Govt collaborations help Dubai lead in AI innovation
"Government entities must be thoroughly prepared for technological advancements that will change how they operate and provide services. A high...
Economy
Saudi Arabia transfers 8% Aramco stake to PIF-owned firms
Saudi Arabia said it transferred an additional eight percent stake from oil giant Aramco to firms owned by the kingdom's...
Business
Economy
Saudi economy grew 6.8% in Q4, 3.3% in 2021
The data was released on Thursday, February 10, by the country’s General Authority for Statistics (GASTAT).
- This positive growth in the GDP was attributed to the high increase in oil activities: as much as 10.8 percent
- Non-oil activities were up 5 percent, and government services activities rose 2.4 percent year-on-year
Economy
JBA head, Tunisian envoy discuss enhancing joint economic cooperation
According to a JBA statement it has helped promote joint investments and increase the volume of Jordan-Tunisia trade exchange.
- According to a JBA statement it has helped promote joint investments and increase the volume of Jordan-Tunisia trade exchange
- The two sides discussed joint cooperation in the sectors of garment, textiles, banking, contracting, traditional industries, transport, shipping, and pharmaceutical industries.
Economy
KSA eyes big role in Fourth Industrial Revolution
Saudi Arabia plans an Industrial Fund to assist investors in the sector shifting to 4IR technologies with the help of...
- Saudi Arabia's advanced digital government, according to an official report, will help the country's in speeding up the implementation of 4IR strategy
- The 4IR strategy aims to support the localization of new and advanced industries in the kingdom and also boost competitiveness of the existing industries
Economy
Dubai plans to attract 50 multi-national companies under a three-year strategy
Dubai plans to attract 50 multinational companies within three years and push the external expansion of 100 companies from Dubai...
- Drawn by Dubai International Chambers, the strategy will also push the the external expansion of 100 companies from Dubai to priority foreign markets.
- It will also support and motivate multinational companies to list on the Dubai Financial Market.
Economy
UAE climbs to 3rd globally in Agility Emerging Markets Logistics Index
The UAE is the most competitive emerging market in GCC and the third most competitive on a global scale after...
- The UAE out-performed all 50 countries in business fundamentals, an area where Gulf and MENA countries are clear leaders
- The 2022 Agility Emerging Markets Logistics Index is the company’s 13th annual ranking of the world’s 50 leading emerging markets
Economy
High energy prices put more pressure on Turks
When temperatures plunged well below freezing in Ankara and energy prices soared, Dondu Isler had to make a tough choice...
- Energy prices in Turkey and other countries have soared in the past year due to recovering demand and geopolitical tensions
- Turks have also seen their overall purchasing power dwindle dramatically amid a currency crisis and two-decade high inflation that reached almost 50% last month
Economy
Godsend or ‘ghetto’: Syrian migrants flock to small Cyprus town
The Cypriot government says the divided country has the highest number of first-time asylum applications in the European Union per...
- The Cypriot government says the divided country has the highest number of first-time asylum applications in the European Union per capita
- Most of them are from Syria, and their number has more than doubled from 800 over the past three years
Business
Qatar Industrial Co. posts net profit of $38m in 2021
Qatar Industrial Manufacturing Co. has reported a net profit of $38m for 2021 in comparison to net profit of $23m...
- The company disclosed the interim financial statement for the 12-month period ending Dec. 31, 2021
- Qatar Industrial Manufacturing Co. was established in 1990 with a capital of QR 475.2 million
Geostrategy
New guidelines for Umrah pilgrims announced by Saudi ministry
The Ministry of Hajj and Umrah announced an update in the procedures for entering Saudi Arabia for Umrah, which is...
- This is done to ensure the health and safety of the Umrah Performers and visitors
- These new requirements will go into effect starting at 1:00 am Wednesday, February 9, 2022
Business
First edition of leading global event on defense to kick off in Saudi
The World Defense Exhibition (WDE) declared that its first edition will be held in Riyadh, Saudi Arabia, from March 6-9,...
- More than 450 companies from around 37 countries will participate in showcasing the latest defense and security industry technologies.
- A day before the start of the show the International Institute for Strategic Studies (IISS) will organize the “Riyadh Defense Forum”.
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Govt collaborations help Dubai lead in AI innovation
"Government entities must be thoroughly prepared for technological advancements that will change how they operate and provide services. A high...
Economy
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UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion...
Business
Qatar Free Zones Authority, Qatar Development Bank to support foreign investors
Doha, Qatar-- The Qatar Free Zones Authority has joined hands with Qatar Development Bank to support foreign investors and firms...
Economy
More Arab youth prefer entrepreneurship over govt job
Almost half of Arab youth are keen on starting their own businesses in the next five years, signaling a significant...
Economy
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Economy
IMF upgrades growth projection for 2023 on resilient service sector
The IMF said the global inflation picture has improved somewhat, with consumer prices now forecast to increase by 6.8 percent...
- The global growth forecast for this year was raised by 0.2 percentage points from the IMF's last forecast in April.
- However, IMF said global growth is expected to slow to three percent this year and then stay there.
Economy
US Federal Reserve meets to consider raising rates to 22-year high
After a pause in June, the Fed is widely expected to push ahead with what would be its 11th interest...
- Futures traders assign a probability of close to 99 percent that the Fed will lift its base rate by 25 basis points on Wednesday, according to CME Group.
- The quarter percentage-point hike predicted by analysts and traders would raise the Fed's benchmark lending rate to a range between 5.25-5.50%, its highest level in 22 years.
Economy
Saudi Arabia’s oil exports fell by nearly 38 percent in May
The share of oil exports in total exports decreased from 80.8 percent in May 2022 to 74.1 percent in May 2023, according to...
- Non-oil exports (including re-exports) decreased by 8.7 percent, compared to May 2022, decreasing to SAR 25.1 billion from SAR 27.5 billion in May 2022.
- The value of imports amounted to SAR 67.7 billion in May 2023 compared to SAR 56.0 billion in May 2022.