Economy

PureHealth contributes $272.2 million to support National ICV program

National ICV Program witnessed remarkable growth, redirecting AED67 billion into the national economy in 2023

Sheikh Ahmed attends opening of 22nd Arab Media Forum in Dubai

The forum was held on Day 2 the Arab Media Summit 2024

DMCC, Korea’s SBA ink agreement to boost bilateral innovation, trade and entrepreneurship

DMCC has intensified its outreach to South Korea, hosting three roadshows in different cities

Make it in the Emirates Forum: EDB commits $1.36 billion to propel UAE’s manufacturing sector

EDB’s targeted financing includes AED1 billion allocated for co-lending with commercial banks

Make it in the Emirates Forum: $111.6 million land capacity expansion at Dubai Industrial City

Land occupancy at Dubai Industrial City grew by 12 percent to reach 97 percent in Q1 this year

AD Ports’ consortium signs deal to develop green methanol facility in Egypt

Global demand for green methanol is expected to increase to four million tonnes per year in the next five years

Saudi Arabia’s non-oil sector projected to grow 4.8 percent in 2024, 5.2 percent in 2025: Report

The Kingdom's GDP is expected to expand by 2.3 percent in 2024 and accelerate to 5.8 percent in 2025, the report said

Make it in the Emirates forum: MoIAT, EDB to launch $100 million AI financing support

The program aims to create opportunities for local and global technology developers and startups

Make it in the Emirates forum: $6.26 billion boost for local manufacturing

There will be investments worth AED20 billion in new industrial projects, Dr Al Jaber says

Oman’s inflation rate rises to 0.4 percent in April 2024

Oman's North Al Sharqiyah Governorate recorded the largest increase of 1.4 percent

Saudi Arabia maintains ‘A1’ credit rating with positive outlook amid successful economic reforms: Report

The rating reflects the government's significant progress in implementing a broad-based reform agenda since 2016

Bahrain’s credit rating affirmed at ‘B+/B’ with stable outlook: Report

The report forecasts an upgrade for Bahrain if the government substantially lowers net debt-to-GDP via improved budgets

Third Make It in the Emirates Forum to begin on Monday in Abu Dhabi

The previous two editions generated AED121 billion ($33 billion) worth of local procurement opportunities

Egypt’s Central Bank maintains key rates, cites easing inflation

The CBE's overnight deposit rate, overnight lending rate, and main operation rate will remain unchanged

UAE announces $10 billion investment package to boost Pakistan’s promising economic sectors

In January 2023, the UAE agreed to roll over an existing $2 billion loan and provide an additional $1 billion to Pakistan

Point-of-sale spending in Saudi Arabia reaches $3.1 billion: Report

The largest share of spending (15 percent) was on beverages and food, amounted to $471.94 million

Türkiye holds interest rates steady at 50 percent amid persistent inflationary pressures

The country's annual inflation rate rose from 68.5 percent in March to 69.8 percent in April

Lebanon’s reforms are insufficient for recovery, says IMF

Lebanon's banking sector continues to struggle with providing credit to the economy

Sharjah’s GDP surges 6.5 percent to $39.5 billion in 2023

Non-oil sectors also saw a significant 7.1 percent increase, reaching $38.79 billion in 2023

Emirates NBD upgrades UAE’s non-oil growth forecast to 5 percent in 2024

In 2023, the UAE's economy grew by 3.6 percent, in line with the bank's forecasts

Qatar’s CPI rises 0.71 percent in April 2024

Qatar's CPI data reveals that five main groups of consumer goods witnessed a monthly and annual increase

UAE world’s second-largest global commodity trading hub: DMCC report

United States retained the top spot on the Commodity Trade Index with a score of 59 percent

Fitch upgrades Ras Al Khaimah to ‘A+ with stable outlook, forecasts 6.2 percent growth in 2024

The revision reflects the emirate's improved credit metrics driven by stronger medium-term growth forecasts

Saudi Arabia’s e-commerce market projected to hit $44 billion by 2030

The sector is predicted to experience a 13.5 percent annual growth, surpassing the global average of 11.2 percent