WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
Investment and innovation behind Qatar’s tech success
Maher praises the Gulf country for its substantial efforts, investments, and innovative ideas that have transformed it into a prime...
Economy
Economy
Saudi non-oil exports post 37% record jump to SR125.3bn
Saudi Arabia’s non-oil exports rose 37 percent to a record SR125.3 billion in the first half of 2021, SPA reported....
- They increase by 8 percent in quantity, equivalent to 34.7 million tons, suggesting a rebound in prices as volumes returned to normal
- Saudi Arabia exported to 170 countries in the first half, led by SR17.0 billion of goods to the UAE
Economy
Egypt’s current account deficit widens in Q1 as imports surge
Egypt's current account deficit widened in the first quarter of the current financial year because of a surge in imports...
- A strong currency helped boost imports to $19.59 billion in the quarter from $13.83 billion a year earlier
- Two years earlier, before the pandemic, Egypt reported tourism revenue of $3.18 billion for the April-June period
Economy
Moody’s changes Oman economy outlook to Stable
Moody’s expects Oman’s current account deficit to decline below 4 percent of the GDP in 2021-23 from more than 13...
- Moody’s said the change ‘reflects the significant easing of pressures on government liquidity and external financing’
- This is said to have come as a result of the ongoing implementation of the Medium-Term Fiscal Plan and a relative rise in oil prices
Economy
Turkish lira hits record low as Erdogan sacks central bankers
The Turkish lira sank to a record low against the US dollar on Thursday after President Recep Tayyip Erdogan fired...
- One of the dismissed bankers was reportedly the only one to vote against a surprise interest rate cut last month.
- A dollar was worth 3.75 lira at the start of 2018. Erdogan has fired three central bank governors since 2019.
Economy
Inflation spikes in Saudi Arabia, fueled by high food prices
The rate of inflation in Saudi Arabia spiked in September after being at the lowest level in August, according to...
- It was 0.6 percent in September, up from 0.3 percent in August, the General Authority of Statistics said today
- The spike was fueled by a faster growth in prices for food and beverages
Business
Sukuk momentum may continue over the medium term on investor appetite: Fitch
Sukuk momentum is expected to continue over the medium term supported by intact investor appetite, funding diversification and refinancing needs,...
- Sukuks amounting to $57.3 billion were issued in the GCC region, Malaysia, Indonesia, Turkey and Pakistan in the third quarter of 2021.
- Global outstanding sukuk reached $775.4 billion in the third quarter, 2.8 percent higher than the previous quarter.
Economy
Africa needs to revamp transportation for economic development: DP World CEO
Africa offers significant potential for investment and economic partnerships that can create mutual benefits for UAE businesses and their African...
- Africa offers significant potential for investment and economic partnerships, Sultan Bin Sulayem said at Global Business Forum Africa.
- Dubai keen to transfer its experience to help develop business in Africa, Bin Sulayem said.
Economy
UAE’s non-oil foreign trade up 27% to AED900 bn in H1 2021
According to preliminary data released by the Ministry of Economy, the value of non-oil exports alone amounted to AED170 billion...
- Gold, aluminum, plastics, copper iron and steel are the most important non-oil exports of the country
- The UAE’s top five export destinations include India, Saudi Arabia, Hong Kong, Kuwait and China
Economy
Digital upskilling key to MENA economic revival
About 70% CEOs in the Middle East believe that lack of digital skills is a threat to their businesses, a...
- An independent survey of Middle East CEOs conducted by Price Waterhouse Coopers in 2020 revealed that 70 percent believe that a lack of digital skills is a threat to their business
- A recent report by Korn Ferry, the US management consulting firm, predicts a global talent shortage of more than 85.2 million people by 2030
Economy
IMF, G20 fret over supply chain bottlenecks, inflation fears
As demand has spiked, suppliers have not been able to keep up: Ships are lined up outside American ports waiting...
- The supply challenges on a global scale will be a key focus of meetings of the IMF and the Group of 20
- IMF chief Kristalina Georgieva said the global economy faces a "particularly challenging
WTO talks end with no major win, throwing trade body into ‘crisis’
Speaking at the closing press conference, the Emirati chair of the so-called MC13 gathering, Thani Al Zeyoudi, acknowledged the shortcomings. "Despite...
Company News
Novartis Q1 profit at $2.3bn
Business
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ADB operations cross $20bn
Economy
UAE commits $15m to rebuild Palestinian city of Jenin after Israeli attack
Dubai, UAE - The United Arab Emirates (UAE) pledged on Thursday $15 million to support the rebuilding efforts in the...
Economy
Rise in unemployment affects Saudi women the most
The Kingdom's unemployment rose to 8.5% in the first quarter of 2023, up from 8% in Q4 2022, driven by...
Economy
Lebanon central bank officials to quit if no governor nominated
BEIRUT, LEBANON - The vice-governors of Lebanon's central bank plan to resign unless politicians swiftly name an incoming governor, two senior...
Economy
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Business
Dubai logs over $871m in realty transactions on Thursday
DUBAI, UAE - Dubai's real estate market recorded 669 sales transactions worth US$792 million (AED2.91 billion) on Thursday, data released...
- DLD said 134 mortgage deals totaling US$73 million and 89 gift deals amounting to US$27 million.
- The sales included 567 villas and apartments worth US501 million and land plots worth US$294 million.
Geostrategy
Iraq join Egmont Group of financial intelligence units
BAGHDAD, IRAQ - Iraq joined the Egmont Group of Financial Intelligence Units, the Supreme Judicial Council announced. "The efforts made...
- The membership, "concerns the exchange of information between the financial investigation units for combating money laundering and financing terrorism."
- Egmont Group provides support to member states by enhancing secure communication between financial investigation units
Economy
Qatar Central Bank’s foreign reserves up 14 percent in June
Doha, Qatar -- International reserves and foreign currency liquidity of Qatar Central Bank (QCB) rose to reach QR 240.742 billion...
- The official reserves consist of major components, which are foreign bonds and bills, cash balances with foreign banks and gold holdings.
- Qatar's gold reserves increased, as of the end of June 2023, by about QR 8.617 billion to reach QR 20.853 billion.