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 food...

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 in...

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 5.7...

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 comes...

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 the...

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 globe,...

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 highest-ever...

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 the...

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 this...

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 business...

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 Economy...

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 well above...

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 the...

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...

GCC banks see continued growth on the back of innovation, tech focus and sustained government support. TRENDS Special Report analyzes factors that shape the sector.

VLCCs carry almost 2 million barrels of crude per voyage.

MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday.The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in global...

Muscat, Oman - India and Oman trade in 2022 reached $9.98 billion reflecting the deepening economic and commercial ties between the two nations. The nearly 90 percent growth in trade compared to the previous year highlights the strong demand for Indian goods and services in Oman, coupled with growing investment flows...

Riyadh, Saudi Arabia-- Saudi Arabia has recorded an 8.7 percent increase in gross domestic product (GDP) in 2022, as against a 3.9 percent jump in 2021, on the back of high oil prices.The kingdom's economy successfully emerged from the Covid-19 crisis and the policies undertaken by the government accelerated the...

Aim is to enhance trade between the UAE and Kazakhstan.

Arab nations have implemented several reforms to improve the ease of doing business. TRENDS take a look to determine the most business-friendly country in the region.

Dubai, UAE-- The UAE'S Ministry of Human Resources and Emiratisation (MoHRE) has extended the deadline for private sector to hire local employees from June 30 to July 7.MoHRE said this decision was taken by taking into consideration the Eid Al Adha holiday, which falls on the fourth week of June,...

Dubai, UAE-- The UAE and South Korea are aiming to foster cooperation to promote entrepreneurship and support growth of small and medium enterprises in the two countries' markets.In this connection, Abdullah bin Touq Al Marri, Minister of Economy, held a bilateral meeting with Lee Young, Minister of SMEs and Startups...

GCC banks, which are recognized for their sophistication and maturity, have minimal exposure to the ongoing global crisis due to proactive administrations and robust regulations across the region, they add.

Abu Dhabi, UAE--UAE's bank investments climbed to a record level, touching $149.35 billion by the end of March, the highest level in the country's history, a report by the Central Bank of the United Arab Emirates revealed.The report, issued today, showed a YoY growth of 16 % compared to about...

It won US$975mn artificial island construction contract.

The Kingdom has the highest economic growth among the G20 countries in 2022, driven by strong oil production and non-oil sector growth, says the latest IMF report.

Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) board of birectors has approved a proposal to exempt companies wishing to list their green or sustainability-linked bonds or sukuk in a local market from registration fees for the year 2023.The decision aims to highlight the actions taken by the UAE in...

The first quarter of 2023 experienced a surge in credit demand, except for a slight dip in Qatar. The latest reports suggested a record $1.87 trillion in GCC gross loans, a robust 3.2 percent quarterly increase, while net loans rose by a slightly smaller 2.8 percent due to higher provisions...

DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from 1.7 percent  (in January 2023), thanks to greater-than-expected flexibility in major economies.In its latest report released in June 2023, the World Bank also expected the global growth to reach 2.4...

Polls opened on Tuesday in Kuwait's seventh general election in just over a decade, following repeated political crises that have undermined parliament and stalled reforms. More than 793,000 eligible voters will have the chance to determine the make-up of the 50-seat legislature in the Gulf state.

Riyadh, Saudi Arabia - The number of SMEs in Saudi Arabia increased by 4.8 percent in the first quarter of 2023, reaching a total of 1.2 million, Saudi Arabia's General Authority for Small and Medium Enterprises (Monsha'at) reported on Wednesday. This growth was driven by the launch of 88,858 new SMEs...

ABU DHABI, UAE  -  The Economic Integration Committee held its second meeting this year and discussed a range of key economic issues, including access to legislation supporting the growth of new economy sectors in the UAE.The meeting was chaired by Abdullah bin Touq Al Marri, Minister of Economy, and attended...

Dubai, UAE-- Some 27 million taxi rides were undertaken in Dubai in the first three months of 2023, up one million from the same period last year.According to the Roads and Transport Authority, the latest figures underscored the sector's “remarkable growth” over the past five years.The increase in journeys comes...

Doha, Qatar--Qatar has posted a trade surplus of $6 billion in April 2023, according to a report by the country’s Planning and Statistics Authority.  The figures, according to the Planning and Statistics Authority, reflect a 3.5 percent increase over March while a 35.6 percent decline on an annual basis.  The...

Bentley's Regional Director for the UK, Middle East, Africa, and India also anticipates further growth luxury car market throughout 2023 on the back of economic stability and increased business activity in the Middle East.

Speaking at an event in New Delhi, Abdullah bin Touq Al Marri, the UAE’s Minister of Economy, said that the partnership between the UAE and India creates trade and investment opportunities for over 3.8 billion people and the solid economic alliance contributes to the vitality of trade and investment flows...

AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter of 2023 compared to the corresponding period in 2022.The increase occurred mostly due to higher demand that is pushing the Average Daily Room (ADR) Rate, making investment in hotels and...

Sharjah, UAE-- The emirate of Sharjah has seen a 22 percent growth in population to 1.8 million inhabitants, as against 1.4 million in 2015, according to the results of Sharjah Census 2022.The findings of the census were unveiled by Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, deputy ruler of...

TRENDS explores how the growing number of high net worth individuals (HNWIs) in the GCC region is boosting demand for luxury goods and services across various sectors.

They will support growth of the sustainable aviation fuel market.

BRUSSELS, BELGIUM -  The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised the inflation forecast for the single currency area.The EU executive's spring forecast is more optimistic than that issued late last year, despite inflation proving "stickier than expected" in its decline...

Baroux also commends the UAE as the most promising market for French exports in the region, with over 600 French companies operating in the country, employing nearly 30,000 people. France stands as the UAE's fourth-largest economic partner within the EU, ranking third for imports and sixth for non-oil exports from...

GCC countries are investing in infrastructure and programs to become leading tourist destinations. With strategic locations, excellent connectivity, iconic attractions like the tallest building, and a commitment to eco-friendly tourism, they are poised for success in attracting visitors from around the world.