Saudi Arabia introduces unified platform for visas, including Hajj, Umrah
Riyadh, Saudi Arabia - Saudi Arabia on Tuesday introduced 'KSA VISA,' a unified visa platform aimed at streamlining visa application...Economy Tourism
MENA faces economic turbulence due to Gaza conflict
The Israel-Hamas conflict not only threatens regional stability but also poses significant economic challenges for MENA nations, says Fitch Ratings.Economy Geostrategy
How much does fuel cost in Arab countries?
Merely producing great quantities of oil or having a shortage does not dictate whether a country will have the cheapest...The world usually buys gasoline at the same price, with the current global average being $1.21 per liter
However, the price at which gasoline is sold by each country varies because of national and provincial subsidies and tax rates
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
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
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
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
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
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
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.
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.
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.
