Its net profit for the third quarter dropped to US$1.09bn.

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 UAE...

Its revenues for the first nine months stood at US$3bn.

Its revenues rose 77% to US$92m in the same period.

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 essential,...

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,...

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 product...

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 the...

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...

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 sector maintained...

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 the...

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 from...

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 global...

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...

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 percent...

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...

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...

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 Beijing...

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.

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. However,...

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 significant...

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 of...

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 that...

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 products...

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 that...

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) survey,...

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 the cultural...

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 one-fifth...

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 estate...

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 remained...

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 since...

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 and...

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 its...

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 of...