Economy

Google launches AI Opportunity Initiative for MENA region with $15 million funding

New initiative aims to further empower half a million individuals within two years with critical AI skills

stc Group’s tali ventures leads $10 million investment in Series B funding for NorthLadder

This funding round was spearheaded by tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures

S&P predict robust growth in UAE Islamic finance driven by non-oil economy, $6.1 billion sukuk surge 

The agency notes a rise in foreign currency sukuk issuance, particularly in real estate and finance, to attract foreign investment 

Amazon, Emirates, GEMS, Careem join Dubai’s Gig Economy Sandbox initiative

Sandbox Dubai is an innovative platform that seeks to enhance Dubai’s legislative and regulatory environment in line with future needs

FII8: Non-oil GDP now represents 52 percent of Saudi economy, Aljadaan says

The Minister noted that women's participation in the workforce has reached 35 percent, surpassing the vision's target of 30 percent 

FII8: stc Group joins hands with three new partners for Sustainability Champions program

The Group further reinforces its commitment to sustainability, connectivity, and technological advancement at FII8

FII8: Princess Reema reiterates Saudi Arabia’s commitment towards blue economy, ocean health

Princess Reema launches Ocean Central, a platform that collects and combines data to provide a clear and evolving view of ocean health

FII8: PIF and Google Cloud to launch global AI hub in Saudi Arabia to support ICT goals, foster tech partnerships

This partnership grants customers access to Google Cloud’s technology, boosting growth and AI delivery 

Oil prices soar on optimism over U.S. demand, potential OPEC+ output delays

Brent crude futures were up by 47 cents, or 0.65 percent, reaching $73.02 a barrel

Visa opens new innovation center in Saudi Arabia

The new facility will act as a hub for co-designing cutting-edge payment solutions for Kingdom and GCC

Fourth edition of Make it in the Emirates Forum to take place in May 2025

Under a new partnership, the Ministry of Industry and Advanced Technology and ADNEC Group will organize future editions of the forum

Egypt signs MoU with DP World to explore development of 500-acre public free zone 

This initiative aims to target key industries such as electronics, automotive, apparel, and footwear

Dubai Real Estate Sector Strategy 2033 set to ignite surge in transactions, attract global investments

The strategy seeks to elevate economic impact through enhanced transparency and strategic investment initiatives

FII8 conference explores geoeconomics and future investments

Highlighting the need for investment, development support, and strong legal frameworks to attract international investors 

Cityscape Global 2024 to welcome over 400 exhibitors with future of living in focus

The organizers have outlined plans to attract institutional investors with $1 trillion in fund value

Oil prices climb following unexpected draw in U.S. oil stocks, anticipation of key economic data

Brent oil futures for December delivery climbed 0.5 percent to $71.50 per barrel

Top global ministers, energy leaders to convene at ADIPEC 2024 in Abu Dhabi

More than 1,800 speakers from across government, energy, finance and technology sectors will come together at the event

Saudi Arabia’s sustainability push continues amid economic diversification: Report

Non-oil private sector grows by 4.9 percent in Q2, the strongest in a year

Qatar records $4.85 billion surplus of foreign merchandise trade in September 2024

Imports of goods reached approximately $2.71 billion, up 4.9 percent YoY

Sheikh Mohammed approves Dubai’s largest ever budget for 2025-2027 with $82.2 billion expected revenue

For FY 2025, estimated expenditures are set at AED86.26 billion, with anticipated revenues of AED97.66 billion

Abu Dhabi Crown Prince Sheikh Khaled visits semiconductor maker GlobalFoundries in Singapore

Mubadala invested in GlobalFoundries in 2009, anticipating the growth of chips as an enabling technology for the modern era

Modon Holding partners with LuLu to develop retail facilities in UAE, Egypt

The two entities will identify prime retail locations, implement smart innovations, enhance logistics, and improve customer experiences

Ras Al Khaimah reports 28.6 percent growth in commercial licenses in first 9 months of 2024

The first nine months of 2024 recorded the second-highest number of new licenses in the last 10 years, with a total of 1,576 licenses

Sheikh Mohammed and Vietnam PM discuss enhancing bilateral cooperation, sign CEPA

CEPA facilitates UAE service providers' access to various sectors in Vietnam, including business, finance, and tourism