Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business, Economy

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

‘GCC inflation still remains lesser than UK’

By TRENDS Desk
July 14, 2022 1:11 pm
  • The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
  • Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages

The tighter monetary policy from Federal Reserve and the continued raising of interest rate will have an impact in the GCC, according to Simon Ballard, chief economist of First Abu Dhabi Bank.

“Yes, inflation has risen here in the GCC and the UAE by half a percent to 2.5 percent. But it is still way short of 7 percent in the UK,” he said on the sidelines of the recently held TOP CEO Conference and Awards in Dubai.

Ballard said that inflation is coming from external locations and that it is not a domestically driven level of inflation.

“In the short term, I guess the GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus and support packages,” said Ballard.

He believes it more of an external driver of inflation rather than something that can be dealt with directly here at the GCC level.

[adinserter block="5"]

Most Read

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]