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...

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...

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...

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...

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...

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.

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)...

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...

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...

Dubai, UAE - Dubai's real estate market continues its upward trajectory, with house prices rising by 4.8% in Q2 2023, marking the 10th consecutive quarter of growth, according to a report by global property consultant Knight Frank. This growth trend has led to an average increase of 24% in residential...

BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in Belt and Road countries, demonstrating a surge of 23.2 percent compared to the previous year. This growth amounts to approximately US$13.69 billion (a year-on-year increase of 15.3 percent), constituting nearly...

The division recorded 32% growth in H1 of 2023.

Its cargo revenue recorded a 42% jump in H1 to US$57.9m.

The bank's total operating income reached approximately $115 million.

The company attributed growth to increased volume across key sectors.

The company achieved property sales of $5.5bn in the period.

Sharjah, UAE--The Real Estates Sector Business Group has discussed with the Sharjah FDI Office (Invest in Sharjah) ways to promote lucrative real estate investment projects in Sharjah and invigorate the local real estate sector. The meeting looked into ways to benefit from the Sharjah FDI Office's expertise to promote real...

The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the financial and insurance sector, which accounted for 15 percent, and trade at 10 percent, according to data issued by the Dubai Data and Statistics Establishment of the Dubai Digital Authority.

Doha, Qatar -- Non-energy private sector companies recorded the second highest growth in 2023 so far, according to the latest Purchasing Managers' Index (PMI) data that indicated a positive start for the second half of 2023. Growth rates for output, new orders, employment and purchasing increased, and the 12-month outlook...

The investments are expected to localize partnerships.

The Company’s non-fuel retail business rose by over 12%.

Lower oil production, high inflation, tighter monetary policies, increased borrowing costs, and the rising cost of servicing debt continue to strain the region's finances, data and analytics company GlobalData said in its Global Risk Report Quarterly Update -- Q1 2023. The region's risk score went up from 54.3 out of...

Dubai, UAE--The UAE's real estate market has recorded a strong performance across all sectors in the first half of the year as non-oil economy witnesses strong growth in spite of global macroeconomic headwinds. According to a market report by CBRE, rental performance in Abu Dhabi’s occupier market showed substantial improvement...

Doha, Qatar--Qatar National Bank (QNB) Group foresees a recession in the US economy during the upcoming 12 months, pointing out that the US economy continues to demonstrate its resilience despite significant headwinds from high inflation, tighter financial conditions, and an uncertain global environment. In its weekly commentary, QNB added that...

Firm Saudi Tourism Investment Company has been set up.

Riyadh, Saudi Arabia - Saudi Arabia has positioned itself as a potential world-leading hub for biotech research, development, and pharmaceutical manufacturing following an investment of $3.9 billion in research and development (R&D) since 2021.  The country's strategic move aligns with its ambitious goals of economic diversification and addressing crucial healthcare...

Profit driven by core revenues, effective cost management.

A projected decline in the Middle East and Central Asia from 5.4 percent in 2022 to 2.5 percent in 2023 has been attributed to a steeper-than-expected growth slowdown in the Kingdom from 8.7 percent in 2022 to 1.9 percent in 2023, a negative revision of 1.2 percentage points.

DUBAI, UAE - In Dubai’s economic growth story, family businesses stand tall as architects of growth, innovation and value creation. Generating over 40 percent of the emirate’s GDP, the sector represents Dubai's indomitable spirit of enterprise. Now, as the emirate seeks to unlock a new phase of high-powered growth for...

Doha, Qatar-- Qatar has recorded a 70 percent growth in annual foreign direct investment (FDI) between 2019 and 2022. Just last year alone, the country received $29.78 billion in foreign investments, resulting in 13,972 jobs across sectors such as business services, technology, financial services and other industries. Investment Promotion Agency...

RIYADH, SAUDI ARABIA - The Public Investment Fund (PIF) announced the establishment of Sawani Company to enable the growth of the camel farming industry in the Kingdom and actively contribute to its sustainable development. The company aims to be a leading producer of camel dairy products, supporting Saudi Arabia’s wider...

Dubai, UAE - The UAE has witnessed 135 percent year-on-year (YoY) growth with AED 49.25 billion ($13.37 billion) project announcements in the second quarter compared to AED 21 billion ($5.71 billion) in the same quarter last year, according to the latest construction intelligence cited in BNC Projects Journal,  The surge...

Manama, Bahrain--Bahrain has recorded a two percent rise in gross domestic product in the first quarter of 2023, driven by a 3.5 percent jump in the non-oil sector. The average quarterly increase, according to the Bahraini Ministry of Finance and National Economy, of the annual non-oil GDP has touched about...

Profit is a 41.5 percent jump compared to H1 2022.

Abu Dhabi, UAE - The UAE’s real GDP growth accelerated during 2022 due to a robust recovery in non-oil GDP and a sizable expansion of oil GDP, according to the Financial Stability Report for 2022 released today by the Central Bank of the UAE (CBUAE). The report noted that this...

Vienna, Austria - OPEC Thursday predicted world oil demand to grow by a healthy 2.2 mb/d, to 104.25 mb/d in 2024, raising its 2023 forecast to 2.4 mb/d, following an upward revision of about 0.1 mbn/d from last month's assessment. In its Monthly Oil Market Report, the global organization said...

Dubai, UAE--Dubai Investments and E20 Investment have signed a memorandum of understanding (MOU) to develop 3,750 Ha of agricultural land in Angola, harnessing the potential of the country’s agricultural sector for sustainable growth and economic development. E20 Investment, specializes in investing in and operating farms and processing facilities across the...

QNB set aside $1.3 billion as provision for loan losses.

DUBAI, UAE -  Around 79,000 UAE nationals are working in the private sector, the Ministry of Human Resources and Emiratization (MoHRE) revealed on Sunday as the deadline for companies with 50 employees or more to achieve a one percent Emiratization growth in skilled jobs has ended. These numbers reflect the...

Paris, France--Global trade in agricultural commodities is projected to expand by 1.3 percent annually - half the pace recorded in the past decade - due mostly to slower growth in demand by middle-income countries, according to a report released by the Food and Agriculture Organization of the United Nations (FAO)...

While the global economy reels from high inflation and the war in Ukraine, the UAE looks poised for positive economic growth with the IMF and the World Bank projecting the country's economy to grow by 3.6 percent and 2.8 percent respectively. The economy will continue to benefit from tourism and...

Muscat, Oman--Oman's gross domestic product (GDP) at constant prices recorded an increase of 4.7 per cent to reach $22.59 billion at the end of the first quarter of 2023. The GDP at constant price was $21.71 billion in the first quarter of 2022, according to the initial data issued by...

AMMAN, JORDAN  -  The pharmaceutical and medical supplies sector of Jordan has experienced an impressive 29.7 percent growth in exports during the first five months of this year compared to the corresponding period last year. Fadi Al-Atrash, the sector's representative at the Jordan Chamber of Industry, revealed that exports from...

RAS AL KHAIMAH,  UAE - Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies in the second quarter of 2023. This robust growth represents a remarkable 132 percent increase compared to the same period in 2022, further cementing RAKEZ’s role as an accelerator for...

Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong earnings in the oil and gas sectors.

NEW DELHI, INDIA - UAE Minister of Economy and Head of the Emirates Tourism Council Abdullah bin Touq Al Marri met separately with the ministers of India, UK, Indonesia and Japan on the G20 Tourism Ministers' Meeting in Goa. Bin Touq met with Sandiaga Uno, Minister of Tourism and Creative...

Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking economic policies, which have helped to attract investment and promote foreign trade. He also noted that the UAE's GDP per capita has grown by an unprecedented rate of 24.7 percent...

BRUSSELS, BELGIUM -  Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production, a keenly watched survey showed on Friday. The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month. But inflation remains...

Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to draft and adopt practical initiatives and projects that will enhance the UAE's readiness for the future. The launch took place during the first meeting of the UAE Future Network, with...

Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of the private sector in the country, evident in the strong demand growth for loans that were coupled with financial institutions’ increased willingness to lend in the first quarter of this...