GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that...
Economy
Govt collaborations help Dubai lead in AI innovation
"Government entities must be thoroughly prepared for technological advancements that will change how they operate and provide services. A high...
Economy
Economy
CBUAE mulls Emiratisation of leading banking, insurance professions
The proposal was mooted at the apex bank's fifth board meeting chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy...
- The board approved the CBUAE's projected budget for the year 2022
- The bank also approved criteria of the UAE banks' loan exposure to realty sector
Business
Trade between Mexico and UAE grew by 38 percent in last five years
Mexico-UAE bilateral trade has witnessed an approximate 38 percent upsurge in the past five years (2016-2020), a senior Mexican official...
- The bilateral trade between 2016 and 2020 registered an average annual growth rate of 6.7 percent, from $511m in 2016 to $705.1m in 2020.
- Mexico has the capacity to be a strategic partner for it in the agri-food sector, said Martha Delgado Mexican Vice Minister for Multilateral Affairs.
Economy
Abu Dhabi Investment Office concludes investor interaction program
The Abu Dhabi Investment Office (ADIO) has connected with hundreds of global business leaders, entrepreneurs and innovators in a series...
- A series of six inaugural events by its international offices discussed expansion opportunities to the UAE capital.
- ADIO’s offices in London, Paris, Beijing, Seoul, New York and San Francisco each organized an event.
Economy
Loubnany platform launches next month, will promote Lebanese economy
An online electronic platform named 'loubany', aimed at promoting Lebanon's economy and industry, will be launched in on 15 January...
- The platform spells out its vision as 'Lebanese production, creativity, innovation and competence to reach the four corners of the world'.
- The platform particularly addresses Lebanese Diaspora to support the Lebanese economic initiatives.
Economy
Iran to expand agricultural ties with European Union
“Iran intends to take advantage of the EU experience to improve agricultural commerce in Iranian villages with emphasis on women’s...
- “Iran intends to take advantage of the EU experience to improve agricultural commerce in Iranian villages with emphasis on women’s employment,” an Iranian official said
- Another priority for the ministry is designing and improving a national agricultural research plan, the official added
Economy
Oman revenues to rise 6% in 2022, with oil at $50
Oil and gas returns are set to comprise 68 percent of total revenues, against 32 percent for non-oil and gas...
- Preliminary indicators of Oman’s budget this year point to the possibility of achieving the lowest deficit since 2014, despite oil-price fluctuation
- The budget deficit in 2022, estimated on the basis of $50 a barrel, would stand at RO1.5 billion ($3.9 billion)
Economy
Thousands protest in Istanbul against worsening economic situation
More than 5,000 demonstrators gathered at the call of the main unions to protest against the deterioration of the value...
- More than 5,000 demonstrators gathered at the call of the main unions to protest against the deterioration of the value of the Turkish lira and the rate of inflation
- The inflation rate, according to official figures, reached 21.31 percent on an annual basis during November in Turkey
Economy
Jordan endorses tourism national strategy as pandemic abates
Nayef Fayez, tourism minister, said tourism in 2021 saw an improvement, especially in the second half of the year.
- Nayef Fayez, tourism minister, said tourism in 2021 saw an improvement, especially in the second half of the year
- Fayez highlighted the strategy to attract more tourists to the country was developed in partnership with the private sector
Geostrategy
Saudi Arabia eyes budget surplus after years of deficit
Total expenditures were budgeted at SAR955 billion, and revenues at SAR1.045 trillion, giving a surplus of SAR90 billion.
- The Saudi budget surplus projections come with higher global crude prices
- This is despite worries about the coronavirus variant Omicron that is spreading worldwide
Investigation
REVEALED: Billions of dollars missing from BDL
About US$7 billion is missing from Lebanese central bank’s 2020 balance sheet, data analysis by TRENDS suggests while highlighting weak...
- Some of the data sifted by TRENDS point to a US$7 billion scam involving the country’s central bank and the powerful individuals
- The poor and weak policies of Banque du Liban (BDL) may have facilitated a “Ponzi” scheme involving Eurobonds
GASTAT adopts chain-linking method to calculate Saudi Arabia’s real GDP
RIYADH, SAUDI ARABIA – The General Authority for Statistics (GASTAT) said in a press release it issued on Sunday that...
Economy
Company News
ADNIC records 17% profit rise
Business
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Saudi Arabia, Japan issue joint statement on Lighthouse Initiative for Clean Energy Cooperation
RIYADH, SAUDI ARABIA – Saudi Arabia and Japan issued a joint statement on Lighthouse Initiative for Clean Energy Cooperation. The...
Geostrategy
Dubai posts 44 percent growth in business event bid wins in H1 2023
DUBAI, UAE – The city has registered a strong year-on-year growth of 44 percent in business event bid wins in...
Business
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Economy
Global debt dominates as G20 finance chiefs meet in India
Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the...
- Key on the two-day agenda will be "facilitating consensus to intractable issues associated with rising indebtedness", Sitharaman said
- A top official from G20 chair India said there had been a "not so encouraging response" from Beijing on shared debt understanding
Business
Standard Chartered sells Africa business
It sold the sub-Saharan Africa business to Access Bank.
- Last year, the bank decided to divest from a number of markets, in Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan
- The two entities will work together to ensure a seamless transition, with the transaction expected to be completed over the next 12 months
Business
QIB posts 7.7% profit rise
The net profit shot up to US$538m in H1 of 2023.
- The bank said its earnings per share amounted to QR 0.83 on June 30, 2023 as against QR 0.77 in the same period of last year
- The total assets the bank now stand at $50.27bn., financing assets reached $33bn and customer deposits now stand at $32.14bn