The region's countries have embarked on ambitious transformative plans to reduce dependence on oil and diversify their economies.

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.

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...

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...

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.

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’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...

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.

The world's second-biggest economy was already losing steam in the latter half of last year with a property slump and regulatory crackdowns.

The Abu Dhabi-based firm has an office in Cairo.

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 ...

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’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...

The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.

The numbers come from a quarterly statistical report released on Sunday by the Department of Statistics.

Emirates Development Bank (EDB) has said it will facilitate direct and indirect lending totaling AED30 billion ($8.16 billion) by 2025, which is expected to support more than 13,500 companies. At its first Board meeting of 2022, the bank said the record growth over the past 12 months demonstrated the success...

Saudi Arabia has reported a robust growth in its economy, posting a 3.2 percent increase in the gross domestic product, a year after its economy struggled with recession.

Bahrain has a $90 per barrel breakeven oil price, so the country is moving forward with serious economic diversification plans among which is to become the Fintech hub.

Around 60% of $1.61 billion were committed only in the last two years showing remarkable growth in mobilization of finance for Palestine.

The data was released on Thursday, February 10, by the country’s General Authority for Statistics (GASTAT).

The Ministry of Hajj and Umrah announced an update in the procedures for entering Saudi Arabia for Umrah, which is one of the key non-oil sources of income for the kingdom. This is done to ensure the health and safety of the Umrah Performers and visitors, the ministry said. Based...

Air pollution costs the Middle East and North Africa $141 billion per year, or around 2% of GDP on average, the World Bank said Monday, urging a green post-Covid-19 recovery for the region.

GCC countries appear to be reaping the benefits of their efforts this year, with all indications pointing to the economies making significant progress.

Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.

Growth in the fourth quarter was the slowest in more than a year, at 4 percent, down from 4.9 percent from July to September.

Tunisia's debts have soared to nearly 100 percent of Gross Domestic Product.

The Global Risks Report 2022 released by the World Economic Forum said vaccine inequality and a resultant uneven economic recovery risk compounding social fractures and geopolitical tensions. The global economy was expected to be 2.3 percent smaller by 2024 than it would have been without the pandemic.

Government spending on infrastructure projects as part of the Vision 2030 program is expected to boost non-oil GDP growth.

The national accounts report shows that the growth is the outcome of the rise achieved by the non-oil sector by 3.76 percent in real terms and 5.94 percent at current prices.

Given the current trends, the country’s GDP is expected to grow by 13.8 percent by the end of the current fiscal year as compared to the year-ago period.

Debt-ridden Tunisia unveiled a 2022 budget on Tuesday that will see it borrow almost $7 billion more, as it seeks to stimulate an economy battered by the coronavirus pandemic. The 2022 finance law boosts spending by over three percent year on year to 57.3 billion dinars ($19.8 billion, 17.6 billion...

The economy of Iraq depends upon oil as it constitutes 45 percent of the GDP and affects about 80 percent of the growth of the economy, contributing to 93 percent of the government’s revenues.

The most common way to quantify the economic health of a country is by calculating its gross domestic product (GDP).

The insights from the Dubai Chamber study were released during a business seminar titled The Road Ahead: UAE and Dubai Economic Outlook and Opportunities in Dubai Exports. They pointed to a positive and robust recovery for the UAE economy over the next five years.

Oil and gas returns are set to comprise 68 percent of total revenues, against 32 percent for non-oil and gas revenues.

Morocco’s new government aims to narrow the wealth gap in the country where unemployment is running at almost 13 percent. The economic recovery is expected to continue, although the pandemic may leave some scars.

In its new report to be published soon, titled "The UAE: Data Documenting the Journey until 2020", the Federal Competitiveness and Statistics Centre (FCSC) reveals key facts and figures underscoring the country's economic growth during the past 50 years, to mark the country's Golden Jubilee.

The Lebanese pound sank to a new low on the black market Wednesday, with no end in sight to the economic and political crisis plunging ever-growing numbers into poverty. According to websites monitoring the black market rate, the pound was trading at 24,000 to the dollar or 16 times less...

The Emirates Development Bank (EDB) has signed an MoU with the National Bank of Fujairah (NBF) to offer credit guarantees and co-lending for SMEs in the UAE. Under the agreement, EDB will provide credit guarantees or a co-lending program to the NBF's SME customers. NBF will offer up to AED10...

The economy of China is weighed down by electricity shortages and a vast real-estate crisis.

Saudi Arabia's GDP has risen by 6.8 percent in the third quarter of 2021 compared to Q3 2020, according to the kingdom's General Authority for Statistics (GASTAT). The authority attributed the growth to an increase in oil activities by 9 percent as a result of the rising global demand for...

Countries with poor economies will face severe consequences of climate change caused by the rich nations.

Under the new 2022-2026 tourism strategy, the country also aims at an average daily visitor spend of 74.8 Bahraini dinars and raising the average tourist stay to 3.5 days.

At a time when the future of the global economy is going to change following the trends from regional economies, TRENDS Infographic of this week reviews the region's performance in terms of GDP growth between 1975 and 2021.

The NIS is expected to raise annual FDI flows to $103.47 billion and increase annual domestic investment to $286.33 billion by 2030.

Qatar and Saudi Arabia lead the GCC countries when it comes to spending on education.

Global debt levels could reach about 260 percent of gross domestic product (GDP) by the end of 2021, though low interest rates mean the ability to service it will be manageable, according to S&P Global Ratings.

The region’s per-capita GDP is forecast to grow by only 1.1 percent this year after declining by about 5 percent in 2020.

The region is also fast adopting modern agricultural practices such as vertical farming, hydroponics, greenhouse vegetable production to grow more food locally. Indoor vertical farming is changing the course of agriculture in the GCC and helping to improve food security in the region.

With an improvement in global oil demand, the World Bank has predicted Saudi Arabia’s average gross domestic product to reach 2.4 percent in 2021 and 3.3 percent the next year.