A joint statement said the funds amounting to around $164.3 million "aims to support the efforts undertaken by the Tunisian government to promote the recovery of the economy" through "the improvement of the management of public finances". Tunisia, which devotes a good part of its resources to repaying a crippling...

Dubai, UAE - The UAE’s GDP is expected to double in 2024 to 4.8%, up from 2.4% year-on-year in 2023, according to the latest Economic Insight report commissioned by ICAEW and compiled by Oxford Economics. While near-term growth may face constraints due to OPEC+ production quotas, the UAE's higher reference...

Brhane said the World Bank integrated climate into all its work across the MENA region and is on track to align 100 percent of new operations with the goals of the Paris Agreement.

Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually, according to Valerie Hickey, Global Director for Environment, Natural Resources and Blue Economy at the World Bank.Speaking to media at COP28, she said that low-income countries could lose around 10...

DUBAI, UAE - International Labor Organization (ILO) Deputy Regional Director for the Arab States Peter Rademaker has confirmed that the Middle East and North Africa (MENA) region could create 10 million new jobs and accelerate GDP to 7.2 percent by 2050 via taking a serious approach to climate action.In a...

Low- and middle-income countries have experienced a combined loss in capital and GDP totaling $21 trillion, about half of the total 2023 GDP of the developing world, in the last 30 years, the report said. The authors specify that losses are "conservative estimates" because the analysis does not account for...

Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024, the Organisation of the Petroleum Exporting Countries (OPEC) said.In its OPEC Monthly Oil Market Report for November 2023, the organisation anticipated the upward trend in non-oil activities to continue supporting...

Beijing, China - The International Monetary Fund on Tuesday raised its 2023 economic growth forecast for China, citing stronger consumption and recent policy measures announced by Beijing.After a tough year for the world's number-two economy, there have been flickers of life in recent weeks, with third-quarter expansion coming in more than...

Riyadh, Saudi Arabia -- Saudi Arabia's real Gross Domestic Product (GDP) decreased by 4.5 percent in the third quarter of 2023, compared to the third quarter of 2022, flash estimates by the General Authority for Statistics (GASTAT) said.GASTAT attributed the fall to a decrease in oil activities by 17.3 percent,...

RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting its Vision 2030 targets, a report revealed.Saudi Arabia's non-oil private sector is leading in growth for 2023, having accelerated to 5.8 percent year-on-year (yoy) in Q2 2023 and is standing...

The Kingdom, with its passion for sports and tech, is set to reshape the competitive gaming landscape by hosting the world's premier Electronic Sports World Cup from 2024.

BEIJING, CHINA - China's Gross Domestic Product (GDP) grew by 4.9 percent year-on-year in the third quarter, surpassing economists' predictions of 4.4 percent.This demonstrates the continuing momentum of China's economic recovery, spurred by the introduction of various macro-policies since July.According to a Global Times report, Chinese analysts emphasize the strength...

"Hosting global events serve as crucial platforms, uniting experts and specialists from diverse sectors. They offer opportunities for communication, opinion exchange, experience sharing, and showcasing the latest products and services. The major economic events hosted by the UAE play a pivotal role in bolstering various economic sectors," he adds.

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 product...

DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance was driven by a 3.6 percent growth in real GDP in Q2 2023.Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum hailed the strong performance of the...

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.

Abu Dhabi, UAE -- Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by 4.4 percent in 2024, driven by, among other things, government initiatives to support economic diversification.Scott Livermore, Chief Economist, Oxford Economics Middle East, and Managing Director, told WAM that the firm...

Geneva, Switzerland - Global trade growth will be sharply lower than forecast this year as stubborn inflation, high interest rates and the war in Ukraine pressure economies around the globe, the World Trade Organization said on Thursday.Strains in China's vast property market also prompted the WTO to cut its trade growth...

WASHINGTON, US - The growth of the economies in the Middle East and North Africa (MENA) is expected to fall sharply this year, the World Bank said.The region’s gross domestic product (GDP) is expected to fall to 1.9 percent in 2023 from 6 percent in 2022, due to oil production...

Evergrande estimated it had debts of $328 billion at the end of June.

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.

The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.

The pact will help manufacture vaccines in Saudi Arabia.

Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and plans for an economic corridor from India to Europe.

Abu Dhabi, UAE -- Standard & Poor's Global Ratings expects that the banks of the United Arab Emirates (UAE) will achieve strong performance in 2023.In a recent report, the credit rating agency said that UAE banks will benefit from strong non-oil GDP growth, which will mitigate the impact of rising...

Riyadh, Saudi Arabia-- Saudi Arabia's economy is in a state of prosperity and growth, and that the kingdom's fiscal position is strong, primarily driven by Vision 2030 which has been steadily diversifying the economy since its launch in 2016, according to the International Monetary Fund.  The IMF said in a statement that...

Tianjin, China - The digital economy in China surged by $4.1 trillion from 2016 to 2022,  which works out as a compound annual growth rate of 14.2 percent, a research report presented at the Global Digital Economy Conference (GDEC) 2023 revealed, reported by Xinhua. By 2022, the scale of China's digital...

Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023 compared to the same period in 2022, according to data released by the country's Planning and Statistics Authority.The quarterly Gross Domestic Product (GDP) estimates at constant prices reached approximately QR...

Washington, United States - Economic growth in the United States was weaker than first estimated for the April to June period, the Commerce Department said Wednesday, noting downward revisions in business investment.GDP growth in the world's biggest economy came in at 2.1 percent for the second quarter, down from the initial...

This ambitious strategy, commissioned by the ASEAN Member States and with the support from the Australia for ASEAN Futures (AUS4ASEAN) initiative, frames the need for ASEAN to pursue carbon neutrality with utmost urgency, and in doing so unlock the huge value potential of a green transformation of the region.

Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.

In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a forecast-busting rise in revenue.

Washington, United States - The US trade deficit narrowed in June on a bigger pullback in imports than exports, according to government data released on Tuesday.The overall trade gap came in at $65.5 billion in June, down from a revised $68.3 billion figure in May, Commerce Department data showed.This came as...

"The growth of the FMCG industry is closely tied to population growth, urbanization, and rising disposable incomes. The sector is a crucial indicator of a country's overall economic health. A thriving FMCG sector is often a sign of strong consumer confidence and increased spending, which are essential for sustained economic...

Markets slid on Thursday as traders shifted to safer assets after Fitch downgraded the United States' credit rating from AAA to AA+. The decision sparked a strong rebuttal from Washington and confused analysts. Despite recent rallies on hopes of a "soft landing" for the US economy and in-line job data,...

She was appointed by the president on October 11, 2021, two and a half months after the president granted himself sweeping powers on July 25 by dismissing his then-prime minister and suspending parliament. The constitution, which Tunisian president had amended by referendum in the summer of 2022, granted the president's...

RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023, compared to the second quarter of 2022, according to the General Authority for Statistics (GASTAT).Flash estimates for the GDP in Q2 of 2023, issued in a report by GASTAT, showed...

Most delegations were led by their environment and climate change ministers, while the US delegation was headed by Special Presidential Envoy for Climate John Kerry. Emirati oil boss Sultan Al Jaber was also at the Chennai meeting, ahead of leading the upcoming COP28 talks.

Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by a 3.5 percent jump in the non-oil sector.The average quarterly increase, according to the Bahraini Ministry of Finance and National Economy, of the annual non-oil GDP has touched about 5.7...

The Arab world is one of the most unequal regions in the world, with top 10 earners controlling more than 56% of national incom

AMMAN, JORDAN - Plastic and rubber products cover 59.7 percent of the Kingdom's domestic consumption, a report by the Jordan Chamber of Industry (JCI) showed.The report indicated that plastic and rubber products are well-established industries in the Kingdom, featuring a variety of types and uses, and contribute indirectly to completing...

Abu Dhabi, UAE - The UAE’s real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP and a sizable expansion of oil GDP, according to the Financial Stability Report for 2022 released today by the Central Bank of the UAE (CBUAE).The report noted that this comes...

Saudi Arabia is leveraging digital solutions to streamline travel, link tourists with local enterprises through apps, and enhance experiences via VR, boosting the 'wow' factor with unique projects for global visitors.

GFCF will triple its production after setting up its Phase II in Musasafah.

London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall Street after the Independence Day holiday."There are fresh concerns about the global economy powering down as data from China's service sector underlines how tepid the post-pandemic recovery has become, just...

While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic growth with the IMF and the World Bank projecting the country's economy to grow by 3.6 percent and 2.8 percent respectively. The economy will continue to benefit from tourism and...

Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion at the end of the first quarter of 2023.The GDP at constant price was $21.71 billion in the first quarter of 2022, according to the initial data issued by the...

Washington, United States - US economic growth came in at two percent in the first quarter this year, the Commerce Department said Thursday, making a significant upward revision to earlier estimates partly on stronger-than-expected consumer spending.While GDP growth in the world's biggest economy has still cooled from 2.6 percent in the...

Dubai, UAE -- Qatar's nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven by higher oil prices and increased production by GCC countries, a report by Emirates NBD said.The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent...

Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances in construction, wholesale and retail trade, transportation and storage, and financial and insurance services. The non-oil GDP (at constant prices) reached AED 146bn ($39.74bn) in Q1 compared to AED 137.7bn...