Tehran, Iran--The trade exchanges between Iran and Turkey in the first two months of 2024 reached $930 million, showing a one percent increase compared to the same month last year. According to the latest figures released by the Turkish Statistical Institute (TURKSTAT), Iran’s trade with the neighboring country stood at...

Bangkok, Thailand--Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5 percent this year from 5.1 percent in 2023, Associated Press (AP) quoted a World Bank report as saying on Monday. Debt, trade barriers and policy uncertainties are dulling...

Abu Dhabi, UAE--The Arab Bank for Economic Development in Africa (BADEA) expects the bank's annual financing to reach US$2.5 billion by the end of 2024. According to its director general, Dr. Sidi Ould Tah, the annual financing of the bank is witnessing a steady increase, rising from US$2 billion in...

Amman, Jordan--Jordan's import bill for crude oil, derivatives, and mineral oils saw a notable decline in January this year, according to data released by the Department of Statistics on Tuesday. The figures revealed a decrease in the value of oil imports to the Kingdom, totaling $361 million for January, compared...

Montreal, Canada--The International Civil Aviation Organisation (ICAO) projected that passenger air traffic levels will be around 2 percent higher In the first quarter of 2024 than in 2019, with airlines expected to sustain their operating profitability seen in 2023. Demand this year is forecast to be around 3 percent above...

The Central Bank of the UAE kept the Base Rate for the Overnight Deposit Facility (ODF) steady at 5.40%, aligning its monetary policy closely with that of the US Federal Reserve. In Qatar, the Central Bank has also decided to keep its deposit, lending, and repo rates unchanged at 5.75%,...

Dubai, UAE--Dubai welcomed 1.77 million international tourists in January 2024, an increase of 21% compared to 1.47 million visitors in the same period of 2023. According to the Dubai Tourism Performance Report for January issued by the Dubai's Department of Economy and Tourism, Western Europe ranked first in terms of...

Dubai, UAE--A study undertaken by Dubai Chamber of Commerce has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing...

Dubai, UAE--Total spending using international cards in the UAE witnessed a growth of more than 25% during the year 2023. J.K. Khalil, General Manager, MENA East, Mastercard, told Emirates News Agency (WAM) that digital payments continue to experience remarkable growth in the UAE, with more users and companies opting for...

Abu Dhabi, UAE--The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London. The growth is attributed to the increase in investments...

Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase compared to the previous year, with Europeans constituting 27 percent of the total visitor count. Sharjah Commerce and Tourism Development Authority (SCTDA) made the announcement during its press conference on...

Abu Dhabi, UAE--The MENA region's commercial aircraft services market will more than double in value by 2042, according to Airbus’ latest Global Services Forecast (GSF). Growing to US$28 billion from US$12 billion, and registering a 4.4 percent average annual growth, the regional expansion will surpass the global average growth of...

The market value of its net assets crossed US$5.66bn.

The buyout is part of its plan to boost media business.

The US aluminum producer will buy Alumina for US$2.2bn.

Beijing, China--China's commercial vehicle sales soared 79.6 percent year on year to 324,000 units in January, according to industry data. Specifically, some 289,000 trucks were sold during this period, a surge of 81.8 percent year on year, according to the China Association of Automobile Manufacturers. A total of 35,000 coaches...

Dubai, UAE-- The economy of Dubai would grow around five percent this year, according to Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers. Speaking to the media on the sidelines of the annual media briefing organised by Dubai Chambers, Al Ghurair said that the recent increase in interest rates...

Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed by 226%. The bills, carrying maturity of 182 days, are issued by the CBB, on behalf of the Kingdom of Bahrain. The issue date of the bills is February 25...

Its next-generation console will be delayed until 2025.

Doha, Qatar--The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at the Ministry of Justice in January amounted to $521 million. The data of the real estate analytical bulletin issued by the Ministry of Justice revealed that (362) real estate transactions were recorded...

Dubai, UAE-- The UAE's economy has recorded the best growth rates in comparison to other economies in the region, according to Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF). He affirmed the UAE's robust economic performance in recent years, highlighting its...

The company's revenue for the year 2023 was US$3.05bn.

From Saudi Arabia to the UAE and Qatar to Kuwait, governments across the region compete to jumpstart industrial sector but doubts remain whether it can be pulled off.

Abu Dhabi, UAE--The total public expenditure of Arab countries combined jumped by 9.8% to $957.5 billion in 2022, compared to $878.9 billion in 2021, according to the Arab Monetary Fund (AMF). AMF, in its Joint Arab Economic Report, explained that current expenditure in Arab countries increased by about 9.9% to...

Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according to S&P Global Ratings, the world's leading credit rating agency. The credit rating agency in a new report said that UAE banks reported exceptional profits for the full year 2023...

The bank said it would buy back shares and pay dividends.

The company said it posted a net profit of US$227.4 million.

Geneva, Switzerland-- Air cargo demand rebounded in 2023 with a particularly strong fourth quarter performance despite economic uncertainties, according to new data for global air-freight market released by the International Air Transport Association (IATA). As per the new data full-year demand reached a level just slightly below 2022 and 2019....

With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the US dollar has become hard to come by. The country's highly import-reliant economy, dominated by military-linked enterprises and with a fondness for infrastructure mega-projects, has been hit hard by a...

Abu Dhabi, UAE-- The UAE economy is projected to grow by 5.7% in 2024 despite prevailing global economic challenges, including global economic slowdown and difficult financial conditions, according to Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF). Speaking to a media outlet, he said, "Our efforts to...

Its operating profit for Q4 was US$2.1bn.

It will invest US$169m to develop new capacity.

Dubai, UAE--Dubai Customs has successfully processed more than 30.4 million customs transactions during the entire year of 2023. This set a new record for the highest number of customs transactions handled by Dubai Customs, showcasing a 17.5% growth compared to the 25.8 million transactions in 2022. This success is attributed...

It posted a 31% jump in net profit to US$229.13m in 2023.

Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion. The fund will serve a wide range of investment categories, develop the national economy and attract foreign investments. According to the Oman News Agency (ONA), According to the Oman News Agency...

Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last year, propelled by the gradual increase in domestic demand and with more stimulus policies in the offing, China Daily reported, citing officials and economists on Wednesday. Economists said the country...

The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as the country battled a crippling property crisis, sluggish consumption and global turmoil. Official GDP figures remain a key source of insight into the health of the world's second-largest economy.

Sharjah, UAE--The number of passengers travelling through Sharjah airport reached 15.3 million in 2023, as compared to 13.1 million in 2022, marking over 17.4 percent growth, according to Sharjah Airport Authority. The air traffic witnessed an increase of 12 percent with over 98,000 flight movements in 2023 as compared to...

According to Tatiana Leskova, Associate Director of Corporate Ratings at Standard and Poor's Global Ratings that the global economy while remaining subdued, operating at subpar growth levels, S&P estimates that UAE GDP expanded at over 3 percent in 2023, including close to 6 percent growth for the non-oil sector”.

Davos-Klosters, Switzerland--Global economic prospects remain subdued and fraught with uncertainty, according to the latest Chief Economists Outlook released today, as the global economy continues to grapple with headwinds from tight financial conditions, geopolitical rifts and rapid advances in generative artificial intelligence (AI). More than half of chief economists (56%) expect...

The two will acquire 40.5% stake in the Egyptian firm.

Manama, Bahrain--The Central Bank of Bahrain (CBB) announced that the monthly issue of the Sukuk Al Salam Islamic securities has been oversubscribed by 372%. Subscriptions worth $426 million were received for the $114.36 million issue, which carries maturity of 91 days. The expected return on the issue, which begins on...

Doha, Qatar--Qatar National Bank (QNB) expects the global economic growth to be around 2.9 percent in 2024, roughly the same rate as last year. QNB, in its weekly commentary, said, "There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative...

Tehran, Iran-- Trade between Iran and Azerbaijan has registered a 46 percent jump in 2022, according to the deputy prime minister of the Republic of Azerbaijan. Shahin Mustafayev, who is also the Azeri head of the Iran-Azerbaijan Joint Economic Cooperation Commission, stated that the relations between the two countries are...

Manama, Bahrain--National accounts estimates issued by the Information eGovernment Authority of the Kingdom of Bahrain showed that the real GDP of the Kingdom increased by 2.45% at constant prices and by 1.09% at current prices during the third quarter of 2023 compared to the same period in 2022. Bahrain News...

Seoul, South Korea--South Korea's exports of eco-friendly vehicles surged 32.5 percent year-on-year to a record high during the first 11 months of 2023, due to solid global demand for electric vehicles (EVs), Yonhap News Agency reported on Sunday. The export volume of eco-friendly automobiles came to 662,307 units during the...

The IMF said the debt relief will facilitate access to additional financial resources that will help it strengthen economy, reduce poverty, and promote job creation. Somalia is one of the poorest in the world, struggling to recover from decades of civil war, and with 70% of its population living on...

Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually, according to Valerie Hickey, Global Director for Environment, Natural Resources and Blue Economy at the World Bank. Speaking to media at COP28, she said that low-income countries could lose around...

Tehran, Iran--Trade between Iran and Russia has climbed 18 percent to US$1.7 billion in the first eight months of 2023. This was stated by the chairman of the Iranian Customs Administration Mohammad Rezvani, noting that the Iran Iran-Russia trade recorded $1.7 billion in the first eight months of this year...

Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector demand signal for emerging climate technologies. Its members have moved from commitment to action: signing offtake agreements, driving demand for low carbon products to global decarbonization initiatives, and collaborating with...