Saudi Arabia takes the lead in global road connectivity rankings: minister
Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...
Economy
UAE vital to enhancing global economic growth: Officials
Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing...
Economy
Business
Saudi, UAE and Egypt gaming to reach $3.14bn
A young population, increased user spending, robust govt backing for games and e-sports and new players are poised to push...
- Around half of the Middle East's population is reported to be under the age of 25, and electronic games constitute an integral component of their entertainment.
- Saudi Arabia, the UAE, and Egypt attained a total gaming revenue of US$1.76 billion in 2021.
Economy
Millionaires, non-profits make joint appeal for wealth tax
A wealth tax on the world's richest people could raise at least $2.52 trillion per year.
- The proposal comes from a network of NGOs, social movements, and pro-tax millionaires
- It follows separate reports showing that the world's wealthiest people have grown richer during the pandemic
Science
Covid-19 pandemic far from over: WHO
The WHO has warned that the sheer numbers of people infected will mean many people are still falling seriously ill...
- The WHO has cautioned against a misleading narrative that the fast-spreading Omicron variant is risk-free
- It stressed that existing vaccines do a good job of protecting against developing severe Covid-19 and deaths
Economy
OPEC expects robust oil demand in 2022 to overcome Omicron threat
Global demand for oil is expected to remain "robust" in 2022 and overcome short-term disruption caused by the Omicron coronavirus...
- The Saudi-led group of top oil producers warned future virus strains and pandemic-related travel restrictions could threaten the global economic recovery.
- European crude benchmark Brent North Sea reached $88.13 per barrel, while US contract WTI hit $85.74 -- the highest levels since October 2014.
Business
Bahrain private sector keen to strengthen trade ties with Saudi: BCCI chairman
BCCI chief reviewed ways to further increase the volume of bilateral trade
- Chairman Sameer bin Abdulla Nass appreciated the 'depth and solidity' of the Bahraini-Saudi economic and investment relations.
- Nass praised the role played by Saudi Arabia to enhance the progress and prosperity of the people of GCC.
Economy
Lebanon govt may hike power supply to 8-10 hours
Lebanon ministers said they aim to increase the hours of EDL’s power supply in the near future by securing Egyptian...
- Lebanon's economic crisis has seen its currency lose around 95 percent of its purchasing power
- This has caused fuel shortages that has led to power being supplied for just a few hours per household every day
Infographics
Gender bender: GCC moves to empower more women
Member countries of the Gulf Cooperation Council are increasingly working towards the empowerment of women.
- The UAE and Canada held discussions last month on how to enhance cooperation to empower women
- Statistics from Saudi Arabia from last year showed more women had entered the workforce, even as unemployment dropped
Economy
Libya’s parliament speaker calls for new government
A presidential election was due to take place on December 24, followed by legislative polls, but the UN-sponsored electoral process...
- Speaker Aguila Saleh said during a parliamentary session, in the eastern port city of Tobruk, that a new government must be formed
- The call comes as the UN urged Libya's political factions and parties to hold safe, inclusive, and credible polls as soon as possible
Business
Jordan’s ISSF to invest $1.5 million in Dubai-based Global Ventures
The Innovative Startups and SMEs Fund (ISSF) will invest $1.5 million in Global Ventures
- Global Ventures is a Dubai-based growth-driven venture capital firm focused on investing in growth-stage technology.
- Investing in progressive funds such as Global Ventures supports ambitious SMEs to expand their businesses, ISSF said.
Economy
Jordan’s tourism revenues hits $2.7 billion in 2021
The higher revenue this year as a result of the increase in the number of tourists, which was 2.358 million.
- Tourism contributes in a significant way to the economy of Jordan
- However, some observers say that the sector has a lot of room for improvement
Most Read
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
Saudi Arabia takes the lead in global road connectivity rankings: minister
Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...
Economy
Company News
Stock markets advance on US debt, elections
Market Report
Latest News
UAE construction sector logs 135% growth in project announcements
Dubai, UAE - The UAE has witnessed 135 percent year-on-year (YoY) growth with AED 49.25 billion ($13.37 billion) project announcements...
Economy
UAE and Egypt to boost cooperation in higher education, scientific research
Cairo, Egypt-- The UAE and Egypt are looking to ramp up cooperation in the fields of higher education and scientific...
Science
CBUAE Governor, IMF Managing Director explore areas for cooperation
Abu Dhabi, UAE - Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE) discussed ways...
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Economy
Harness AI opportunities, assess threats to peace
"AI development is now outpacing Moore's Law and moving at breakneck speed, and governments are unable to keep up. This...
- AI's rapid development is outpacing Moore's Law, presenting a wake-up call for global governments, says UAE minister Omran Sharaf
- The minister advocates for "optimistic realists" who balance between assessing threats and leveraging opportunities presented by AI
Business
Turkey, UAE sign agreements worth over $50bn
Earlier this year, the two countries signed a Comprehensive Economic Partnership Agreement with the aim of boosting trade to $40...
- The non-oil intra-trade between the two nations amounts to over US$103 billion from 2013 to 2022.
- This includes imports valued at US$56 billion, exports exceeding US$35 billion, and re-exports totaling over US$12 billion.
Business
SALIC buys 10.7% stake in BRF
The deal is worth US$266 million (SAR1.27 billion).
- SALIC is fully owned by the Public Investment Fund.
- Brazilian firm BRF is a global leader in the poultry sector.