Economy

Economy Middle East Summit 2024 highlights economic growth prospects in the MENA region

Summit sparked discussions between 1000+ C-level executives, entrepreneurs and government-related entities

US Federal Reserve, UAE Central Bank keep interest rates unchanged

Interest rate cuts by the Fed, expected earlier this year, have been delayed due to stubbornly high inflation

Saudi Arabia’s real GDP grows 1.3 percent in Q1 of 2024

In Q1, Saudi Arabia's non-oil activities saw a 2.8 percent annual increase

Sheikh Hamdan launches Dubai blueprint for AI

As part of the first phase, a chief AI officer will be appointed in every government entity in Dubai

Saudi Arabia to host 28th World Investment Conference from November 25 to 27

Conference positions Saudi Arabia as global investment hub, promotes its promising business environment

WEF Special Meeting: Developing human capital must be the focus for investment

Collaborative effort is needed to address the energy trilemma of security, equity and sustainability

GCC states have succeeded in making economies more integrated: Saudi Arabia’s Al-Jubeir at WEF meeting

Al-Jubeir noted the increase in new startups that Saudi youth have founded, and their contributions to the job market

World Economic Forum holds special global collaboration meeting in Riyadh

More than 220 public figures from over 60 countries are participating in the special meeting

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

UAE, Chile successfully conclude CEPA talks to enhance trade, investment

Non-oil trade between the UAE and Chile amounted to $305.1 million in 2023

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

ADQ forms framework agreement worth up to $500 million investment in Kenya’s priority sectors

Kenya has the largest economy in East Africa and is projected to grow at 5-6 percent in 2024

Russian businesses eye UAE’s market for global development, expansion

Russia sees the UAE market as a promising hub for conducting trade with Middle Eastern and African countries

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

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

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

UAE, Oman forge investment agreements worth $35.12 billion to enhance cooperation in multiple sectors

Agreement worth AED117 billion to propel renewable energy and green metal megaprojects

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

ECB stays committed to multiple rate cuts despite Fed’s caution, global uncertainty

Officials highlighted that the ECB's decisions hinge on incoming data, especially regarding wages, profits, and productivity

World Bank partners with Saudi Arabia to establish knowledge center for economic reforms

Boosting global economic reforms and enhancing regional and global competitiveness

IMF projects MENA region’s GDP to grow 2.7 percent in 2024

The IMF expects growth to strengthen by 4.2 percent in 2025