The market is expected to grow at an annualized growth rate of 3.2 percent, from $26.5 billion in 2021 to $31.1 billion in 2026. Along with the lifting of Covid-19 restrictions, digitization activities by insurers in the region will boost the expansion plan of the insurance business.

Communities and businesses that rely on the ocean are hurting, as more than 3 billion people depend on marine and coastal biodiversity for their livelihoods.

After two weeks of talks, the IMF said Friday it has advanced efforts to secure an aid program to help Lebanon overcome its "unprecedented and complex" economic crisis, but more work is needed. The country will need fiscal reforms that ensure it can manage its debt load as well as...

Fitch Ratings on Friday downgraded Turkey's debt from BB- to B+ with a negative outlook, citing high inflation and a lack of confidence in policymakers to turn the tide. The downgrade comes after data released earlier in the month showed inflation hitting a two-decade record of nearly 50 percent in...

While initiatives like Made in Saudi Arabia are helping ramp up production, Saudi Exports is looking to rope in government agencies to help diversify the economy.

DWC Airport in Dubai will host the MEBAA Show, a business aviation platform, from 6-8 December 2022. The event will showcase the latest trends, insights, innovation and commercial opportunities shaping the future of business aviation and private flying in the Middle East and globally. Several international companies have already signed...

This includes a 48.28% growth in passenger volume, with the total number reaching 88,000.

The Algerian group announced the deal during a visit to the neighbouring North African country by its chief Toufik Hakkar.

The scheme is the first regional plan that seeks to mobilise up to 300 billion euros ($340 billion) for public and private infrastructure around the world by 2027.

The League called upon the Arab countries to contribute to mobilizing international support for the Kingdom’s request to host the exhibition.

Libya faced the challenge of two prime ministers on Thursday after parliament named a rival to the existing unity government's chief Abdulhamid Dbeibah, hours after his convoy was targeted in a shooting. The appointment of a second prime minister threatens to spark a new power struggle in the country.

The Global Entrepreneurship Monitor (GEM) has ranked the UAE 1st globally in its Global Entrepreneurship Index 2022, which was unveiled this week.The UAE climbed three spots from its 4th global ranking in last year's report to accomplish this feat, outperforming other leading global economies studied by the report. The UAE...

Global supplies of diesel are dwindling as refiners struggle to keep pace with rapid post-pandemic demand recovery, exacerbating an acute global energy shortage that has already sent the prices of gas, coal and crude oil soaring. At a time when global central banks are fretting over inflation rates not seen...

Turkey wants joint cooperation with Iraq regarding the exchange of products, its Minister of Agriculture and Forestry Bekir Pakdemirli said. "Turkey is in the process of cooperating in all fields with Iraq, whether agricultural or other," said Pakdemirli to the local media. He noted that his country suffers during this...

The debt deferral agreement has been signed in line with the G20 initiative of 2020 led by Saudi Arabia which was in regard of debts deferral owed by the poorest countries.

The credit ratings agency has said the prospects for global economic growth have softened, even if it was to a modest extent.

The data was released on Thursday, February 10, by the country’s General Authority for Statistics (GASTAT).

Saudi Aramco, the oil company, will establish a coffee center in Jizan while using "advanced irrigation techniques to improve agricultural capacity".

The UAE is the most competitive emerging market in GCC and the third most competitive on a global scale after China and India, according to the annual Agility Emerging Markets Logistics Index. The UAE led all 50 countries in the Index in creating the best business conditions and in the...

When temperatures plunged well below freezing in Ankara and energy prices soared, Dondu Isler had to make a tough choice to both stay warm and keep her soaring utility bills down. She turned off the heating in two bedrooms of her apartment. "Only the living room and the kitchen were...

The Cypriot government says the divided country has the highest number of first-time asylum applications in the European Union per capita.

Qatar Industrial Manufacturing Co. has reported a net profit of  $38m for 2021 in comparison to net profit of $23m for the same period of the previous year.

The Ministry of Hajj and Umrah announced an update in the procedures for entering Saudi Arabia for Umrah, which is one of the key non-oil sources of income for the kingdom. This is done to ensure the health and safety of the Umrah Performers and visitors, the ministry said. Based...

The World Defense Exhibition (WDE) declared that its first edition will be held in Riyadh, Saudi Arabia, from March 6-9, 2022, according to media reports. WDE is a leading global event on defense and security. The exhibition will begin with an opening ceremony that includes live demonstrations of the capabilities...

The Gulf Cooperation Council region witnessed a 40 percent rise in job creation in the last quarter of 2021 compared to the corresponding period of 2020, and hiring activity will continue to strengthen in 2022, said recruitment specialist Cooper Fitch. Job creation across the region was driven primarily by a...

Bahrain has launched ‘Golden Residency Visa’ for residents and non-residents with immediate processing of the applications electronically upon meeting the prescribed criteria.

Jordan’s Energy and Minerals Regulatory Commission ascribed any rise in the electricity bill to high demand during this winter when the electricity load was at 4,010 megawatts.

Saied has pushed the country down a dangerous route back towards autocracy, says critics.

Lebanon’s Fuel Distributors Representative Fadi Abu Chakra has confirmed that "there is no diesel oil crisis" in the country. The rumors of oil crisis started to circulate after a ship carrying 42 thousand tons of diesel met with a marine accident due to strong winds near the Amchit coast. Abu...

Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later (BPNL) provider in the Middle East.

Dubai has approved a policy to limit single-use plastic bags by imposing a tariff of 25 fils on such bags from 1 July 2022. The tariff will be implemented in all stores across Dubai including, but not limited to, retail stores, textile and electronic stores, restaurants, pharmacies, online and e-commerce...

Foreign exchange and gold reserves come in handy in many ways when a country is trying to ride out an economic crisis.

Turkey has lifted the ban on importing scrap metals from Lebanon, which could secure about $100 million annually for Lebanon, according to Minister of Economy and Trade, Amin Salam. Salam said that during his meeting in Ankara with Turkish Trade Minister Mehmet Muş, Interior Minister Suleiman Soylu and Foreign Minister...

This is a revision of an earlier proposal to divide into three companies.

Every month of border closures has cost businesses an estimated US$2.6 billion, according to the Australian Chamber of Commerce and Industry

From solar farms to wind energy, the infrastructure is being put in place at varying paces by GCC nations.

The forum aims at discussing concepts of smart cities and their relations to improving the quality of life.

The 7th International Date Palm Conference will be held at Emirates Palace Hotel, in Abu Dhabi, from 14th to 16th March, 2022, local media reports said. A total of 475 international researchers, and experts, from 42 countries are likely to attend the conference. Minister of Tolerance and Co-existence Sheikh Nahyan...

Saudi companies and government raised $36.9 billion sukuk in 2021, compared to $27 billion in 2020, an increase of 37 percent, and $28.6 billion in 2019, according to S&P Global Ratings In 2021, while the global sukuk issuance reached $$147.4 billion compared with $$148.4 billion in 2020, foreign-currency denominated sukuk...

A group of engineers in Lebanon held a sit-in protest outside the Central Bank branch in Sidon, in conjunction with similar stands outside BDL’s branches in Beirut and other regions.

The approval came at a meeting chaired by the council’s chairman Sheikh Ahmed bin Saeed Al Maktoum.

Kais Saied has concentrated all executive power since July 25, when he dismissed his Prime Minister and suspended parliament.

The hallmark of the Gulf sultanate, the long and elegant robes Dishdashas, have fallen prey to rising hemlines and elaborate embroidery, with some wearers also going for multicolored designs.

The political groups, now mainly based abroad, have seen their influence wane in recent years as Iran and Russia steadfastly supported the Syrian president after he launched a deadly crackdown on protesters in 2011 that quickly descended into civil war.

Compared to Europe and US, cyber insurance is a profitable proposition for GCC firms due to amenable market factors such as low litigation environment.

Iran has confirmed that Russia will invest $83.58 million in Sirik power plant based in southern Iran.

Iraq is keen to benefit from the Egyptian Investment Authority, the Governor of Iraq’s Central Bank Mustafa Ghaleb said on Friday.

The consortium partners comprise QatarEnergy, Shell and National Petroleum Corporation of Namibia "NAMCOR".

Jordan is looking to reform its old tax system in order to pave way for growth in national economy. In this regard members of the Jordan Economic Forum (JEF) presented many ideas during a virtual JEF dialogue session held recently.

The expert group will conduct an independent review with a view to identifying how the Fund can ensure it has in place effective channels for complaint, dissent and accountability.