Middle East

Global aviation industry to see over 10,500 aircraft deliveries worth $640 billion by 2043: Report

Smaller aircraft deliveries will drive global demand with orders for 8,470 jets of up to 150-seat capacity by 2043

Oil prices rebound after recent losses as industry data shows inventory drop, but surplus looms in 2025

Brent oil futures for September delivery rose 0.5 percent to $81.40 per barrel

UAE’s Air Arabia to connect Sharjah and Maldives with daily non-stop flights

The new route offers travelers more convenient and affordable ways to explore a popular South Asian destination

$7.2 billion revenue at Egypt’s Suez Canal marks $2.2 billion decline amid Red Sea attacks

The canal's total tonnage fell by a third, and the number of transits declined by about 22 percent YoY

UAE and Seychelles partner to promote local currency usage, interlink payment and messaging systems

This includes developing the exchange market, facilitating bilateral trade and direct investment, and remittance settlement

UAE’s DP World, Evya Group merge port operations to establish major logistics hub in Türkiye

The completion of the merger follows regulatory approval from the Turkish Competition Authority

Egypt’s Central Bank holds key rates amidst 2.2 percent GDP growth and 27.5 percent inflation

The bank noted that "the current monetary stance is appropriate to support the sustained moderation of inflation."

Oil prices retreat amid doubts about China’s demand outlook, signaling weekly losses

Brent oil futures for September delivery shed 0.5 percent to $84.73 per barrel

IMF maintains global GDP growth forecast at 3.2 percent for 2024

For the Middle East and Central Asia, oil production and regional conflicts continue to weigh on prospects

Top summer 2024 travel destinations for UAE residents revealed

Data showed a significant uptick in both domestic and international travel

Oil prices rise on softer U.S. inflation, summer demand hopes

Brent oil futures for September delivery rose 0.1 percent to $85.52 per barrel

Expat remittances from Saudi Arabia surge 12 percent to $3.35 billion in May

Remittances sent abroad by the Kingdom's nationals also rose by 6 percent during this period, totaling $1.64 billion

Egypt’s annual urban inflation declines to 27.5 percent in June amid ongoing reforms

This downward trend extends from a record high of 38 percent reached in September 2023

Egypt approves $200 million in energy projects with foreign, national companies

Agreements include a deal to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean

Mohammed Bin Rashid Library to host first Dubai International Library Conference 2024 from 15-17 November 2024

Discussions will include the preservation and restoration of archives, AI, intellectual property, copyright laws

UAE-based startups lead MENA region in funding in June, securing $82.5 million across 15 deals

MENA startups raised $116 million in June 2024, bringing H1 total to $882 million

2024 will likely be the world’s hottest year as June temperatures hit record-high

Global average temperatures in the last 12 months reached the highest on record at 0.76 °C above the 1991-2020 average

Oil prices hold steady, on track for fourth straight week of gains as strong summer demand and supply concerns buoy market

Brent crude futures, which have risen 7 percent over the past four weeks, dipped slightly by 2 cents to $87.41 per barrel

The tourism marvel that is the Middle East

Public and private initiatives drive growth

Oil prices hold near two-month high as inventory draw offsets hurricane worries, dollar weakness

Brent crude futures for September delivery rose 0.2 percent to $86.41 per barrel

From Middle East to Africa, travel sector reaches new heights in 2024: Report

UAE ranked among the top 10 global travel destinations in the past year

Oil prices surge on fears of disruptions in Russia and Middle East, defying inventory build

Brent oil futures expiring in August rose 0.4 percent to $86.73 a barrel

Remittance flows to low-middle-income countries moderated in 2023, reaching $656 billion: World Bank

Remittances to LMICs are expected to grow 2.3 percent in 2024, but unevenly across regions