Economics

IHG thrives in the Middle East’s booming travel and tourism market

Leading hospitality brand to open 70 hotels in the region in the next few years

Miral: Championing Abu Dhabi’s tourism aspirations with group CEO Mohamed Al Zaabi

The company is behind the innovative and immersive experiences on Yas and Saadiyat Islands

Pillars to boost Abu Dhabi tourism onward and upward with H.E. Saleh Al Geziry

Emirate is committed to celebrating its rich and unique cultural heritage and prioritizing authentic experiences

The Middle East: Rise of a tourism powerhouse

Middle Eastern destinations, including Dubai, Abu Dhabi, and emerging hotspots like Riyadh and Ras Al Khaimah, saw significant tourist inflows in 2023

Saudi Arabia set to increase assets under management to 29.4 percent of GDP by 2024

The Kingdom surpassed 2023 targets with 216 fintech companies in operation and the launch of two digital banks

Abu Dhabi signs MoU with Chile to boost trade, investment

The MoU aims to collaborate in sectors like renewable energy, mining, infrastructure, technology, and more

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

Oil prices surge amid U.S. economic data disappointment, supply risks due to geopolitical risk

Brent crude futures saw a gain of 31 cents, equivalent to 0.4 percent, reaching $89.32 per barrel

Saudi Arabia’s non-oil exports surge by 4.4 percent to $5.82 billion in February

Rubber and plastic product exports in February fueled the rise in non-oil shipments

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

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

Samsung and Google to team up for next-level AI

Samsung seeks to integrate Google's second-gen Gemini Nano AI into Galaxy S25 smartphones

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

Brazil introduces measures to support small businesses, low-income families, and real estate market

The "Acredita" program helps provide microcredit to CadUnico registrants, enabling access to social programs like Bolsa Familia

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

Oil prices stabilize as focus shifts to U.S. economy, interest rates

The unexpected decrease in U.S. inventories, as indicated by industry data, provided some support to crude prices

UAE’s travel and tourism sector anticipated to contribute $64.25 billion to GDP in 2024: Report

According to the report, the number of jobs in the sector will increase by over 23,500, reaching nearly 833,000

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

Oil prices rebound by 27 cents, Brent crude reaches $87.27 per barrel

Investors fueled the increase as they continued to assess geopolitical concerns in the Middle East

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