Gulf nations embark on defense industry localization
Saudi Arabia leads GCC efforts towards defense self-reliance by creating the first military industries committee, aiming to reduce foreign imports...Economy
Qatar looks to boost tourism sector by streamlining regulations
Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve...Business Economy Tourism
EU boosts 2023 growth outlook for region
BRUSSELS, BELGIUM - The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised...The EU executive's spring forecast is more optimistic than that issued late last year, despite inflation proving "stickier than expected".
Brussels also raised the 2024 growth forecast for the 20-country single currency zone by 0.1 points to 1.6 percent.
Meydan Free Zone-ADIB pact to promote SMEs, sustainability in economy
Abu Dhabi, UAE-- The recent partnership signed between Abu Dhabi Islamic Bank (ADIB) and Meydan Free Zone is expected to...The partnership will enable trade license holders in the Meydan Free Zone to access ADIB's range of banking products and services
Hamed Ahli, head of Meydan Free Zone, said the MoU will drive new financing potential for companies seeking to grow from Dubai
Jordan’s industrial producer-price index shoots up 2.59% in Q1 of 2023
Amman, Jordan-- Jordan's industrial producer-price index, which generally reflects supply conditions across the economy, climbed up 2.59 percent in the...The Department of Statistics attributed the upward trend to a 1.63% jump in the transformative industries price index and a 23.65% rise in the extractive industries price index
It said the monthly decrease resulted from an 8.86% fall in transformative industries, and an 11.57% drop in electricity, and at the same time extractive industries shot up by 3%
TRENDS poll: Vision 2030 spurs entrepreneurship, small business growth in Saudi Arabia
The oil-rich kingdom has supported private institutions targeting startups to further boost investment in non-oil sectors.The kingdom's Small and Medium Enterprises General Authority, Monshaat, designs initiatives that promote a culture of entrepreneurship
Saudi government has supported private institutions targeting startups to further boost investment in non-oil sectors
Oman and Etihad Rail Company signs MoU with Vale, Brazilian mining firm
Dubai, UAE-- Oman and Etihad Rail Company, the operator of the UAE-Oman Rail Network, has signed a memorandum of understanding...The signing of the agreement between the two will explore the possibility of transportation of iron ore between the UAE and Oman, linking it up with Vale's unit in Sohar Port
According to Suhail Mohammed al Mazrouei, UAE’s Minister of Energy and Infrastructure, the agreement is in line with the country's desire to set up partnerships with big companies
Global oil industry needs $12trn investments by 2045
Oil alone will make up almost 29 percent of the world’s energy needs by 2045, requiring an investment of over...OPEC member countries are ready to play a key role in providing energy to the world and in reducing emissions, Al Ghais said
The oil industry, he said, needs a long-term, investment-friendly climate that works for producers and consumers
Telecom Egypt sells 162 million shares
The government sold a 9.5% stake for US$121.6mn.The North African country desperately needs privatization in order to meet a series of foreign debt obligations over the next few months
When the two-part sale is complete, it will bring down the Egyptian government's stake in Telecom Egypt down to 70 percent from 80 percent
Large scale job losses if US defaults, warns government
President Joe Biden's administration again warned of "catastrophic" consequences for the US economy including huge job losses if the country...The nonpartisan Congressional Budget Office forecast that the country could default on its debts by June 15 if lawmakers fail to agree on a deal.
Biden has stated he wants a "clean" hike of the debt ceiling, but Republicans are insisting any extension of the country's borrowing authority.
Will sponsor Emirates Labor Market Award, Â says Abu Dhabi Chamber
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced its sponsorship of the Emirates Labor...The award aims to recognize the efforts of leading private sector entities and outstanding individuals and highlight successful practices in the labor market.
The Chamber plays a leading role in supporting national projects and supports increasing the labor market's productivity, efficiency and competitiveness.
Dubai top Greenfield FDI destination for second time in a row
The emirate achieved an 89.5 percent year-on-year growth in 2022 and Foreign Direct Investment capital inflows of $12.79 billion. The...These exceptional achievements support the strategic vision outlined by the Dubai Economic Agenda D33, Sheikh Hamdan said.
Dubai ranked first globally in attracting greenfield FDI projects in 2021, up from the third spot in 2020. It had attracted 418 freenfield FDI projects.
