UAE banking sector sees $71.87 billion in savings deposits until October 2023
Dubai, UAE - Savings Deposits in the banking sector in the UAE, excluding interbank deposits, hit $71.87 billion by the...Economy
UAE central bank raises 2024 economic growth forecast to 5.7%
The bank stated in a report released today that the overall GDP for the country is expected to grow by...Economy
Saudi employers can now issue residence, work permits on quarterly basis
Saudi Arabia has announced a new procedure that allows employers to renew residence permits, work permits and financial compensation for...The Ministry of Human Resources and Social Development and General Directorate of Passports have started the service.
The General Directorate of Passports stated that this service can be availed through the Absher Business and Muqeem platforms.
Saudi non-oil exports leap up 28% to $18.48bn in Q3
Saudi Arabia recorded a 28.4 percent rise in non-oil exports in the third quarter of 2021 to $18.48 billion thanks...The ratio of non-oil exports to imports increased to 48 percent in Q3 2021 from 44 percent in the year-ago period
Overall, exports increased by 72 percent year-on-year to 276 billion riyals, mainly due to higher oil exports, which rose by 100 billion riyals, or nearly 94 percent
UAE banks waive $313 million in debts of 4,511 Emirati citizens
Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions,...20 banks and financial institutions provided debt relief on the direction of Sheikh Khalifa bin Zayed Al Nahyan.
First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank were among the banks that waived debts.
China’s birthrate plummets to lowest figure in decades
Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week...Last year, China recorded 8.52 births per 1,000 people according to the 2021 Statistical Yearbook released in the past week - the lowest figure since 1978
The unbalanced ratio of male and female population have become the major reason which causes the lowest birthrate in China
Algeria’s poor fret over plan to slash subsidies on basic goods
During Algeria's transition to a market economy in the 1990s, subsidies replaced the fixed prices of a planned economy that...The North African country, heavily dependent on oil and gas exports, has for decades subsidised everything from bread and milk to fuel and electricity
The income from energy exports has fallen for years, especially during the downturn driven by the Covid-19 pandemic, heightening the strain on public finances
Fintech fuels MENA startup scene
It is vital for the economic development of the Middle East by fostering innovation, entrepreneurship and creating large-scale employment opportunities...According to a recent Forbes report, there are at least 2,800 FinTech startups in the Middle East and Africa
In Saudi Arabia, startup funding topped US$168 million in the first half of 2021, 65% more than it did in H1 2020
Iraqi delegation to visit Geneva, discuss country’s WTO accession
Iraq is making efforts towards joining the World Trade Organization and its Minister of Trade will visit Geneva to discuss...The delegation is likely to reach an agreement with European trade ministers.
Iraq needs to pass laws and legislation on many topics, including the economy and customs, a trade ministry spokesman said.
Oman inflation up by 3.35 percent as transportation, education prices surge
The inflation rate in Oman rose by 3.35 percent in October 2021 compared to October 2020. Local media reports, citing...Prices of fish and seafood group rise by 14.82 percent in October compared to Oct. 2020.
While the prices of restaurants and hotels fell by 0.21 percent, the prices of tobacco, health and communication remained unchanged.
Omani finance ministry issues government treasury bills worth $194 million
Oman's finance ministry has issued government treasury bills worth Omani Riyal 75 million ($194 million). Treasury Bills are short-term highly...Treasury bills are short-term highly secured financial instruments that provide licensed commercial banks the opportunity to invest their surplus funds.
The bills have a maturity period of 91 days, from 24 November 2021 until 23 February 2022.
Iraqi PM’s advisor outlines measures to sustain growth
The financial advisor to Iraqi Prime Minister, Madher Muhammad Salih, has stressed the need for beginning  a set of measures..."What matters today is the accelerated growth in the energy sector, whose contribution to the to GDP constitutes approximately 45%"
"the growth rate in the gross domestic product exceed the growth rate of the population, which is a positive indicator towards the welfare of society"
