Economy

UAE and Austria discuss strategic partnership developments, boosting cooperation

The UAE-Austria non-oil trade volume grew 18 percent YoY, hitting $1 billion in the first nine months of 2023

Oman forges industrial economic alliances with Saudi Arabia, Japan, and U.S.

The agreements aim to promote private sector involvement in the country's economic growth

UAE, Chile successfully conclude CEPA talks to enhance trade, investment

Non-oil trade between the UAE and Chile amounted to $305.1 million in 2023

South Korea’s GDP grows 1.3 percent in Q1 2024 driven by export recovery

The country achieved its most rapid economic growth in more than two years

ADQ forms framework agreement worth up to $500 million investment in Kenya’s priority sectors

Kenya has the largest economy in East Africa and is projected to grow at 5-6 percent in 2024

Russian businesses eye UAE’s market for global development, expansion

Russia sees the UAE market as a promising hub for conducting trade with Middle Eastern and African countries

IMF establishes new regional office in Saudi Arabia, hosts joint conference on industrial policy for diversification

The IMF aims to boost its involvement with regional institutions, governments, and stakeholders by setting up this office

Egypt to cut interest rates by 2 percent in May; inflation to decrease to 20 percent by end of 2024: Report

The CBE's Monetary Policy Committee is scheduled to meet on May 23 to review the key interest rates

UAE and Ecuador initiate negotiations for CEPA to boost trade, investment

In 2023, non-oil bilateral trade between the UAE and Ecuador reached $675 million

Qatar, Bangladesh sign MoUs to foster cooperation in investment, education, sports, taxation, and legal fields

Qatar's Amir Sheikh Tamim bin Hamad Al-Thani visited Bangladesh lately and met with President Mohammed Shahabuddin

UAE, Oman forge investment agreements worth $35.12 billion to enhance cooperation in multiple sectors

Agreement worth AED117 billion to propel renewable energy and green metal megaprojects

China leaves benchmark lending rates unchanged in line with market expectations

The country kept one-year LPR at 3.45 percent, five-year LPR at 3.95 percent

ECB stays committed to multiple rate cuts despite Fed’s caution, global uncertainty

Officials highlighted that the ECB's decisions hinge on incoming data, especially regarding wages, profits, and productivity

World Bank partners with Saudi Arabia to establish knowledge center for economic reforms

Boosting global economic reforms and enhancing regional and global competitiveness

IMF projects MENA region’s GDP to grow 2.7 percent in 2024

The IMF expects growth to strengthen by 4.2 percent in 2025

UNCTAD forecasts 2.6 percent global economic growth in 2024, warns of urgent issues beyond inflation

This marks the third straight year of growth below the pre-pandemic average of 3.2 percent from 2015-2019

Egypt’s net foreign assets deficit falls to $1.36 billion in March: CBE

International reserves increase to $40.361 billion from $35.311 billion in February

Inflation in Oman up 0.2 percent in March on rising food prices

Prices of food and non-alcoholic beverages group saw a significant rise of 3.4 percent

World Bank secures $11 billion backing for new financial instruments to boost lending capacity

WBG's leveraging capability enables 6-8x multiplication of hybrid capital and guarantee platform funds over 10 years

Global Ventures’ Dr. Tariq Bin Hendi on key sectors shaping UAE’s economy

Sectors such as finance, property development and tourism continue to drive the UAE's non-oil economy

Egypt to ensure foreign currency availability through maintaining flexible exchange rate

This represents a key condition for Egypt's $8 billion loan program signed with the IMF

Private sector employment in Saudi Arabia sees record growth in Q4 2023, surpassing 11.2 million employees

The unemployment rate among Saudis reached its lowest level of 7.7 percent in the last quarter of 2023

IMF’s Georgieva urges China to address economic slowdown, enhance productivity

The Managing Director highlighted concerns over the country's property crisis, called for domestic growth strategies