Dubai receives 3.67 million visitors in first two months of 2024
Dubai, UAE--Dubai received 3.67 million overnight visitors in January-February 2024, with an increase of over 18 percent year-on-year (YoY), figures released by Dubai Department of Economy and Tourism (DET) showed.According to the DET's Tourism Performance Report for January-February 2024, Dubai recorded 1.77 million international visitors in January, and 1.9 million...
Qatar tops GCC region in food security
The country's National Food Security Strategy 2018-2023 is geared to increase the strategic stock of food commodities to ensure food security
Bahrain central bank issues e-cheques
The e-cheques will retain all the basic functions, legal validity, and benefits of paper cheques while providing a paperless payment experience.
Saudi Arabia to ease Covid-19 measures from October 17
While the country has scrapped social-distancing, it has not done away with the mask mandate.
UN calls for ‘transformative action’ on World Food Day
UN Secretary-General Antonion Guterres has called for changes in the way the world produces, consumes, and wastes food. His remarks came on the occasion of World Food Day, whose theme this year is “Our actions are our future.”
Saudi and UAE stock markets rebound
The Saudi and UAE bourses saw quite some ups and downs in the week that began on Sunday, October 10.
Brazil’s Paraná emulates UAE to be a logistics hub: Governor
In an exclusive interview with WAM in Abu Dhabi, Carlos Roberto Massa Ratinho Junior said the economic relations between his state and the UAE are on an upswing
Saudi non-oil exports post 37% record jump to SR125.3bn
Saudi Arabia’s non-oil exports rose 37 percent to a record SR125.3 billion in the first half of 2021, SPA reported. Non-oil exports were SR91.7 billion in the first half of 2020.
Egypt’s current account deficit widens in Q1 as imports surge
Egypt's current account deficit widened in the first quarter of the current financial year because of a surge in imports and a slow rebound in tourism to pre-COVID-19 levels, according to central bank figures released on Thursday.Moody’s changes Oman economy outlook to Stable
Moody’s expects Oman’s current account deficit to decline below 4 percent of the GDP in 2021-23 from more than 13 percent in 2020.
Turkish lira hits record low as Erdogan sacks central bankers
The Turkish lira sank to a record low against the US dollar on Thursday after President Recep Tayyip Erdogan fired three central bank members in an overnight decree. The embattled Turkish currency has lost nearly a fifth of its value so far this year as market concerns over the policy-setting...
Inflation spikes in Saudi Arabia, fueled by high food prices
The rate of inflation in Saudi Arabia spiked in September after being at the lowest level in August, according to official data.
Sukuk momentum may continue over the medium term on investor appetite: Fitch
Sukuk momentum is expected to continue over the medium term supported by intact investor appetite, funding diversification and refinancing needs, Fitch Ratings has said in a report. “Sukuk supply-demand imbalance will continue to be a key growth factor but not without headwinds,” said Bashar Al-Natoor, Global Head of Islamic Finance,...
UAE’s non-oil foreign trade up 27% to AED900 bn in H1 2021
According to preliminary data released by the Ministry of Economy, the value of non-oil exports alone amounted to AED170 billion during this period, posting a growth of 44 percent compared to H1 2020 and 41 percent more than that of the same period in 2019.
Digital upskilling key to MENA economic revival
About 70% CEOs in the Middle East believe that lack of digital skills is a threat to their businesses, a PwC survey has pointed out.
IMF, G20 fret over supply chain bottlenecks, inflation fears
As demand has spiked, suppliers have not been able to keep up: Ships are lined up outside American ports waiting to offload goods, US consumer inflation remained elevated in September, global oil prices have jumped over $80 a barrel, the highest in years, and British families may do without turkeys...
Saudi Arabia looks to boost the country’s GDP to $1.71 trillion
Saudi Arabia seeks to boost its economic output to reach $1.71 trillion, Saudi Investment Minister Khalid Al-Falih said on Wednesday.Look beyond subsidies to fight high energy prices: IMF
Governments should avoid using general subsidies as a way to soften the blow from recent high energy prices, said Paulo Medas from the IMF's Fiscal Affairs Department. Broad subsidies are expensive, so policymakers instead should use targeted aid to help low-income families, he added.UAE economy to grow at 2.1% this year, 4.2% in 2022: IIF
The Institute of International Finance (IIF) said that the UAE economy is rebounding from its deepest downturn in decades as oil prices recover and the country’s accelerated vaccination policy has allowed a broad-based reopening of sectors.Saudi EXIM Bank joins Berne Union
This will help the bank address major issues in export credit.
CBUAE, ADGM to cooperate in FinTech sector
CBUAE and ADGM will collaborate on the development and growth of the FinTech ecosystem in the UAE.
FAB joins Net-Zero Banking Alliance
FAB is the first bank in the UAE and GCC to join the NZBA.
OFID to support Paraguay SMEs, agriculture
OFID has signed a term loan agreement for $30 million with Banco Regional of Paraguay, the third of its kind to the country. Proceeds from the first tranche were loaned to the agriculture sector. The second facility provided 53 sub-loans to Paraguayan enterprises for international trade finance purpose.
Bank deposits up 0.7% to $525.17bn by August-end: CBUAE
The deposits rose to AED1,928.7 billion at the end of August from AED1,915.1 billion at the end of July.
Asian traders move cautiously ahead of inflation release
With the world's top economy well on the recovery track, the US central bank has already signalled it will begin to wind back the massive financial support put in place at the start of the pandemic.UAE approves budget of AED 290bn to 2026
The cabinet also approved the 2022 budget, which calls for spending of AED 58.931 billion ($16.05 billion).
IMF pegs 2021 global growth at 5.9%
The IMF noted that emerging variants of the novel coronavirus have made policy choices more difficult, with limited room to maneuver.
Saudi Arabia issues over 1,600 residential plots in September
The plots are said to have been issued under the country’s Sakani Housing program, which is a part of Saudi Arabia’s drive to increase homeownership among the Saudi families. More than 145,000 families have benefited from the program since the beginning of this year until August.Arab youth name UAE country of choice for the tenth consecutive year
For the tenth consecutive year, Arab youth have said the UAE is the country they would like to live in the most and the one they would like their own countries to emulate, according to a survey. The 13th Annual ASDA’A BCW Arab Youth Survey, conducted this year by global...Lebanon leaders start conclave to plan rescue of economy
Lebanon is currently experiencing possibly the worst economic crisis in the world.
China pledges $233 million to global biodiversity fund
Beijing -- the world's biggest polluter -- has sought to play a more prominent role internationally on biodiversity conservation in recent years.IMF reaffirms ‘full confidence’ in head Georgieva
The IMF board said it "considered that the information presented in the course of its review did not conclusively demonstrate that the Managing Director played an improper role regarding the Doing Business 2018 Report when she was CEO of the World Bank."
Saudi eyes $100bn yearly in foreign investment as part of Vision 2030 plan
The NIS is expected to raise annual FDI flows to $103.47 billion and increase annual domestic investment to $286.33 billion by 2030.Qatar, Saudi Arabia lead GCC in education spend
Qatar and Saudi Arabia lead the GCC countries when it comes to spending on education.Natural experiments bring Nobel Prize to three US economists
Card’s studies of core questions for society and Angrist and W Imbens’ methodological contributions have shown that natural experiments are a rich source of knowledge.Have Pandora papers jeopardized Lebanon aid?
The country is already reeling under the impact of its worst-ever economic crisis, shutting down of power stations due to fuel shortages, Covid-19 pandemic and the explosion last year at Beirut's port. The Pandora papers further highlight the state of corruption among the political class.
Iran needs $22bn to maintain gas output
Iran’s Oil Minister Javad Oji has reportedly said the country requires at this investment to maintain the production level of the gas fields over the next six to eight years. Meanwhile, a project to study methods to increase the recovery factor gas fields will start by late March 2022.Dubai announces projects worth $6.8 billion
They include urban development, health, and transport projects.
Sharjah Chamber to sponsor 12th World Chambers Congress
Running from November 23 to 25, the event will be held under the theme ‘Generation Next: Chambers 4.0’Lebanon in blackout as power stations run out of fuel
State electricity in most places is barely available for an hour a day amid rolling power cutsKSA, UAE lead GCC in maritime trade
Saudi Arabia is planning to invest US$36bn in logistics and aims to become a regional hub for the shipping sector, a position enjoyed by the UAE for many years.UAE to tread ’10 Principles’ path for the next 50 years
President Sheikh Al Nahyan decrees that all ministries, government authorities and institutions should make these 10 Principles as guidelines in their directives and decisions. They should also work the implementation of these principles through their plans and strategies.
Global deal to end tax havens goes through as 136 countries back 15 percent rate
At least 136 countries have backed a landmark agreement to set a new minimum tax rate for companies around the world.
Jadwa says a drop in Saudi joblessness a sign of healing economy
A drop in Saudi joblessness during the second quarter of the current fiscal year from 11.7 percent to 11.3 percent is seen as a sign of a healing economy, according to investment bank Jadwa.
UK and Gulf nations negotiate trade deal
"It brings me great joy and pleasure to officially announce the official launch of FTA negotiations between GCC countries and UK today," Zayed bin Rashid al-Zayani, Bahrain's minister of industry, commerce and tourism, said late Friday.
GDP of Arab economies down 3.8 percent: World Bank
The region’s average real GDP per capita is forecast to increase by only 1.1 percent in 2021 after declining an estimated 5.4 percent in 2020.
Chief trade negotiators from US, China hold ‘candid exchange’
This was the second consultation between the two countries' chief trade negotiators after relations were seriously damaged under former US president Donald Trump.Didn’t reject 2016 IMF report: Lebanon central bank chief
A Swiss newspaper claimed Riad Salameh struck out 14 pages of a 2016 IMF report that warned of economic crisis in Lebanon.
Fedex arm plans Saudi growth
FedEx Express is a subsidiary of FedEx Corp.World Bank sees ‘uneven, tenuous’ Mideast recovery
The region’s per-capita GDP is forecast to grow by only 1.1 percent this year after declining by about 5 percent in 2020.
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.
