Muscat, Oman -- Gulf Cooperation Council countries recorded strong performance in agriculture, livestock and fisheries during 2024, reflecting the growing role of these sectors in supporting food security and economic diversification. Data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf showed the...
GCC vows more cooperation to boost education
The regional panel, during its fourth meeting in Riyadh, reviews the implementation of the strategic plan to improve educational institutions in the bloc and their needs.
KSA, UAE lead GCC growth amidst global woes
Saudi Arabia's GDP witnesses 9.3 percent increase in the third quarter of this year as the rally in oil prices has fuelled economic growth across the Gulf region.
GCC vows to unify stance of global environment issues
The Gulf countries have highlighted the importance of coordinating and unifying the stances of the regional bloc in all international environmental forums.
Is GCC insurance industry ready for the change?
Industry experts stress the need for harnessing the momentum the industry has gained after the recovery from Covid setbacks.
The rise of the new Arab World
Cities across Europe and North America, and their infrastructure, service and hospitality are pale in comparison to the Arab region – particularly Gulf countries, writes Julien Hawari.
Arab leaders adopt plan for 2023-2027 to push GCC-China partnership
"China will continue to firmly support the GCC countries in maintaining their own security... and build a collective security framework for the Gulf," Chinese President Xi said at the start of the China-GCC summit.
Xi Jinping meets Saudi Arabia’s crown prince on high-stakes visit
About $30 billion in agreements will be signed on Thursday, Saudi state media said, as China seeks to shore up its Covid-hit economy and as the Saudis, long-term US allies, push to diversify their economic and political alliances.
Workers’ welfare key focus as GCC states strengthen, expand social protection systems, says Saudi minister
The participating Gulf countries highlight labor reforms to ensure protection of workers at the 17th Asia and the Pacific Regional Meeting of ILO in Singapore.GCC IPOs resilient to volatility hurting other markets
Various IPOs raised nearly $4.8 billion in the GCC in the first five months of 2022 alone, which was higher than in Europe.
$121bn GCC projects in pipeline: Trust, transparency key to their success, TOP CEO Conference heard in May
Beside leadership and vision, trust, communication and transparency between all the stakeholders play a key role in any and every project’s success, experts had said at the event.Will Gulf economies expand despite global woes?
Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.GCC banks earned $18.6bn in interest income in Q3: Kamco
During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022.Saudi Minister inaugurates Aquatic Animal Diseases Network
RIYADH, SAUDI ARABIA - Saudi Minister of Environment, Water and Agriculture, Engineer Abdul Rahman bin Abdul Mohsen Al-Fadhli inaugurated Sunday the Aquatic Animal Diseases Network in the Middle East in the Kingdom. The inauguration took place in the presence of the Director General of the World Organization for Animal Health...
Updated labor laws give UAE job market an edge as cap removed on fixed-term employment contracts
Both employers and employees stand to benefit from the UAE's recent labor law amendments, Ben Brown, Partner at the law firm Addleshaw Goddard, tells TRENDS.
Saudi, UAE equities tank as global crude prices slide
The equities had a lackluster week owing to a decline in global crude oil prices amid fears that the surge in Covid-19 infections in China, the largest oil importer, will reduce demand.GCC rejects malicious media campaign targeting bloc
Beside approving various programmes and joint projects, the region's information ministers discuss strategic plan for joint media cooperation between the GCC countries.Global economic woes take toll on GCC contracts
High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's intermittent Covid-19 restrictions intensify the decline.Riyadh, Dubai, Kuwait lead MENA in supporting startups as region sees drop in investment levels
Riyadh has surpassed all other MENA cities in terms of startup activities with higher literacy rate, faster average broadband speed, a latest report points out
Adaptability now top priority for hiring in GCC
Post Covid, professionals are reviewing and updating their skills to stay competitive in the job market where remote work ha becoming increasingly popular, says a report.
GCC, Bangladesh ink MoU to strengthen economic cooperation
The MoU was inked on the sidelines of the 18th edition of Manama Dialogue 2022.GCC renews commitment to strengthen ties with EU
Manama, Bahrain—The Gulf Cooperation Council (GCC) has stressed the importance of strengthening ties between the GCC and the European Union (EU) in order to "serve common interests." The Secretary-General of GCC, Dr. Naif Falah Mubarak Al-Hajraf, met with the President of the European Commission Ursula von der Leyen in the...
GCC growth may slow down in 2023 and 2024
The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4 percent in 2023 and 2024 respectively, says a World Bank report.
GCC adopts tourism strategy, launches new platform
The Gulf ministers review projects aimed at strengthening joint Gulf action in tourism as well as strategic partnerships between the GCC and other countries and stakeholders.Bahrain made the highest rate hike in GCC region
Many Gulf states, including the region's two biggest economies, raised key interest rates earlier this month after the US Fed hiked its key policy rate.
PIF sells 10 percent stake in Tadawul Group at $51 per share
The offering size was SAR 2.3 billion ($611 million), making it the second largest Accelerated Bookbuild Offering to ever take place in the Saudi market and the GCC region. It sold 12 million shares and its remaining stake is equivalent to 72 million shares or 60 percent of the Company's...UAE stocks rise while Saudi market declines
DFM index jumped 0.6 percent, Abu Dhabi index rose 0.1 percent, Saudi Stock Exchange varied as index ended its trading with a fall of 1.7 percent, losing 195.48 points.
Innovation, technology implementation help GCC banks compete with European, US counterparts
The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly approximate' pre-pandemic profitability ranks by the end of 2022.S&P says GCC economies to get a boost from Qatar World Cup
Dubai, UAE— The economies of the Gulf Cooperation Council will likely receive a boost from the FIFA 2022 World Cup, as more than 1.2 million fans are expected to attend the event. According to a survey conducted by S&P Ratings, the influx of football fans from around the world will...Crises augment EU-GCC energy & security cooperation
Josep Borrell, the EU High Representative for Foreign Affairs and Security Policy, points out that since the Ukrainian crisis, an important part of energy supplies to the EU has been coming from the Gulf countries, including the UAE. “This has changed the energy landscape of Europe,” he says.Video: TOP CEO Conference discusses fake news in May, months later social media giants take action
Facebook, Instagram, Twitter and other social media platforms have reportedly blocked campaigns aimed at influencing opinion in Central Asia and the Middle East.Oman’s Loan-to-Deposit ratio best in GCC
The Gulf region’s loan-to-deposit ratio fell by 160 basis points in the second quarter of 2022, due to higher customer deposits.Gulf nations secure future with Asian investments
GCC, which has been investing heavily in Asia with an eye on protecting its petrochemicals and oil exports, is engaging in growth industries like fintech and logistics.
Temporary employment contracts between countries need enhancements to boost efficiency, production
Sixteen member countries of the Abu Dhabi Dialogue that send and receive laborers discuss problems and welfare of the workers during high-level meetings in the UAE.GCC trade with Asia grows, diversifies as the two regions warm up relations with frequent talks, visits
Several factors are at play when it comes to strengthening relations between GCC and Asian countries. TRENDS looks at all of them and gives them a perspective.
Most non-oil economies in MENA region seeing ‘gradual slowdown’: IMF
Despite soaring inflation and murky economic prospects worldwide, the IMF maintained its projection of 5.0 percent growth for the region in 2022, dropping to 3.6 percent in 2023. But the figures, although higher than elsewhere in the world, don't reflect the region's "challenges", Middle East and Central Asia director Jihad...
Saudi businesses increasingly go digital as technology offers superior customer engagement, better RoI
More Saudi businesses embrace engagement technologies to boost customer experience, increase RoI and enhance productivity, says Unifonic VP & MD Ibrahim A Almohaimede.GCC condemns German minister’s remarks on Doha World Cup
The secretary general of the Gulf Cooperation Council condemned remarks by Germany's interior minister on the World Cup due to be hosted in Doha. Qatar summoned Germany's ambassador to protest against comments made by Interior Minister Nancy Faeser casting doubt on whether the Gulf state should host the football World...UAE makes amendments to value added tax rules
Abu Dhabi, UAE— The UAE Ministry of Finance announced amendments to some provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (VAT), which will be effective from 1st January, 2023. The amendments were made are in line with international best practice in light of the GCC...GCC’s two biggest trade allies are Asians
As the US is apparently pulling away from the Middle East, the cooperation between the Gulf and Asian regions is taking place in areas such as the new energy, artificial intelligence, and industrial diversification.
Improved real-time payment infrastructure set to boost digital payments across GCC
With an estimated 209 million people making purchases online at the height of the pandemic, e-commerce in the MENA area has grown faster than anywhere else.GCC, S. Korea begin sixth round of talks on free trade agreement
SEOUL, SOUTH KOREA - The sixth round of revived negotiations between the Riyadh-based Gulf Cooperation Council (GCC) and the Republic of Korea to reach a free trade agreement was launched in the South Korean capital of Seoul Tuesday and lasts until October 28. The two sides expressed readiness to advance...Gulf nations add momentum to Asianization of global economy
Following the US withdrawal from Afghanistan, many experts believe that Washington is shifting its attention and resources to the "priority theatre" of the Indo-Pacific. But as the world recovers from the Covid-19 pandemic, the GCC countries are expected to play a more significant role in the ongoing Asianization of the global...
S. Korea, Arab nations to hold new round of FTA talks
SEOUL, S. KOREA - South Korea and a group of Arab countries will hold another round of negotiations for their free trade deal next week, Seoul's trade ministry said Sunday. South Korea and the Gulf Cooperation Council (GCC) will begin the sixth round of official talks for a bilateral free...GCC unveils Center for Disease Prevention and Control
Riyadh, Saudi Arabia—The GCC has unveiled the Gulf Center for Disease Prevention and Control in Riyadh to enable the prevention of diseases, mitigate public health emergencies, and promote healthy communities across the Gulf. The GCC health ministers and GCC Secretary-General Dr. Nayef Al-Hajraf were present at the event. The ministers...Visits, talks boost GCC-Asia trade ties
Traditionally, GCC trade was focused on the West. However, now it is moving to the East. This eastward shift is not too surprising given the continuing travails of many developed Western economies. With the sluggish recovery from the financial crisis in the EU and the US, Gulf economies have had...New technologies bolster GCC-Asia trade relations
Beyond oil and gas, Gulf companies have made some strategic investments in sectors with strong potential for growth, including fintech, e-commerce and logistics. For example, in 2020, Saudi fintech startup Tamara established operations in Vietnam, and the UAE's B2B e-commerce provider Distichain set up a base in Singapore.
Poll: Most MENA users consider metaverse a fad
Nearly 32 percent of respondents to a TRENDS poll saw metaverse as a good investment for GCC businesses, as two biggest economies in the region invest heavily in this sector.GCC pivot to Asia to aid Asianization of global economy
The Gulf countries rely heavily on assistance from Asia, particularly China, to modernise their economies and diversify away from oil.GCC chemical companies lesser exposed to market risks than their European counterparts
Chemical companies in the Gulf region are likely to cope relatively well with the current stresses of rising rates and higher energy costs, says a recent report.GCC residents see growth at a time when world fears recession
Most of the respondents in the poll feel that GCC will weather the gathering economic storm and come out unscathed, a view corroborated by the IMF and the World Bank.
