China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...
Economy
WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
Geostrategy
Economy
Egypt turns to apps in new age of money-pooling
Gameya is a cooperative system that allows people to save and borrow money, and is popular in several parts of...
- On average, a gameya — the local money-pooling custom — lasts between five and 20 months
- The gameya is often formed among relatives or co-workers facing financial hardships
Economy
Jadwa says Saudi fiscal budget deficit might contract this year
Saudi Arabia might see a contraction in fiscal budget deficit this year, according to Riyadh-based Jadwa Investment.
- The Kingdom's income from VAT contributed 70 percent of non-oil revenues during the third quarter of 2021
- "With Brent oil prices currently trading above $80 per barrel, there is a strong possibility that full year 2021 government oil revenue could surpass our current estimate of SR528
Economy
US Congress passes giant Biden infrastructure package
The passage of the infrastructure spending marks a legacy-making achievement for Biden, amid plunging personal approval ratings and a humiliating...
- Passing the infrastructure package into law required some tricky mathematics
- The votes capped months of tense negotiations on Capitol Hill
Economy
Moody’s revises Saudi Arabia’s outlook to stable
The agency predicted the Saudi economy will return to positive growth in 2021, and the current account level will return...
- A stable outlook suggests the financial position and net external assets of the Kingdom remain strong enough to support credit rating
- Moody’s also praised the kingdom's fiscal policies as evidenced by policy responses in periods of both low and high oil prices
Economy
Recovering US economy adds 531,000 jobs in October
The unemployment rate also dropped slightly from 4.8% to 4.6%, the lowest since the pandemic.
- The unemployment rate also dropped slightly from 4.8% to 4.6%, the lowest since the pandemic
- Most of the employment growth was in the leisure and hospitality, professional and business services, manufacturing, transportation and warehousing sectors
Economy
Bahrain plan eyes $2.5bn fresh direct investment by 2023
The primary aim of the plan is apparently to create quality jobs and enhance Bahrain’s economic competitiveness.
- The Economic Recovery Plan was initiated by the directives of King Hamad bin Isa Al Khalifa
- It has since won the approval of the cabinet, which is chaired by Crown Prince Salman bin Hamad Al Khalifa
Economy
Saudi economic growth in Q3 5.7 percent likely: Capital Economics
Compared to the growth of only 0.7 percent in the second quarter of this year, Saudi Arabia's economy is likely...
- Capital Economics says increases in oil production, along with a loosened fiscal policy, will only boost recovery further.
- In mid-October, the World Bank revised Saudi Arabia’s 2022 growth forecast from 3.3 percent to 4.9 percent.
Business
UAE stocks lead higher, mixed show by Saudi index
TASI fluctuated during the week, owing to a rise in Aramco shares. The energy giant's net income grew to $30.4...
- Seven sectors on the Abu Dhabi Stock Exchange gained during the week, led by telecommunications that rose 1.16 percent.
- Aramco’s market capitalization has increased by more than 8 percent this year to just over $2 trillion.
Economy
60,000 Saudi nationals added to private-sector job force in Q3 under Nitaqat
Around 60,000 Saudi nationals were added to the kingdom's private-sector labor force under the Saudization program during the third quarter...
- The number of Saudi nationals in the private sector job market was 1,826,875 in Q3, an increase of 3.41 percent.
- Around 65.06 percent of these workers were males and 34.94 percent females.
Economy
Syria to withdraw subsidy to its richest citizens
Syria's 800,000 richest citizens -- typically high-earners working in the private sector -- will now be exempt from government subsidies...
- In a press conference, Syria's Internal Trade Minister, Amro Salem, said that there are segments of society that do not need subsidies
- Syria's 800,000 richest citizens -- typically high-earners working in the private sector -- will now be exempt from government subsidies on bread and fuel
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China pledges to ‘work with all’ for results at Abu Dhabi WTO conference
Abu Dhabi, UAE--China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference...
Economy
Company News
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Abu Dhabi frames new grazing regulations to protect rangelands
Abu Dhabi, UAE-- In order to protect natural rangelands and promote sustainable traditional grazing practices, the Environment Agency – Abu...
Economy
Russia to cut oil output by another 500,000 bpd
Moscow, Russia - Russia on Friday confirmed the reduction of oil supplies to markets by 500,000 barrels daily in August...
Economy
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Business
Iraq, GECF discuss role of oil, gas in country’s development
BAGHDAD, IRAQ - Secretary General of the Gas Exporting Countries Forum (GECF) Mohammed Hamel on Friday stressed the importance of...
- The two discussed the oil and gas sector and stressed on the importance of supporting gas and renewable energy investment projects.
- The two leaders discussed on the development of the oil and gas sector in Iraq and its role in the country's economy.
Market Report
Asian markets decline as US data spark interest rate fears
Asian stocks tumbled again after another round of strong US data reinforced expectations the Federal Reserve will resume its interest...
- Minutes from the Federal Reserve's last meeting showed officials plan to ramp up borrowing costs again this month.
- Equity-buying sentiment was hammered again by news that US private firms created twice as many jobs as expected in June.
Geostrategy
Kuwait has third largest millionaire population in world
Dubai, UAE -- Kuwait ranked third and Qatar 22nd on the list -- prepared by the World of Statistics --...
- About 15 percent of Kuwaitis were millionaires, after Hong Kong's 15.3 percent and Switzerland, which had the highest number of millionaires (15.5 percent) in the world.
- According to the World Wealth Report 2022, the average net worth of a millionaire in Kuwait is $2.9 million.