Sharjah, UAE--Expo Centre Sharjah (ECS) has unveiled its future projects and forthcoming initiatives to develop and enhance the exhibitions sector and bolster its role in driving the growth of Sharjah’s economy. Promoting the emirate’s business tourism potential and opening up growth prospects across various sectors, the ECS’s plans are geared...

AMMAN, JORDAN – Products of the Kingdom’s pharmaceutical industries and medical supplies sector moved over the past quarter century to the global level, driven by its development, quality and competitiveness, a stakeholder said. This has placed Jordan among the top countries in this strategic industry. Representative of Pharmaceutical Industries and...

Doha, Qatar-- Qatar is looking to develop "plans and strategies" to streamline procedures and regulations in order to solve solve all obstacles facing the sector and align its development with the state's overall progress. This was stated by Chairman of Qatar Tourism Saad bin Ali bin Saad Al Kharji at...

It comes amid a slowdown in the tech sector IPOs.

Abu Dhabi, UAE--The UAE banking sector continued its growth momentum last year and is poised for further growth and recovery in 2024, thanks to the success of the Central Bank of the UAE's (CBUAE) strategies and policies in setting the necessary frameworks and regulations to deliver sustainable growth for the...

It will be its first foray into the electric vehicle sector.

Athens, Greece-- The UAE and Greece have held talks in Athens on a wide range of economic and strategic issues to deepen the cooperation between the two countries. In this connection, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, held several bilateral meetings...

Doha, Qatar--Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani has called for strengthening joint action among the Arab Gulf states, especially in light of the economic and financial challenges that the world is experiencing in relation with growth, sustainable development, financial stability, and interest rate policies,...

ABU DHABI, UAE - Abu Dhabi’s residential sector has witnessed one of the best years on record, where a total of 11,200 units were sold across the capital, up 83 percent y-o-y. The increase in demand for residences has been driven by several positive initiatives and announcements by the government,...

The collaboration is expected to boost private sector in Qatar.

Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to Fatima bin Jaafar Al Sairafi, Bahrain's Minister of Tourism. According to the minister, this would raise the contribution of the tourism sector to Arab countries’ national development. In a statement...

Jeddah, UAE--The Arab Tourism Organization (ATO) has signed a partnership agreement with the International Strategic Management (ISM) company to achieve growth and innovation within the tourism sector in Arab countries. The agreement comes as an extension of the ATO’s efforts to develop and enhance the tourism industry in the Arab...

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...

ABU DHABI, UAE – The Emirates General Pension and Social Security Authority (GPSSA) has issued a circular to government and private sector employers, detailing the regulations for pension deductions and end-of-service gratuity in line with Federal Decree Law No. 57 of 2023. The circular included limiting the procedure of deduction...

Sharjah, UAE--The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed ways of enhancing cooperation in the investment field and developing mechanisms for promoting the joint efforts aimed at supporting the business community in Sharjah and Oman. The two sides explored promising...

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--Despite geopolitical uncertainties and potential economic headwinds, S&P Global expects GCC banks to maintain their well-capitalised, profitable, and liquid status. S&P Global‘s ‘GCC Banking Sector Outlook 2024’ reveals a challenging yet optimistic perspective. The ratings agency anticipates overall stability in key metrics for GCC banks in 2024. Credit...

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...

In recent years, China's auto sector has grown remarkably largely because of massive investments in electric cars, an area where Japanese firms have been more cautious. The JAMA figures showed that Japan shipped 4.42 million vehicles in 2023, compared with 4.91 million exported by China, as reported by China's automobile...

RAS AL KHAIMAH, UAE - The economic growth of the Emirate continued to accelerate in 2023, with the Department of Economic Development reporting a 10 percent increase in the total capital of valid business licenses issued. This figure reached US$2.1 billion (AED 7.8 billion), demonstrating the emirate's strong economic momentum....

MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million) in 2023, up 18.6 percent from US$992 million (RO382.3 million) in 2022. According to the Oman News Agency, the banking sector benefited from several local economic indicators in 2023, including...

Hong Kong-- The global Islamic finance market would touch US$4.9 trillion by 2025, according to Yazrin Syakhairi, Malaysian Trade Commissioner at the Consulate General of Malaysia in Hong Kong. Speaking on the sidelines of the Asian Financial Forum (AFF) in Hong Kong, Syakhairi told the Emirates News Agency (WAM) that...

BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's largest logistics market in terms of demand, China Federation of Logistics and Purchasing said. According to a report from CCTV, He Liming, the chairman of the China Federation of Logistics...

DUBAI, UAE - In an age where data is a cornerstone of modern healthcare, the industry faces an escalating threat from cyber criminals seeking unauthorized access to sensitive information. Kingston Technology, a player in memory products and technology solutions, is urging healthcare entities to bolster their defenses against rising cyber...

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”.

Dubai, UAE-- The UAE and Costa Rica have concluded negotiations to sign a comprehensive economic partnership agreement. In this connection, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, have signed a joint statement to confirm...

WASHINGTON, US - The World Bank expected the UAE's real GDP to grow by 3.4 percent in 2023, rising to 3.7 percent in 2024 and to 3.8 percent in 2025. According to the Global Economic Prospects report released on Tuesday, the World Bank forecast the growth in the Gulf Cooperation...

Doha, Qatar--Qatar's non-energy private sector registered broadly stable business conditions in December, the latest Purchasing Managers Index (PMI) survey data from Qatar Financial Centre (QFC) has revealed. Volumes of output, new business and backlogs of work were all largely stable compared with November levels, while employment growth was maintained, and...

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...

Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of 11.5 million individuals by year-end, a report by the Saudi Council of Health Insurance revealed. The target is to reach 25 million beneficiaries by 2030, aiming for health insurance to...

Riyadh, Saudi Arabia-- The Saudi Ports Authority also known as Mawani strengthened the maritime and logistics sectors with an investment of US$3.46 billion during 2023, contributing to the kingdom's growth in international indicators and solidifying its position as a global logistics center. In order to enhance the attractiveness of Saudi...

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--The Bahrain Tourism and Exhibitions Authority (BETA) began a roadshow in Shanghai and Guangzhou, China, involving prominent travel, tourism, aviation, and hotel sectors.  The roadshow aims to promote Bahrain as a prominent tourist destination in regional and global markets, enhancing the sector's contribution to the gross domestic product in...

The fabrication unit will cost the firm US$5.44m.

Dubai, UAE--The UAE leadership places utmost importance on supporting farmers to enhance the sustainability of the agricultural and food sector, ensure national food security and address climate change, according to Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment. She was speaking at the ninth meeting of the...

ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase in total assets during the first nine months of 2023, reaching US$35.8 billion (AED 131.6 billion) by the end of the third quarter. This translates to an impressive US$3.1 billion...

Tunis - Tunisia and Saudi Arabia signed seven memoranda of understanding in various fields and sectors on Wednesday afternoon The agreements were signed between acting Tunisian Minister of Economy and Planning, Sihem Nemsia Boughdiri, and Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef. during the 11th session...

Maritime Hub Abu Dhabi will boost the marine sector.

Dubai, UAE - Dubai real estate annual sales comprising 127,000 deals have exceeded Dhs400 billion ($109 billion) during the current year for the first time ever, based on data from the Dubai Land Department (DLD), the highest number recorded in the history of the market. The momentum in the real estate...

Abu Dhabi, UAE--The insurance sector in the UAE witnessed growth and expansion across various key indicators during 2022, according to a report by the Central Bank of the UAE, reflecting a strong, dynamic, and active market driven by increasing demand and effective risk management. According to the apex bank's annual...

They partnered to lead global expansion of the cooling sector.

ABU DHABI, UAE - Abu Dhabi Department of Economic Development (ADDED), represented by Industrial Development Bureau (IDB), and Siemens Energy have joined hands to further decarbonize the Emirate’s booming industrial sector. The collaboration supports Abu Dhabi Industrial Strategy's vision to establish the Emirate as the most competitive industrial hub in...

ABU DHABI, UAE - The UAE Government has issued a federal decree which aims to regulate and organize media in the UAE. The decree also aims to promote the UAE as a global media hub and establish an enabling environment to catalyze the growth and prosperity of the sector. The...

Sharjah, UAE--The board of directors of the Arab Union for International Exhibitions Conferences (AUIEC), operating under the Council of Arab Economic Unity of the League of Arab States, has approved its budget and the Union's action plan for 2024. The plan, endorsed during the second periodic meeting for 2023 held...

The EU's internal market commissioner, Thierry Breton. called the deal as historic, regulating artificial intelligence models such as ChatGPT. Negotiators in Brussels nailed down curbs on how AI can be used in Europe, which they said would not hurt innovation in the sector nor the prospects for future European AI...

Abu Dhabi, UAE--Egyptian Petroleum Minister Tarek el Molla announced an agreement on laying down a detailed road map for cutting methane emissions of the petroleum and gas sector in Egypt via the offered technical support. According to the Middle East News Agency (MENA), the agreement is scheduled to be signed...

Dubai, UAE-- The UAE and Turkmenistan have agreed to enhance bilateral ties in all fields, particularly in the development sectors, in the "interests of the two friendly countries and peoples." The resolve to boost ties was expressed during a meeting between UAE's vice president Sheikh Mansour bin Zayed and Turkmenistan...

Dubai, UAE--The United Arab Emirates (UAE) and Kazakhstan signed an agreement outlining a commitment to co-operation in the development of Kazakhstan’s renewables sector, including through the development of a large-scale wind power project with a 1GW capacity. Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, oversaw the signing of the...

DUBAI, UAE - Presenting its category B candidacy in the International Maritime Organization (IMO) Council at the organization’s focus group in London, the UAE delegation has displayed the country’s contributions to the sector that have influenced the industry globally. Boasting a rich maritime history and a coastline of 1650 kilometers,...

Dubai, UAE--DP World and the International Renewable Energy Agency (IRENA) have signed a cooperation agreement to accelerate the use of renewable energy and cut emissions from the ports and maritime logistics sector. Signed by IRENA Director-General Francesco La Camera and DP World Group Chairman and CEO Sultan Ahmed bin Sulayem,...