Davos2025: 33 industrial clusters from 16 countries commit to economic growth, jobs creation and emissions cuts
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.
Moody’s upgrades Oman’s credit rating to Ba2 with positive outlook
Muscat, Oman - Moody's has upgraded Oman's credit rating from Ba3 to Ba2 while maintaining a positive outlook due to the reduction in public debt and the improvement in the Sultanate's ability to meet its financial obligations in 2022.This comes after S&P revised Oman's outlook from stable to positive in...Sharjah’s GDP grows 5.2% to $37bn in 2022
Sharjah, UAE - Sharjah's GDP has grown by 5.2 percen to AED 136.9 billion ($37.05 billion) compared to AED 130.1 billion ($35.13 billion) in 2021. The non-oil sector has reported a 5.2 percent increase, bringing the total to AED 133.4 billion (36.08 billion) in 2022 compared to AED 126.8 billion ($34.28...MEA manufacturers eye digital technology for growth
While 82% firms are increasing investments in industrial automation and robotic process automation, 56% of them focus on enhancing employees' digital experiences at workplace.Global stocks rise despite data showing US economic slowdown
Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest rates hikes. The dollar rose against the euro and yen after the data showed US gross domestic product rose at an annual rate of 1.1 percent in the January to...US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a mild recession brews while consumer spending weakens. Consumption provided a boost to the world's biggest economy, giving it a strong start to 2023, but banking sector turmoil and rising interest...Empowering women can drive economic growth in GCC region
Many countries in the region have invested in education and provided better access to technology-related fields, resulting in women graduating with engineering degrees at higher rates than more technologically advanced countries such as the US, the UK, and Japan.Ramadan contributes to revitalizing economic growth
Consumer behavior is affected by cultural factors, customs, marketing campaigns, advertising, and competitions of merchants and suppliers, which can lead to an imbalance in supply and demand and affect price levels during the Holy Month, adds Prof Rajab Abdulla Al Esmail .New Saudi law brings in new businesses, more FDI
The New Companies Law simplifies the procedures to set up foreign businesses in Saudi Arabia, and removes several restrictions, says James Swallow of PRO Partner Group.Qatar stays committed to support SMEs, innovations
The small and medium enterprises are an important component of the Qatari private sector, as they account for over 90 percent of private sector establishments and are a great source of employment, in addition to their role in promoting innovation and creativity in business activities, he adds.Russia war ‘most important’ factor slowing growth: IMF committee chair
The fund trimmed its world growth forecast to 2.7 percent in 2023, and its chief economist Pierre-Olivier Gourinchas cautioned that the next year would feel like a recession for many people. Throughout its meetings of financial chiefs this week, the crisis lender stressed that the priority was for central banks...ADNOC Distribution H1 profit is $0.27 bn
The company recorded an EBITDA of US$0.54 billion.UAE’s non-oil foreign trade surged to Dh527.5b in Q1-22
The minister added that the UAE's exports grew around 18 percent YoY to AED91 billion by end of Q1-22, noting that exports have doubled over the past five years.Asia facing ‘stagflationary outlook’ amid Ukraine war: IMF
The Asian region faces a "stagflationary" outlook with economic growth being lower than previously expected and inflation being higher, a senior International Monetary Fund (IMF) official said on Tuesday (Apr 26). "Monetary tightening will be needed in most countries, with the speed of tightening depending on domestic inflation developments and...China sets lowest growth target in more than three decades
Beijing will target gross domestic product growth of around 5.5% this year, according to a prepared speech by Premier Li Keqiang.IMF warns developing countries of ‘economic turbulence’
Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world economic growth slows because of the Omicron variant of Covid-19, the IMF warned Monday. The International Monetary Fund, which is scheduled to release updated economic forecasts on January 25, said...Morocco’s economy to grow 6.3% in 2021, says IMF
Morocco’s new government aims to narrow the wealth gap in the country where unemployment is running at almost 13 percent. The economic recovery is expected to continue, although the pandemic may leave some scars.IMF says Omicron could slow global growth
According to the economists, Omicron's threat to economy will likely be less severe than the previous waves.Economic growth of Arab countries this year
This week’s TRENDS Explainer Video highlights how economic growth looks like in the Arab countries this year as per the latest IMF report.Saudi index reaches new highs on oil price rise
The oil price rise is expected to raise the economic growth of Saudi Arabia and the UAE. The kingdom is expected to grow by 5.1 percent next year.UAE announces Net Zero by 2050 strategic initiative
The national drive aims to achieve net-zero emissions by 2050, making the UAE the first MENA to do so.Some MENA economies see turnaround, others may take time to recover: IMF
Oil-producing countries will post positive growth, while economies dependent on tourism will struggle to stay afloat IMF report says curbing the coronavirus and rolling out vaccination could uplift the economies The International Monetary Fund (IMF) has forecast a turnaround for some economies in the Middle East and North Africa (MENA)...