Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...
Economy
Over 6,000 F&B companies join Dubai Chamber of Commerce in 2023
DUBAI, UAE – President and CEO of Dubai Chambers Mohammad Ali Rashed Lootah has revealed that 6,478 new Food and...
Business
Geostrategy
Tunisia’s new PM faces economy battered by political turmoil
Heavily in debt, with spiraling inflation and widespread unemployment worsened by the coronavirus pandemic, Tunisia is hoping for a bailout...
- Bouden will be Tunisia's tenth prime minister since the 2011 revolution that overthrew longtime dictator Zine El Abidine Ben Ali.
- But with debt standing at over 80 percent of GDP, Tunisia has dipped into international funds to service its debts.
Business
Ajman Chamber reduces membership registration fee by 50 percent
DUBAI: A 50 percent reduction in the membership registration fees in the Ajman Chamber of Commerce and Industry for new...
- The offer is valid only if the registration request is submitted between Oct 1 and March 31.
- The decision comes into force from October 1.
Economy
Saudi Arabia expects 2.7 percent budget deficit this year, 1.6 percent in 2022
Saudi Arabia expects to post a deficit of 2.7% of gross domestic product this year and to reduce it further...
- The kingdom forecasts total spending of 955 billion riyals - around $255 billion - next year, down from an estimated total expenditure of around 1 trillion riyals this year
- The gross domestic product is expected to reduce further next year, to 1.6% of GDP
Economy
Algeria-Morocco standoff threatens Spain gas supplies
Algeria has been using the Gaz-Maghreb-Europe (GME) pipeline since 1996 to deliver several billion cubic metres per year to Spain...
- Algeria has been using the Gaz-Maghreb-Europe (GME) pipeline since 1996 to deliver several billion cubic metres per year to Spain and Portugal
- The latest crisis followed months of tensions, partly over Morocco's normalisation of ties with Israel
Economy
Saudi employers prefer men over women in Q2 as unemployment rate dips
Saudi males found securing jobs was easier than women in the kingdom in the second quarter of 2021, lowering unemployment...
- According to estimates of the General Authority for Statistics (GASTAT) based on the Labor Force Survey, the unemployment rate of the total working age Saudi population decreased
- Unemployment rate among Saudi men went down noticeably by 1.1 percentage point to 6.1 percent in the second quarter of 2021 from 7.2 percent in the previous quarter
Economy
2021 a year of recovery in oil market: OPEC Sec Gen
Barkindo underscored the importance of the efforts by the Declaration of Cooperation (DoC) Participating Countries in accelerating the rebalancing process...
- Barkindo underscored the importance of the efforts by the Declaration of Cooperation (DoC) Participating Countries in accelerating the rebalancing process in the global oil market
- The Secretary General also stressed the need to remain cautious and attentive to an ever-evolving market situation
Economy
Infrastructure push spurs job growth in GCC
The UAE and Qatar are hosting global events like EXPO 2020 this October and FIFA World Cup in 2022 respectively...
- In recent months, all GCC countries have unveiled major infrastructure projects following vaccination of the majority of the population and a rebound in oil prices
- The UAE and Qatar are hosting global events like EXPO 2020 this October and FIFA World Cup in 2022 respectively and initiating infrastructure projects worth billions of dollars
Economy
Morocco, Algeria slam France’s decision to slash visas
France on Tuesday said it would sharply reduce the number of visas granted to people from Algeria, Morocco and Tunisia,...
- In Morocco, Foreign Minister Nasser Bourita told reporters the French decision was “unjustified”
- Many of its Tunisian citizens displayed their concern Wednesday in front of the offices of TLS Contact, the private company authorised to receive applications for France
Economy
Saudi MSMEs get new three-month payment respite
The Deferred Payment Program was launched on March 14 last year, as Covid-19 was spreading across the world. According to...
- The respite is in the form of the extension of the Deferred Payment Program for the MSMEs
- The initiative is one of the many Private Sector Financing Support Programs the central bank has launched to help the economy
Economy
Non-oil sector fuels Bahrain economy growth
The results are said to be showing signs of economic recovery of Bahrain.
- The overall growth is apparently due to the rise achieved by the non-oil sector
- The rise has been supported by transportation & telecommunications and hotels & restaurants activity
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Saudi Arabia’s trade surplus remains stable at $26bn
Riyadh, Saudi Arabia - Saudi Arabia's trade surplus remained stable at SR97 billion ($25.8 billion) in the fourth quarter of...
Economy
Company News
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ADB partners committed US$11.4bn to cofinance Asia-Pacific projects in 2022
MANILA, PHILIPPINES - Asian Development Bank's financing partners committed US$11.4 billion to confinance projects in 2022 that boosted the resilience...
Business
Gulf oil states on a charm offensive across South Pacific
The Pacific bloc represents 12 of 55 votes in the United Nations' Asia-Pacific region, which also includes Saudi Arabia and...
Economy
Price monetary policy tools strong in managing public funds: Iraq official
Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public...
Economy
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Economy
UAE offers the world an eco-friendly economic model
“The World Meteorological Organization is extremely pleased with the UAE's actions, including the decision to increase investment in clean energy...
- The UAE's economy is less than 20 percent reliant on fossil fuels, setting a leading example in the Gulf region, says WMO Secretary-General Prof Jukka Petteri Taalas
- The UAE's commitment to clean energy and the decision to host the IRENA headquarters align with WMO's strategy for addressing climate change, he points out
Economy
US Fed Chair Powell leaves door open to two straight rate hikes ahead
The Fed recently paused its aggressive cycle of rate increases after 10 consecutive hikes, to give policymakers more time to...
- "We believe there's more restriction coming," Powell told a central banking conference in Portugal on Wednesday.
- Powell said that US monetary policy will likely take more time to act against high inflation, and bring it down to the Fed's long-term target of two percent.
Economy
Italy warns against ECB decision to increase interest rates
The central bank has hiked rates at the fastest pace ever over the past year in a bid to cool...
- "The ECB's simplistic recipe of raising interest rates does not appear to many to be the right way forward," Italian PM Meloni said in a speech.
- Meloni was reacting to ECB President Christine Lagarde's warning Tuesday that the bank would "continue to increase rates in July".