GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Dubai’s media revamp key to navigate new horizons
"There is a need to double efforts to develop a comprehensive blueprint outlining necessary policies to drive the media sector...
Economy
Economy
Saudi Q1 GDP grows by 9.6%
The growth was fueled by oil activities that increased by 20.4 percent. Non-oil activities saw a rise of 3.7 percent,...
- The growth was fueled by oil activities that increased by 20.4 percent and non-oil activities which saw a rise of 3.7 percent
- The figures showed that the seasonally adjusted real GDP grew by 2.2 percent in the first quarter of 2022 compared to the previous year
Economy
Oil propels Saudi GDP growth to near 10 percent in first quarter
The preliminary results come after the world's biggest oil exporter resisted US entreaties to raise output in an attempt to...
- Growth in the oil sector reached 20.4 percent year-on-year in the first quarter, while the non-oil sector expanded 3.7 percent year-on-year, Saudi statistics authority said.
- The Ukraine war and the resulting rise in crude prices has been a boon to oil-producing states like Saudi Arabia, whose GDP is expected to grow by 7.6 percent in 2022.
Economy
Pakistan and Saudi Arabia to discuss extending term of $3 bn loan
The latest sign of support follows a visit to Saudi Arabia by new Prime Minister Shahbaz Sharif, who has inherited...
- In recent years, Saudi has provided Pakistan with $4.2 bn of support in the form of the $3 bn loan deposited with the central bank as well as $1.2 bn in deferred oil payments.
- Saudi Arabia also pledged "to further enhance the financing of petroleum products" at a time when the South Asian country is suffering from frequent power cuts.
Analysis
Physical security adds to digital transformation
Cybercrime has risen to the forefront of physical security concerns. And big firms are acutely aware of the problem, says...
- Physical security has progressed from when it was viewed as merely a technique for responding to crime
- It now plays a more significant role as a critical component in the digital transformation of business processes
Economy
CBUAE puts into circulation new AED5 and AED10 banknotes
The Central Bank of the UAE (CBUAE) has announced that the new AED5 and AED10 banknotes have entered circulation in...
- The CBUAE in collaboration with the UAE Banks Federation (UBF) has provided the new AED5, AED10 and AED50 notes
- The new denominations have been replenished to dedicated ATMs from participating banks across the country
Economy
Indonesia’s palm oil export ban heats up vegetable oil market
Indonesia's decision to suspend palm oil exports in the face of domestic shortages has pushed vegetable oil prices to new...
- Indonesia's export ban is designed to bring down prices in the country and limit shortages, according to authorities
- Indonesia's palm oil storage system, which was already holding substantial reserves, is now under further stress
Business
GCC stock exchanges witness a mixed week
The main Saudi index had a variable week, the Abu Dhabi exchange suffered a slight decline, while, the main index...
- A 1.4% drop in Al-Rajhi Bank's stock and a 1.8% drop in Saudi National Bank's stock weighed on the TASI on Tuesday, causing a 0.3% drop
- On Friday, the Abu Dhabi index fell by 0.2%, with losses of 1.3% at First Abu Dhabi Bank capping off two sessions of gains
Economy
China factory activity dips to lowest in two years: official data
The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity, came in at 47.4 in April.
- The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity, came in at 47.4 in April
- The figures come as Beijing digs in on a zero-Covid strategy that involves stamping out clusters as they emerge through targeted lockdowns
Business
Surging ecommerce boon for GCC businesses
A rising number of tech-savvy millennials, 60 percent of whom shop online, is one of the most important factors responsible...
- A meager $5.3 billion, or 0.4 percent of the GCC's GDP, was generated by e-commerce in 2015. By 2020, revenue had quadrupled to $21.6 billion.
- According to the Kearney Global Consultancy Firm, GCC e-commerce sales are expected to surge to $52 billion annually by 2025.
Economy
Libya losing $60 million a day from oil facilities shutdown: Minister
Oil is the lifeblood of the North African country trying to move past a decade of conflict since the fall...
- The Libyan closures follow the selection of a new PM, Fathi Bashagha, by Libya's eastern-based parliament in a direct challenge to Tripoli-based interim PM Abdulhamid Dbeibah.
- Analysts say eastern Libyan forces who back Bashagha have forced the closure of the oil facilities in a bid to press Dbeibah to step down.
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GASTAT issues FDI statistics of Saudi Arabia for Q4 2023
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) issued on Friday the Foreign Direct Investment (FDI) statistics for...
Economy
Company News
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Lebanon central bank declines to address nation’s deficit through lending
Beirut, Lebanon -- Acting Lebanese Central Bank Governor Wassim Mansouri has said the bank will not be providing government lending...
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Borouge’s PP5 unit generates $209m sales in H1 2023
ABU DHABI, UAE - Borouge's Chief Operating Officer Dr. Hasan Karam has said the fifth polypropylene unit (PP5) played a...
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Algerian, South African ministers discuss ways to boost economic cooperation
JOHANNESBURG, SOUTH AFRICA - Algerian Minister of Finance Laaziz Faid discussed with South African Finance Minister Enoch Godongwan, ways to...
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$73 bn in saving deposits held by UAE banks during H1 2023
Dubai, UAE - Savings deposits held by UAE banks, excluding interbank deposits, totaled approximately $73.01 billion (AED268.6 billion) by the...
- The saving deposits experienced a monthly growth rate of 5.8%, equivalent to an increase of around $4.02 billion
- The UAE Dirham accounted for the largest portion, constituting about 81.6% of the total, which is approximately $178.71 billion
Economy
Currencies in Middle East resilient from Covid period till date
RIYADH, SAUDI ARABIA - As the world grapples with the economic aftermath of the COVID-19 pandemic, Middle Eastern countries, particularly...
- Saudi Arabian Riyal and UAE Dirham maintain stability against US Dollar from 2020 to 2023.
- Both the countries witness GDP growth of 45 percent and 43 percent respectively during the period.
Business
Dubai Chambers saves water, works on sustainability agenda
DUBAI, UAE - Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres...
- The savings were achieved as part of the chambers’ participation in Dubai Can, a sustainability initiative launched by the Crown Prince of Dubai.
- Dubai Can is aimed at educating and mobilising all segments of society to reduce waste and protect the environment.