economy

World’s first 24/7 solar PV, battery storage gigascale project to be built in Abu Dhabi

The project will feature a 5.2 gigawatt DC solar photovoltaic plant, coupled with a 19 gigawatt-hour battery energy storage system

eSAMA: Saudi Central Bank launches e-services portal to digitize services

The new platform allows individuals, government entities, and businesses to access services electronically

Central Bank of Egypt reports $2.2 billion increase in gold reserves for 2024

This surge brings the total value to $10.644 billion by December 2024, a rise from $8.440 billion recorded in December 2023

Halo AI secures $6 million to expand brand creator collaborations beyond Saudi Arabia

The company aims to expand into Dubai and Kuwait, targeting growth in MENA, Europe, and North America

UAE and New Zealand sign CEPA, targeting $5 billion bilateral trade by 2032

This agreement seeks to reduce trade barriers, enhance customs procedures

1 Billion Followers Summit 2025 concludes with groundbreaking initiatives, record participation

Over 10 investment funds totaling AED50 million participated in the summit to support content creators across various fields

Dubai’s Creators HQ partners with X to build hub for innovative content creation

This collaboration aims to create high-quality global content, enhancing the UAE's status as a leader in the creative economy

UAE and Kazakhstan Presidents discuss bilateral relations, issues of shared interest

The two leaders underscored the need for enhanced global cooperation to tackle pressing issues like climate change

Oil prices decline to $80.77 from four-month high amid U.S. sanctions on Russian exports

Crude oil WTI futures for March also fell by 0.3 percent, reaching $77.12 per barrel

Saudi Ports Authority drives growth in 2024, strengthens Kingdom’s position as global logistics hub

In 2024, Saudi Arabia rose to 15th in global container handling, according to Lloyd’s List

UAE tech industry poised for record growth in 2025 with $3.8 billion revenue increase

The tech sector will expand in AI, cloud computing, and emerging technologies like blockchain and IoT

IMF forecasts steady global economic growth, continuing disinflation in 2025

Georgieva noted that the U.S. economy is performing "quite a bit better" than anticipated