• 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...
  • Monsha’at reports Q3 rise in SMEs driven by growth across non-oil sectors

    RIYADH, SAUDI ARABIA  - The General Authority for Small and Medium Enterprises (Monsha'at) has released its latest quarterly SME Monitor, which showed a 3.5 percent growth in the number of SMEs in the Kingdom in Q3 2023, bringing their total number to 1.27 million. With over 40,000 new businesses created...
  • Oman LNG signs sale-and-purchase agreement with BP to deliver gas

    Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric tonnes per annum (MTPA) of LNG to BP. The agreement strengthens the robust relationship between Oman LNG and BP, with which the company has previously signed SPAs to supply reliable...
  • Yalla 9M revenue at $237.9m

    The results underscore the firm’s robust financial performance.
  • 48,616 firms register with Dubai Chamber of Commerce in January-September 2023

    DUBAI, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has achieved significant growth in membership during 2023. A total of 48,616 new member companies registered between January and September this year, representing an impressive year-over-year (YoY) increase of 42.9 percent...
  • Dubai Customs logs 13% growth in transactions in first nine months of 2023

    DUBAI, UAE – Dubai Customs has experienced a robust 13 percent increase with 21.6 million transactions during the first nine months of this year. This surge contrasts with the 19 million transactions recorded during the same period last year. The upswing aligns with the targets of Dubai’s economic agenda D33,...
  • EDB pledges to expand UAE’s renewables market through easy financing

    Dubai, UAE-- With its financing packages for the renewables sector to support the transition to clean and sustainable energy sources, Emirates Development Bank (EDB) underscores its commitment to driving the development and growth of solar power adoption across the emirates. The bank, in line with the UAE Energy Strategy 2050...
  • Tabreed 9M profit at $218m

    This is due to the steady growth in its consumption volumes.
  • UAE non-oil activities to continue to see robust growth in 2024: OPEC

    Vienna, Austria--The UAE's non-oil economic activities continued to see robust performance and are expected to extend healthy development into 2024, the Organisation of the Petroleum Exporting Countries (OPEC) said. In its OPEC Monthly Oil Market Report for November 2023, the organisation anticipated the upward trend in non-oil activities to continue...
  • Export Bahrain and Alibaba sign MoU to boost global trade

    Manama, Bahrain--Export Bahrain and Alibaba.com have signed a memorandum of understanding (MoU) to boost global trade and economic growth in Bahrain. The MoU signed during the 6th China International Import Exhibition held in Shanghai, will enable Export Bahrain and Alibaba.com to leverage their respective strengths and expertise to facilitate trade,...
  • UAE rides property-market boom as demand soars

    Global firms looking to hire space for offices and demand from govt, local dwellers have turbocharged the sector, driving property prices and rents to highs not seen in recent years.
  • Aramex Q3 net profit down

    It posted a five-percent decline in revenues to US$367m.
  • Record number of patent applications filed globally in 2022, says WIPO

    GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an uncertain economic outlook is weighing on further growth, says the World Intellectual Property Organization report. Even as global filings for trademarks and designs dropped, innovators from around the world submitted...
  • Ajman DED reports 11% increase in economic licenses issued in Q3

    Ajman, UAE-- The Department of Economic Development in Ajman (Ajman DED) has reported an 11 percent growth in the total number of economic licenses issued during the third quarter of 2023. According to a report published by Ajman DED, professional licenses came in first place with 51% of the total...
  • Dubai approves $67bn budget to stimulate economic recovery

    Dubai, UAE - Dubai government's general budget for the fiscal cycle of 2024-2026 includes total expenditures of $67.16 billion (AED 246.6 billion), reflecting the emirate's commitment to stimulate economic recovery and growth. A total of 34% of total government expenditures of the 2024 budget goes to the social development sector...
  • Burjeel Holdings profit surges

    Its revenue spiked to US$898m in the first 9 months of 2023.
  • GCC chief stresses need for combating corruption to fuel economic growth

    Muscat, Oman-- Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudawi, has underscored the importance of cooperation in investigations into cross-border corruption cases and prosecution of their perpetrators, given the significant impact corruption has on economic development and growth. He made the remarks at the 9th meeting of...
  • EITC Q3 profit soars 57.7%

    Its revenues grew 3.7% to US$896 million in the quarter.
  • Hamriyah Freezone Authority, Amazon UAE ink pact for logistics center

    SHARJAH, UAE - Hamriyah Freezone Authority (HFZA) and Amazon UAE have signed a lease agreement for a new logistics center which will enhance delivery services for customers in the Northern Emirates. In line with HFZA's vision to bolster economic growth and innovation in the region, the agreement supports Amazon UAE’s...
  • Capital flows to emerging markets facing short-term headwinds: QNB

    Doha, Qatar--Qatar National Bank (QNB) said that the global macro trends are starting to present short-term challenges to emerging markets (EM), weighing on capital flows. In its weekly commentary, QNB said, "Late last year and early this year, emerging markets (EM) started to benefit from significant tailwinds, driven by the...
  • ADCB profit up 22 percent

    The bank's operating income rose 23% to US$3.32 billion.
  • Deutsche Bank profit down

    Its net profit for the third quarter dropped to US$1.09bn.
  • UAE-Zimbabwe trade touches US$2bn, poised to expand more

    Abu Dhabi, UAE-- Trade between the UAE and Zimbabwe touched $2 billion last year as the bilateral relations between the two countries have strengthened in recent years. According to Lovemore Mazemo, ambassador of Zimbabwe to the UAE, the trade relations between the two countries are poised to grow further. The...
  • NMDC posts bumper profits

    Its revenues for the first nine months stood at US$3bn.
  • Palms Sports posts Q3 profit

    Its revenues rose 77% to US$92m in the same period.
  • World must add or replace 80 million km of grids by 2040: IEA

    Paris, France-- Achieving all national climate and energy goals will require adding or replacing 80 million kilometres of power lines by 2040 – an amount equal to the entire existing global grid – according to the International Energy Agency. Major changes to how grids operate and are regulated are also...
  • China economy growth slowed in third-quarter but beat forecasts

    Last year, the economy grew three percent, far from the official target of 5.5 percent, and one of the slowest rates in four decades. But Stephen Innes, managing partner at SPI Asset Management, warned that China continued to face significant economic risks. "China's high levels of corporate and local government debt,...
  • GCC states post 7.3 percent GDP growth in 2022: Albudaiwi

    Marrakech, Morocco-- In spite of economic disruptions, policymakers in the GCC countries have successfully alleviated the economic ramifications of the challenges they have faced, according to Jassem Mohamed Albudaiwi, the Secretary-General of the Gulf Cooperation Council (GCC). He added that the GCC nations experienced substantial growth in their gross domestic...
  • Dubai’s economy grows 3.2 percent in H1 2023

    DUBAI, UAE – The Emirate's economy grew 3.2 percent in H1 2023 to reach US$60.9 billion (AED223.8 billion). The performance was driven by a 3.6 percent growth in real GDP in Q2 2023. Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum hailed the strong performance of...
  • UAE allots US$200m to boost growth in low-income countries

    Marrakech, Morocco-- The UAE has allotted $200 million to the Poverty Reduction and Growth Trust (PRGT) to expand concessional financing for low-income countries. This aligns with the UAE’s unwavering efforts to realize the United Nations’ Sustainable Development Goal 1 (SDG 1) – no poverty – alongside other challenges that the...
  • Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT

    RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues to US$1.35 trillion (SAR 5.07 trillion) in 2022. Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics (GASTAT). The business...
  • UAE sourced 30% of its gems and jewelry imports from India

    Dubai, UAE - The gem and jewelry trade between India and the United Arab Emirates (UAE) has seen substantial growth, thanks in part to the India-UAE Comprehensive Economic Partnership Agreement (CEPA).  India’s Gem and Jewelry Export Promotion Council (GJEPC) reported that approximately 30% of the gems and jewelry imported by...
  • Israel-Hamas war a ‘new cloud’ over world economy, says IMF

    Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with warnings on Thursday that it has darkened the outlook for an already sluggish global economy. The global lenders are holding their gathering, which brings together finance ministers and central bankers...
  • IMF slashes its growth forecast for China and eurozone

    Marrakech, Morocco-- The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for...
  • World economy resilient, says IMF; keeps growth forecast unchanged

    The IMF kept its 2023 global growth forecast unchanged but warned that the economy is "limping along" as inflation remains high and the outlooks for China and Germany were downgraded. The IMF's updated World Economic Outlook still sees growth of 3.0 percent for this year but it cut its forecast...
  • Hotels in UAE generate revenues of US$7bn in first seven months, says minister

    ABU DHABI, UAE - In the first seven months of the year, hotel establishments in the UAE generated revenues of US$7 billion (AED 26 billion), said Abdullah bin Touq Al Marri, Minister of Economy and Head of the Emirates Tourism Council. The hotels witnessed a growth of up to 24...
  • Russian economy to grow 1.5 percent this year, says key European bank

    After having forecast a contraction earlier this year in Russia's economy, the European Bank for Reconstruction and Development is now expecting the country's economy to grow in 2023 thanks to rising oil prices. The bank said in May it expected Western sanctions against Russia"to be more effective in constraining the...
  • S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms

    Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1” with a stable outlook. The confirmation comes in view of Saudi Arabia’s ongoing efforts to implement significant reforms and achieve structural improvements in recent years, which have supported the sustainable...
  • IMF to exhort China to shift growth model toward consumption

    Washington, US--The International Monetary Fund plans to tell China to boost weak domestic consumption, address its troubled real estate sector, and rein in local government debt, problems that are dragging down both Chinese and global growth, IMF Managing Director Kristalina Georgieva told a media outlet. The Fund will strongly urge...
  • Gulf banks to maintain resilience despite challenges, says S&P Global

    According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected to restrain near-term growth prospects for major GCC economies. However, non-oil growth is anticipated to bolster the region's economies, particularly in Saudi Arabia and the UAE.
  • Online beauty products sales in MENA grow by over 20% in 1H 2023: study

    Dubai, UAE - Online sales of beauty products in the MENA region experienced significant growth, surpassing global trends In the first half of 2023.  According to a press release from Admitad, a partner network, global sales in the beauty and self-care industry increased by more than 15% during this period....
  • UAE economic expansion to continue, after posting 3.8% growth in Q1: OPEC

    Vienna, Austria--The Organization of the Petroleum Exporting Countries (OPEC) has confirmed that the UAE's economy grew by 3.8 percent in the first quarter of 2023. In its September 2023 report, OPEC said it expects the UAE's economic expansion to continue, noting that key sectors of the country's economy have seen...
  • Over 3,500 new members register with Ajman Chamber in H1 2023

    AJMAN, UAE- The Ajman Chamber of Commerce and Industry (ACCI) has revealed that in the first half of 2023, at least 3,567 new members joined it.   The growth pace of the industrial sector in Ajman is accelerating as a result of the leadership's interest in the field, the availability...
  • UAE president discusses boosting ties with president of Nigeria

    Abu Dhabi, UAE-- UAE President Sheikh Mohamed bin Zayed and Nigerian President Bola Ahmed Tinubu discussed opportunities for further bilateral collaboration in areas that serve both countries’ sustainable economic growth, including the economic, development, energy, and climate action fields in a meeting in Abu Dhabi. Sheikh Mohamed expressed his hope...
  • Iran-US non-oil trade reaches US$31m in January-July 2023

    TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United States in the first seven months of 2023 registered a 26 percent growth compared to the same period last year. The two countries traded over $31 million worth of non-oil...
  • 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...
  • Global trade finance gap grew to record US$2.5trn in 2022: ADB

    The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity of banks to deliver trade financing. But at the same time, rebounding strongly after the COVID-19 pandemic, global goods exports grew in 2021 and 2022 at 26.6% and 11.5%, respectively.
  • Qatar’s non-energy private sector records strong growth in August

    Doha, Qatar--Qatar's non-energy private sector witnessed strong expansion in August on the back of new orders in the manufacturing and financial services, according to the Qatar Financial Centre (QFC). The expansion rate was the third strongest so far in this year, according to the QFC's latest purchasing managers’ index (PMI)...
  • Gaming industry posts exponential growth in Saudi Arabia: PayerMax COO

    Riyadh, Saudi Arabia-- The gaming industry has witnessed exponential growth in Saudi Arabia with an average revenue per paying user touching $270 as compared to $181 in MENA. With the game live streaming market poised to an annual growth rate (CAGR 2023-2027) of 10.08% in Saudi Arabia, esports is gaining...
  • Iran expects cooperation with Turkey to grow in Erdogan’s new term

    Tehran, Iran-- Iran's President Ebrahim Raisi expects cooperation between his country and Turkey to grow during the "new term" of Turkey's President, Recep Tayyip Erdogan. The president made the remarks during a meeting with with the visiting Turkish foreign minister and his accompanying delegation in Tehran on Sunday. Referring to...