The Transitioning Industrial Clusters initiative aims to improve collaboration and develop a shared vision among co-located companies and public institutions, with the goals of driving economic growth and employment, and reducing CO2e emissions.

Gulf companies benefit from supportive credit environments, ensuring resilience in 2024 despite global economic challenges and geopolitical risks, says a report.

Riyadh, Saudi Arabia - About 89% of CEOs in Saudi Arabia are optimistic about the country's economic growth over the next 12 months, surpassing the global average of 44%, the Middle East average of 73%, and the GCC average of 81%, reveals the 27th Annual CEO Survey by the PwC...

The Kingdom's property sector is driven by a projected $3 trillion GDP by 2030 and evolving consumer preferences towards homes equipped for remote work and wellness.

"It is contributing to raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services" around the world," he adds as the conference celebrates the accessions of the Comoros and Timor-Leste, both classified as least-developed countries.

"Investing in youth, inspiring ideas, and transforming them into creative projects is a cornerstone for facing global challenges in many vital sectors," he add while opening the "Seaside Startup Summit UAE 2024" at the Longbeach Campground Hotel in Ras Al Khaimah, which will continue until February 28.

"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering the national economy," he adds, observing significant strides in diversifying the economy beyond oil through investments in tourism, technology, renewable energy, and financial services.

"We've collaborated closely with the World Governments Summit for over a decade. It presents a vital opportunity to foster innovative thinking and concentrate on best practices. Indeed, each year, it allows us to focus keenly on the current challenges and opportunities," he adds.

There is a need to align AI goals between public and private sectors to balance cost reduction with job creation and enhancement, Dr. Arturo Bris of IMD tells TRENDS.

The GCC real estate sector enters 2024 amidst a complex interplay of global economic challenges and regional opportunities, says a latest report.

Riyadh, Saudi Arabia - The International Monetary Fund (IMF) has revised its growth projections for Saudi Arabia's economy, revealing a more optimistic outlook. The latest forecast anticipates a 5.5% growth rate for the Kingdom in 2025, representing an increase from the initial projection of 4.5% made in October 2023.The upgraded...

Geopolitical tensions, including the Russia-Ukraine conflict, Middle East unrest, and China-Taiwan ties are key economic disruptors, says Bill Browder of Hermitage Capital.

The 2024 outlook for the MENA region's project market is exceptional, with an anticipated surpassing of $270 billion in value, according to a latest report.

SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani, CEO of Pemo, tells TRENDS.

MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million) in 2023, up 18.6 percent from US$992 million (RO382.3 million) in 2022.According to the Oman News Agency, the banking sector benefited from several local economic indicators in 2023, including economic...

"The financial sector is well-positioned to leverage the opportunities and address the risks presented by the technological evolution. We are committed to ensuring that the financial sector has the necessary resilience, capital, and liquidity to maximize opportunities and effectively mitigate risks," adds Maha Sultan Al Sowaidi.

Women spend a quarter more of their lives suffering from poor health than men, a disparity that includes an unequal focus on men across medical research, diagnosis and treatment, the report said. Closing this gap would boost the global economy by $1trn annually by 2040, a 1.7% rise in per...

Amid market volatility influenced by geopolitical tensions and fluctuating oil prices, pharma, insurance, and healthcare indices led with substantial gains in 2023.

Amid ongoing US-China technological rivalry, Gulf countries face crucial choices in balancing their economic and technological relations with both superpowers.

"Hopefully, 2024 will be a year in which we overcome the troubled period that started with the coup attempt, grew with the COVID-19 pandemic, and deepened with conflicts in our region, as we refocus on our goals.," the Turkish president adds in his New Year message.

Amid ongoing US-China technological rivalry, Gulf countries face crucial choices in balancing their economic and technological relations with both superpowers.

The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.

The GCC's transformation towards sustainability encompasses economic growth, job creation, and resource management, shaping a resilient and green future for the region.

Despite global credit risks, GCC banks thrive with overall lending growth, bolstered by strong performances in Saudi Arabia and the UAE, and robust economic indicators.

The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness, and global connectivity.

The Kingdom's selection as the host for World Expo 2030 marks a pivotal moment in its journey towards innovation, openness, and global connectivity.

Saudi Arabia -- competing against Busan, Korea, and Rome, Italy -- bids for Expo 2030 with a focus on innovation, sustainability, and global unity.

Middle East tensions likely to spur a mild global recession, with oil potentially hitting $120-$150 per barrel, says a latest report by Oxford Economics.

"Hosting global events serve as crucial platforms, uniting experts and specialists from diverse sectors. They offer opportunities for communication, opinion exchange, experience sharing, and showcasing the latest products and services. The major economic events hosted by the UAE play a pivotal role in bolstering various economic sectors," he adds.

Dubai's iconic skyline and architectural marvels have garnered global attention, offering stunning views for visitors and residents alike. This allure has attracted many to work, live, and invest in the emirate, solidifying Dubai's reputation as a thriving, futuristic metropolis where visionary projects come to life.

This trend, driven by affluent investors and global rate hikes, underscores the city's robust economic allure and the confidence investors place in its property market.

"The fiscal policy bolstered economic growth and the competitive business environment, leading to the UAE being ranked as the fastest-growing economy in the year 2022," adds Dubai's Deputy Ruler, Deputy Prime Minister, and Minister of Finance Sheikh Maktoum bin Mohammed, praising the Ministry of Finance’s team for their efforts.

"The Saudi economy achieved a growth rate of 8.7 percent in 2022, the fastest among G20 countries, surpassing the expectations of international organizations, which had estimated it at a maximum of 8.3 percent," the minister points out, adding that the Kingdom ranks 17th among the world's 64 most competitive economies.

This enhanced suite of services simplify registration for investors, enabling them to complete company setup steps without visiting multiple ministries or their websites.

Despite a decline in FDI inflows in the past few years, GCC countries remain optimistic as they expect strong economic growth in 2023 and beyond.

This ambitious strategy, commissioned by the ASEAN Member States and with the support from the Australia for ASEAN Futures (AUS4ASEAN) initiative, frames the need for ASEAN to pursue carbon neutrality with utmost urgency, and in doing so unlock the huge value potential of a green transformation of the region.

Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.

"The growth of the FMCG industry is closely tied to population growth, urbanization, and rising disposable incomes. The sector is a crucial indicator of a country's overall economic health. A thriving FMCG sector is often a sign of strong consumer confidence and increased spending, which are essential for sustained economic...

Saudi Arabia's employment figures received a significant boost in 2022, thanks to the efforts of the Public Investment Fund (PIF), which set up 25 companies and created 181,000 jobs during the year, latest official data has pointed out. The 2022 annual report of the PIF highlighted the establishment of a...

“As we continue to witness an ever-changing pace of development and technological advancement, regulating employment and improving human resources’ skills have become increasingly imperative to our policies. In the UAE, we have ensured gig and platform workers are granted a similar level of coverage as their co-workers in traditional sectors,"...

Fueling this ambition is an intricate web of travel companies, including tour operators, airlines, accommodation providers, cruise lines, and destination management companies. These firms are crucial cogs in the grand tourism machine, each contributing in unique ways towards marketing Saudi tourism and wooing tourists.

The Kingdom is harnessing the potential of tourism for economic growth, job creation, and cultural exchange. In 2022, Saudi Arabia welcomed 16.6 million visitors, becoming the most visited Middle Eastern country. By Q1 2023, the number of tourists increased by a remarkable 64 percent compared to 2019. Key attractions include...

During periods of economic stability, government focus typically gravitates towards infrastructure development. Investments in sectors like construction, transportation, energy, utilities, and telecomms infrastructure, are likely to see a boost. The financial sector is also expected to be positively impacted, he adds.

Dubai, UAE - The GCC region could realize $9.9 of economic growth for every $1 invested in GenAI. At that rate, the overall economic impact of GenAI could reach $23.5 billion per year by 2030 within the region, Strategy& Middle East, part of the PwC network revealed in a study. Saudi...

"Now is the time to face the three uncomfortable truths ... Inflation remains sticky; financial stresses could make price and financial stability a difficult balancing act; and more upside inflation risks will likely come our way," she adds, emphasizing the crucial role that the return to price stability plays in...

The country aims to reach the volume of real estate trading to QR 100 billion (US$27.4 billion), especially since real estate trading is multiplying at an accelerated rate, pointing out that there are many indicators in favor of this sector, including promoting available investment opportunities, adds Dr. Abdullah bin Abdulaziz...

By 2036, cloud infrastructures in UAE could generate $11.2bn for the country's economy, supporting about 6,000 full-time jobs annually, says a report by Amazon Web Services.

Both countries are focusing on sectors such as technology, digital payments, innovation, green energy, healthcare, and more to develop their economies, says UAE’s minister.

The GCC is the third largest source of foreign investment in Turkey, with 1,973 Gulf companies currently operating in the country.

Beijing, China - China has set a growth target of approximately 5 percent for the Gross Domestic Product (GDP) as announced in the 2023 Government Work Report (GWR).The report outlines the country's comprehensive economic and development tasks for the upcoming year, providing insights into the country's strategies to achieve these...