Tunis, Tunisia - Dozens of Tunisian lawyers protested on Thursday against newly imposed taxes on legal services, part of a 2023 budget that seeks to boost revenues to the cash-strapped treasury.Led by Bar Association head Hatem Mziou, lawyers gathered outside the Palais de Justice in Tunis as well as other sites,...

The country profiles -- arranged in alphabetical order -- summarize recent data, presenting statistical narratives of a country that include economic, political, sociological, environmental, and cultural factors. The profiles also include their performance in 2022 and estimations for 2023.

The state, saddled with a crippling public wage bill and politically sensitive subsidies, is set to take in around 46.4 billion dinars ($14.8 billion), Boughdiri said. It will need to borrow some 23.5 billion dinars to cover state needs for the coming year, she added. To find the cash, it...

In order to achieve the Vision 2030 goals, the PIF and its portfolio companies seek to help the kingdom grow its annual non-oil GDP by about seven percent.

Muscat, Oman - Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, has said that the digital economy of the Gulf Cooperation Council (GCC) region is advancing at a rapid and significant pace, noting its major importance to GDP.He noted the importance of promoting cooperation between...

In a statement, the World Bank slashed its forecast to 2.7 percent from 4.3 percent predicted in June. It also revised its forecast for next year from 8.1 percent down to 4.3 percent.

Riyadh, Saudi Arabia---Saudi Arabia’s real gross domestic product grew by 8.8 percent in the third quarter of 2022 compared to the same period last year, driven by an increase in oil activities, according to a report released by the kingdom's General Authority for Statistics (GASTAT). GASTAT noted that the real...

The UAE's Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan has said that the Gulf country is determined to forge a world where prosperity is commonplace.

The US economy grew more than initially reported in the third quarter this year, with government data released Wednesday reflecting upward revisions to retail spending and some forms of investment. GDP growth in the July to September period came in at 2.9 percent, annualized, better than the 2.6 percent figure...

In 2021, Turkey's economy rebounded from the COVID-19 pandemic to grow 11.4 percent.

Abu Dhabi, UAE -- NEXT50 today launched PLATFORM50, a one-stop-shop solution for organizations to maximize business value and address tomorrow’s challenges. The announcement was made at NEXT50’s inaugural Executive Day – which spotlighted the latest in state-of-the-art technologies including artificial intelligence (AI) and real-world applications accelerating a data-driven future in...

The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022 which hit 11.7 percent compared to the same quarter last year, according to Statistics Centre-Abu Dhabi (SCAD).

COPENHAGEN, DENMARK - Denmark's autonomous Faroe Islands have renewed a fishing quota deal with Russia for one year despite Moscow's invasion of Ukraine, a local minister said on Saturday. "The Faroe Islands are totally right to extend their existing fishing agreement with Russia," the North Atlantic archipelago's minister of fisheries...

The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022.

Lawmaker Michel Moawad, who is seen as close to the United States, won the support of 42 of parliament's 128 MPs, but his tally fell well short of the required majority and was exceeded by the number of spoilt ballots cast by pro-Hezbollah lawmakers.

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.

Inflation has a significant cost-push pressure on cost of living and will impact the daily set of requirements of people in the region, one of the experts had said at the event.

The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal revenue.

The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.

The agreement in principle, reached between IMF staff and Tunisian authorities meeting this week in Washington, still requires the approval of the Fund's board, which is scheduled to discuss the matter in December.

Qatar ranks first in the Arab world and the Gulf region with an annual per capita share of around $183,000, followed by Kuwait and the UAE.

The package will help meet Ukraine's "urgent balance of payment needs... while playing a catalytic role for future financial support from Ukraine's creditors and donors," the IMF said in a statement adding the scale and intensity of Russia's war against Ukraine that started more than seven months ago have caused...

In a project launched at Dubai's gleaming Museum of the Future, it announced that the UAE's economy ministry was setting up shop inside the immersive virtual world that is now taking shape. Those who don their virtual reality goggles or use other means to venture within will find a ministry...

Saudi Arabia is expecting to record an increase in its budget surplus in 2022 to S24 billion, according to the kingdom's Minister of Finance. The top oil exporter of the world is hoping to see its GDP grow by 8 percent, and it expects inflation to be around 2.6 percent.

South Africa inked the first three of a series of agreements with independent producers to supply wind energy amid worsening blackouts in the continent's most industrialized economy.

The figure was equivalent to five times Ukraine's annual GDP before the invasion in February, Oleg Ustenko, economic advisor to President Volodymyr Zelensky, said at an event hosted by the German Council on Foreign Relations in Berlin.

Hundreds of billions of euros and counting have been shelled out so far since Russia invaded its pro-Western neighbor in late February. Governments have gone all out: from capping gas and electricity prices to rescuing struggling energy companies and providing direct aid to household to fill up their cars.

The centre’s data showed that non-oil GDP at constant prices grew by 5.8 percent to $0.33 trillion in 2021, compared to around $0.27 trillion in 2020.

The sports sector has contributed some $2.45 billion to the Dubai economy in 2021, representing 2.3 percent of the emirate's annual gross domestic product. According to the Dubai Sports Council 105,000 jobs will be created in the sector, which will account for 3.8 percent of total employment in Dubai.

An American recession "is a risk when the Fed is tightening monetary policy to address inflation," President Joe Biden's leader on financial, economic and tax policy told CNN, referring to the US Federal Reserve. "So it's certainly a risk that we're monitoring," Yellen added, but "we've got a good strong...

The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding the government estimate of 11.8 percent. The kingdom, the world’s top oil exporter, has richly benefited from high crude prices and a significant post-pandemic recovery.

The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda all weigh on the medium-term outlook, said the team in a statement. The fiscal challenges are largely structural.

Abu Dhabi, UAE - Amazon Web Services (AWS) announced Tuesday the launch of its second Region in the Middle East, the AWS Middle East (UAE) Region. AWS estimates that its projected spending on the construction and operation of the new Region will support an average of nearly 6,000 full-time jobs...

GCC countries have witnessed financial surpluses in their budgets for the first time in a long time on the back of increase in oil prices, strengthening their credit ratings.

Real GDP increased at a growth rate of 11.8% in Q2 2022, driven by the significant increase in oil activities by 23.1% while the non-oil activities increased by 5.4%

Jordan's Minister of Energy and Mineral Resources on Tuesday announced the formation of a Public-Private Partnership (PPP) council for mining, to deliver better services and raise the sector’s contribution to the gross domestic product.

The agreement between the two will see them both offering services to help set up new businesses in creative economy and support their long-term growth.

Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia's economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday. The sanctions were meant to sever Russia from the global financial system and...

A study in the journal Nature Climate Change found that within this century, parts of the Gulf region could be hit by "unprecedented events of deadly heat as a result of climate change".

Gas consumption will contract slightly this year due to high prices and Russian cuts to Europe, with only slow growth over coming years as consumers switch to alternatives, the IEA said Tuesday.

Several MENA countries have fared well on all three domains of the Genuine Progress Indicator, which has been hailed as a much better metric of a nation's progress than GDP.

The Gulf region seems to have a better fiscal positions thanks to high oil prices and the recovery of the economies from the Covid-19 related woes.

Emirates Development Bank (EDB) will participate in the first "Make it in the Emirates Forum" to be held on 21-22 June at ADNOC Business Centre, Abu Dhabi. It will use the Forum to underline how its range of flexible financing solutions can help large corporates and SMEs to expand, diversify...

The European Union's expenditure in 2021 on environmental protection, investments and consumption amounted to €292 billion ($305.4 bn), said Eurostat, the statistical office of the EU. The expenditure has risen by over 3 percent on average each year, with a total increase of 54 percent since 2006. Also, the expenditure...

Middle East, Africa and Southern Asia (MEASA) has the world’s highest growth potential, according to a report by the New York University Abu Dhabi (NYUAD) Transition Investment Lab (TIL). The TIL marked its first year of activities by publishing its inaugural Annual Report, which studies how sustainable investments can contribute...

World Bank data indicates only 40% of working-age women in the GCC are employed, even though they are increasingly better educated

The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent in 2021.

The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation. The Paris-based organization, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the...

Alternative cinematic content is helping the emirate's creative economy diversify and contribute to its GDP, Butheina Hamed Kazim, Founder and MD of Cinema Akil, tells TRENDS.

The Gross Domestic Product (GDP) of Saudi Arabia grew by 9.9 percent in Q1 of 2022 compared to Q1 of 2021, and the seasonally adjusted GDP increased by 2.6 percent compared to Q4/2021. The GDP Report for Q1 2022 released Tuesday by the General Authority for Statistics (GASTAT), said this....