MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
Geostrategy
Global oil demand to dip in 2030, first drop since Covid: IEA
IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
Economy
Economy
ECB set to cut interest rates before the Fed’s big decision next week
The European Central Bank on Thursday is set to slash rates again by 25 basis points just days ahead of...
- In July, the ECB left interest rates unchanged in a unanimous vote following June’s landmark cut
- Headline inflation in the EURO hit a three-year low in August with a reading of 2.2%
AI adoption in GCC surges as governments and the private sector embrace technology
With 93% of Saudi workers considering generative AI essential, alongside 95% in the Middle East and 79% globally, the region's...
- 68% of Saudi workers use generative AI weekly, compared to 55% globally, while an overwhelming 93% consider it an essential tool at work
- The New York Times reported that representatives from Saudi Arabia's PIF have discussed potential partnerships with leading Silicon Valley venture capital
Business
Saudi surpasses Vision 2030 tourism target, says IMF report
Tourism is a major contributor to the Kingdom's economic diversification efforts, the IMF notes in its 2024 Article IV Consultation...
- The sector's direct and indirect contribution to GDP reached 11.5 percent in 2023, with expectations to grow to 16 percent by 2034.
- Central to this growth has been a combination of strong domestic demand and increased international arrivals.
Economy
Domestic worker visa applications in UAE up 66% in June 2024, says a report
The UAE, relying on domestic workers (5% of the population), invests $3 billion annually, highlighting the rising demand for domestic...
- A domestic worker visa allows individuals to continue working in private households as cleaners, chauffeurs, cooks, nannies, or personal care providers while travelling
- The growth is driven by the UAE’s robust economy, with increasing disposable income among families and a growing expatriate population
Business
China’s Xi promises US$50 billion for Africa over next three years
China, the world's number two economy, is Africa's largest trading partner
- More than 50 African leaders and UN Secretary-General Antonio Guterres are attending the China-Africa forum
- "Over the next three years, the Chinese government is willing to provide financial support amounting to US$50.7 billion," Xi said
Economy
UAE launches national strategy to combat money laundering, terror financing
The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis,...
- The strategy sets out 11 strategic goals aimed at fortifying the UAE’s regulatory framework and enhancing its effectiveness in combating financial crimes
- The announcement follows the country’s removal from the Financial Action Task Force’s (FATF) "grey list" in February 2024
Economy
How Pakistan is becoming a top tech hub in the GCC
Pakistan's IT sector is thriving, with growing exports and recognition as a tech hub, driven by government support, skilled talent,...
- While Pakistan has been declared the "Tech Destination of the Year" at GITEX GLOBAL 2024, one of the key players driving this growth is the Pakistan Software Houses Association
- Across the GCC, Pakistani companies provide cybersecurity and AI driven solutions across various sectors, including banking and fintech industries
Economy
Saudi Business Council established to strengthen Eastern European partnerships
The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries,...
- The council aims to align its focus with Saudi Arabia’s Vision 2030 and the economic agendas of Eastern European countries
- This council will be instrumental in expanding the Kingdom's global economic footprint
Economy
China manufacturing contracts for fourth straight month
While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly...
- China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption
- In August, the Purchasing Managers' Index (PMI) - a key barometer of industrial output - stood at 49.1 points, the National Bureau of Statistics (NBS) announced
Asia shares edge up and dollar down; oil gains
Asian shares crept cautiously higher on Monday, while the dollar and bond yields were on the wane ahead of inflation...
- Oil prices climbed 0.8% after Israel and Hezabollah traded rocket salvos
- The dollar slipped a further 0.5% to 143.64 yen, having fallen 1.3% on Friday
MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London
As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
Geostrategy
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Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
Geostrategy
The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
Economy
Trump eyes ‘fair deal’ with China, but path to ending tariff war remains unclear
Trade tensions between the world's two biggest economies have soared as Trump ramped up levies on imports from China this...
Economy
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Business
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
- The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell.
- Stocks had a mixed start to the week, with Tokyo weighed by the stronger yen while Taipei, Jakarta and Bangkok were also in negative territory.
Economy
Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...
- While the rest of the world has been slapped with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products
- China has vowed to fight a trade war "to the end" and has not confirmed that it is in talks with Washington, though it has called for dialogue
Economy
UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
- The UAE accounted for 41.4 percent of the Middle East’s $1.5 trillion merchandise exports, with regional exports growing by 3.7 percent and services by 4.1 percent in 2024.
- Globally, the UAE contributed 2 percent to services exports and 1.3 percent to imports, with service exports of $176 billion and imports of $106 billion.