Middle East Economic Digest

Automobiles Exports of Korea-made used cars to hit record high in 2025

South Korea’s exports of used cars by its homegrown auto brands are expected to hit a historic high this year, thanks to their improved brand ...

Economy Korea’s Q1 economic contraction adds to stimulus expectations

South Korea's economy unexpectedly contracted in the first quarter as exports and consumption fell amid a political crisis and fears over the impact...

Central bank BOK stands pat; rate cut likely within 3 months as economic growth slows

The Bank of Korea (BOK) left its benchmark interest rate unchanged at 2.75% on Thursday, with Governor Rhee Chang-yong warning that a surge in globa...

Retail Koreans cut spending in March, except on health, education

South Korean consumers exhibited recessionary spending behavior in March, cutting expenditures across nearly all sectors, except healthcare and educ...

Retail Koreans cut spending in March, except on health, education

South Korean consumers exhibited recessionary spending behavior in March, cutting expenditures across nearly all sectors, except healthcare and educ...

Beauty & Cosmetics K-beauty defies trade headwinds as exports to China, US lead sales growth

South Korea’s beauty industry is mounting a powerful global push, defying trade pressures and economic uncertainties with a surge in exports t...

E-commerce Luxury fashion platform Balaan files for court receivership amid slump

South Korea’s top luxury goods e-commerce platform Balaan Co. said on Monday it has filed for corporate rehabilitation with a Seoul court as t...

Alternative investments KIC explores Europe middle-market private equity opportunities

The Korea Investment Corporation (KIC) on Monday explored investment opportunities in Europe’s middle-market private equity sector with other ...

Mergers & Acquisitions Meta in talks to acquire Korean fabless chip startup FuriosaAI: Forbes

Meta Platforms Inc., the parent of Facebook and Instagram, is in talks to acquire Seoul-based AI chip startup FurisosaAI Inc. and the discussion cou...

Medical devices Middle East: New land of opportunity for Korean medical devices

South Korea is making inroads into the Middle East's medical device market dominated by the US and Europe, aiming to leverage the region’s str...

Tech, Media & Telecom South Korea’s alternative data pioneer KED Aicel in full force

South Korea’s leading alternative data service provider Hankyung Aicel Inc. is poised to transform companies' and investors’ business an...

Aerospace & Defense Hanwha Aerospace nears $276 million K9 howitzer deal with Vietnam

South Korea’s Hanwha Aerospace Co. is close to signing a 400 billion won ($276 million) deal to export as many as 30 units of the K9 Thunder s...

Central bank BOK lowers growth forecasts to bolster rate cut expectations

South Korea’s central bank slashed its economic growth forecasts on Monday, adding to views that the monetary authority will cut interest rate...

Economy Korea’s 2024 exports hit all-time high, driven by chips, shipments to China

South Korea’s exports, the country’s main growth driver, reached an all-time high in 2024, buoyed by strong semiconductor exports and a ...

Business & Politics Korea’s new acting president assures economy resilient, security tight

South Korea’s new Acting President Choi Sang-mok said on Friday he is confident that the country’s economy is resilient and its national...

Automobiles Korea’s commercial vehicle sales tumble on economic slowdown

South Korea’s commercial vehicle sales are plunging on sluggish domestic demand amid a slowdown in Asia’s fourth-largest economy.Local s...

Economy South Korea’s economic system remains resilient: finance minister

The South Korean economy is solid, and the government will take “bold and swift’’ actions if needed to stabilize Asia’s four...

Business & Politics S.Korea's Yoon survives impeachment; economic fundamentals firm

South Korean President Yoon Suk Yeol survived an impeachment vote against him after an overwhelming majority of governing party lawmakers boycotted ...

Economy Korean economic policy chiefs play down martial law impact

South Korea’s Finance Minister Choi Sang-mok said on Friday that President Yoon Suk Yeol’s failed martial law attempt will have a very l...

Venture capital S.Korean startup accelerators to boost overseas biz

South Korean accelerators (ACs) are turning to Southeast Asia and the Middle East market to support startups and expand their reach.ACs, companies t...

Shipping & Shipbuilding HMM introduces S.Korea's first LNG-powered vessels

South Korea's HMM Co. said on Friday that it will introduce two 7,700 TEU (1 TEU equals one 20-foot container) container ships powered by liquefied ...

Economy State-run think tank KDI slashes GDP forecast, urges BOK to cut rates

The Korea Development Institute (KDI), South Korea’s state-run think tank, has slashed its forecasts for the country’s economic growth f...

Shipping & Shipbuilding Hanwha Systems, HJ S&C to enter overseas naval vessel market

South Korea's Hanwha Systems Co. said on Tuesday that it signed a memorandum of understanding (MOU) with HJ Shipbuilding & Construction Co. to...

Automobiles Kia debuts Tasman to target $333 bn global pickup truck market

JEDDAH, Saudi Arabia -- Kia Corp., South Korea’s second-largest automaker, on Tuesday premiered the Tasman, its first pickup truck to target t...

Economy Korea’s economy sees slower-than-expected rebound in Q3

South Korea’s economy rebounded slower than central bank expectations in the third quarter on sluggish exports, adding to predictions that the...

IPOs Hyundai to launch India’s largest $3.3 bn IPO next week

Hyundai Motor Co.'s Indian subsidiary said on Wednesday it is set to launch its initial public offering, the largest listing in the country, next we...

Tech, Media & Telecom LG Uplus, GSMA sign Open Gateway agreement

South Korea's LG Uplus Corp. said on Monday that it signed an agreement with the Global System for Mobile Communications Association (GSMA) to parti...

Artificial intelligence Naver to set up Middle Eastern headquarters in Saudi Arabia

Naver Corp., which has been actively seeking to unlock opportunities in the Middle East with its new growth engines artificial intelligence, cloud a...

Shipping & Shipbuilding HD Hyundai to supply shaft generator for Middle Eastern firm

South Korea's HD Hyundai Marine Solution Co. secured a $37 million contract to supply shaft generator systems for 17 liquefied natural gas (LNG) car...

Aerospace & Defense S.Korea’s LIG Nex1, Iraq set for $2.6 billion deal on M-SAM missile system

Iraq has decided to import South Korean-made mid-range surface-to-air missile (M-SAM) system II, known as Cheongung II, in a deal estimated at $2.6 ...