Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments - one of the Financial Sector Development Program’s KPIs - reached 70% of total retail payments in 2023, up from 62% in 2022. The achievement is attributed to the significant...
KSA beats economic challenges with non-oil revenue
Anticipated growth in non-oil sectors, including tourism, manufacturing, and financial services, is set to drive future economic expansion, says a report.
Dubai GDP growth up 3.3 percent in nine months of 2023
Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy improved with a 2.6 percent increase in education, while electricity, gas, water and waste management activities grew by 2.2 percent.
Abu Dhabi’s financial sector surges 30% in Q2, non-oil growth 12%
Abu Dhabi, UAE -- The financial sector in the UAE has experienced a surge of 30 percent in the second quarter of this year. Forecasts predict a continued upward trajectory, with an expected annual growth rate of 13 percent in 2023, according to a senior economic official. Addressing attendees at...
Abu Dhabi’s non-oil economy up by 12.3 percent in second quarter
Statistical estimates published by the Statistical Centre Abu Dhabi said the construction sector grew by 19.1 percent in the second quarter and contributed 8.8 percent to the UAE capital's GDP during the quarter.
Rising data breach hits Middle East’s financial sector
In 2023, data breach costs in the Middle East soared to $8 million, marking a 155.9% rise over a decade, with the financial sector bearing the brunt, a report points out.Arab-China summit will bolster bilateral economic ties
The event is aimed at bolstering trade and economic alliances between Arab and Chinese business communities and to explore a variety of investment opportunities. The sectors in focus include technology, renewable energy, agriculture, real estate, minerals, and supply chains.Oil, investment and reforms propel Saudi economy
The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report.Saudi Arabia aims to diversify, double its economy
"The country continues to grow in various sectors such as the energy sector, including oil, gas, and renewable energy, which contribute significantly to the growth and prosperity of the economy. Furthermore, significant opportunities will be available in all of the Kingdom's economic sectors," he adds.AI, ML make banks in MENA region smarter and faster
The artificial intelligence is expected to play a significant role in shaping the future of region's financial services, Tarabut Gateway CCO Adnan Erriade tells TRENDS.
Emiratization: ACTVET, Al Fardan Exchange to hire 1,000 Emiratis in financial sector
The MoU also aims to educate and train 5,000 citizens at the Al Fardan Exchange Training Institute, which was recently established at ACTVET’s Innovation Park in Abu Dhabi.
Iraqi Central Bank report shows financial recovery in past 10 years
A Central Bank of Iraq report showed that the unemployment rate rose to 16.5 percent in 2021, compared to 11.9 percent in 2012.‘Suisse Secrets’ puts Swiss banking back in spotlight
No Swiss news media took part in the investigation against Credit Suisse due to the risk of criminal prosecution in the country. While Switzerland's secrecy laws have largely been dismantled for the banks, they have been tightened for the media, making it an offence to reveal leaked banking information.
