (CPI) came in at 3.2 percent last month, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.
- "The index for shelter rose in February, as did the index for gasoline," the department said, both contributed more than 60% of the monthly increase for the overall index.
Economy
Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...
- The pact provides for supplying Iraq with 51 million M3 per day, Iraqi minister of electricity Luay Al-Khatteeb said
- He further noted that the Iraqi Ministry of Electricity has fulfilled all gas-related payments to Iran
Economy
Situation in Red Sea has a limited impact on food exports so far, says FAO
ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for...
- The decline in the Food Price Index in February 2024 was led by a decrease in the price for cereals and vegetable oils.
- The route via the Red Sea accounts for slightly more than 10 percent of the global maritime trade volume.
Economy
UAE financial system more secure and efficient than before, says CBUAE
Abu Dhabi, UAE--The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of...
- According to a CBUAE report, the UAE financial system is more secure because of the implementation of technology throughout the economy
- The number of locally incorporated banks (excluding investment banks), at the end of the fourth quarter of 2023, remain constant at 22 banks
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How the Middle East is positioning itself at the crossroads of a changing world
AI, geopolitics, climate, and demographics are reshaping the Middle East’s growth model beyond oil.
Economy
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IMF lifts 2025 global growth forecast on ‘fragile’ easing in trade tensions
Looking ahead, the IMF expects the world economy to expand 3.1 percent next year, an improvement from the 3.0 percent...
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...
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...
Economy
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Economy
US Fed poised to hold off on rate cuts, defying Trump pressure
Policymakers at the independent Federal Reserve have kept the benchmark lending rate steady since the start of the year as...
- With Trump's on-again, off-again tariff approach, Fed officials want to see economic data from this summer to gauge how prices are being affected.
- When mulling changes to interest rates, the central bank, seeks a balance between reining in inflation and the health of the jobs market.
Geostrategy
Urgent need for ‘global approach’ on AI regulation: UN tech chief
Geneva, Switzerland -- The world urgently needs to find a global approach on regulating artificial intelligence, the United Nations' top...
- Doreen Bogdan-Martin, head of the UN's International Telecommunications Union (ITU), said regulation was key as concerns rise over fast-moving technology.
- Bogdan-Martin, the first woman to serve as ITU secretary-general in the organization's nearly 160-year history, also stressed the need to get more women into the digital space.
Economy
China says balance between AI development, security ‘urgently requires consensus’
China's Premier Li Qiang warned Saturday that artificial intelligence development must be weighed against the security risks, saying global consensus...
- This week US President Donald Trump unveiled an aggressive low-regulation strategy aimed at cementing US dominance in the AI field
- Opening the World AI Conference (WAIC) in Shanghai on Saturday, Li emphasised the need for governance and open-source development