UAE labour market transforms with AI revolution and growing demand for high-skill professions
The country is among the most attractive markets for skilled global professionals and talent, thanks to its competitive advantages, including...Economy
Study: Legacy technology not impeding adoption of AI and Machine Learning in UAE and Saudi Arabia
Manufacturers see AI as critical for decarbonization (66%), improving ESG scores, energy monitoring (55%), advancing digital twins (68%), and enabling...Technology
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...The WEF report offers a re-evaluation of global economic growth, introducing a new framework that takes a holistic look at GDP
The report adds that high income economies in 2023 saw average annual GDP per capita growth of 1.01% over the past five years
Gold extends slide after Fed dampens March rate cut hope
Dubai, UAE - Gold prices extended losses on Wednesday as the US dollar strengthened after comments from a Federal Reserve...Spot gold was down 0.2% at $2,023.49 per ounce, as of 0415 GMT, after stooping 1.3% in the previous session - its biggest single-day decline since 4th December 2023
The US Dollar Index, which gauges the dollar's strength against a basket of major currencies from key US trading partners has surpassed the 103.30 level
Mawani reports rise in container handling
The growth aligns with the aims of national logistics strategy.Saudi Arabia's overall ports recorded a 9.01% increase in annual container handling for 2023, reaching 11,380,302 TEU compared to 10,439,620 TEU in 2022
Transshipment containers also experienced an 8.96% increase in volume, with 3,237,490 TEU transshipped in 2023 compared to 2,971,233 TEU in 2022
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...The UAE central bank's balance sheet maintained a steady 21.2% growth rate throughout the first eleven months of 2023
According to the CBUAE, investments and deposits also played a huge role, totaling $56.63 billion and $26.53 billion respectively
China’s economic recovery stalls as growth flags
The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as...But Wednesday's reading is an improvement on the three percent growth recorded in 2022
China's exports -- historically a key growth lever -- dropped last year for the first time since 2016
Saudi startups soar amid surge in venture investments
Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to support Vision 2030,
The Saudi Venture Capital Company plays an important role, with more than $2.1 billion invested in various sectors, marking a new era of innovation and growth.
Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...The findings, based on data from 2018 to 2021, show that fakes take the biggest toll on the clothing sector, costing 12 billion euros ($13.1 billion) annually
The bulk of the counterfeiting occurred in just five EU members, with Germany, France, Italy, Spain and Austria accounting for half the yearly losses
AI revolutionizes UAE’s life sciences & healthcare
"By leveraging advanced data analysis techniques to process extensive datasets from diverse sources, including genomic data, scientific literature, and clinical...AI is transforming drug discovery, diagnostics, and personalized treatments, marking a new era in medical research.
The UAE, especially Abu Dhabi, is setting global standards in longevity and healthcare integration for better future.
Iran, India reach final agreement on Chabahar Port
Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...Chabahar Port, Iran's sole oceanic port on the Gulf of Oman, holds strategic importance both strategically and economically
In May 2016, India, Iran, and Afghanistan signed a trilateral agreement for the Chabahar port, facilitating New Delhi's access to Kabul and Central Asia
Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...The ministry had previously directed licensed recruitment companies and offices to set the upper limit for the costs of recruiting domestic worker services from some nationalities
The decision comes within the framework of the ministry’s effort to develop all services, improve the labor market environment and enhance its attractiveness
