UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...Economy
Saudi Arabia introduces unified platform for visas, including Hajj, Umrah
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application...Economy Tourism
Pakistani Basmati export to KSA, UAE suffers setback
Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of...Briefing a National Assembly panel, Commerce Ministry’s Director-General Dr. Syed Kausar Zaidi said that Saudi Arabia imports 80 percent of its rice from India
He; however, expressed the hope that the outcome of Prime Minister Imran Khan’s recent visit to Saudi Arabia may have some positive impact on the export of rice
Dubai sets up AED1bn fund to support startups
The Fund, an initiative of the Dubai Securities and Exchange Higher Committee, will focus on supporting efforts to implement the...The Fund seeks to fill a funding gap in the MENA venture capital (VC) market by investing in technology startups in the early stages of growth
As part of its mandate, the Fund will invest in a range of key initiatives, including Dubai Future Accelerators, DIFC FinTech Hive and Venture Builder Studios
Crude fact: GCC set for big gains from high oil prices
In oil exporting countries, the fiscal deficits in 2020 will be replaced by large surpluses in 2021 and 2022, mainly...As oil prices rise, the oil-exporting countries in the MENA region - Saudi Arabia, the UAE, Kuwait, Qatar, Oman, Bahrain, Algeria, Iraq, Iran, and Libya - are likely to gain
A rise in energy prices increases current account surpluses in Saudi Arabia by US$ 28.3 billion, in Iraq by US$ 11.6 billion, and in the United Arab Emirates by US$ 11 billion
Kuwaitis complain about rising prices, high inflation
Growing costs and a drop in purchasing power are seen as deterioration of the standard of living Kuwaitis have been...The International Monetary Fund (IMF) attributed Kuwait's high inflation rate in 2021 to sharp rises in food prices and the cost of travel-related services.
The IMF expected that inflation would reach 3.2 percent by the end of this year and then stabilize at 3 percent in the medium run.
Saudi Arabia consistent on pension index
The Kingdom ranks 26 in the Mercer Institute Global Pension Index 2021 for the fourth year in a row, with...Saudi Arabia was ranked 26 in the Mercer Institute Global Pension Index 2021 for the fourth year in a row, with a total of 58.1 points, up from 57.5 last year.
The report also identifies several key areas that require development in the country's pension system such as increasing the minimum support provided to the poorest individuals
‘Make it in the Emirates Lab’ launched with focus on SMEs
The program is the second public-private initiative by MoIAT following the Future of Industry Dialogue initiative, a series of interactive...MoIAT kicked off the Access SMEs program within the wider Make it in the Emirates Lab in collaboration with Procter and Gamble
The training will also be available to select national students to further support and encourage their contribution to the industrial sector upon graduation
China’s factory output, retail sales see jump in October
Industrial production grew 3.5 percent on-year last month, up from September, said the National Bureau of Statistics, as China worked...Industrial production grew 3.5 percent on-year last month, up from September, said the National Bureau of Statistics, as China worked to ease the energy shortage
The recovery in the world's second biggest economy has been losing steam for much of the year after a swift bounceback from harsh lockdowns to contain Covid-19
Saudi Arabia unveils first non-profit city in the world
“This will be the first non-profit city of its kind which will contribute to achieving the goals of Mohammed bin...The city is billed to be a model for the development of the non-profit sector globally and an incubator for youth and volunteer groups
The city's masterplan embodies a human-centered, advanced digital metropolis designed to be sustainable and pedestrian-friendly
Dubai Airshow: UAE MoD signs deals worth AED 5bn
The first deal was signed with Airbus Defence and Space S.A.U., a Spanish company, to purchase refueling aircraft for the...The first deal was signed with Airbus Defence and Space S.A.U., a Spanish company, to purchase refueling aircraft for the Air Force and Air Defense Command
One contract was signed d with the French company, Thales, to purchase communication systems for the Air Force and Air Defense
UAE rich reset life goals after Corona but find confidence shaky: Survey
About 88 percent of the affluent people in the UAE have reset their life goals following the Corona pandemic, and...The 'confidence gap' is more pronounced among the emerging affluent, according to Standard Chartered survey.
Volatility in financial markets and fear of poor returns on investments are the major causes of low confidence.
