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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

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...

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...

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...

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.

The firm recorded a net profit of $873 million.

As per pact, e& is a cornerstone shareholder of Vodafone.

ABU DHABI, UAE - The Statistics Center - Abu Dhabi (SCAD) has released the Gross Domestic Product (GDP) estimates report for 2022, unveiling a remarkable 9.3 percent  growth by the end of the year, compared to 2021. The new figures position the Emirate as the fastest-growing economy in the Middle...

The US$218mn capital infusion will foster bank's growth.

Abu Dhabi, UAE--The property market in Abu Dhabi has recorded 5,472 property sales and mortgages valued at US$7.62 billion in the first quarter of 2023 as against 3,304 transactions worth $ 3.07 billion during the same period in 2022, according to official data released by the Department of Municipalities and...

Revenue is due to demand for fixed, mobile services.

Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the UAE intends to widen the partnership with the kingdom over the next few years. In this regard, the two countries have agreed to double the volume of trade and investment...

Operating income increased by 51 percent year-on-year.

Amman, Jordan-- Jordan's King Abdullah has called for enhancing the investment environment in the kingdom in order to propel economic growth and job creation. During a meeting at Al Husseiniya Palace on Wednesday to follow up on the implementation of the Investment Ministry’s action plan, King Abdullah highlighted the need...

Paris, France--Sales of new cars jumped last month in Europe, surpassing the level of one million for the first time since June 2021, according to data from the European Automobile Manufacturers Association published on Wednesday. New car registrations hit 1,087,939 in March, an increase of 28.8 percent from the same month...

Beijing, China--China's economy grew much better than expected in the first three months of the year as the country reopened after the end of zero-Covid measures, official data showed Tuesday. The figures were the first snapshot since 2019 of the world's second-largest economy unencumbered by the strict health controls that helped...

Net profit reported by the companies jumped to a record high of US$ 273.3 billion in 2022,  compared to US$ 199.0 billion in 2021, according to a new report by Kamco Invest.

Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting loans after recent turmoil in the sector, she said In an interview to be aired on Sunday. The dramatic collapse of Silicon Valley Bank and Signature Bank shook the financial...

The IMF predicted the global economy will grow by 2.8 percent this year and three percent in 2024, a decline of 0.1 percentage point from its previous forecasts in January. The American economy is expected to grow by 1.6 percent in 2023, up 0.2 percentage point on IMP's previous forecast.

Washington, United States-- The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability. "Growth remains historically weak -— now and in the medium term," IMF...

Ras Al Khaimah, UAE--Ras Al Khaimah Economic Zone (RAKEZ) brought in 1,839 new companies in the first quarter of 2023, representing 122% growth compared to the same period in 2022, indicating a strong start to the year for the economic zone. RAKEZ Group CEO Ramy Jallad commented on this achievement:...

The World Trade Organization said 2023 global trade growth would be slightly better than feared, but would remain "subpar", weighed down by the Ukraine war and stubbornly high inflation. Presenting their annual trade forecast, WTO economists said they expected to see the volume of global merchandise trade slow to 1.7...

BRUSSELS, BELGIUM  - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching its lowest level since the start of the time series in 2002. The deficit was due, in particular, to a steep rise in the value of energy imports, which started...

Its revenue for 2022 rose to US$2.8bn, a 78% jump.

The country has seen a surge in demand for travel, entertainment and other leisure services that were curbed for nearly three years during the pandemic. China's new premier Li Qiang said Thursday the economy was showing "strong momentum" despite a challenging global environment, pledging increased support for business.