OPEC+ decides to keep oil production levels unchanged
Vienna, Austria--The participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged.During the meeting which took place via videoconference today, the JMMC reviewed the crude oil production data...
Only serious reforms will get Lebanon foreign aid: Saudi Arabia
The Saudi Cabinet, however, reiterated its solidarity with the country whose people are looking at a deepening economic crisis.
Saudi budget deficit narrows sharply
Better days for Saudi economy seem to be on the horizon as the kingdom’s budget deficit has narrowed sharply in the first six months of this year.
Lebanon fuel scarcity leads to brawls that kill three
The fatalities have taken place in two different incidents in the country where fuel is scarce due to an ongoing economic crisis. Lebanon is in the throes of an economic crisis that has led the country’s currency to be devalued by more than 90% since end-2019.
Fujairah Chamber keen to foster ties with Iraqi businesses
Businessmen on both sides to exchange knowledge and ideas to create opportunities for collaboration.
Arab economies to grow by 2.9% in 2021, 3.6% in 2022: Report
Uneven recovery is expected as eleven Arab countries will likely recover by the end of 2022, while the recovery path will extend beyond 2022 in the rest of the Arab countriesLebanon army gets second batch of food aid from Qatar
The first shipment was sent on July 8 on an Amiri Air Force aircraft belonging to the Qatari Armed Forces, said the local reports. In June, Lebanon’s army chief Joseph Aoun appealed to world powers to assist the military, noting it was struggling to pay soldiers’ wages. Aoun also warned...
Saudi economy likely to grow nearly five percent this year
Saudi economy is expected to grow 4.8 percent in 2021 from 2.2 percent last year, according to the estimates of Capital Economics. The eonomic growth may surge to 6.3 percent in 2022, it adds.Iran’s Raisi set to focus on economy, nuclear deal
The US sanctions choked Iran, including by seeking to stop its oil exports, and the economy contracted by more than six percent in both 2018 and 2019Saudi Arabia invites more than 80 British companies for business
The companies that attended the Saudi workshop were from fields including innovation, technology, space, research, and development.
Beirut blast aftermath: 564,000 children ‘struggling to survive’ in city
Global non-profit Save The Children has said the collapsing Lebanese economy has pushed more than half a million children in Beirut into a struggle for survival.
Dubai to lower, waive off fees on govt services to boost growth
In order to give a fillip to economic activity in Dubai, its government will lower and in some cases completely waive off fees in 88 different categories.
Saudi Arabia to reopen to vaccinated tourists from Aug 1
The move comes after a 17-month closure due to the coronavirus pandemic. However, Riyadh did not announce any lifting of restrictions on the umrah, the Saudi Press Agency reported.Egypt’s economy to grow 5.2 percent in current fiscal: IMF
Egypt’s economy is expected to grow 5.2 percent during the current fiscal, compared to a projected growth rate of 2.8% in the last financial year, the the International Monetary Fund has pointed out.
Lebanon water supply could collapse in 4-6 weeks, says Unicef
Unicef has estimated that water supply in Lebanon may collapse altogether over the next month and a half
Saudi Arabia gets tougher on shadow economy
Following the introduction of an anti-concealment law early this year, Saudi Arabia has stepped up its efforts to crack down on the shadow economy.
Former Saudi minister to head IDB
Former Saudi economy and planning minister Mohammed Sulaiman Al-Jasser will head the bank.
Economy in focus as Assad retains Syria’s presidency for fourth term
President Bashar al-Assad vows to focus on economy after taking the oath of office for a fourth term in Syria Saturday, after bagging 95 percent of the vote in the election.
France announces aid conference for Lebanon as Hariri quits bid to form govt
Lebanon faced yet more misery Friday after the failure of premier-designate Saad Hariri to form a government, and as France prepares to host an aid conference
Inflation delays start of Turkey’s rate cuts
Turkey's central bank has left its policy rate unchanged for the fourth month running as a spike in inflation to a two-year high delayed hopes of borrowing costs being lowered.
Foreign envoys in Lebanon seek reforms for bailout cash, get no response
Donors want the establishment of a new government to enact urgently needed reforms Foreign donors have over the past year pledged millions of dollars in humanitarian aid As Lebanon's economy tanks, foreign envoys are resorting to increasingly undiplomatic language to make clear their exasperation with politicians who demand bailout cash...
Syria govt raises bread, diesel prices as crisis deepens
The price of diesel fuel nearly triples and the price of bread doubles The move brings more pain for civilians in long-running economic crisis Steep bread and diesel price hikes went into force in government-held parts of war-torn Syria on Sunday, bringing more pain for civilians in a long-running economic...Lebanon PM urges world to start aid as economy spirals
Lebanon’s Caretaker Prime Minister Hassan Diab has said the monetary aid other nations have promised should be sent now to avert further crisis Lebanon has been promised billions of dollars in international assistance Lebanon’s Caretaker Prime Minister Hassan Diab has urged countries across the world to start sending the monetary...
Curbs, vaccination drive help GCC minimize COVID-19 impact
Strict restrictions and intensive vaccination drive help the region deal with the pandemic Massive drop in global oil demand and continuous closures in various sectors affect the GCC economies By imposing strict restrictions on its citizens and reaching advanced stages in vaccination campaigns, the GCC proved to be one of...Dubai’s consumer confidence surges to a ten-year high, signaling economic recovery
The second quarter of 2021 saw consumer optimism at its highest Consumer confidence rose to 151 points as against 125 points during the same period last year For the first time in nearly ten years, Dubai’s consumer confidence has risen to its highest level, signaling a momentum for broader...
Tunisians hope calmer Libya could stimulate economic growth
Libyan crisis led to 2 percent loss in Tunisia's GDP TunisAir was the first foreign carrier to resume flights to Libya After years of war in Libya, Tunisian traders celebrated the reopening of the border with their oil-rich North African neighbor as a positive sign they hoped would stimulate economic...
Lebanon army to offer tourists paid helicopter joyrides
Up to three people would be allowed aboard per flight Lebanon's economic crisis has hit its military hard The Lebanese army will start offering tourists helicopter joyrides this week in a bid to boost the coffers of one of the crisis-hit country's key institutions. An economic crisis that the World...
UAE to trade in 25 new international markets as economy recovers
UAE’s budget balance improved as its economy recovers It will enter 25 new international markets for foreign trade Boosted by an improved budget balance in the first half of the year, as the economy began recovering from the bruising effects of the Covid-19 pandemic, ruler of Dubai Sheikh Mohammed bin...
Egypt economy to grow 5.2% in 2021-22
The IMF has completed the second review of Egypt’s economic reform program allowing the authorities to draw about $1.7 billion The IMF also commended Egypt’s strong performance under the Stand-by Arrangement Egypt’s economic growth is expected to rebound strongly to 5.2 percent in 2021-22, the International Monetary Fund (IMF) said...
Many UAE firms to receive $5 billion in lending from HSBC
HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending by end-2021 The funding is intended to drive UAE economy back on the path of growth In a big boost to companies in the United Arab Emirates, HSBC disclosed on...
Mubadala’s satellite unit IPO on the cards in Abu Dhabi
Mubadala will follow it up with its aluminum venture It is intended to strengthen Abu Dhabi bourse The initial public offering (IPO) of Mubadala’s satellite unit in Abu Dhabi is on the cards as the UAE capital intends to bolster its bourse. Musabbeh Al-Kaabi, the CEO of Mubadala's UAE investments...Qatar could make $20 billion from hosting soccer World Cup next year
The figure of $20 billion represented 11 percent of the country’s gross domestic product in 2019 The construction and tourism industries are expected to benefit the most from the event Qatar hopes to gain $20 billion from hosting the World Cup in 2022. “We anticipate the contribution to...
Saudi economy is 30% of $2.39 trillion Arab economy
The kingdom is almost twice the size of the region’s second-largest economy, Egypt The UAE is the third largest Arab economy with GDP of $354.3 billion The Saudi economy alone was 29.3 percent of the $2.39 trillion Arab economy in 2020. The Kingdom’s $700.1 billion in nominal GDP was almost...UAE banks make profit again as economy picks up speed
Top banks of UAE banks record more profit than last year Income rose by 85 percent during the first quarter of this fiscal The net income of the top United Arab Emirates (UAE) banks has spiked by 85 percent in the first quarter of the year as economic...Coursera report ranks UAE 2nd globally for business skills
UAE government initiatives for promoting skills-based economy have a positive impact on the economy More women enroll for Science, Technology, Engineering and Mathematics (STEM) courses UAE ranks first in the MENA region and second globally in overall business skills, only after Luxemburg, said Coursera's Global Skills Report 2021. ...
Smart robot enters service to sterilize Grand Holy Mosque in Mecca
They have a capacity of 23.8 liters of sterilizers with a consumption rate of 2 liters per hour to eliminate bacteria over 600 square meters
European central bank honchos to wrestle with rising inflation
The ECB's 25-member governing council is widely expected to hold interest rates at historic lows and leave its massive bond-purchasing schemes unchanged at the upcoming meeting
Saudi economy picks up pace as spending drives growth
The macro-economic conditions in Saudi economy are improving Encouraged by spending in many sectors, the overall health of the economy is positive Spurred by spending in the local market such as retail, transport, health, and food and beverages sectors, the overall health of the Saudi economy has shown improvement in...
UAE, Japan to launch business council
It will also look to generate more value from joint investments, and encourage communication between relevant government authorities The sides also discussed their bilateral ties and ways of enhancing their economic cooperation The United Arab Emirates and Japan have decided to put together a joint business council, reports from the...
Lebanon crisis among world’s worst since 1850s: World Bank
Lebanon's economy will shrink by nearly 10 percent in 2021 Meltdown blamed on corruption and mismanagement by the ruling elite Lebanon’s economic collapse is likely to rank among the world’s worst financial crises since the mid-19th century, the World Bank said in a damning report released Tuesday. The report predicts...Abu Dhabi economy to recover to 2019 levels in 2023: S&P
Abu Dhabi economy to recover modestly in 2021 courtesy increased business activity and higher oil prices Emirates' rating could improve if it implements measures to boost its monetary policy Abu Dhabi's economy will improve in 2021 on the back of increased business activity and higher oil prices, but the actual...Dubai gears up for World Green Economy Summit in October
It will be held on October 6 and 7 this year at the Expo 2020 Dubai This WGES is expected to have a broader scale as it is being held in conjunction with the expo Dubai is gearing up for the seventh edition of the World Green Economy Summit,...Qatar is the go to place for migrants workers looking for a decent life
Qatar employs some 2.3 million migrant workers in a total population of 2.6 million
Double Taxation Agreement between UAE, Jamaica
The agreement will foster cooperation between the tax authorities in the UAE and Jamaica Objectives of the bilateral tax agreement are to provide full protection of taxpayers against double taxation Jamaica's Cabinet has given approval for the Double Taxation Agreement between the United Arab Emirates (UAE) and Jamaica. The agreement...
MENA: Saudi Arabia was top FDI destination in 2020
Saudi Arabia received $10.4 billion in investment FDI projects in the kingdom fell by 49 percent to 73 Amid all the doom and gloom brought on by the outbreak of coronavirus that badly hit the economies around the world, Saudi Arabia received a big boost to its economy last year...New standardization, metrology legislation to drive UAE’s industrial sector: Sultan Al Jaber
New UAE standardization and metrology legislation will boost its industrial sector and national economy The standardization regulations will create an attractive atmosphere for local and international investors Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, has stated that the standardization and metrology system is an...Covid-19: Big MENA economies’ benchmark lending rates rise at snail’s pace
69 of the 82 countries tracked by CEIC data see the lending rates fall Saudi Arabia, UAE witness rise in rates by 0.8 and 0.3 bps Benchmark lending rates — the basic rates set by central banks in countries for banking institutions to follow — rose at a much slower...Turkey polls: Erdoğan promises reforms, aims for a strong comeback
Turkey is all set to go for polls on June 24 to elect a head of state and a new parliament in what is widely seen as the most hotly contested and divisive poll in the country’s history, though it is a contest even many in the opposition privately admit...Tunisian economy improves for first time since 2014, but bold challenges remain
The Tunisian economy has showed signs of recovery in the first quarter of 2018, with the highest growth since 2014 supported by agriculture and exports. Besides due to the more flexible exchange rates, the current account deficit has also improved to some extent. However, at the same time, risks to...
Algerian pharmaceutical market; model of positive growth
The Algerian pharmaceutical sector, which depended upon massive imports to fulfill medical supply needs, is now on a path of rapid and positive progression. With an aim of improving the local medicine and medical supply needs, and to acquire scientific, technological and technical know-how, Algeria is working on important partnerships...“Top CEO Conference” returns to Saudi Arabia for the second time
The “Top CEO Conference and Awards” will return to Saudi Arabia for the second time on 10th and 11th April 2018 at King Abdullah Economic City, where business leaders and more than 40 expert speakers from across the Arab Gulf and the Middle East will gather to discuss the burning...
