Saudi Arabia expects to post a deficit of 2.7% of gross domestic product this year and to reduce it further next year, to 1.6% of GDP, it said in a preliminary budget statement for 2022.

The results are said to be showing signs of economic recovery of Bahrain.

The global drop in oil prices, along with the pandemic and related issues, had dealt quite a blow to the Saudi economy.

The 'right prices' must fully reflect both supply costs and environmental costs, especially carbon emissions and local air pollution, said IMF chief Kristalina Georgieva.

Amidst forecast of economic recovery of Saudi Arabia, a few sectors that have driven the Kingdom's Q2 growth include real estate, manufacturing, wholesale, retail and hospitality.

The Saudi economy, as per IMF, is recovering "well" from the pandemic, estimating the kingdom's non-oil economy will grow by 4.3 percent this year. The Kingdom's GDP, which rose from US$ 701.5 billion in 2020, is likely to hit to US$ 804.9 billion by the end of 2021.

Ethiopia's refusal to sign a binding agreement on the dam has dashed hopes of a settlement with Egypt and Sudan.

GASTAT announced this increase while making public the country’s GDP and National Accounts report for the second quarter of 2021. It said this positive growth resulted mainly from the increase in the non-oil sector by 8.4 percent. The private sector recorded a positive growth rate of 11.1 percent, and the...

The non-oil revenues of Saudi Arabia have increased to US$31 billion in Q2 2021 as against US$10.1 billion in Q2 2020.

There is increasing international alarm over the sheer volumes of fossil-fuel based plastics entering the environment, as microplastics have infiltrated even the most remote regions of the planet. Tiny fragments have been discovered inside fish in the deepest recesses of the ocean and peppering Arctic sea ice.

Despite the rise in the GDP of the Organization for Economic Co-operation and Development (OECD) economies to 1.6 percent in Q2 2021 from 0.6 percent in the previous quarter, it still remains below pre-pandemic levels.

The Egyptian president also said the country’s economy was better equipped to meet the aspirations of the Egyptian people.

Saudi economy may perform better this year than forecast earlier with the continual recovery of the non-oil industry from the blows of the coronavirus pandemic.

Managing Director IMF Kristalina Georgieva said the largest allocation in history, about $650 billion in Special Drawing Rights, was a “significant shot in the arm for the world” to combat the economic distress caused by the Covid-19 pandemic. She said the IMF was encouraging rich countries that receive SDRs to...

Experts predict AI will contribute $320 billion to the Middle East economy by 2030 and virtual care, remote patient monitoring and AI expected to account for 30 percent of hospital investment.

The strategic merger between Arkan and Emirates Steel Industries highlights the focus of the UAE's new industrial initiative 'Operation $300bn.'

Department of Statistics and Community Development said the impact of government policies on the economy is reflected in the survey data.

Advanced nations have vaccinated nearly 40 percent of the population, compared to barely 11 percent in emerging markets and a tiny fraction in low-income countries

Thanks to a boost it received from higher oil prices, Fitch has revised its outlook for Saudi Arabia from negative to stable, and also reaffirmed the kingdom’s sovereign ratings.

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...

Pandemic-induced economic impact on tourism could top $4 trillion Lack of widespread vaccination in developing countries leading to mounting losses Middle East economies could face a GDP loss of up to 3.1 percent from the reduction in tourism due to pandemic while the global economic impact could top $4 trillion,...

Revenues to grow 12 percent on higher oil prices and taxes A 7 percent increase in total government expenditure also likely Dubai’s biggest lender Emirates NBD expects the UAE’s GDP to grow at 1.5 percent this year, with the non-oil sector growing at 3.5 percent, slightly lower than the UAE...

*Though global FDI contracted by 35 percent, Bahrain's inward FDI stocks increased 3.3 percent to reach $31.7 billion in 2020 *World Investment Report 2021 Bahrain government plans to continue its reforms to attract direct investments Bahrain’s foreign direct investment (FDI) inflows increased by $1.007 billion in 2020, according to the...

Pandemic resulted in banks’ higher impairment charges, lower operating income and reduced profitability The report demonstrates that the UAE banking sector remains resilient, with sustained lending capacity The Central Bank of the UAE (CBUAE) expects the UAE GDP to grow by 2.4 percent in 2021 and 3.8 percent in 2022...

*Non-oil GDP to expand by about 4 percent in both years *Central Bank report finds TES Scheme helped distressed individuals, companies to overcome debt difficulties The UAE GDP is expected to grow by 2.4 percent in 2021 and 3.8 percent in 2022 while the non-oil GDP to expand by around...

Goldman raises Saudi growth forecast for GDP to 4.5% this year, compared to an earlier 2.5% Kingdom's overall economic activity accelerated notably in manufacturing, finance and construction US investment bank Goldman Sachs has significantly raised its expectations for Saudi Arabia's oil production and economic growth this year and in 2022...

  ICAEW-commissioned report finds business confidence in the region has strengthened Higher oil revenues give Middle East governments more scope to support post-pandemic recoveries   Middle East's regional GDP will grow by 2.4% this year, a similar rate to the region’s average growth trajectory in the last decade, and an...

The main reason for the drop was the 11.7 percent contraction in the oil sector Private sector and non-oil sector report positive growth Saudi Arabia has reported a three percent drop in its Gross Domestic Product (GDP) in the first quarter of this fiscal as the oil sector reported sluggish...

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

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 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...

Saudi companies invested around $47 billion in 2020 on their Capital Expenditure  The move to leverage opportunities to diversify economy away from oil Saudi listed companies invested more than 177 billion riyal (around $47 billion) in 2020 on their Capital Expenditure (CAPEX), which was equivalent to 7% of Saudi’s GDP...

60 percent of the deficit relates to the region's largest economy, Saudi Arabia S&P predicts central government deficits will reach about $355 billion cumulatively between 2021 and 2024    Budget deficits of the six-nation Gulf Cooperation Council (GCC) bloc are set to fall sharply to about $80 billion in 2021...

 Data economy on track to become one of the largest economic sectors globally The report suggests stepping up collaboration among various stakeholders to improve data quality A new report titled New Data Economy, published by Dubai Future Foundation (DFF) in collaboration with Dubai Economy, has claimed that several data-enabled innovative...

Oil-producing countries will post positive growth, while economies dependent on tourism will struggle to stay afloat  IMF report says curbing the coronavirus and rolling out vaccination could uplift the economies The International Monetary Fund (IMF) has forecast a turnaround for some economies in the Middle East and North Africa (MENA)...