• Saudi inflation rises to 1.8% in February

    RIYADH, SAUDI ARABIA –   Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General Authority for Statistics (GASTAT).  The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.  Inflation...
  • UAE construction market soars to $94bn in 2023

    Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London. The growth is attributed to the increase in investments...
  • Non-Jordanian investors own 47% of ASE market value as of February 2024

    AMMAN, JORDAN – Data released by the Amman Stock Exchange reveals that non-Jordanian investors bought shares worth US$12.5 million (JD8.9 million) in February 2024, accounting for 8.7 percent of the month's total trading volume. Conversely, these investors offloaded shares valued at US$44.7 million (31.7 million dinars) during the same timeframe....
  • Saudi Arabia unveils its man shaped AI robot Mohammad

    Riyadh, Saudi Arabia - Saudi Arabia unveiled its first male humanoid robot ‘Muhammad’ during the second edition of DeepFast in Riyadh which kicked off at the Riyadh Exhibition and Convention Centre in Malham on Monday. A 7-second video of the robot is now viral. In it, the reporter Rawya Kassem,...
  • Total value of Saudi Arabia’s export of dates reaches US$389m in 2023

    RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of Saudi Arabia's date exports increased by 14 percent in 2023, reaching US$389 million (SAR1.462 Billion), compared to US$341 million (SAR1.280 billion) in 2022. By the end of 2023, the number...
  • Gold hovers near a month high on slowing US inflation

    ABU DHABI, UAE- Gold prices hovered near a month high on Friday after data suggested easing US price pressures, while traders awaited remarks from several Federal Reserve officials. According to Reuters, spot gold edged 0.2 percent higher to $2,047.29 per ounce, as of 0635 GMT, after hitting $2050.59 on Thursday...
  • Geopolitical risks, sanctions keep commodity markets on edge

    Istanbul, Turkey--The commodity markets saw supply concerns and rises by optimism from China, despite the negative impact of the Fed's announcements, sanctions, and ongoing geopolitical risks. Uncertainties as to when the Fed will start cutting interest rates persist, and the minutes of last week's Federal Open Market Committee (FOMC) meeting...
  • Commercial vehicle sales in China soar 79.6% in January

    Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data. Specifically, some 289,000 trucks were sold during this period, a surge of 81.8 percent year on year, according to the China Association of Automobile Manufacturers. A total of 35,000 coaches...
  • American spaceship lands on moon, images expected soon

    The first American spaceship on the Moon since Apollo is "alive and well" following a drama-packed touchdown, the firm that built it said as it worked to download data and images from the uncrewed robot. "Odysseus is alive and well," Intuitive Machines, which achieved the first lunar landing by a...
  • China home prices edge down in January, data shows

    Beijing, China--Major Chinese cities reported falling home prices in January with narrowing declines, official data showed on Friday. The National Bureau of Statistics reported that 56 of 70 large and medium-sized cities saw month-on-month drops in new home prices, down from 62 in December 2023. Additionally, 68 such cities registered...
  • Saudi Arabia’s trade surplus remains stable at $26bn

    Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of 2023 sustaining a level comparable to the previous quarter. According to recent data from the General Authority for Statistics (GASTAT), the trade surplus in December 2023 was SR39 billion ($10.4...
  • Qatar real-estate trading volume in January stands at US$521m

    Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in January amounted to $521 million. The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (362) real estate transactions were recorded...
  • Air cargo demand rebounds in 2023 amid economic uncertainty

    Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to new data for global air-freight market released by the International Air Transport Association (IATA). As per the new data full-year demand reached a level just slightly below 2022 and 2019....
  • UAE, Malaysia sign MoU to enhance ties in digital-infrastructure sector

    Abu Dhabi, UAE-- The UAE and Malaysia have signed a memorandum of understanding (MoU) to boost investment cooperation in the digital-infrastructure sector with an emphasis on data centres in Malaysia. The MoU centres on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organisations....
  • Healthcare industry globally faces data hacking threat

    DUBAI, UAE - In an age where data is a cornerstone of modern healthcare, the industry faces an escalating threat from cyber criminals seeking unauthorized access to sensitive information. Kingston Technology, a player in memory products and technology solutions, is urging healthcare entities to bolster their defenses against rising cyber...
  • China’s economy to grow steadily in 2024, say analysts

    Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last year, propelled by the gradual increase in domestic demand and with more stimulus policies in the offing, China Daily reported, citing officials and economists on Wednesday. Economists said the country...
  • Saudi Arabia tops MENA in venture capital investment in 2023

    Riyadh, Saudi Arabia - Saudi Arabia achieves first rank across MENA for the first time in terms of the amount of Venture Capital (VC) funding in 2023, according to MAGNiTT, the MENA-based venture data platform. The Kingdom captured the highest share of total VC funding in the year, accounting for...
  • Qatar PMI data reveals ‘stable business conditions’ in non-energy sector

    Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data from Qatar Financial Centre (QFC) has revealed. Volumes of output, new business and backlogs of work were all largely stable compared with November levels, while employment growth was maintained, and...
  • Google agrees to settle $5bn data privacy breach lawsuit

    Google has agreed to settle a consumer privacy lawsuit seeking at least $5 billion in damages over allegations it tracked the data of users who thought they were browsing privately. In a court filing, the judge confirmed that lawyers for Google reached a preliminary agreement to settle the class action...
  • South Korea posts 32% jump in export of eco-friendly vehicles

    Seoul, South Korea--South Korea's exports of eco-friendly vehicles surged 32.5 percent year-on-year to a record high during the first 11 months of 2023, due to solid global demand for electric vehicles (EVs), Yonhap News Agency reported on Sunday. The export volume of eco-friendly automobiles came to 662,307 units during the...
  • 44 large direct deals on IHC worth $1.205 bn at ADX Thursday

    Abu Dhabi, UAE – A wave of 44 large direct deals swept over the International Holding Company (IHC) shares on the Abu Dhabi Securities Exchange (ADX) on Thursday. According to ADX data, the deals were executed on 11.159 million stocks worth AED4.458 billion ($1.205 billion) at a price of AED399.5...
  • Saudi Arabia eyes $13 billion from media sector

    Riyadh, Saudi Arabia - Saudi Arabia aims to increase the media sector's economic contribution, targeting a GDP share of 47 billion riyals ($13 billion) by the end of the decade. The goal underlines the country's intent to diversify its economy and bolster the non-oil GDP, Saudi Press Agency reported. Recent...
  • ADX and Abu Dhabi Housing Authority sign agreement to boost data exchange

    Abu Dhabi, UAE--The Abu Dhabi Securities Exchange (ADX) and the Abu Dhabi Housing Authority signed a service level agreement to enhance cooperation between the two organizations across different areas, including digital connectivity and data exchange. The primary objective of this collaboration is to elevate service excellence and improve the overall...
  • Rising global temperatures in focus as COP28 kicks off in Dubai

    Dubai, UAE--Rising sea levels, vanishing Arctic landscapes, fading coral reefs, acidic oceans, and raging forest fires are common occurrences today. Climate change is escalating its aggressive posture before a full scale assault on humanity. A new study found that it costs the world $16.3 million per hour. On November 17,...
  • Stock markets on hold as investors await key US inflation data

    Stock markets were mostly in wait-and-see mode as investors eyed the release this week of key US inflation data that could guide Federal Reserve plans for interest rates. Oil prices slid nearly two percent before cutting their losses as dealers awaited a delayed meeting of OPEC and its allies to...
  • Oman’s Producer Price Index down in Q3 2023

    Muscat, Oman - The Sultanate of Oman's producer price index (PPI) in Q3 2023 recorded a decrease of 13 percent compared to Q3 2022, according to data issued by the Omani National Centre for Statistics and Information (NCSI). The statement explained that the prices of oil and gas products decreased...
  • Jordan’s jewelry, pharmaceutical exports rise in January-September 2023

    AMMAN, JORDAN – The Kingdom’s exports of jewelry increased by 71.5 percent during the January-September period of 2023 and pharmaceutical preparations by 28.2 percent, while other materials' grew by 12.2 percent, as per figures monitored by Petra based on official statistical data. The value of national exports of jewelry until...
  • Expat remittances in Saudi Arabia fall to $2.6bn in September

    RIYADH, SAUDI ARABIA - Remittances by expatriates in Saudi Arabia dropped 13 percent year-on-year (YoY) to US$2.6 billion (SAR 9.9 billion) in September, according to recent data released by the Saudi Central Bank (SAMA). On a month-on-month (MoM) basis, expat remittances in the Kingdom declined 8 percent, or US$229 million...
  • Oil prices climb up to highest level in a year

    The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices have been trending higher following moves by Russia and Saudi Arabia to limit output. The US futures benchmark, West Texas Intermediate for delivery in November, jumped 3.6% to $93.68 per...
  • Israel accounts for 46 percent of global Jewish population

    TEL AVIV, ISRAEL – The total global Jewish population rose to 15.7 million over the last year, while the number of those living in Israel hit 7.2 million, the Jewish Agency said. The agency’s data showed that the global Jewish population grew by some 100,000 over the past year. Israel...
  • Iran’s oil exports to China touch all-time record in August

    Tehran, Iran--Iran’s oil exports to China hit an all-time record in August despite continued US pressure on the country, according to data from a major international energy data company. The Sunday report by Fars news agency said Iran’s oil exports to China had reached an average of 1.5 million barrels...
  • Qatari economy records 2.7% growth in Q1 2023

    Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023 compared to the same period in 2022, according to data released by the country's Planning and Statistics Authority. The quarterly Gross Domestic Product (GDP) estimates at constant prices reached approximately...
  • Qatar’s Q2 2023 budget posts record surplus of US$2.7bn

    DOHA, QATAR - The Ministry of Finance announced that the budget of Qatar for the second quarter of the year 2023 recorded a surplus of US$2.7 billion (QR 10 billion). In its briefing on the actual data of Qatar's budget in the second quarter (Q2) of 2023, the ministry said...
  • Qatar Credit Bureau, Supreme Judicial Council to share data

    DOHA, QATAR - Qatar Credit Bureau signed a memorandum of understanding (MoU) with the Supreme Judicial Council (SJC) pertaining to sharing credit and judicial data and information. The MoU was signed by CEO of Qatar Credit Bureau Sheikha Maryam bint Khalifa Al-Thani and SJC's Enforcement Department director Judge Nabil Abdullah...
  • Oil prices spike on US stockpile draw and hurricane fears

    Dubai, UAE--Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 31 cents, or 0.36%,...
  • The fight over a ‘dangerous’ ideology shaping AI debate

    Paris, France - Silicon Valley's favorite philosophy, longtermism, has helped to frame the debate on artificial intelligence around the idea of human extinction. But increasingly vocal critics are warning that the philosophy is dangerous, and the obsession with extinction distracts from real problems associated with AI like data theft and biased...
  • $73 bn in saving deposits held by UAE banks during H1 2023

    Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the end of June 2023. According to the latest data from the Central Bank of the UAE, these deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of...
  • Five skills workers require in real estate

    Saudi Arabia’s real estate sector is evolving with new regulations, creating fresh job opportunities. The latest initiatives seek to enhance the sector’s GDP contribution while fostering job and investment prospects.
  • Iraq restores Telegram app after week-long ban over data violations

    Baghdad, Iraq--Iraq has restored access to the popular messaging app, Telegram, on Sunday after a week-long ban. The ban, which took effect on August 6, was enforced after concerns arose regarding breaches of national security. The government cited the leaking of state-owned private documents and the protection of citizens' personal...
  • Norway to fine Meta $100,000 a day for flouting user data ban

    Oslo, Norway - Norway's data protection agency said Tuesday it would start fining Facebook and Instagram owner Meta nearly $100,000 per day for defying a ban on using users' personal information to target ads. The Norwegian watchdog, Datatilsynet, said Meta would be fined one million kroner ($97,000) per day, starting August...
  • Global stock markets slip as European banks’ shares hit

    The dollar remained steady with talk of yet another US interest rate hike, while oil prices retreated following disappointing Chinese trade data. Analysts warned that while the US economy remained in rude health after more than a year of rate hikes, fears of recession remained.
  • Dubai Taxi Corporation unveils digital transformation plan 2022-2025

    Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of the service it provides to customers. The plan seeks to accomplish a host of strategic goals highlighted by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future....
  • Oman annual inflation inches up to 0.69 percent in June

    Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price survey data issued by the Oman's National Center for Statistics and Information. The inflation rate was driven by the increase in most of the main groups that make up the...
  • Saudi Arabia posts budget deficit of US$1.41 billion in Q2 2023

    RIYADH, SAUDI ARABIA - Saudi Arabia posted a budget deficit of SAR5.3 billion ($1.41 billion) in the second quarter of 2023, the finance ministry said on Thursday. Saudi Arabia, the world's top oil exporter, recorded a budget surplus of almost $30 billion in 2022 as the high prices of the...
  • Mubadala invests in Aligned

    Mubadala will become a minority partner with this investment.
  • Jordan sees surge of investments to US$844.8m in first half of 2023

    Amman, Jordan--Jordan’s economy has seen a 47.6 percent increase in investments in the first half of 2023, according to data released by the government. The kingdom's aggregate investments amounted to $844.8 million in the first six months of the year, up from $571 million over the same period in 2022....
  • Saudi Arabia real GDP grows 1.1 percent in Q2 2023

    RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023, compared to the second quarter of 2022, according to the General Authority for Statistics (GASTAT). Flash estimates for the GDP in Q2 of 2023, issued in a report by GASTAT,...
  • Jordan’s investments increase by 47.6% in H1 2023

    Amman, Jordan - Jordan's total volume of investments witnessed a 47.6 percent increase, according to data released by the Ministry of Investment on Sunday.  The total investment volume reached JD 598.2 million ($841.6 million), compared to JD 405.3 million ($570.2 million) during the same period in 2022. About 236 investment...
  • GAFTA imports from Jordan shoot up 16.6% to US$1.60bn

    Amman, Jordan-- Exports to Greater Arab Free Trade Area (GAFTA) countries from Jordan increased 16.6%, amounting to $1.60 billion, compared to about $1.38 billion for the same period last year. Foreign trade data issued by the Department of Statistics (DoS) indicated a drop in the value of the kingdom's imports...
  • US Federal Reserve’s united fight against inflation enters new phase

    Analysts are divided ahead of the Fed's next decision in September, with the so-called "hawks" predicting additional rate hikes in the face of strong economic data, and "doves" expecting an end to the current hiking cycle given recent inflation data.
  • Asian markets swing as US jobs data disappoint

    Asian equities wobbled at the end of a draining week as fresh US jobs data put revived bets on two more Federal Reserve interest rate hikes, adding to ongoing worries about China's economy. Investors have largely been on the back foot since Beijing announced a big miss on second-quarter growth.