Abu Dhabi, UAE -- UAE's non-oil foreign trade increased by a record 14.6 percent in 2024, compared to 2023, reaching AED 3 trillion ($816 billion), according to Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.In statements to the Emirates News Agency (WAM), Dr. Al Zeyoudi said,...

The Middle East must counter global economic divergence by enhancing regional financial integration to drive collective growth, Rudolph Lohmeyer tells TRENDS in an exclusive interview.

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.

Davos, Switzerland -- The World Economic Forum (WEF) has announced signing agreements for three new Centers for the Fourth Industrial Revolution (C4IR) launching in 2025.Additionally, the WEF announced that the C4IR United Arab Emirates has been renewed.The upcoming centers in Muscat, Pretoria, and Riyadh will tackle critical global challenges with...

The international community must prioritize cooperation and dialogue to overcome the challenges of a fragmented world, the Saudi delegation to the World Economic Forum (WEF) Annual Meeting 2025 said today.Calling for global collaboration to shape a prosperous future, Saudi Arabia’s Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah,...

Geneva, Switzerland – The global economy is set to face significant challenges in 2025, with 56 percent of chief economists surveyed expecting conditions to weaken, according to the latest Chief Economists Outlook from the World Economic Forum.Only 17 percent foresee an improvement, pointing to heightened uncertainty in key regions and the...

Abu Dhabi, UAE - The UAE’s technology industry is set to achieve record growth in 2025, driven by significant expansion in digital innovation and the adoption of cutting-edge technologies. This growth further solidifies the UAE’s stature as a global hub for innovation and an international beacon for tech companies.The UAE...

The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global economic growth has stagnated and remains below the pre-pandemic annual average of 3.2 percent. The report produced by the UN Department of Economic and Social Affairs (DESA), highlights the enduring...

Riyadh, Saudi Arabia -- Saudi Arabia's Industrial Production Index (IPI) increased by 3.4 percent in November 2024, compared to Nov 2023, according to the kingdom's ]General Authority for Statistics (GASTAT).This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities.Furthermore, the...

Doha, Qatar – Qatar’s non-energy private sector recorded robust growth in the final months of 2024, according to the latest Purchasing Managers' Index (PMI) data from the Qatar Financial Centre (QFC) and compiled by S&P Global.The labour market was a key driver of this growth, with employment and wages increasing...

Saudi Arabia secured a $2.5 billion revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole SA, and Dubai Islamic Bank, with total 2024 bond funding reaching $50 billion, according to a Bloomberg report.

The country is among the most attractive markets for skilled global professionals and talent, thanks to its competitive advantages, including advanced infrastructure, diverse opportunities, and forward-looking strategies emphasizing digital transformation and sustainability.

Riyadh, Saudi Arabia - Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion ($5.6 billion) in October 2024, according to the Kingdom’s recently released global trade bulletin. This marks an increase of over SAR 4 billion ($1.08 billion) from SAR 15.999 billion ($4.32...

Damascus, Syria -- Syrian authorities have appointed Maysa Sabreen as interim central bank governor, a bank official told AFP on Tuesday, the first time a woman heads the financial establishment.Sabreen, until recently the bank's first deputy governor, took her new position on Tuesday, said a department manager at the Central Bank...

Riyadh, Saudi Arabia -- Unemployment rate among Saudi nationals reached 7.8 percent in the third quarter of 2024, a year-on-year increase of 1 percentage point from the similar period last year.Data released by the General Authority for Statistics (GASTAT) said that the Saudi and non-Saudi labor force stood at 66.6 percent,...

Non-oil sectors' contribution to GDP reaches 75%. Economy minister Abdulla bin Touq Al Marri says the growth reflects the dynamic nature of the country's economy.

The bank's monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement citing improvement in "inflation expectations and pricing behavior". The last cut was in February 2023.

Washington, United States -- The International Monetary Fund said Tuesday that it has reached a deal with Egyptian authorities allowing the country access to about $1.2 billion.The funding access is subject to executive board approval."The Egyptian authorities have continued to implement key policies to preserve macroeconomic stability, despite ongoing regional tensions...

WTTC research shows that, having endured estimated losses of $4.5 trillion and 62 million jobs in 2020 alone, travel and tourism has recovered and is set to reach new heights. The travel sector is expected to continue to grow, creating over 100 million new jobs, adds the author.

Washington, United States -- The US Federal Reserve is widely expected to announce a quarter point cut to its key lending rate on Wednesday despite a recent uptick in inflation, in the central bank's last meeting of Joe Biden's presidency.The Fed is also tipped to signal a slower path of cuts...

As the world grapples with uncertainty, the summit offers a much-needed space for cooperation and innovation, led by the Franco-Arab Chamber of Commerce (CCFA).

Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for interest rate cuts. Gold, seen as a haven investment, gained around one percent.

The European Central Bank is expected to cut interest rates again this week amid a darkening outlook, with political turbulence in the eurozone's two biggest economies adding to the troubled picture, It would be the ECB's third straight reduction

While the organization raised its 2025 global growth forecast to 3.3 percent, it cautioned that "greater trade protectionism, particularly from the largest economies" poses a "downside risk" along with geopolitical tensions and high public debts.

The poorest countries paid out more than $96 billion to service their debts, the Bank announced in its latest report on international debt, noting that interest costs alone amounted to almost $35 billion. The high cost of servicing foreign debt has pushed many developing countries to borrow more money from...

While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling growth and diversification,

According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and Saudi Arabia is a key step forward to scale up".

Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations if they undercut the US dollar."We require a commitment... that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or,...

Ngozi Okonjo-Iweala, the first woman and the first African to head the WTO, is the only candidate in the race, paving the way for the body's 166 members to re-elect the 70-year-old Nigerian at a closed-door meeting.

US President-elect Donald Trump's sweeping tariff plans target Canada, Mexico, and China, raising fears of a global trade war, with analysts predicting significant retaliation from Europe and Asia that could dampen global economic growth.

Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms bites, much of the country's middle class has found itself struggling to afford goods once considered basics.The world lender has long backed measures in Egypt including a liberal currency exchange...

Beirut, Lebanon -- More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion in economic losses and damaged nearly 100,000 homes, the World Bank said on Thursday.Since September 23, Israel has ramped up its air campaign in Lebanon, later sending in ground troops...

The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a labor strike.

Paris, France -- Donald Trump's return to the White House with his protectionist policies poses threats for the global economy, with the prospect of new trade wars, resurgent inflation and slower growth, experts sayGlobal trade threatened? During his first term in office from 2017 to 2021, Trump often resorted to punitive...

AI systems exceeding human capabilities across all fields could render many jobs obsolete in a decade, Stuart Russell, Professor of Computer Science at the University of California, Berkeley told TRENDS in an exclusive interview.

35 percent of CEOs worldwide identify #inflation as the most critical #economic issue facing their countries, followed by boosting #consumer #confidence, a global CEO report said

The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and climate goals or help ease widespread discontent amidst a global cost-of-living crisis that has left many households in vulnerable positions.

Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against military targets in Iran had spared the country's oil installations.The price of North Sea Brent for delivery in December fell by 4.05 percent to $72.97, while West Texas Intermediate plunged...

In its new World Economic Outlook (WEO) report, the International Monetary Fund also estimates that global inflation will continue to ease, hitting 5.8 percent this year, before falling to 4.3 percent in 2025. "We are seeing inflation moving in the right direction without a major slowdown in economic growth or...

Beijing, China - China's central bank on Monday said it had cut two key interest rates to historic lows, in the latest move by Beijing to boost sluggish spending and kickstart the world's second-largest economy.The cuts come just days after the country posted its slowest quarterly growth in a year and...

The KDP is the largest party in the outgoing parliament, with 45 seats against 21 for the PUK. The KDP's majority was assured by an alliance with deputies elected via a quota reserved for Turkmen, Armenian and Christian minorities. Iraqi court rulings have reduced the number of seats in the Kurdish...

The plan is part of a series of actions undertaken by Beijing to draw a line under a years-long property sector crisis and chronically low consumption that has plagued the world's second biggest economy.

There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase by 2.7% in 2024 and 3 percent in 2025. Asia’s exports will grow faster than those of any other region this year, rising by as much as 7.4 percent. It...

Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the same period in 2023, according to the preliminary estimates revealed by the Statistics Centre – Abu Dhabi (SCAD).SCAD data said Abu Dhabi's GDP continued to record growth in total value,...

Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal that could shake up Australia's Qantas-dominated market. Under the plan, Qatar would take a minority stake in Virgin for an undisclosed sum. The firms said it would spell more direct...

Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025 at approximately US$320 billion, which would create a deficit of US$27bn.

China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch stimulus assault to pull economic growth back towards this year's roughly 5% target.More fiscal measures are expected to be announced before China's week-long holidays starting on Oct. 1, after a...

Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling over 71.7 million travelers compared to 62.8 million in the same period last year, latest data issued by the Central Bank of the UAE (CBUAE) showed.“Passenger traffic at the Abu...

Paris, France -- The OECD on Wednesday slightly raised its world economic growth forecast for 2024 but called for higher property and environmental taxes to combat soaring debt in many countries.In its twice-yearly economic outlook report titled "Turning the Corner", the Paris-based organization said global gross domestic product would expand by...

Russian President Vladimir Putin said Wednesday he expected his Turkish counterpart Recep Tayyip Erdogan to attend a BRICS summit in Russia next month after Türkiye requested to join the group of emerging economies. Putin said he was due to meet Erdogan on October 23, a day after the start of...