MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...
Economy
Saudi Arabia’s real GDP grows by 3.4 percent in Q1 mainly on non-oil activities
Riyadh, Saudi Arabia -- Saudi Arabia’s first quarter real Gross Domestic Product (GDP) grew by 3.4 percent year-on-year, according to...
Economy
Business
Central Bank of Oman issues treasury bills valued at US$36.35 million
Muscat, Oman--The Central Bank of Oman (CBO) has raised $36.35 million by way of allotting treasury bills on Tuesday, the...
- According to the central bank, the value of the allotted treasury bills amounted to $26 million, for a maturity period of 28 days
- The bank added in a statement that the allotted treasury bills amounted to $10.38 million for a maturity period of 91 days
Economy
UAE growing EV charging stations from 500 to 800
Abu Dhabi, UAE - The UAE is growing the number of Electric Vehicle (EV) charging stations from 500 to 800...
- Recent years have seen the UAE make a push towards adoption of electric vehicles
- The country's EV market is expected to grow at a CAGR of 30 percent until 2028
Economy
GCC project awards surge despite economic challenges
Saudi Arabia remains the largest projects market in the GCC as the total value of contracts awarded increases by 54.7...
- Saudi Arabia remains the largest projects market in the GCC as the total value of contracts awarded increases by 54.7 percent YoY during Q1-2023 to US$29.9bn, says a latest report
- The GCC's construction sector is set to take the lion's share of project awards in 2023, even as water, petrochemical, and power sectors may also perform well, adds the report
Economy
UAE begins talks with Thailand under CEPA to boost trade
Seeking to widen its foreign trade and grow national economy, the UAE has signed Comprehensive Economic Partnership Agreement (CEPA) negotiations...
- The UAE has signed four agreements with India, Israel, Indonesia and Turkey, with the first two having already come into force
- The country is holding negotiations with many other nations in the neighborhood and beyond to arrive at similar agreements
Economy
Fed Reserve must stop raising rates for three reasons
There are three reasons why the Fed should not increase interest rates further: First, the US financial system is still...
- US inflation progress expected to stall despite robust labor market. Fed should avoid further rate hikes and focus on supporting the economy
- The Bureau of Labor Statistics may report higher prices for core goods, driven by rising vehicle prices, counteracting cooling effect in other sectors
Business
Carrefour now opens in Israel
French retailer is first foreign supermarket chain in Israel.
- Simmering rage over costs and income inequality dominated the country's elections in November.
- Inflation hit 5.2 percent year-on-year, the central bank said in April, a record high for Israel in over a decade.
Business
Global tourism industry is on track to reach pre-pandemic levels
MADRID, SPAIN - The World Tourism Barometer published its second report of the year, which showed that international tourism is...
- During Q1 2023, twice as many people traveled internationally than in the same period of 2022, with 235 million estimated tourists.
- The report revealed that international arrivals have reached 80 percent of pre-pandemic levels in the first quarter of 2023.
Business
Fertiglobe Q1 net profit $135m
The company posted Q1 revenue of US$694 million.
- Fertiglobe reported free cash flow of $271 million in the first quarter.
- The firm continues to have a strong order book for the coming months.
Business
DEWA announces pilot use of ChatGPT on its website
Dubai, UAE: Dubai Electricity and Water Authority (DEWA) announced the pilot use of ChatGPT, since April 2023, on its website...
- DEWAt is the first utility in the world and the first government organisation in the UAE to use ChatGPT
- The step has been taken as part of the company’s strategy to employ Artificial Intelligence
Business
Qatar’s Hamad International Airport passenger traffic soars 44.5% in Q1
Doha, Qatar— More than ten million passengers traveled through Qatar’s Hamad International Airport in the first quarter of the current...
- Some 3.56 million passengers arrived at the airport in January, followed by 3.24 million in February, and 3.5 million passengers in March
- During the first quarter of the year, the airport handled more than 540,000 tons of cargo and transferred some 8 million bags
MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...
Economy
Company News
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UAE real GDP to grow 5.3 percent in 2024: S&P Global
Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according...
Economy
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
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Geostrategy
US lawmakers reject US$17.6 billion Israel aid bill
Republicans in the House of Representatives scheduled the vote after the Democratic-led Senate released a bipartisan bill Sunday pairing billions of dollars for...
- The standalone Israel bill would have provided $17.6bn in military aid for the country
- 167 Democrats voted no after Biden had threatened to wield his veto
Economy
44% of workers’ core skills will be disrupted by 2027: WEF
The world of work is changing fast. By 2027, businesses predict that almost half (44%) of workers’ core skills will...
- The global unemployment rate could rise from 5.1% to 5.2% in 2024, with an extra two million workers expected to be looking for jobs
- The impact of AI on jobs was not going to be "an employment apocalypse", but that reskilling, upskilling would be key to managing the transition
Economy
Tunisia parliament votes to let central bank finance budget
The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited...
- The country's finance minister said the funds were "not intended to finance current expenses"
- The IMF agreed in principle, in October 2022, to a loan of around US$2 billion to Tunisia