Economy Middle East

Economics

Omani banks’ net profits surge 18.6 percent to $1.17 billion in 2023
Banking & Finance

Omani banks’ net profits surge 18.6 percent to $1.17 billion in 2023

Favorable local indicators drive positive outcome

Dubai launches $136 million initiative to boost SMEs’ global expansion
Banking & Finance

Dubai launches $136 million initiative to boost SMEs’ global expansion

Initiative to offer competitive financing for local SMEs at competitive rates

Wall Street braces for a testing week
Markets

Wall Street braces for a testing week

Fed’s decision, companies' profits, and economic data all in focus

Egypt’s foreign-currency position under further strain due to Red Sea crisis: S&P
Economy

Egypt’s foreign-currency position under further strain due to Red Sea crisis: S&P

Anticipated devaluation of the pound beyond the current exchange rate

Davos: UAE ranks fourth globally in infrastructure quality
Economy

Davos: UAE ranks fourth globally in infrastructure quality

Country set to invest $2.45 billion to develop 127 projects over next 5 years 

Saudi Arabia’s National Biotechnology Strategy launched with a projected cumulative GDP impact of $34.66 bn
Saudi Arabia

Saudi Arabia’s National Biotechnology Strategy launched with a projected cumulative GDP impact of $34.66 bn

Strategy seeks to localize vaccine manufacturing, protect the environment

Qatar’s credit rating upgraded to Aa2 by Moody’s on strong LNG demand, fiscal improvement
Economy

Qatar’s credit rating upgraded to Aa2 by Moody’s on strong LNG demand, fiscal improvement

First upgrade since 2007

U.S. economy grows more than expected despite high interest rates
Economy

U.S. economy grows more than expected despite high interest rates

Consumer spending remains strong

Red Sea disturbances impact shipping, raise prices 
Logistics

Red Sea disturbances impact shipping, raise prices 

Shipping costs skyrocketed by 200 percent, projected to experience further rises

Trade volume between UAE, Hong Kong surpassed $16 billion in 2023
Logistics

Trade volume between UAE, Hong Kong surpassed $16 billion in 2023

Hong Kong recognizes UAE as a major trading partner

Mitigating China’s economic crisis: Emphasizing proactive measures over remedial strategies
Economy

Mitigating China’s economic crisis: Emphasizing proactive measures over remedial strategies

Concerns rise among Beijing policymakers over declining prices

UAE’s used car market witnesses unprecedented growth in 2023
Cars & Boats

UAE’s used car market witnesses unprecedented growth in 2023

Exploring the driving forces behind the UAE's thriving pre-owned car market