• Thousands of international companies join Dubai Chamber of Commerce in 2023

    Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...
  • UAE records more than 25% growth in international card spending in 2023

    Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for...
  • Burjeel Holdings net profit up

    The company’s 2023 annual revenue rises to US$1.2 billion.
  • Qatar Central Bank head calls for enhanced GCC action to tackle challenges

    Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among the Arab Gulf states, especially in light of the economic and financial challenges that the world is experiencing in relation with growth, sustainable development, financial stability, and interest rate policies,...
  • FAB shareholders approve dividend

    The 50% cash dividend would be to the tune of US$2.12bn.
  • UAE F&B sector set to soar, projected to reach $20bn in 2024

    Dubai, UAE - The UAE’s foodservice market is poised to reach $19.98 billion in 2024, with further projections indicating a substantial growth trajectory, a whitepaper released by real estate services firm JLL has revealed.  The whitepaper highlights the unprecedented growth opportunities within the UAE's Food and Beverage (F&B) industry.  The report...
  • Salik revenue soars to US$574m

    Toll usage revenue rose 11.7% YoY to US$502million.
  • UAE vital to enhancing global economic growth: Officials

    Abu Dhabi, UAE-- The UAE has expanded its network of trading partners around the world through comprehensive economic partnerships, contributing to increasing trade and investment flows and enhancing global economic growth, according to top officials from the country. Top economic officials have stressed the UAE's significant role in supporting the...
  • DIEZ profit jumps 64.6% in 2023

    The market value of its net assets crossed US$5.66bn.
  • Tunisians take to streets to protest economic woes

    Head of Tunisia's trade union confederation Noureddine Taboubi said in a speech to protestors that the economic and social situation continues to worsen in the country, slamming the implementation of "diktats from the International Monetary Fund" (IMF) at the expense of ordinary Tunisians.
  • IMF predicts soft landing for global economy, yet growth remains muted

    Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course for a soft landing, despite ongoing weaknesses in activity and growth prospects. "The cyclical position of G20 countries has proven stronger than previously anticipated as disinflation has so far proceeded...
  • Korea’s H2O sets up base in Abu Dhabi

    It will collaborate with Abu Dhabi Investment Office.
  • e& 2023 net profit is US$2.8bn

    e& said the net profit is a growth of 3 percent year-over-year.
  • ADNOC L&S profit spikes 138%

    Its revenue jumped 41% to US$748 million in 2023.
  • SCCI and Oman Chamber aim to boost investment cooperation

    Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways of enhancing cooperation in the investment field and developing mechanisms for promoting the joint efforts aimed at supporting the business community in Sharjah and Oman. The two sides explored promising...
  • In Middle East, ‘manufacturing’ is a new buzzword

    From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but doubts remain whether it can be pulled off.
  • UAE real GDP to grow 5.3 percent in 2024: S&P Global

    Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according to S&P Global Ratings, the world's leading credit rating agency. The credit rating agency in a new report said that UAE banks reported exceptional profits for the full year 2023...
  • OPEC Fund offered US$1.7 bn in development funding in 2023

    Vienna, Austria - The OPEC Fund for International Development allocated US$1.7 billion across 55 projects globally in 2023, providing funding to address climate change and energy transition, support social and economic resilience and boost sustainable growth. The organization was established 48 years ago and the 2023 results represent a record...
  • China economic slowdown to continue for the next four years, says IMF

    BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging productivity and a rapidly aging population, the International Monetary Fund (IMF) said on Friday. The world's second-largest economy last year saw some of its slowest growth in decades, as a...
  • GCC banks to maintain resilience in 2024, says S&P Global

    Abu Dhabi, UAE--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and liquid status. S&P Global‘s ‘GCC Banking Sector Outlook 2024’ reveals a challenging yet optimistic perspective. The ratings agency anticipates overall stability in key metrics for GCC banks in 2024. Credit...
  • UAE economy to grow 5.7% in 2024 in spite of global challenges

    Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions, according to Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF). Speaking to a media outlet, he said, "Our efforts to...
  • 25,647 new economic licenses issued in Abu Dhabi in 2023, says ADDED report

    ABU DHABI, UAE - The Abu Dhabi's “Business Activity Report” for the year 2023, issued by the Abu Dhabi Department of Economic Development (ADDED), has reported annual growth of major indicators. The report emphasizes the business ecosystem's attractiveness and its ability to attract quality investments, supported by the Emirate's strong...
  • Global Islamic finance market to touch US$4.9trn in 2025, says Malaysian official

    Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong. Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that...
  • UAE-Hong Kong non-oil foreign trade surges to US$16.23 billion

    Hong Kong--Non-oil foreign trade value between the UAE and Hong Kong expanded in the past year, reaching $16.2 billion in the first 11 months of 2023. According to Dr. Patrick Lau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), the United Arab Emirates has solidified its position...
  • ADIB records 45% jump in net profit

    Its revenue climbed 36 percent to US$2.53 billion in 2023.
  • Dubai Customs records 30.4m transactions in 2023, posting 17.5% growth

    Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set a new record for the highest number of customs transactions handled by Dubai Customs, showcasing a 17.5% growth compared to the 25.8 million transactions in 2022. This success is attributed...
  • Dubai World Trade Centre to host Japan trade exhibition next week

    Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd January, at Dubai World Trade Centre. The three-day exhibition, jointly hosted by the governments of Kyoto, Japan, and the Department of Economy and Tourism in Dubai (DET), is expected to...
  • Middle East needs strong Saudi Arabia, says kingdom’s finance minister

    Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and that the future outlook looked positive despite recent shocks. The minister was speaking at Davos in a session titled "Saudi Arabia: Continuing Efforts towards a More Sustainable Economy". Al-Jadaan said...
  • China’s economy to grow steadily in 2024, say analysts

    Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last year, propelled by the gradual increase in domestic demand and with more stimulus policies in the offing, China Daily reported, citing officials and economists on Wednesday. Economists said the country...
  • WTO head ‘less optimistic’ for world trade due to Red Sea strikes

    The head of the international trade body said weaker global economic growth, "worsening geopolitical tensions, the new disruptions we see in the Red Sea, on the Suez Canal, the Panama Canal" meant "we are less optimistic". She was speaking to journalists at the World Economic Forum in the Swiss resort...
  • World Economic Forum foresees ‘significant economic slowdown’

    Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated to fall to the lowest rate in three decades by 2030, amid ongoing economic and geopolitical shocks. The report released today, offers a re-evaluation of global economic growth, introducing a...
  • CBUAE balance sheet touches US$182 billion in November 2023

    Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank's latest balance sheet report. The report highlights a robust...
  • China’s economic recovery stalls as growth flags

    The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as the country battled a crippling property crisis, sluggish consumption and global turmoil. Official GDP figures remain a key source of insight into the health of the world's second-largest economy.
  • S&P estimates UAE GDP to grow beyond 5% in 2024

    According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while remaining subdued, operating at subpar growth levels, S&P estimates that UAE GDP expanded at over 3 percent in 2023, including close to 6 percent growth for the non-oil sector”.
  • UAE and Costa Rica conclude talks on signing CEPA

    Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement. In this connection, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, have signed a joint statement to confirm...
  • World adds 50% more renewable energy capacity in 2023

    The International Energy Agency said that the renewable energy capacity added to energy systems went up 50 percent in 2023, touching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide. Nearly 200 nations at the COP28 summit last month agreed to transition away from fossil fuels.
  • GCC telecom firms turn to Europe, Asia for expansion

    Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home territory.
  • UAE economy likely to grow by 3.8 percent in 2025, says World Bank

    WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025. According to the Global Economic Prospects report released on Tuesday, the World Bank forecast the growth in the Gulf Cooperation...
  • GCC telecom firms turn to Europe, Asia for expansion

    Wielding piles of cash and cutting-edge technology, many Arab telecom firms are scouting overseas markets to expand business beyond home territory.
  • Ahli Islamic signs agreement with AAOIFI to support Islamic banking

    MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum of Understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The primary goal is to reinforce collaboration in capacity building within ahli Islamic and foster the...
  • Qatar National Bank forecasts world economic growth to be 2.9% in 2024

    Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same rate as last year. QNB, in its weekly commentary, said, "There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative...
  • Makkah region sees 600% surge in green spaces within 5 months

    Jeddah, Saudi Arabia - There has been a 600% increase in green spaces in Makkah region from August to December 2023, a report by the National Center for Vegetation Cover Development and Combating Desertification has revealed, cited by Saudi Gazette. The vegetational growth is attributed to robust rainy conditions during...
  • King Abdulaziz International Airport serves 42.7m passengers in 2023, a 36% growth

    Jeddah, Saudi Arabia — King Abdulaziz International Airport served over 42.7 million passengers in 2023, reflecting a remarkable growth rate of 36% compared to the 31.4 million passengers recorded in 2022, marking the highest annual passenger statistic in its history, Jeddah Airports said on Wednesday. According to Jeddah Airports' 2023...
  • UAE and Jordan discuss boosting trade and investment ties

    Amman, Jordan--The UAE and Jordan discussed enhancing trade and investment relations in order to stimulate joint economic growth and create more opportunities for cooperation between their business communities and private sectors. The discussions took place between in a meeting between Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for...
  • Iran-Azerbaijan trade registers 46 percent jump in 2022

    Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime minister of the Republic of Azerbaijan. Shahin Mustafayev, who is also the Azeri head of the Iran-Azerbaijan Joint Economic Cooperation Commission, stated that the relations between the two countries are...
  • Bahrain kicks off roadshow in China to boost tourism sector

    Manama, Bahrain--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism, aviation, and hotel sectors.  The roadshow aims to promote Bahrain as a prominent tourist destination in regional and global markets, enhancing the sector's contribution to the gross domestic product in...
  • UAE insurance sector assets rise US$3.1bn in 9M 2023

    ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase in total assets during the first nine months of 2023, reaching US$35.8 billion (AED 131.6 billion) by the end of the third quarter. This translates to an impressive US$3.1 billion...
  • UAE insurance sector witnessed expansion in 2022: CBUAE

    Abu Dhabi, UAE--The insurance sector in the UAE witnessed growth and expansion across various key indicators during 2022, according to a report by the Central Bank of the UAE, reflecting a strong, dynamic, and active market driven by increasing demand and effective risk management. According to the apex bank's annual...
  • Bahrain economy posts 2.45% growth in third quarter of 2023

    Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP of the Kingdom increased by 2.45% at constant prices and by 1.09% at current prices during the third quarter of 2023 compared to the same period in 2022. Bahrain News...
  • UAE central bank raises 2024 economic growth forecast to 5.7%

    The bank stated in a report released today that the overall GDP for the country is expected to grow by 3.1 percent in 2023. The report anticipates a non-oil GDP growth of 5.9 percent in 2023 and 4.7 percent in the following year, while estimating the oil GDP growth at...