Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks
In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
OPEC+ expected to extend oil supply cuts to avoid drop in prices
Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per...
Economy
Climate threats haunt GCC’s economy and finance
The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's...
- The GCC faces a critical challenge as climate risks like extreme heat and water stress rise, potentially impacting the region's economic stability and financial health.
- A new S&P Global report underscores the urgency for adaptation and resilience investments to mitigate risks such as climate-induced flooding.
Economy
Lebanon economy to plunge into recession due to Gaza war
The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for...
- Lebanon's economy collapsed in late 2019, plunging most of the population into poverty, according to the United Nations.
- Real gross domestic product is expected to decline "to between minus 0.6 percent to minus 0.9 percent depending on the extent of the tourism shock," the World Bank said.
Geostrategy
Angola departure a blow for OPEC+ as cartel tensions rise
Despite slashing oil production for months on end and announcing new cuts in late November, the Organization of the Petroleum...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output.
- Angola is far from the first small country to quit the cartel. Indonesia left in 2009, Qatar in 2019 and Ecuador in 2020.
Economy
UAE consumer spending expected to rise by 5% in 2024: Mastercard report
Dubai, UAE -- Consumer spending in the UAE is expected to increase by 5 percent in 2024, while consumers and...
- Expansionary fiscal policy is set to continue to support growth in the Gulf Cooperation Council (GCC) countries, the report said.
- GCC’s strong push to grow its tourism sector have made the region one of the world’s fastest-growing destinations.
Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...
- The bank said that the UAE economy recorded a 3.8 percent year-on-year (YoY) growth in the second quarter of the current year, compared to 8 percent recorded in Q2 2022.
- It mentioned that the non-oil GDP growth accelerated to 7.3 percent YoY in the second quarter of the current year, up from 4.5 percent YoY in the previous quarter.
EU agrees on 150-million financial aid for Tunisia
A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian...
- The aid is part of a partnership agreement reached between the two countries in Tunis on July 16, which included a 105 million euros to curb irregular migration
- The joint press by EU commission and the Tunisian foreign ministry release said the 150-million aid will consist of a "direct financial transfer to the Tunisian public treasury
UNCTAD eWeek focuses on AI risks, e-commerce growth in developing countries
At UNCTAD eWeek 2023, experts stress the importance of aligning AI development with Sustainable Development Goals to mitigate risks and...
- At UNCTAD eWeek 2023, experts stress the importance of aligning AI development with Sustainable Development Goals to mitigate risks and ensure a secure digital future.
- Australia committed $2 million to UNCTAD for e-commerce support in developing nations, as Kenya unveiled a national strategy to spur its digital economy growth.
Economy
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price...
- Expenditures are expected to increase by 1 percent from 2023 to reach QR 200.9 billion, due to a rise in the allocations for salaries and wages.
- Allocations for both current expenditures and secondary capital expenditures also increased by 6.4 percent and 27.5 percent respectively, compared to 2023.
Business
Waning influence of OPEC+ in spotlight as prices flag
Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain...
- Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output
- While Riyadh blamed speculators for the drop, rather than weak demand, analysts say the cartel's lack of unity has fuelled scepticism about their latest announced cuts.
Saudi Arabia introduces unified platform for visas, including Hajj, Umrah
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application...
- The platform aims to automate visa issuance procedures, thereby enhancing the overall visitor experience
- The initiative is a step in the kingdom's strategy to bolster tourism in the forthcoming years
Cybersecurity in 2024: From talent shortages to resilience against emerging tech risks
In 2024, cybersecurity remained central, addressing skill gaps and the impact of generative AI. A Strategic Cybersecurity Talent Framework offered...
Company News
Latest News
‘Saudi Arabia leads its regional peers in construction growth’
The burgeoning construction sector in Saudi Arabia is fostering the expansion of its talent pool and consolidating its regional leadership,...
Economy
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Jordanian industrialists call for export diversification
AMMAN, JORDAN – Jordanian industrialists have emphasized the imperative of strategic planning to bolster export diversification, underlining key measures such...
Business
Most Read
Economy
March sees GCC Index drop as heavyweight sectors lag
GCC equity markets experienced a March downturn, influenced by seasonal selling pressure during Ramadan, leading to a 3.0% drop in...
- The decline was mainly led by seasonal selling pressure during Ramadan as investors booked profits after last month’s healthy gains
- Qatar suffered the steepest fall by 6.0%., Saudi Arabia was next with a slide of 1.8% while Kuwait and Dubai indices fell by 1.5%
Economy
Abu Dhabi’s private sector grows by over 35 percent in 2023
ABU DHABI, UAE – The Abu Dhabi Department of Economic Development (ADDED) organized, in collaboration with Abu Dhabi Investment Office...
- Al Multaqa Meetings empower Abu Dhabi to accelerate economic growth, by providing a platform to support investment.
- Supported by private sector and family-owned businesses, Abu Dhabi’s non-oil sectors is going from strength to strength.
Economy
Saudi Arabia offers 50% discount on accumulated traffic fines before April 18
Riyadh, Saudi Arabia - The Saudi Ministry of Interior has announced a significant measure aimed at reducing the burden of...
- The objective is to incentivize offenders to settle their fines within a six-month window from the commencement of the initiative
- Payment options include either clearing all fines at once or settling each fine individually, provided there are no additional safety-related violations