GCC economies eye $2.5trn from better productivity
The region pins hope on the new Productivity Potential Index that offers a forward-looking framework, incorporating environmental, health, and innovation...
Economy
IMF, World Bank say Gaza and Red Sea attacks risk to world economy
World Bank President Ajay Banga said that "what's going on Gaza, but also the challenges of Ukraine... and the Red...
Economy
Arab economies to grow by 2.9% in 2021, 3.6% in 2022: Report
Uneven recovery is expected as eleven Arab countries will likely recover by the end of 2022, while the recovery path...
Bread to cost more in Egypt as govt decides to slash subsidy
Egypt has decided to withdraw subsidy from bread that will make it dearer for a people who have relied on...
UAE’s non-oil economy picks up in July, strongest in two years
Latest IHS Markit UAE PMI says firms hoped easing of COVID-19 restrictions and the Expo 2020 later this year would...
Egypt’s exports shot up 54 percent to $282m in June 2021
Egypt’s exports of engineering products spiked by 54 percent to $282 million in June 2021, compared to $180m in the...
PMI: Saudi non-oil economy expands but challenges ahead
PMI falls for the first time in four months in July. The downgrade driven by weaker growth in output, new...
IMF officially approves increased lending capacity
The program, which had already been approved by the IMF's executive board in mid-July, will be implemented on August 23
Abu Dhabi cuts procedures to start business by 71 percent
Discussions with stakeholders helped the Abu Dhabi government identify and remove duplicate requirements and modify existing requirements to facilitate the...
Lebanon army gets second batch of food aid from Qatar
The first shipment was sent on July 8 on an Amiri Air Force aircraft belonging to the Qatari Armed Forces,...
- Lebanon is facing a deepening economic crisis that the World Bank now considers one of the worst in the world
- The Lebanese pound has lost around 90% of its purchasing power since November 2019
Israel’s govt approves state budget after three-year impasse
A protracted political crisis under former prime minister Benjamin Netanyahu generated political instability that prevented the passing of a state...
Services to facilitate Golden Visa for doctors in UAE launched
The long-term visa allows foreigners to work, live and study without needing an Emirati sponsor.
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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
GCC economies eye $2.5trn from better productivity
The region pins hope on the new Productivity Potential Index that offers a forward-looking framework, incorporating environmental, health, and innovation...
Economy
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Saudi Arabia’s international reserve assets up first time in 6 months
Foreign currency reserves, representing 94 percent of total assets, fell nearly 2 percent year-on-year in May to SAR 1.56 trillion...
Economy
UAE to deepen economic tie-ups with various world countries: Sheikh Saud
St. Petersburg, Russia-- The UAE is seeking to strengthen economic cooperation with many countries in the world in order to...
Economy
Qatar establishes itself as a top tourist destination
"Qatar Tourism is committed to building on the success of the FIFA World Cup 2022 and continuing to promote the...
Economy
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Economy
Global food bill will rise to US$1.98trn in 2023, up 1.5%: FAO
According to a report by the FAO, the world food import bill is forecast to touch a new record this...
- The FAO's biannual report warns that the decline in food import volumes is a "concerning development", indicating a decline in purchasing capacity
- The report further says that world wheat production in 2023 is expected to drop by 3.0 percent from its all-time high of 777 million tonnes in 2022
Business
38 million passengers used services of SRTA in 2022, say reports
SHARJAH, UAE - The Sharjah Roads and Transport Authority (SRTA) said it transported about 38 million passengers, throughout the year...
- The beneficiaries of taxi services and franchise companies within the emirate amounted to 29 million passengers.
- The total beneficiaries of bus services amounted to about 5.3 million, with an average of 14,500 passengers per day.
Economy
ZATCA sets criteria for target firms to apply phase II of e-invoicing
RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in...
- ZATCA said that it will notify all targeted establishments in preparation for linking the electronic billing systems with the Fatoora platform, starting January 1, 2024.
- It stressed that phase II includes additional requirements including issuing E-invoices based on a specific format.