ECB to cut rates again amid bleak eurozone outlook
The European Central Bank is expected to cut interest rates again this week amid a darkening outlook, with political turbulence...Economy
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...Economy Uncategorized
D33 Economic Agenda helps Dubai’s tourism thrive
“Dubai’s robust partnerships with leading travel and hospitality companies are key to fostering the growth of this crucial sector, both...Dubai's tourism sector plays a pivotal role in the city's economy, with a record 13.9 million visitors in 2023.
Under the D33 Agenda, Dubai is not only advancing in tourism but also focusing on sustainability,
UAE to strengthen digital infrastructure in Azerbaijan
Abu Dhabi, UAE – The UAE and Azerbaijan have signed a Memorandum of Understanding (MoU) aimed at strengthening the digital...Data centers are crucial to a country’s digital infrastructure as they provide a secure space for storing critical data and running applications.Â
Azerbaijan has taken steps towards advancing the digital economy, among else through the centralization of e-services and the digitization of public services
GCC soars in global space race with key advancements
Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their...Saudi Arabia's new Saudi Space Agency and first ISS mission, coupled with UAE's Hope Probe and lunar projects, underscore their rising status in global space sector.
Bahrain's development of its first satellite and Kuwait's CubeSat initiative underscore the Gulf region's commitment to space technology and research.
Eurozone business activity continues downward trend in December
BRUSSELS, BELGIUM - Business activity in the eurozone slumped at a faster rate in December, weighed down by a deeper downturn...The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global fell to 47 in December from 47.6 in November.
A figure below 50 indicates contraction and the risk of recession in the 20-nation single currency area remains, analysts warned.
‘Double efforts to tackle labor market challenges’
"The digital economy represents a clear path to employment opportunities. Additionally, exploring other avenues, such as the green economy, is...Employment rates for young men and women in the Arab region are around 26 percent, says International Labor Organization Director-General Gilbert F. Houngbo.
He also highlights the significant challenges currently intensified by climate change, rapid technological advancements, demographic shifts, and geopolitical tensions.
Palestine sees 3.7% economic shrink amid conflict
The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling...The World Bank reports a severe economic downturn in Palestinian economy due to Israel-Hamas conflict, with Gaza's economic contribution falling from 36% to 17% since 2005.
Despite the conflict in Gaza causing job losses, infrastructure damage, and rising poverty, the Palestinian banking sector has shown resilience amidst the ongoing crisis, it adds.
UAE GDP set to double in 2024 from oil and non-oil boost: report
Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023,...The UAE has been actively pursuing non-oil sector expansion as part of its economic development plans
The recent successful sovereign bond sale, which raised US$1.5 billion, has bolstered these efforts
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Mawani gets 79.01 points in UNCTAD’s Liner Shipping Connectivity Index for Q4 2023
RIYADH, SAUDI ARABIA – The Saudi Ports Authority (Mawani) attained its highest improvement in the UNCTAD's Liner Shipping Connectivity Index...This development aligns with the objectives of the National Transport and Logistics Strategy (NTLS).
This achievement adds to the recent major records, including a score of 77.66 during Q3.
Saudi Arabia’s inflation rises to 1.7 percent in November: GASTAT
Riyadh, Saudi Arabia -- Saudi Arabia’s inflation rose to 1.7 percent in November compared with the previous month, according to recent data...The cost-of-living index for November rose to 110.06 points, according to the base year 2018, from 108.25 points in the same month a year earlier.
The higher consumer price index (CPI) in November was mainly impacted by a 7.8 percent rise in housing, water, electricity, gas, and other fuel prices.
