• MENA region could gain $385bn from women reentering workforce: survey

    Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn to the GDP across nine countries in the Middle East and North Africa (MENA) region. says a PwC Middle East’s survey. 82% of these women believe that they can progress...
  • Evergrande shares up 28 percent

    Evergrande estimated it had debts of $328 billion at the end of June.
  • 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.
  • Saudi Arabia’s economy joins trillion-dollar club

    The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
  • MODON inks $133 m pact

    The pact will help manufacture vaccines in Saudi Arabia.
  • Deals with India add pace to Saudi diversification

    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.
  • UAE banks to perform strongly in 2023: Standard & Poor’s report

    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...
  • Saudi Arabia’s economy and fiscal position strong due to Vision 2030: IMF

    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...
  • China’s digital economy surged by $4 trillion from 2016 to 2022

    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...
  • Qatari economy records 2.7% growth in Q1 2023

    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...
  • Second quarter GDP growth in US 2.1%, weaker than earlier estimates

    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...
  • Carbon neutrality strategy to propel green transition

    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.
  • Oil price, COVID-19 spur Arab world’s public finance

    Central banks are prioritizing fiscal and monetary policy coordination to boost macroeconomic stability, cut inflationary pressures, and support long-term growth.
  • Stock markets drop over fears of more interest-rate hikes

    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.
  • US trade deficit narrows in June on bigger imports pullback

    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...
  • FMCG sector drives global economic growth, innovation

    "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...
  • Fitch credit downgrade upsets US Treasury Secretary, shakes markets

    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,...
  • Tunisia’s president dismisses first woman PM Najla Bouden

    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...
  • Saudi Arabia real GDP grows 1.1 percent in Q2 2023

    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,...
  • G20 environment ministers race to reach climate consensus

    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.
  • Bahrain records 2% jump in GDP on back of expansion in Q1 in non-oil sector

    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...
  • Qatar wealthiest Arab nation, Somalia poorest

    The Arab world is one of the most unequal regions in the world, with top 10 earners controlling more than 56% of national incom
  • 60 percent of Jordan’s consumption contains plastic, rubber, says JCI

    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...
  • UAE one of fastest-growing economies in 2022: CBUAE

    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...
  • E-visas to drive tourism’s GDP share to 10%

    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.
  • KEZAD Group, GFCF ink deal

    GFCF will triple its production after setting up its Phase II in Musasafah.
  • Markets down after Chinese data flops, EU oil prices decline

    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,...
  • UAE economy set to post strong growth in second half of this year

    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...
  • Oman’s GDP climbs up 4.7 percent to touch US$22.59bn in Q1

    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...
  • US first quarter economic growth 2 percent after strong consumer spending

    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...
  • Qatar’s nominal GDP to hit $227.3bn in 2023, inflation 3%

    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...
  • Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth

    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...
  • Germany gears up for continued recession after years of bloom

    BERLIN, GERMANY - On his many visits to semiconductor factories and electric car plants, Germany's Chancellor Olaf Scholz bangs the drum for an economy at the forefront of an industrial transformation. But the picture painted by business leaders and experts is less rosy, predicting hard times to come for Europe's largest...
  • UAE GDP up 7.9% in 2022 on strong non-oil sector performance

    Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking economic policies, which have helped to attract investment and promote foreign trade. He also noted that the UAE's GDP per capita has grown by an unprecedented rate of 24.7 percent...
  • UAE airports receive 31.8 million passengers in Q1: CBUAE

    Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of 11.5 million passengers from the same period in 2022, when about 20.4 million passengers were recorded, according to the Central Bank of the UAE (CBUAE). Indicating that the civil aviation...
  • Oman’s economic growth to reach 2.7 percent in 2024, says IMF

    MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday. The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in...
  • Boeing expects number of planes in air to double in 20 years

    The American aircraft manufacturer estimates 48,575 planes will be in service in 2042, compared with 24,500 last year. This will require producing, across all manufacturers combined, 42,595 planes -- half to replace existing aircraft, and the other half to account for growth. The projections are in line with ones Boeing...
  • High oil prices fuel Saudi Arabia’s economy as GDP grows to 8.7% in 2022

    Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against a 3.9 percent jump in 2021, on the back of high oil prices. The kingdom's economy successfully emerged from the Covid-19 crisis and the policies undertaken by the government accelerated...
  • Saudi tourism sector’s GDP share roars to 4.45%: Minister

    The Kingdom will invest more than $800 billion over the next ten years, the Saudi Minister of Tourism Ahmed bin Aqeel Al-Khateeb said adding that tourists may acquire Saudi tourist visas electronically. Already, visitors from 49 countries have been allowed to obtain electronic visas , since the launch of tourism...
  • Saudi Arabia’s GDP grows 3.8 percent in first quarter: GASTAT

    The Gross Domestic Product at current prices amounted to SAR 1 trillion ($267.95 billion) in Q1/2023. Crude petroleum and natural gas activities had the highest contribution to GDP with 26.7 percent, followed by government services activities with 15.3 percent and manufacturing excluding petroleum refining with 9.7 percent.
  • OECD slightly raises world GDP growth forecast to 2.7 percent

    The Paris-based organization forecast an economic expansion of 2.7 percent, up from 2.6 percent in its previous report in March, with upgrades for the United States, China and the eurozone. But it is still under the 3.3 percent growth recorded in 2022.
  • ADNOC signs deals with 60 firms to produce key non-oil products in UAE

    Abu Dhabi, UAE - ADNOC signed deals with more than 60 UAE-based and international companies to locally manufacture key non-oil products in its supply chain, local media reports said. The deals were signed at the Make it in the Emirates Forum in Abu Dhabi, and bring ADNOC closer to its...
  • UAE-India partnership a driver for economic growth: Al Marri

    Speaking at an event in New Delhi, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said that the partnership between the UAE and India creates trade and investment opportunities for over 3.8 billion people and the solid economic alliance contributes to the vitality of trade and investment flows...
  • US first quarter growth slightly higher than expected

    Washington, United States - US economic output increased by more than previously thought in the first quarter of this year, the Commerce Department said Thursday, although it still indicates the economy is weakening. The US economy has cooled this year as the impact of multiple rounds of interest-rate hikes to tackle inflation...
  • Qatar’s real GDP to grow at 2-2.5 percent in 2023-24: IMF

    Dubai, UAE -- The International Monetary Fund expects Qatar's real GDP to grow by 2-2.5 percent in 2023-24 on robust domestic demand and the ongoing LNG expansion, with inflation moderating gradually to around 3 percent. It said that after very strong growth in 2022 boosted by the World Cup, the...
  • Strong non-oil sector growth to push UAE real GDP up 2.8% in 2023: WB

    The Emirates' non-oil sector is projected to grow by 4.8 percent, driven by robust domestic demand, particularly in tourism, real estate, construction, transportation, and manufacturing sectors, the bank's officials said.
  • European economy expands less than previous estimates

    On Monday, the European Commission boosted its 2023 economic growth outlook for the 20-country euro area by 0.2 points to 1.1 percent.
  • China sets economic growth target of 5% in 2023

    Beijing, China - China has set a growth target of approximately 5 percent for the Gross Domestic Product (GDP) as announced in the 2023 Government Work Report (GWR). The report outlines the country's comprehensive economic and development tasks for the upcoming year, providing insights into the country's strategies to achieve...
  • Turkey’s quake-hit economy to grow less this year: EBRD bank

    The EBRD forecasts Turkish GDP will expand 2.5 percent this year, cutting prior guidance of 3.0 percent and citing the impact of "unorthodox" loose monetary policy alongside one of the world's highest inflation rates. The death toll of Turkey's worst disaster of modern times stands at more than 50,000 and...
  • 2 million tourists visit Jordan in first quarter of 2023

    Dead Sea, Jordan -- Almost 2 million people visited Jordan in first quarter of 2023, an 87.2 percent increase compared to the first third of 2022, the Tourism Minister of Jordan, Makram Qaisi said Monday. He said that the "tourism sector has begun to recover and grow at a high...
  • TRENDS poll: Vision 2030 spurs entrepreneurship,  small business growth in Saudi Arabia

    The oil-rich kingdom has supported private institutions targeting startups to further boost investment in non-oil sectors.