KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a...
Economy
WTO ministers struggle to forge deals as talks go into overtime
ABU DHABI, UAE – World trade ministers were locked in disagreement Thursday on fisheries subsidies, agriculture and digital customs duties as...
Geostrategy
Business
Indian Minister says UAE most popular tourist destination for his countrymen
The UAE is the most popular destination in the world for Indian tourists, according to figures submitted to Indian Parliament...
- The second and third most popular destinations for Indians were Thailand and Bangladesh, but their figures were way below those of the UAE.
- The Minister confirmed that 314,495 Indians left on tourist visas for the UAE in the first quarter of this year.
Geostrategy
Natural gas prices hit fresh record peaks on strong winter demand
European and UK gas prices rocketed Tuesday to all-time highs on strong winter demand and simmering geopolitical tensions between key...
- European and UK markets beat previous records from October. They are currently about eight times greater than at the start of 2021.
- Runaway spot gas prices, alongside other buoyant commodities including crude oil, have fueled mounting concern about spiking inflation worldwide.
Economy
Lebanon needs $12-15 billion to kickstart recovery: Central Bank
Lebanon needs to receive 12 to 15 billion dollars from its partners to kickstart its economic recovery and shore up...
- Lebanon is grappling with an unprecedented economic crisis branded by the World Bank as one of the planet's worst in modern times.
- Lebanon defaulted on its debt for the first time last year but political leaders have continued to resist key reforms demanded by donors to unlock necessary funds.
Economy
Foreign shoppers swarm Turkey after lira crash, rush likely to increase
Local traders say that the number of foreign shoppers has risen four to fivefold. Turkey's lira has crashed after Erdogan...
- Some of Europe's poorest countries -- go to stock up on everything from underwear to walnuts at a fraction of their cost back home
- Erdogan is betting that a cheap lira will create exports-driven growth that puts Turkey on a path followed by China during an economic transformation
Business
How can GCC companies respond to Global Minimum Tax rules?
The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023.
- The OECD rules will ensure that multinational corporations pay a minimum 15% tax rate from 2023
- The Pillar Two model rules provide governments a template to address the tax challenges arising from digitalisation of the economy
Analysis
Growing Islamophobia hits Islamic banking in Europe
The $2.2-trillion Islamic finance industry is set to take off in a big way across the world as it recovers...
- The EU is believed to be home to close to 28 million Muslims, who may hold close to $1,247 billion in wealth
- The Islamic finance industry has failed to make any impact in Germany and France with relatively large Muslims populations
Economy
China Mobile eyes Shanghai IPO
China Mobile is set to raise $7.64 billion in share listing.
- The 48.7 billion yuan initial public offering would be one of the largest on China's domestic stock markets for a decade
- China's largest wireless carrier by revenue was removed from the New York Stock Exchange this year along with fellow state-owned telecoms firms China Telecom and China Unicom
Economy
Is GCC inflation out of control?
The main reason for high inflation rates in the GCC countries is a rebound in prices in the sectors that...
- Food and beverages in Kuwait accounted for a whopping increase in prices, while education costs decreased 15.46 percent
- Saudi Arabia’s annual inflation increase is due to a 6.4 percent growth in transportation costs and a 1.4 percent rise in food and beverage prices
Economy
Turkish lira makes rare gains on ‘indirect’ rate hike
Turkey's troubled lira on Monday pared back some of its historic losses after President Recep Tayyip Erdogan announced new currency...
- Erdogan announced a complex series of measures Monday aimed at boosting the lira
- The lira reversed a 10 percent loss Monday into a 10 percent gain after Erdogan's announcement
Infographics
Where do Arab countries stand, according to GDP?
The most common way to quantify the economic health of a country is by calculating its gross domestic product (GDP).
- GDP is the total market value of all the goods and services produced within a country in a specific time period
- It is usually calculated on an annual basis, with the time period corresponding to the fiscal year rather than the calendar year
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KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a...
Economy
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UAE, India join forces to bolster new economy sectors
"The Emirati-Indian economic cooperation is gaining increasing momentum in sectors of the circular economy, tourism, aviation, entrepreneurship, small and medium...
Economy
Ukraine grain deal failed to achieve objective, says Putin
Russian President Vladimir Putin said the main objective of the deal that allowed Ukrainian grain exports to resume was not...
Geostrategy
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Business
ADX grew 20 percent in 2022, says CBUAE
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE)’s Financial Stability Report for 2022 said the FTSE ADX...
- The Abu Dhabi Securities Exchange (ADX) trading value increased by 21.9 percent to AED 451 billion ($122.78bn)
- Foreign investment in ADX increased, with total net foreign investments recording an inflow of AED 24 billion ($6.53bn) in 2022
Business
UAE-India trade rose to US$384bn in 2013-22
ABU DHABI, UAE - The significant growth in the volume of non-oil trade between the UAE and India signifies the...
- CEPA will help deliver the target of reaching US$100 billion in non-oil trade annually over the next five years.
- During 2020-2022, non-oil trade between the UAE and India has grown from US$27.9 billion to US$51.4 billion last year.
Economy
UAE one of fastest-growing economies in 2022: CBUAE
Abu Dhabi, UAE - The UAE’s real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP...
- The growth came despite higher inflation, tightening financial conditions and continued geopolitical tensions
- It was boosted by the removal of most COVID-19-related curbs and a recovery in global travel and the tourism