The bank cited the real estate and construction sectors as key drivers, as well as a dynamic manufacturing sector, like refineries and aluminum production.

Dubai, UAE - ENOC Group on Thursday unveiled its five-pillar long-term growth strategy after having recorded its best performance ever in 2022 in its three-decades-long history of growth.  Under the pillar of ‘Proactive Improvement’, the  Group, which recorded a 60 percent increase in EBITDA last year in comparison to 2021,...

Dubai, UAE-- Consumer spending in the UAE has shot up 19 percent in 2022 as against the previous year, according to Majid Al Futtaim's "state of the UAE retail economy" Q4 report. There was a notable 13 percent growth in spending across the retail economy for the full year including,...

Riyadh, Saudi Arabia--Saudi Arabia’s banking sector grew in 2022 on the back of potent revenue growth and is set for further gains, according to the Boston Consulting Group.   Analysis by the US-based firm reported the Kingdom’s banking profits after taxes have grown an average of 7.9 percent per year since...

Beijing, China--China's new premier warned Monday that the country's five-percent growth target for 2023 would not be "easy" to achieve, as its rubber-stamp parliament wrapped up over a week of meetings. The government set the economic growth target of "around five percent" this month, one of the lowest in decades as China...

Cairo, Egypt - Egypt's official annual headline inflation rate rose in February to 31.9 percent, the highest in five and a half years, while core inflation soared to a record 40.26 percent, according to official data reported Thursday by Reuters. The jump in inflation is likely to further squeeze households...

Beijing, China--China on Sunday set an economic growth target of "around 5 percent" for 2023, one of the lowest in decades, as its annual National People's Congress opened in Beijing. The target was announced in a work report delivered by outgoing Premier Li Keqiang as the rubber-stamp parliament opened at the...

The GCC countries are likely to benefit from the relative stability in their financial covers due to high oil prices and strong energy exports in 2022, reports suggest.

Doha, Qatar-- The the SMEs sector grew by 2.6 per cent, as the number of operating factories in the state increased from 814 in 2021 to 835 last year, in addition to the presence of 430 new industrial licensed facilities, indicating that the volume of industrial investments amounts to $81...

Istanbul, Turkey -Turkey’s economy posted 5.6 percent growth in 2022, growing faster than expected last quarter as the government ramped up spending ahead of elections. Gross domestic product rose 3.5% in the October-December period from a year earlier. Growth for the whole year was 5.6%, state statistics agency TurkStat data...

Riyadh, Saudi Arabia--Saudi Arabia’s economic growth is expected to accelerate by 3 percent in 2023 backed by a robust non-oil sector.  According to a forecast by Riyad Capital, the output from this part of the economy will rise by 5 percent this year. The growth will be driven by a...

There might be a global slowdown in the property market, but thanks to Russian buyers, the UAE, in contrast, has seen a stunning growth in the sector.

The region's biggest economy, Saudi Arabia, was projected to accelerate to 8.3 percent in 2022 before moderating to 3.7 percent and 2.3 percent in 2023 and 2024.

In 2023, some Middle Eastern economies appear to be more resilient than most developed markets, Maroun Kairouz, Director for MENA at the World Economic Forum, tells TRENDS.

Abu Dhabi, UAE--UAE Banks Federation (UBF) has signed a memorandum of understanding (MoU) with the Azerbaijan Banks Association to enhance cooperation and and promote the growth of the financial and banking sectors in both countries. The scope of the MoU includes organising various activities in the finance and banking sector...

DUBAI, UAE -  Dubai International Financial Center (DIFC) continued to grow at a record-breaking pace in 2022 with the number of active registered companies rising 20 percent from 3,644 in 2021 to 4,377 in 2022. New companies registered in DIFC in 2022 surpassed the annual milestone of 1,000 for the...

Driven by new projects, its sales in 2022 touch $9.5bn.

In 2013, Sheikh Mohamed bin Zayed ordered the transfer of ships carrying vital petroleum commodities via Mediterranean to Egypt to help it overcome the crisis, says El Sisi at WGS.

The plan envisages that 55 percent of Dubai's population to live within 800 meters or less from public transport stations. "It also aims to enhance investment opportunities by increasing the area of economic activities to 168 sq km, widening the area of hotel and tourism activities to 134% to attract...

Firm has proposed dividend of S$115 million for 2nd half 2022.

The revenue climbed to $2.67 billion in 2022.

As the number of companies operating in the industry expected to exceed 2,500, the sector is likely to create 450,000 job opportunities in the Kingdom.

The emirate has achieved record growth in the service of refuelling vessels during in 2022, as it recorded about 1.1 million metric tonnes, with a growth rate of 30 percent compared to 2021, Sheikh Saeed adds while speaking at the Middle East Bunkering Convention (MEBC) 2023.

Sharjah is a gateway to the markets of the Gulf region, with a GDP of US$1.6 trillion. It provides a solid business base for investors through six free zones and 33 industrial zones with various specialisations, which are all linked to convenient land, sea and airports, he adds.

Israeli premier Benjamin Netanyahu says the 'reform', which will give Israel's parliament the power to override court decisions with a bare majority, won't impact the economy.

The two biggest economies of the region are leaving no stone unturned to hire the most talented professionals in order to run the ever-expanding companies.

Merger of its Malaysian subsidiary with a firm helped.

Dubai, UAE--The Marine Agency for Wooden Dhows has facilitated the entry of more than 10,500 wooden dhows during 2022, reflecting a 12 percent year-on-year growth. According to Sultan Ahmed bin Sulayem, Chairman of the Dubai’s Ports, Customs and Free Zone Corporation (PCFC), the wooden dhows ferried 1.7 million metric tonnes...

ADIB's revenue increased by 23% to US$1.8 billion in 2022.

Amman, Jordan-- The European Union (EU) has signed two agreements with Jordan to provide it with a $70 million in financing. The first agreement will finance a $43 million program: "EU support to the Rule of Law in Jordan", in support of the Ministry of Justice, Judicial Council, Judicial Institute,...

The Gulf countries are witnessing an increase in investors' confidence due to the region's comparatively good economic conditions, a latest JLL report highlights.

Stock markets rose as US data showed the country grew at a slower pace in 2022 but finished the year on a stronger note. Shares in Paris, Frankfurt and London were higher in mid-afternoon trading. US gross domestic product rose at an annual rate of 2.9 percent in the fourth...

The company's Q4 net profit surged to US$3.4 billion.

The bank's net profit rose to $93 million in 2022.

RIYADH, SAUDI ARABIA - Saudi Arabia's Communications, Space & Technology Commission (CST) has announced the formation of a Space Entrepreneurship Alliance to achieve growth and sustainability in the sector and develop a solid foundation to support entrepreneurs in the Kingdom's space industry. The alliance was announced during the Commission's participation...

AMMAN, JORDAN - Investments in industrial estates in 2022 hit US$4.2 billion (JD3 billion), an increase of 19 percent compared with 2021, supported by 174 new investments worth US$811 million (JD575 million), the Jordan Industrial Estates Company (JIEC) said on Sunday. In a statement, JIEC noted that 27 of the...

Advanced economies are expected to slow down further this year, while ASEAN-6 economies are more resilient to the current macro scenario and should present robust, mid-single digit growth. Three factors underpin expectations for an above-average outperformance for ASEAN-6 ntions, it adds.

Large infrastructure projects -- mainly supported by the Public Investment Fund and National Development Fund -- are expected to boost the Kingdom's economy further.

SHARJAH, UAE - Sharjah Chamber of Commerce and Industry (SCCI) in 2022 continued its role in creating investment environment and reinforcing the position of the emirate of Sharjah as a global business hub. The SCCI also bolstered its competitiveness by protecting the interests of businessmen and supporting its members in...

According to secretary general of the government's High Commission for Planning (HCP) Ayache Khellaf, assuming recovery of agricultural activities, the national economy should show a 3.3-percent increase in 2023. The HCP in July had projected a 3.7-percent increase in Gross Domestic Product this year after just 1.3 percent in 2022.

RIYADH, SAUDI ARABIA - The General Authority for Statistics (GASTAT) published Tuesday on its official website the results of the Industrial Production Index (IPI). In November 2022, the Industrial Production Index (IPI) increased by 8.6 percent compared to November 2021. The IPI continued to show positive growth rates due to...

"Robust labour markets" alongside "increases in national minimum wages" and "trade unions demand(ing) higher wage increases" are also set to place upward pressure on wages.

The world, according to the latest World Bank report, may be edging toward a global recession this year. Here is the GDP growth forecast for the GCC countries.

Doha, Qatar--Qatar Central Bank's (QCB) international reserves and foreign currencies liquidity increased last December by 9.6 percent on an annual basis, to reach $59.31, compared to $54 billion in the same period last year. December recorded a monthly growth of 2.7 percent compared to November 2022. The figures issued by...

Doha, Qatar-- Business activity in Qatar has accelerated in December as the FIFA World Cup went on through the month. The latest Purchasing Managers' Index (PMI) survey data from Qatar Financial Centre (QFC) indicated further rapid growth of business activity in December. As was the case in November, wholesale, retail,...

Doha, Qatar-- Qatar Financial Centre (QFC) is managing assets worth $28.3 billion and has more than 1,500 local and global enterprises operating in the financial and non-financial sectors. This was disclosed by Chief Executive Officer of QFC Yousuf Mohamed Al Jaida in an interview to the media. Al Jaida said...

The year 2022 was crowned with excellent ratings for the Qatari economy, as the S&P's credit rating agency raised the rating of the State of Qatar from "-AA" to "AA" during the year 2022, and Moody's credit rating agency raised the outlook for the country from stable to positive.

With over 60% of hotel executives looking to introduce a fully contactless experience by 2025, Hudini witnesses unprecedented demand for its solutions.

The country profiles -- arranged in alphabetical order -- summarize recent data, presenting statistical narratives of a country that include economic, political, sociological, environmental, and cultural factors. The profiles also include their performance in 2022 and estimations for 2023.

Since the COVID-19 outbreak, GCC banks have experienced a growth of more than 10 percent annually, a positive sign that is likely to earn a higher return on equities.