GCC tourism growth skyrockets as diversification drive gains momentum post-Covid
GCC countries collaborate on comprehensive tourism strategy, leading global recovery post-pandemic with remarkable growth rates and ambitious plans for sustainable development.
Abu Dhabi’s GDP expands 11.2% in the first half of 2022: SCAD
The quarterly GDP growth rate reached its highest value in six years during the second quarter of 2022.Lebanon parliamentarians fail to pick President for seventh time
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.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.Video: IMF echoes what TOP CEO Conference forecast about inflation in May 2022 – MENA growth may slow
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.WB expects UAE’s real GDP to grow by 5.9% in 2022
The global financial institution said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal revenue.Saudi economy is the fastest growing among G-20 in 2022: report
The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.IMF and Tunisia reach agreement on $1.9 billion loan
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.Gulf citizens wealthier as oil boom raises revenue
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.IMF to provide Ukraine with $1.3 billion emergency aid
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...UAE’s latest bet on tech: a ministry in the metaverse
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 hopes to post budget surplus of US$24bn
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 seeks wind energy to resolve power situation
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.Ukraine suffered nearly $1 trillion in losses since Russian invasion
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.Europe throws billions at energy crisis
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.UAE GDP grows 18.8% at current prices in 2021, says federal body
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.Sports sector contributes US$2.45bn to Dubai economy
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.‘Certainly a risk’ of US recession, Yellen says
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...Saudi GDP surges 12.2% in Q2, surpassing estimate
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.Palestinian economy facing formidable challenges: IMF team
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.Amazon Web Services unveils the AWS Middle East (UAE) region
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...Demand boost, price rise lift profits of Gulf oil firms
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.Saudi economy, GDP see upswing in H1 2022
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 forms a PPP council to boost mining sector
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.Dubai to be pitched as global hub for creative economy
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.High energy prices help Russia weather damaging sanctions: IMF
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...‘Hydrocarbon trade must finance transition to clean energy’
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".IEA says gas use to shrink due to high prices, Russian cuts
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.MENA nations make some ‘genuine progress’
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.GCC countries likely to issue less debt this year
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.EDB to showcase its financing solutions at ‘Make it in Emirates Forum’
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...European Union spent $305 billion on environmental issues in 2021
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...MEASA has world’s highest growth potential but untapped largely: Report
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...Women in MENA workforce could hike GDP by $2 trillion: Study
World Bank data indicates only 40% of working-age women in the GCC are employed, even though they are increasingly better educatedUAE Central Bank predicts country’s GDP to grow by 4.2 percent in 2023
The CBUAE projected the real GDP growth to reach 5.4 percent in 2022, after the growth jumped to 3.8 percent in 2021.World economy will pay a ‘hefty price’ for Ukraine crisis: OECD
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...Widening cultural offerings add to Dubai’s growth
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.Saudi GDP up nearly 10 percent in Q1 on oil activities
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....GCC sees rise in non-oil sectors’ contribution to GDP
The region's countries have embarked on ambitious transformative plans to reduce dependence on oil and diversify their economies.Fitch enhances Ras Al Khaimah rating to ‘A’, outlook upgraded to ‘positive’
The government spending, partly supported by significant revenues from government assets, have enabled Ras Al Khaimah to diversify its economy, says the latest Fitch report.Saudi Chambers, French group to cooperate in entertainment sector
The Federation of Saudi Chambers, represented by the Saudi-French Business Council, will host a key French delegation representing the entertainment sector, on Monday. It is likely to discuss prospects of the Saudi-French cooperation in the entertainment sector and relevant fields and address means to enhance investments. This also includes commercial...US expects deficit to drop to $1 trillion in 2022
The US government deficit will fall dramatically this year to $1 trillion, down from levels not seen since World War II hit during the pandemic, the Congressional Budget Office said Thursday.The budget shortfall in the current fiscal year will shrink significantly from the prior year, when it reached nearly $2.8...Oil propels Saudi GDP growth to near 10 percent in first quarter
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war began.Relative debt of GCC countries
Here’s a look at which countries in the Gulf Cooperation Council (GCC) have how much debt, and how they compare to their GDP.UAE real non-oil GDP grew by 7.8 percent in Q4 2021: CBUAE
UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE (CBUAE) said. The bank said there was a 9.3 percent annual increase in Emirati oil...UAE’s non-oil contribution to GDP hit 72.3% in 2021
The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively.China economy grows 4.8% in first quarter as virus bites
The world's second-biggest economy was already losing steam in the latter half of last year with a property slump and regulatory crackdowns.ADQ invests in Egypt
The Abu Dhabi-based firm has an office in Cairo.UAE’s GDP beats expectations, grows at 3.8 percent
The UAE's Gross Domestic Product (GDP) for 2021 has exceeded expectations, registering the highest rate in the region of AED 1.489 trillion. "In a turbulent and changing world, the UAE has been moving steadily forward,” Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum said ...Employee wellbeing key to unlock productivity
As business leaders are armed with the knowledge that hybrid working can form a part of the future, previously reluctant management will seek tools to ensure they can continue coordinating their teams effectively in order to boost productivity by taking care of employees' wellbeing.Abu Dhabi non-oil GDP grows by 4.1 percent in 2021: Statistics Centre
Abu Dhabi’s non-oil GDP at constant prices grew by 4.1 percent in 2021, according to Statistics Centre-Abu Dhabi. The emirate’s GDP at constant prices grew by 1.9 percent in 2021 compared to the previous year, SCAD said, adding both oil and non-oil sectors witnessed growth. In 2020, a significant decline...