Oil prices tumble after Israeli attacks spare Iran facilities
Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against...
Economy
‘Starvation tactics’ being used against 25 million people in Sudan
UN experts on Thursday accused the two sides in Sudan's civil war of using "starvation tactics" against 25 million civilians,...
Economy
Saudi Arabia’s economy exceeds US$1trn mark
RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting...
- This positive outcome is attributed to strong investment from the private and public sectors,
- Non-oil revenue growth, ongoing diversification, and economic resilience efforts has also helped.
Economy
UAE president discusses climate financing with World Bank chief
Abu Dhabi, UAE – The UAE president Sheikh Mohamed bin Zayed Al Nahyan Thursday discussed climate financing with the President of...
- The meeting also discussed global economic conditions, and the contributions of the World Bank in supporting regional and global development
- The UAE president highlighted the upcoming UN Climate Change Conference (COP28), which his country will host later this year
Economy
FII7 sees $17.9 billion in investments, summit on AI
Riyadh, Saudi Arabia – The three day 7th edition of the Future Investment Initiative (FII7) which ended on October 24...
- During a session, Goldman Sachs Economics forecasted that global investment in AI could reach $200 billion by 2025
- The event saw the partnership between the PIF and Pirelli, with plans to establish a tire manufacturing facility in Saudi Arabia
Business
Saudi Arabia’s Ministry of Investment inks 3 MoUs at FII7
RIYADH, SAUDI ARABIA – The Kingdom’s Ministry of Investment signed three memoranda of understanding (MoU) in the fields of biotechnology,...
- The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines.
- The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030.
Economy
Huge investments propel GCC project sector growth
The GCC project sector, one of the world's most dynamic, has recorded a significant surge in project awards, reaching $41.8...
- The GCC project sector, one of the world's most dynamic, has witnessed a significant surge in project awards, reaching $41.8 billion in the third quarter of 2023, says a report.
- Driven by diversification efforts, countries like Kuwait and Saudi Arabia lead in contract values, emphasizing sustainable projects that align with long-term economic aspirations.
Interview
Global tech collaboration can benefit all: Expert
The ongoing US-China technological decoupling is likely to harm global capabilities, Chinese Professor Wu Xiabo tells TRENDS in an interview.
- The ongoing US-China technological decoupling is likely to harm global capabilities, Chinese Professor Wu Xiabo tells TRENDS in an interview.
- He emphasizes the interrelation of FDI and technology, advocating for inclusive technological advancements that support local businesses.
Economy
Retail plays a pivotal role in UAE’s Net Zero mission
“To achieve our climate objectives, every segment of the economy, including retail, must work towards a greener future. The upcoming...
- UAE minister Mariam bint Mohammed Almheiri emphasizes sustainability in retail operations
- A total of 13 additional businesses have signed the UAE Climate Responsible Companies Pledge
Economy
High interest rates are here to stay for a longer duration: IMF chief
Riyadh, Saudi Arabia - The world should be prepared that the interest rates are here to stay for a longer...
- Kristalina Georgieva conceded that "interest rates are not just suffocating, they are making life harder."
- She also called on the overburdened countries to restructure debt, promising that the IMF was ready to assist
Business
Stocks surge on China spending plan as oil prices retreat
Traders tracked a rally on Wall Street that was helped by a strong set of earnings from big-name firms including...
- Hong Kong was the stand-out performer Wednesday, jumping more than two percent
- Traders were aware that the crisis in the Middle East could spiral out of control at any minute
Interview
Diversification remains crucial for oil-rich nations
Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in...
- Combating climate change demands global collaboration and collective action, European Commissioner for Cohesion and Reforms Elisa Ferreira tells TRENDS in an interview
- She highlights the need for a global sustainability approach, emphasizing localized transitions, inclusivity, and the urgency of shifting to sustainable development
Oil prices tumble after Israeli attacks spare Iran facilities
Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against...
Economy
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Ajman eyes endowment-driven growth, social solidarity
"Reports with statistics on the number, types, values, and uses of endowments enable us to make appropriate decisions regarding endowment...
Economy
$2bn earmarked for Saudi real estate by Muslim global HWNIs
Riyadh, Saudi Arabia - Muslim global high net worth individuals (HNWI) are prepared to spend US$ 1.96 billion on real...
Economy
UAE construction market soars to $94bn in 2023
Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of...
Economy
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Business
Jafza reports 28% year-on-year growth in 2023 of new Indian companies
DUBAI, UAE – Jebel Ali Free Zone (Jafza) is a major contributor to the growing trade between India and the...
- Over 190 new Indian businesses and a total of more than 1,500 Indian companies have set up business in Jafza.
- This move aims to assist Indian businesses in accessing markets across the Middle East, Africa, and Europe.
Economy
Residential demand buoyed Qatar’s property sector in 2023
Doha, Qatar - Residential demand continued to buoy the country's property sector in Q4 2023, hapondo, a homegrown property portal,...
- The report pointed out that despite a decrease in real estate transaction volume to $4.6 billion from $5.82 billion, apartments remained popular for investment
- Key residential highlights included the Marina District in Lusail, while The Pearl remained the most sought-after location for apartment seekers
Economy
UAE and Greece hold talks to widen economic cooperation
Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues...
- Al Jaber held several bilateral meetings with Kyriakos Mitsotakis, PM of Greece, George Gerapetritis, Minister of Foreign Affairs, and Kostas Skrekas, Minister of Development
- The two sides discussed means of fostering cooperation within the UAE-Greece CEPA agreement, signed during the visit of the Greek PM's to the UAE in 2020