Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
Economy
Bahrain’s central bank treasury bills oversubscribed by 226%
Manama, Bahrain--Central Bank of Bahrain (CBB) announces that the $93 million monthly issue of Government Treasury Bills has been oversubscribed...
Economy
Business
Saudi insurance sector Q2 results: premiums up, net income down
DUBAI: Saudi Arabian insurance sector showed overall positive developments during Q2 as gross written premiums (GWPs) grew by 8.1 percent...
- Fall of net income by 59 percent attributed to the claims returning to pre-pandemic normal levels.
- Energy and property claims grew by 98 percent and eight percent respectively.
Economy
Oil demand to top pre-pandemic level next year: OPEC
The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering...
- The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering demand
- The OPEC's output rose by 151,000 barrels per day during August to hit 26.76 mbd
Economy
$250bn GCC rail project on track after hiccups
The project linking the six GCC countries is expected to boost exports, diversify mode of transportation and reduce carbon emissions...
- Once the project is completed in the GCC, the developers plan to link the railway line with the ones in Jordan, Syria and Turkey and connect to Europe from thereon.
- GCC Railway project not only benefits the six countries economically but attracts investments, both local and foreign
Economy
Egypt’s exports leap up 49 percent to $3.61bn
Egypt’s exports recorded a nearly fifty percent jump to $3.61 billion in June 2021, as a compared to $2.94 billion...
- The country’s trade deficit fell by 27.8 percent during June to reach $2.49 billion, down from $4.07 in June 2020
- Egypt witnessed a hike in exports of some commodities such as plastic (78 percent), ready-made clothes (54.6%), pasta and other food items (53.1 percent)
Economy
Bahrain’s value of indigenous exports rises 103%
The value of exports of national origin of Bahrain increased to BD386 million ($1.06 billion) in August 2021, compared to...
- Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD77 million (around $205 million) from Bahrain
- The United States was second with BD62 million (around $165 million) and the United Arab Emirates third with BD53 million (around $141 million)
Economy
Oman’s actual revenues fall 20 percent to $22.1bn
Oman has suffered a sharp decline in its total actual revenues, falling a staggering twenty percent to $22.1 billion in...
- Current expenditures, on the other hand, totaled $24.6bln in 2020
- The fall is being blamed on the Covid restrictions and a drop in oil prices
Economy
Saudi Arabia posts 1.8 percent GDP growth in second quarter
GASTAT announced this increase while making public the country’s GDP and National Accounts report for the second quarter of 2021....
- Compared to Q1 2021, seasonally adjusted GDP recorded a growth of 0.6 percent
- This increase resulted mainly from the increase in the oil sector by 2.4 percent
Business
Saudi mega power plant still seeking takers
The Ras Al Khair plant produces 1.05 million cu m of desalinated water per day and generates 2.65 GW of...
- Saudi Arabia was planning to sell 60 percent stake in the Ras Al Khair plant and raise $2 billion
- However, bidders backed out after considering several factors, including the plant’s age and its waning technology
Analysis
GCC insurance firms battle pandemic woes
It has been a roller coaster ride for insurance companies in the GCC countries and the health care sector since...
- Experts see up to 40 percent rise in premiums in the next two to three years.
- Abu Dhabi-based Daman Insurance looking at new markets such as Kuwait and Bahrain.
Economy
UAE to spend $6.53bn to create 75,000 jobs
The United Arab Emirates (UAE) intends to spend some $6.53 billion over the next five years in order to create...
- It has also unveiled a series of initiatives to extend financial support and aid career development for local residents
- Government monetary assistance will include pension fund or retirement contributions, training costs, child support and salary aid
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Qatar Chamber and International Labour Organization look to boost ties
Doha, Qatar--The Qatar Chamber (QC) and the International Labor Organization (ILO) discussed bilateral cooperation relations in the fields of labor,...
Economy
Company News
LVMH posts Q1 revenue of $23.1bn
Business
Latest News
Egypt’s village traditions in peril as costs rise
Arts & Culture
Qatar Chamber signs MoU with Argentina Chamber to boost economic ties
Doha, Qatar-- Qatar and Argentina are looking to bolster ties and in this regard Qatar Chamber of Commerce and Industry...
Economy
Qatar and Iran agree to deepen ties in labor sector
Tehran, Iran-- Qatar and Iran have agreed to bolster ties in the labor sector with the aim of raising capacities,...
Economy
Top Abu Dhabi firms to attend Europe’s asset and wealth management conference
Abu Dhabi, UAE-- Prominent Abu Dhabi companies are taking part in Impower Fund Forum, the largest asset and wealth management...
Economy
Most Read
Economy
HNWIs’ wealth in Middle East grows despite slowdown
Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong...
- Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong earnings in the oil and gas sectors
- Globally, HNWI wealth and population declined, with North America experiencing the sharpest decline. HNWIs have shifted focus to value and prioritized wealth preservation
Business
Institutional investors buy more local stocks in UAE markets since Jan
Abu Dhabi, UAE -- Institutional investors bought more local stocks than they sold in the Abu Dhabi Securities Exchange (ADX)...
- Net purchases by institutional investors totaled AED 5.6 billion ($1.52 billion), after buying stocks worth AED165.4 billion and selling AED159.7 billion in stocks.
- Institutional investments accounted for some 78 percent of the total trading volume, both buying and selling, in both markets since the start of the current year.
Business
ADNOC Distribution, HPCL ink agreement
Will help to enhance efficiency of overseas operations.
- With an annual demand of three billion liters, India is among the world’s most significant markets for lubricants.
- ADNOC Distribution aims to enter this dynamic market, gaining access to a vast network of over 28,000 retail stations.