Dubai, UAE - The Middle East and North Africa (MENA) banking sector has witnessed a remarkable 30% year-on-year increase in net profits and a substantial 12.2% growth in net assets, the EY MENA H1 2023 Banking Report revealed on Monday. Returns on equity increased by 6.18%, and the net interest...

Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the challenges they have faced, according to Jassem Mohamed Albudaiwi, the Secretary-General of the Gulf Cooperation Council (GCC). He added that the GCC nations experienced substantial growth in their gross domestic...

Marrakesh, Morocco-- The Gulf Cooperation Council (GCC) attaches great importance to finding solutions to economic problems such as the eradication of poverty and enhancing food security, according to the GCC Secretary General Jassem Mohamed Albudaiwi. He made the remarks in connection with the participation of the council member states in...

Tourism and entertainment sectors are likely to help Saudi Arabia's non-oil GDP grow robustly in the coming years, despite a 6.5% drop in oil production, says a report.

As GCC leads in digital innovations, there's an urgent need for strong cybersecurity to combat increasingly complex threats targeting governments, businesses, and individuals.

Abu Dhabi, UAE - The UAE as a geographical and business hub will help the proposed ‘food security corridor project in India under the I2U2 framework,’ Piyush Goyal, Indian Commerce Minister told the Emirates News Agency (WAM) in an exclusive interview. “The UAE as a trading hub can cater to...

Dubai, UAE -- The economies of Gulf Cooperation Council (GCC) countries are expected to grow by 1 percent in 2023, down from 7.3 percent in 2022, according to the World Bank. In its recent report, the bank said the Gulf economies combined will grow by 3.6 percent in the year...

Riyadh, Saudi Arabia - The Gulf Cooperation Council (GCC) has approved several more regulations and resolutions as part of its bid to accelerate economic integration.  According to the GCC Secretary-General Jassem Mohamed Albudaiwi, the grouping at the 120th meeting of the GCC Financial and Economic Cooperation Committee in Muscat, took...

The region's fintech growth, fueled by a tech-savvy populace, robust regulations, and digital adoption, is drawing global focus, heralding the future of financial services.

Abu Dhabi, UAE-- Kazakhstan's BSG Technology is looking to expand its operations into the Middle East, and begin operations in the UAE next year. According to Serik Baimukhanbetov, Deputy Director for Business Development of BSG Technology, the company expects to launch its operations in the UAE market in 2024 and...

A transformative shift is unfolding in the region as more people transition from gasoline-powered vehicles to electric ones, an in-depth TRENDS report reveals.

A transformative shift is unfolding in the region as more people transition from gasoline-powered vehicles to electric ones, an in-depth TRENDS report reveals.

In landmark developments, Saudi Arabia and Pakistan have taken significant strides to enhance their bilateral relations, especially in the economic and technological arenas.

Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and Qatari markets resisted the trend.

Influenced by global inflation concerns and high rates, Gulf markets faced second consecutive monthly dip in September. Only Dubai and Qatari markets resisted the trend.

Facing challenges like varied categorization and technical standards, GCC economies are turning to innovative solutions. With digital technologies and unified planning, the Gulf region aims to unlock the full potential of their industrial sectors, add the experts from Kearney.

The 2023 IMD World Competitiveness Ranking placed the UAE among the world's 10 most competitive economies.

New York, US--Secretary-General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, has stressed the importance of strengthening ties with the United Kingdom, including the Free Trade Agreement (FTA), which is an essential element of the strategic partnership and will contribute to achieving common interests. This came during Albudaiwi’s meeting...

New York, US-- The GCC foreign ministers and the UK foreign minister have exhorted Iraq to uphold international agreements and United Nations resolutions on the demarcation of the Kuwaiti-Iraqi borders. Foreign Ministers of the Gulf Cooperation Council (GCC) Member States and the UK's Secretary of State for Foreign, Commonwealth, and...

New York, United States -- At a meeting on the sidelines of the 78th session of the UN General Assembly, foreign ministers from the Gulf Cooperation Council (GCC) states and US Secretary of State Antony Blinken emphasized the importance of Iraq respecting the sovereignty of Kuwait. The ministers underscored the...

Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries, including the UAE and Qatar, have opted to follow suit. The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might...

SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq Business Forum on September 26- 27, local media reports said. The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities....

Major banks in the UAE and Saudi Arabia, including the Commercial Bank of Dubai and First Abu Dhabi Bank, reported record profits in the first half of 2023, says a report.

"Post-Covid GCC travel trends are promising: about 50% of customers plan to increase digital spending in travel and retail. With the right engagement strategies, travel brands can tap into this surge and deliver delightful customer experiences," adds Badiani, the regional vice-president at Moengage for Middle East, Africa and Turkey.

According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE.

Riyadh, Saudi Arabia-- The Gulf Cooperation Council (GCC) intends to deepen the process of dialogue with the international community in order to achieve achieve global security and stability, and resolve all conflicts through peaceful means. This was stated by the GCC Secretary General Jassem Mohamed Al-Budaiwi while participating in the...

GCC real estate hits $90.7 billion in the first half of 2023, a 9.9% year-on-year increase, with Dubai leading the market, contributing 54 percent to the total value.

Manama, Bahrain--GCC Secretary-General Jassim Al-Budaiwi has emphasized the crucial role of the private sector in ensuring a sustainable and resilient Gulf economy. Al-Budaiwi made these remarks during his speech at the 62nd meeting of the Board of Directors of the Gulf Chambers, hosted by Bahrain. The meeting was chaired by...

With MENA accounting for just 7.4% of global trade in 2022, GCC's strategic initiatives and resources can pave the way for regional trade integration and global prominence.

Dubai, UAE - The United Arab Emirates (UAE) has reaffirmed its commitment to advancing the economic integration of the Gulf Cooperation Council (GCC) member states, with the ultimate aim of achieving economic unity by the year 2025 The UAE Minister of Economy Abdulla bin Touq Al Marri, Minister Bin Touq...

GCC countries employ close to 20 million foreign workers, who are subject to vastly different conditions and wags compared to the nationals.

As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a complex tapestry that defines success.

GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trillion.

GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived.

Smart FM solution providers such as CBRE optimize FM workflows with virtual maintenance, automated maintenance, and dynamic services, focusing on energy conservation

Strong capital inflows, a young and growing population and growing awareness about asset management will drive the sector's growth in future.

Riyadh, Saudi Arabia -- Saudi Arabia’s imports from Gulf Cooperation Council (GCC) countries fell 19 percent year-on-year (YoY) to SAR 5.51 billion in June, according to a recent report by the General Authority for Statistics (GASTAT). UAE accounted for 65.6 percent, or SAR 3.61 billion, of the total Saudi imports,...

Riyadh, Saudi Arabia-- The GCC countries are "actively engaging" with international and regional organizations in order to establish strategic partnerships that serve their interests. This was stated by the Secretary-General of the Gulf Cooperation Council (GCC), Jassem Mohamed Albudaiwi. He made the remarks during a meeting held between the GCC...

In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly stand out.

In the GCC, online market growth surpasses offline, driven significantly by Saudi Arabia, amid intense competition where local brands increasingly stand out.

Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the GCC and Iraq. The event is an initiative of the Federation of GCC Chambers and is being organized in partnership with the Federation of UAE Chambers of Commerce and Industry...

GCC countries consistently maintain inflation rates below the global average, with the Food and Beverages CPI subcategory showing moderate growth across the region.

Riyadh, Saudi Arabia--GCC Secretary General Jasem Albudaiwi has emphasized the importance of Gulf-US strategic relations that support joint cooperation and coordination across all fields. In a statement today, he highlighted the outcome of the joint meeting which was held last June between the GCC foreign ministers and the USA. The...

Dubai, UAE -- The Gulf Cooperation Council countries were the top destinations for exports and re-exports of Dubai Chamber of Commerce member companies during the first half of 2023. The Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, said Saudi Arabia was named the top...

Tokyo, Japan -- Japan is preparing to hold a foreign ministers' meeting with the six member states of the Gulf Cooperation Council in Saudi Arabia in early September, a report said. Japan's Kyodo News said the meeting comes as Japan aims to strengthen relations with oil-producing countries in the Middle...

Dubai, UAE -- The Arab Brazilian Chamber of Commerce (ABCC) recorded a surge of 8 percent in Brazilian exports to the Arab world during the first seven months of 2023, totaling to $10.61 billion, compared to $9.825 billion in the same period in 2022. Brazilian exports to the the kingdom...

The Russian-Ukrainian war heightens global food crisis fears as India, followed by the UAE and Russia, sequentially impose rice export bans, disrupting global supply chains.

As these countries -- including Saudi Arabia, UAE and Qatar -- progress to the next phase of their economic diversification, focusing on renewable energy technologies and cutting-edge manufacturing, Turkiye can emerge as a dependable partner, offering opportunities for technology transfer and joint development, he adds.

Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are projected to experience faster growth rates compared to other member nations

Favoring CBDCs for efficiency, convenience, and security, 63% of MENA residents believe central banks should introduce them, and 73% are ready to use them, says a survey.