‘Innovation takes time—The Gulf’s economic transformation requires patience and persistence’
In an interview with TRENDS, Josh Lerner says Gulf economies pursuing diversification must recognize that transformation takes time, patience, and...
Economy
Governments must put creativity at the center of economic strategy: Report
Titled Creative Futures: The Springboard for Sustained Economic Growth and Diversification, the report argues that cultural and creative industries —...
Economy
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
- According to Pakistani media, the country will expedite the project, which faced significant delays, in two phases
- Iran had previously given Pakistan a 180-day deadline until September 2024 to start completion of the pipe-laying work
Economy
Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
- Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.
- The bloc's shift from oil, through huge investments in logistics infrastructure and a business-friendly environment, positions them as prime locations for foreign investment.
Business
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
- The aggregate capital and reserves of UAE-based banks increased 12.3 percent or US$14.4 billion during the first 11 months of 2023
- National banks accounted for 86.5 percent of the total capital and reserves of UAE-based banks logging $113 billion by end of November 2023
Business
Price of natural gas in Europe falls to a 3-year low
LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost...
- Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union.
- Gas prices soared in 2022 and into 2023 as Russia's invasion of Ukraine made EU countries limit consumption and diversify their sources of supply.
Economy
Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
- The two sides look to enhance relations in the fields of labour, research, training, and ways to achieve the common interests
- Al Mansori noted the chamber's preparedness to collaborate with the ILO, praising its significant role in labour-related matters
Economy
Saudi Arabia pursues AI hub future: PIF Governor
Riyadh, Saudi Arabia - Governor of Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan on Thursday positioned Saudi Arabia as...
- Yasir Al-Rumayyan, speaking at the FII PRIORITY summit in Miami, highlighted the fund's focus on sectors like education, healthcare, artificial intelligence
- By investing in technological advancements, the PIF aims to propel the Kingdom towards a more diversified and resilient future
Economy
China home prices edge down in January, data shows
Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National...
- According to the National Bureau of Statistics, 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices
- In Shanghai, Guangzhou and Shenzhen, prices of new homes fell 0.3% in January with the decline narrowing by 0.1 percentage points
Economy
Dubai economy would grow 5 percent this year: Al Ghurair
Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair,...
- Al Ghurair said that the recent increase in interest rates would be reversed soon, leading to a decline in lending rates
- He said high interest rates, reaching up to 5 or 6 percent, are still lower than in many countries, supporting businesses
Economy
UAE’s economy rides on tech and renewable energy
"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering...
- UAE's economy expected to grow over 5.5% in 2024, says Damian Hitchen, CEO of Saxo Bank in the MENA region.
- Its strategic location and diversification from oil to tourism, tech, and renewable energy spur economic growth.
Economy
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
- The bills with a maturity of 182 days are issued by the Central Bank of Bahrain on behalf of Bahrain
- The average price for the issue was 97.077%, with the lowest accepted price being 97.032%
‘Innovation takes time—The Gulf’s economic transformation requires patience and persistence’
In an interview with TRENDS, Josh Lerner says Gulf economies pursuing diversification must recognize that transformation takes time, patience, and...
Economy
Company News
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China’s premier tells EU leaders ‘we can’t afford’ massive industrial subsidies
Chinese Premier Li Qiang dismissed EU fears over Beijing's allegedly excessive subsidies to its industry, telling the bloc's leaders "we...
Economy
Trump admin unveils AI strategy to maintain US dominance
The 25-page "America's AI Action Plan" outlines three aims: accelerating innovation, building infrastructure, and leading internationally on AI. Overall, the...
Geostrategy
Trump announces ‘massive’ Japan trade deal including 15% tariff
US President Donald Trump announced Tuesday a "massive" trade deal with Japan, cutting a threatened 25-percent tariff to 15 percent...
Economy
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Geostrategy
Global gas flaring surges again, costs $63bn in lost energy: WB
Washington, UAE -- Global gas flaring surged for a second year in a row, wasting about $63 billion in lost...
- Flaring, the practice of burning natural gas during oil extraction, reached 151 billion cubic meters (bcm) in 2024, up 3 bcm from the previous year.
- While some countries have reduced flaring, the top nine largest-flaring countries continue to account for three-quarters of all flaring.
Economy
Turkey parliament passes contentious mining legislation
Turkey's parliament on Saturday passed a controversial bill that opens certain agricultural lands including olive groves to mining activities, local...
- The bill, part of a broader package proposed by President Recep Tayyip Erdogan's ruling AKP party, sparked protests from opposition parties and environmental groups
- Farmers from across Turkey have gathered outside parliament over the past two weeks, urging the government to withdraw the draft, with some starting a hunger strike this week
Geostrategy
G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
- This week he suggested he could be dismissed for "fraud" over his handling of a renovation project at the Federal Reserve headquarters.
- The G20 is made up of 19 nations and two regional organizations and its members account for more than 80 percent of the world's economic output.