How Doha is Building a Knowledge Economy
By pairing sovereign capital with frictionless regulation, Doha reversed the startup playbook, attracting investors and founders first, then letting an...
The Gulf’s next currency isn’t petroleum. It’s know-how
The post-oil Gulf has the chance to redefine authenticity itself—as a deliberately trained, global hospitality culture built by people, not...
Economy
Economy
OPEC Fund offered US$1.7 bn in development funding in 2023
Vienna, Austria - The OPEC Fund for International Development allocated US$1.7 billion across 55 projects globally in 2023, providing funding...
- The largest share in last year’s lending program was dedicated to policy-based-lending (31 percent).
- The transport and storage sector received the major share of OPEC Fund’s support (14 percent)
Economy
Saudi Central Bank Governor discusses global economy in meeting with ECB chief
Riyadh, Saudi Arabia - The Saudi Central Bank Governor (SAMA) Ayman Al-Sayari discussed the recent developments in central banking and...
- Several events were organized on the sidelines of the visit including a high-level panel discussion titled “Interconnectedness and Increasing Capital Flow.”
- In addition, a seminar on "Women’s Empowerment within Central Banks” was conducted and featured speeches by SAMA’s governor and the ECB president
Economy
Ex-Amazon economist to head Turkey’s central bank
Erkan resigned just a week after completing a historic series of interest rate hikes that have pushed the baseline rate...
- Fatih Karahan's appointment follows the resignation of Hafize Gaye Erkan after less than a year in office over a media scandal involving her family
- The reshuffle appears to keep in place Erdogan's newfound commitment to market economics following years of financial turmoil
Economy
IMF upgrades Saudi Arabia’s 2025 economic growth prediction to 5.5%
Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a...
- The IMF envisions a 3.1% global economic growth in 2024, followed by a further increase to 3.2% in 2025
- The upgraded forecast reflects the continuous economic growth and prosperity in the Kingdom
Business
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
- France, the United Arab Emirates, India, Turkey, and the United Kingdom were the top destinations for UAE recruiters.
- This trend underscores the UAE's commitment to fostering a diverse and vibrant multinational workforce.
Economy
China economic slowdown to continue for the next four years, says IMF
BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging...
- The world's second-largest economy last year saw some of its slowest growth in decades
- A debt crisis in the property sector added to geopolitical tensions and weakening global demand.
Economy
Saudi Arabia launches program to boost exports
Riyadh, Saudi Arabia - Saudi Arabia has embarked on a program to equip Saudi exporters with the necessary information on...
- General Authority for Foreign Trade, through its Agency for Private Sector Affairs and International Representation, has launched workshops called "Through the Attachés"
- The Foreign Trade Authority, with a focus on boosting exports, and safeguarding trade interests, plays a critical role in developing the national economy
Interview
WEF24: Corruption puts institutions, growth at risk
Despite existing laws, global corruption has not decreased due to lack of enforcement and judicial independence, Francois Valerian of Transparency...
- Despite existing laws, global corruption has not decreased due to lack of enforcement and judicial independence, Francois Valerian of Transparency International tells TRENDS.
- Corruption, a global economic issue, involves cross-border reinvestment of stolen funds, necessitating stronger, independent judicial systems to enforce anti-graft laws, he adds.
Economy
UAE healthcare spending set to reach $30.6bn by 2027
The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a...
- The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a white paper.
- Precision medicine has been identified as a key departure from traditional healthcare approaches, focusing on patient-centered care, the report highlights.
Business
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
- There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
- The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
How Doha is Building a Knowledge Economy
By pairing sovereign capital with frictionless regulation, Doha reversed the startup playbook, attracting investors and founders first, then letting an...
Company News
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Tesla to build first grid-scale power plant in China
New York, United States - Tesla announced Friday that it signed an agreement to build its first grid-scale energy storage...
Economy
Trade war worsens foreign investment outlook: UNCTAD World Investment Report
Presenting the annual report at a press conference, UNCTAD chief Rebeca Grynspan said it contained a "clear and urgent" message...
Economy
US Fed keeps interest rates unchanged in face of Trump criticism
Fed Chair Jerome Powell told reporters the central bank would make better decisions if it waited a few months to...
Economy
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Economy
Asian stocks drop after Fed warning, oil dips with Mideast in focus
Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite...
- With Trump increasingly calling for the bank to slash rates, Powell said: "We'll make smarter and better decisions if we just wait a couple of months."
- Hong Kong led losses, falling more than one percent, while Tokyo, Shanghai, Sydney, Singapore, Seoul, Wellington, Taipei, Manila and Jakarta were also in the red
Economy
US Fed set to hold rates steady as it guards against inflation
Washington, United States - The US central bank is expected to hold interest rates steady Wednesday after its key policy...
- The Federal Reserve has kept the benchmark lending rate unchanged this year at a range between 4.25 percent and 4.50 percent
- Beyond inflation data, policymakers are also trying to keep expectations "anchored," a state in which consumers expect price increases to remain low and steady
Economy
Trump says EU not offering ‘fair deal’ on trade
US President Donald Trump said Tuesday that the European Union had yet to offer a "fair deal" on trade, as...
- "We're talking but I don't feel that they're offering a fair deal yet," Trump said of EU speaking to reporters on board Air Force One before returning to the US from G7 meet US
- Shortly after taking office, Trump upended the global economic order by accusing the United States' trading partners of unfair practices and he announced huge global tariffs