The World Bank said in its interim damage assessment, this is equivalent to 97 percent of the combined economic output of the West Bank and Gaza in 2022. The report, produced with the United Nations and the European Union, found structural damage affected "every sector of the economy."

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...

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 United Arab Emirates has been ranked first globally for the third consecutive year in the Global Entrepreneurship Monitor (GEM) report for the year 2023-2024. The country recorded a rate of 7.7, a record number in the history of the report. The UAE was recognised as the...

TEHRAN, IRAN – Tehran on Saturday strongly condemned a UN report on the Islamic republic's response to mass protests in 2022, denouncing Western countries' "Iranophobia". The report was built on "baseless claims" and "false and biased information, without a legal basis", foreign affairs ministry spokesman Nasser Kanani said in a statement. International experts...

The bank achieved a Return on Equity of 27.1 percent.

Its next-generation console will be delayed until 2025.

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...

DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the week ending February 9, 2024, according to data released by the Dubai Land Department (DLD). The DLD report showed that 197 plots were sold for US$315 million (AED1.61 billion), while...

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...

RIYADH, SAUDI ARABIA – The Commander of the Royal Saudi Air Defense Force Lieutenant-General Mazyad bin Suleiman Al-Amr has inspected Russia’s S-350 and S-400 air defense systems at the World Defense Show, a TASS correspondent reports. The commander visited the stands of Russian companies, paying special attention to the S-350...

PARIS, FRANCE - More than two-thirds of musicians fear that artificial intelligence will make it impossible to make a living, according to a study by French and German music societies published on Tuesday. Based on a survey of over 15,000 people in the industry, France's Society of Authors, Composers and Music...

TRIPOLI, LIBYA - The flood that devastated Libya's eastern port city of Derna last year has impacted up to 1.5 million people and will require $1.8 billion for reconstruction, according to a new report. On September 10, Storm Daniel hit the east coast of Libya, causing floods that collapsed two dams...

The 2023 net profit of Vodafone Qatar increased to $148 million.

The US news site Axios reported, citing unnamed Israeli officials, that the deal would take place in multiple stages, the first of which would see the release of women, men over 60 and those in critical medical condition. Later phases would involve the release of soldiers, younger civilian men, and...

MANAMA, BAHRAIN - The Information eGovernment Authority (iGA) has published its foreign trade report of Bahrain for Q4 2023, covering trade balance, imports, exports of products with national origin, and re-exports. The value of imports has increased by 5 percent, reaching US$3.92 billion (BD1.476 billion) during Q4 2023 in comparison...

Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated to fall to the lowest rate in three decades by 2030, amid ongoing economic and geopolitical shocks. The report released today, offers a re-evaluation of global economic growth, introducing a...

NEW YORK, US - Former US president Donald Trump's businesses received at least $7.8 million from foreign governments including China during his time in the White House, a congressional report claimed. Officials from Saudi Arabia, India, Turkey and Democratic Republic of Congo were among some 20 countries' representatives who paid money...

RIYADH, SAUDI ARABIA- The Insurance Authority (IA) has issued its first report on the performance of the sector in the Kingdom for the third quarter of 2023, highlighting the developments, financial results and its contribution to the Kingdom’s gross domestic product (GDP). The report was issued to provide transparent, accurate...

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...

Dubai, UAE – Oman, Qatar, and the United Arab Emirates, particularly Dubai, have secured top positions for residential property investment in 2024, the inaugural "Housearch Investment Index" highlighted in its report. The trend underscores the region's appeal as a stable and reliable investment haven, especially amidst cooling property markets in...

The transformation hinges on nearly all major companies adopting nature-related goals, with biodiversity credits playing a major role.

According to a new report from Net Zero Tracker, at least 150 countries have committed to a net-zero emissions target of some kind. But the climate monitor said only 13 percent of those countries have made at least one commitment to phase out the use, production or exploration of coal,...

DUBAI, UAE - International Labor Organization (ILO) Deputy Regional Director for the Arab States Peter Rademaker has confirmed that the Middle East and North Africa (MENA) region could create 10 million new jobs and accelerate GDP to 7.2 percent by 2050 via taking a serious approach to climate action. In...

GENEVA, SWITZERLAND - Global patenting activity soared to new records in 2022, fueled by Indian and Chinese innovators, but an uncertain economic outlook is weighing on further growth, says the World Intellectual Property Organization report. Even as global filings for trademarks and designs dropped, innovators from around the world submitted...

RIYADH, SAUDI ARABIA – The gross domestic product of the Kingdom exceeded US$1 trillion which displays strong progress towards meeting its Vision 2030 targets, a report revealed. Saudi Arabia's non-oil private sector is leading in growth for 2023, having accelerated to 5.8 percent year-on-year (yoy) in Q2 2023 and is...

Dubai, UAE - The Arab Open Banking is expected to experience 25% annual growth over the next five years, a report by the Arab Monetary Fund (AMF) predicted. The AMF will support Arab central banks in adopting effective frameworks for Open Banking and Finance initiatives. The report, titled "Guidelines for...

Vienna, Austria--The UAE’s economy remains robust, with constant contributions from the non-oil sector, especially from tourism, leisure, and real estate, according to the OPEC’s Monthly Oil Market Report (MOMR) for October 2023. MOMR noted the UAE’s tourism sector, which accounts for more than 16% of the country’s GDP, continued to...

Dubai, UAE-- Terming the circular economy as a critical pathway that builds a sustainable future by preserving natural resources, reducing waste, and promoting the conservation of resources at source, Mariam bint Mohammed Almheiri, Minister of Climate Change & Environment, emphasized that it not only promotes environmental sustainability but also presents...

DUBAI, UAE -  A total of 1,445 real estate transactions worth over US$2.5 billion (AED 9.5 billion) were conducted during the week ending October 6, 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 248 plots were sold for US$476 million ( AED...

Ajman, UAE-- The value of construction contracts in the emirate has exceeded $1.01 billion during the first half of 2023, in line with its strategic goal to achieve the sustainable development of the construction and contracting sector, according to the Ajman Municipality and Planning Department. Abdul Rahman Mohammed Al Nuaimi,...

Washington, US – The ‘gig economy’ accounts for up to 12 percent of the global labor market—much higher than previously estimated—and holds particular promise for women and youth in developing countries. Demand for online gig work is growing rapidly, however, social protections for workers in this segment are still lacking,...

Abu Dhabi, UAE-- In 2022, Emiratis represented 74% of the Federal Authority for Nuclear Regulation (FANR) 248 employees. FANR continues to attract talented Emiratis to meet its business needs, recruiting an additional 22 Emiratis during the review period, according to FANR 2022 Annual Report. It provides long-term career opportunities for...

Saudi Arabia is expected to lead the growth, with a CAGR of 1.6 percent, while Kuwait and the UAE are projected to experience faster growth rates compared to other member nations

RIYADH, SAUDI ARABIA - The real GDP of Saudi Arabia grew by 1.1 percent in the second quarter of 2023, compared to the second quarter of 2022, according to the General Authority for Statistics (GASTAT). Flash estimates for the GDP in Q2 of 2023, issued in a report by GASTAT,...

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...

A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are falling victim to burnout brought about by workplace stress.

PGA Tour and the Public Investment Fund (PIF) are partnering on creating a for-profit company that combines the PGA Tour's commercial business and its media rights. 

A TRENDS exclusive report takes a hard look at how tens of thousands of white-collar workers in Middle East are falling victim to burnout brought about by workplace stress.

PARIS, FRANCE - Greenhouse gas emissions from agriculture are expected to increase by 7.5 percent in the next decade, said a report by the Food and Agriculture Organization (FAO) and the Organization for Economic Co-operation and Development (OECD). The projected greenhouse gas emissions are just less than half the projected...

MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience of developing member countries in Asia and the Pacific, said a Partnership report. The Partnership Report 2022: Driving Growth, Boosting Resilience showcases how ADB and its partners are helping developing...

Doha, Qatar--The increasing availability of government sukuk and Islamic liquidity management tools by the Qatar Central Bank supports liquidity management and investment options for Islamic banks, according to a report from Fitch Ratings. In a report issued today, it indicated that its review of its future expectations for three Qatari...

ABU DHABI, UAE -  The Central Bank of the UAE's (CBUAE) balance sheet grew by 6.3 percent on a monthly basis to reach US$172 billion (AED631.63 billion) at the end of April 2023, marking the largest level ever in its history, the apex bank said in its budget report for...

Abu Dhabi, UAE-- The number of private joint-stock companies which listed in the UAE's capital markets during 2022 went up to 13, with a total capital of US$2.24 billion, according to the Securities and Commodities Authority (SCA). In a recent report, the SCA said that the companies are divided into...

DUBAI, UAE - A total of 3,625 real estate and properties transactions valued at US$3.4 billion (AED12.5 billion) were conducted during the week ending June 16, 2023, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 189 plots were sold for US$620 million (AED...

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...

Riyadh, Saudi Arabia-- Saudi Arabia vaults to the 13th position on the air connectivity index of the International Air Transport Association (IATA) in 2023, up from the 27th position in 2019. In the ranking that includes over 200 countries, the Kingdom achieved a record rise by 14 places. It achieved...

Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set to eclipse oil production for the first time, according to a report by the International Energy Agency. The report noted that Investment in clean energy technologies is significantly outpacing spending...

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...

Abu Dhabi, UAE-- In order to advance the United Nations Social Development Goals, the UAE institutional investors should concentrate on transition investment, taking advantage of their access to emerging markets. This is the conclusion of a NYU Abu Dhabi (NYUAD) report. The annual report "Transition Investment Lab (TIL)" was launched...