How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...Economy
US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...Economy
Masdar, Africa50 sign MoU
The aim is to speed up clean energy transition in Africa.Masdar brings its technical expertise and extensive experience in emerging markets and will work with Africa50 to bridge the infrastructure funding gap.
Africa50 brings its skill in developing projects in the continent and which, combined with Masdar, can help unlock clean energy potential.
EIH acquires stake in 9Yards Comm
The acquisition aims to broaden EIH's investment portfolio.EIH has cultivated a diversified, innovative and sustainable investment portfolio comprising over 40 successful companies across various sectors.
9Yards Communications has a broad client portfolio encompassing government entities and private organizations both domestically and internationally.
$341bn in non-oil trade between UAE, G20 countries: UAE Minister
New Delhi, India - The non-oil trade between the UAE and G20 countries in 2022 hit $341 billion, which is...G20 countries are the UAE's largest trading partners, accounting for 43% of its non-oil exports, 39% of e-exports, and 67% of imports, the minister said
He noted that the UAE's non-oil trade with the G20 countries grew significantly in 2022, up 56% from 2020 and 34% from 2019
Saudi non-oil activities push Q2 economic growth to 1.2%
Riyadh, Saudi Arabia -- Saudi Arabia’s real GDP grew by 1.2 percent in the second quarter of 2023, compared to...A GASTAT report showed a 6.1% increase in non-oil activities over 2022, a 2.3% increase in government activities over 2022, and a 4.3% decrease in oil activities.
According to the report, seasonally adjusted real GDP decreased by 0.2 percent in Q2 of 2023 compared to the Q1 of 2023.
China reports drop in exports and imports in August
Beijing, China--China's exports and imports sank again in August, data showed Thursday, as the world's second-largest economy struggles with sluggish global...The customs authority said that overseas shipments dipped 8.8 percent on-year, compared with a 14.5 percent plunge in July
The country's exports, apart from a brief rebound in March and April this year, have been in constant decline since October
Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF
Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position...According to an IMF statement, Saudi Arabia is the fastest-growing economy among G20 countries, recording an overall growth rate of 8.7 percent
The kingdom's non-oil GDP witnessed a growth of 4.8 percent in 2022 driven by robust private consumption and investments in various sectors
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks
China’s digital economy surged by $4 trillion from 2016 to 2022
Tianjin, China - The digital economy in China surged by $4.1 trillion from 2016 to 2022, which works out as...By 2022, the scale of China's digital economy had reached an impressive $6.99 trillion, constituting a substantial 41.5% of the nation's GDP
China has established over 1,700 digital workshops and smart factories and more than 240 industrial internet platforms
Qatar’s non-energy private sector records strong growth in August
Doha, Qatar--Qatar's non-energy private sector witnessed strong expansion in August on the back of new orders in the manufacturing and...According to the QFC's latest purchasing managers' index (PMI) survey, the expansion rate was the third strongest so far in the current year
QFC CEO Yousuf Mohamed al-Jaida said PMI has held steady over the past six months at a level consistent with solid economic growth
Israel suspension of Gaza exports risks ‘catastrophe’: businesses
Osama Nofal, of the Gaza economic ministry, put the value of Gaza exports to Israel and the occupied West Bank...Israel's army chief on Monday ordered a halt to commercial deliveries from Gaza to Israel after an alleged attempt to smuggle explosives
The Gaza Strip has been under a crippling Israeli blockade since the Islamist group Hamas seized power in the Palestinian territory in 2007
