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Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...Economy Tourism
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Equities sink, oil rallies on fears of Iran-Israel conflict
Stock markets fell and oil prices climbed Tuesday on growing fears of a wider war in the Middle East after...Economy
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World Bank estimates damage to Gaza infrastructure at $18.5bn
The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output...The bank said the rate of damage appears to be leveling off as few assets remain intact
The report also found that more than half of Gaza's population were on the brink of famine
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GCC tourism growth skyrockets as diversification drive gains momentum post-Covid
GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable...Four years on, the GCC has not just recovered faster than was expected, but it has also led the global tourism recovery with a 122% surge in arrivals in 2023 compared to 2019
The region has assiduously worked for it with its two major economies, Saudi Arabia and the UAE, embarking on economic diversification with tourism one of the thrust areas
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SAMA: E-payments share reached 70% of total payments in 2023
Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments...The achievement is attributed to the significant growth of payments processed through national payment systems in 2023
The evolving cost-effective and reliable e-payment system helps enhance transaction efficiency, and support financial stability
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Middle East economy firm despite challenges
Non-oil growth to stay robust, bolstered by a strong non-oil GDP growth in the region's two biggest economies, UAE and...The disruption to Red Sea trade has revived discussions around the need for alternative trade corridors
There is a growing momentum around green financing following the success of COP28 and the introduction of green finance frameworks
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Gross written premium rises by 12.7% in Q4 2023 to US$14bn, says CBUAE
ABU DHABI, UAE - The UAE insurance sector continued to grow in Q4 2023, as reflected by the increase in...The number of licenced insurance companies in the UAE remained at 60, the CBUAE announced in its quarterly economic report.
The insurance of persons and fund accumulation premiums decreased by 12.4 percent YoY.
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Debt, trade barriers drag Asian economies in 2024, says World Bank report   Â
BANGKOK, THAILAND – Asian economies are not doing as well as they could and growth in the region is forecast...Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023.
A key risk is that the US Federal Reserve and other major central banks might keep interest rates higher than before the pandemic.
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Economic growth in Asia forecast to slow to 4.5 percent, says World Bank
Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow...A World Bank report said that policy uncertainties, trade barriers are impeding the region's economies
The report added that Asia’s economies are growing more slowly than before the Covid pandemic
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Digital innovation fuels surge in Iraq’s banking sector
"These banks excel not only in financial performance but also in adapting and innovating. Through partnerships with global entities like...At the forefront of this remarkable journey are banks like the National Bank of Iraq and the Bank of Baghdad (BBOB), which have exhibited exceptional growth and profitabitability
The establishment of the "National Company for Electronic Payment Systems in Iraq" underlines the sector's proactive approach towards embracing cutting-edge technology
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Saudi women’s unemployment drops to 13.7% by 4Q 2023
Riyadh, Saudi Arabia - The unemployment rate among Saudi women witnessed a historic decline, plummeting to 13.7 percent in the...The unemployment rate among Saudi men remained steady at 4.6 percent during the same period
The overall unemployment rate, encompassing Saudis and non-Saudis, saw a noteworthy decrease to 4.4% in the 4th quarter
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Saudi tourism hits record $36 billion inbound spending in 2023
Riyadh, Saudi Arabia - Saudi Arabia's tourism sector contributed to a record-breaking $36 (SR135 billion) in spending by international visitors....The Kingdom's remarkable performance in tourism was further highlighted by its leading position in the United Nations Tourism rankings for growth in international tourist arrivals
The UN's tourism report also noted a substantial rise in both inbound and domestic tourism within the Kingdom, reinforcing its reputation as a premier global tourism destination