Tourism Qatar Airways to hire 10,000 staff amid World Cup preparations Qatar Airways is boosting its workforce by 10,000 to handle an influx of passengers flying into Doha for the soccer World Cup and in line with a broader post-pandemic expansion, the airline told Reuters. The Doha-based carrier is in the midst of a recruitment drive which will lift its total workforce to more than 55,000 […] October 14, 2022
Banking and Finance Turkey plans to write off nearly $1.6bn of debt under draft law A Turkish parliamentary commission began discussing on Thursday a draft bill that would write off nearly 30 billion lira ($1.61 billion) of debt, according to an impact report. Under the draft prepared by President Tayyip Erdogan’s AK Party (AKP), the government will waive nearly 27 billion lira of debt used for student housing, as well […] October 14, 2022
Economy Lebanon president accepts maritime border deal with Israel Lebanon’s president, Michel Aoun, announced on Thursday his country’s acceptance of the US-brokered maritime border deal with Israel, saying talks had come to “a positive end.” Aoun said the deal represented an “historic achievement” in which Lebanon regained 860 square kilometres (km) of disputed maritime territory but insisted it did not pave the way to […] October 14, 2022
Energy Qatar and Russia discuss Ukraine conflict’s impact on oil markets Qatar’s Emir and Russian President Vladimir Putin discussed the Ukraine crisis and its impact on energy markets during a meeting on the sidelines of a summit in Kazakhstan on Thursday, the emir’s office said. Sheikh Tamim bin Hamad Al-Thani and Putin also discussed the conflict’s impact on food security as well as the situation in […] October 14, 2022
Economy Inflation in Saudi Arabia rises to 3.1% on higher food prices Saudi Arabia’s inflation rose to 3.1 percent in September, driven mainly by higher food prices, rents, and the rising cost of utilities, the General Authority for Statistics said on Thursday. Compared to the previous month, the Consumer Price Index (CPI) for September was marginally higher, up 0.3 percent, it added. Food and beverage prices rose […] October 14, 2022
Economy IMF sees MENA 2022 growth at 5%, as GCC outperforms peers The International Monetary Fund (IMF) projects Middle East and North African GDP will grow by five percent this year, up from 4.1 percent in 2021, before slowing to 3.6 percent in 2023 as global conditions worsen, a senior official said on Thursday. Inflation in MENA was projected to average 14.2 percent in 2022 and to […] October 14, 2022
Economy US national security seeks to contain China’s rise The White House rolled out a long-delayed national security strategy on Wednesday that seeks to contain China’s rise while re-emphasising the importance of working with allies to tackle challenges confronting democratic nations. The 48-page document, which was delayed by Russia’s invasion of Ukraine, includes no major shifts in thinking and introduces no major new foreign […] October 13, 2022
Banking and Finance Turkish SMEs grab their highest ever share of bank loans Targeted credit policies adopted by Turkey’s central bank have this year enabled small and medium-sized businesses (SMEs) to grab their highest ever share of banking sector loans, its deputy governor said. The SMEs took 558 billion lira ($30 billion) of the 1.2 trillion lira in total corporate loans extended by commercial banks in the nine […] October 13, 2022
Banking and Finance Swiss crypto firm 21Shares lists bitcoin ETP on Nasdaq Dubai Crypto investment products firm 21.co said on Wednesday its subsidiary 21Shares AG has listed a bitcoin exchange-traded product (ETP) on Nasdaq Dubai, making it the Middle East’s first physically-backed bitcoin ETP. The 21Shares Bitcoin ETP trades, under the ticker ABTC, in the same way as the 21Shares Bitcoin ETP in Europe, 21.co said in a […] October 13, 2022
Transport Mexican used-car startup to invest $130m expanding to the Gulf Mexican online used-car dealership Kavak has expanded to the United Arab Emirates (UAE), Oman and Saudi Arabia, boosting its presence in emerging-market countries, the firm’s chief executive, Carlos Garcia, told Reuters on Tuesday. Kavak plans to invest $130 million over the next two years in the three Middle-Eastern countries, which are set to represent seven […] October 13, 2022
Banking and Finance Saudi’s PIF braves market tumult in green bonds debut Saudi Arabia’s Public Investment Fund (PIF) faced little scrutiny over its green credentials when it sold $3 billion in green bonds last week in its maiden debt issue, according to people familiar with the transaction. While the region’s other issuers remain wary of market volatility, the sale – the first green bond issue by any […] October 13, 2022
Manufacturing Nissan takes $687m loss by selling Russian business for €1 Nissan Motor Co Ltd will hand over its business in Russia to a state-owned entity for €1 ($0.97), it said on Tuesday, taking a loss of around $687 million in the latest costly exit from the country by a global company. The Japanese automaker will transfer its shares in Nissan Manufacturing Russia LLC to state-owned […] October 12, 2022
Energy Lebanon and Israel clinch deal on gas dispute over maritime border Lebanon and Israel have reached a historic agreement demarcating a disputed maritime border between them after years of US-mediated negotiations. While limited in scope, a finalised deal would mark a significant compromise between neighbours with a history of war and hostility, opening the way for offshore energy exploration and easing a source of recent tensions. […] October 12, 2022
Employment UAE launches new unemployment insurance scheme The United Arab Emirates launched an unemployment insurance scheme on Tuesday as part of reforms aimed at attracting more talent and investment to the regional business hub amid rising competition. The new scheme, originally announced in May, offers compensation for up to three months for public and private sector employees who lose their jobs, the […] October 12, 2022
Markets Saudi oilfield services firm Arabian Drilling eyes $710m IPO Arabian Drilling Company, a Saudi oilfield services firm, said on Tuesday it will price its initial public offering at SAR 100 a share and is set to raise SAR 2.67 billion ($710.58 million). The final price is at the top end of a price range announced last month, which would value it at SAR 8.9 […] October 12, 2022
Energy Biden vows ‘consequences’ for Saudi Arabia after OPEC decision President Joe Biden pledged on Tuesday “there will be consequences” for US relations with Saudi Arabia after OPEC+ announced last week that it would cut oil production over US objections. His announcement came a day after powerful Democratic Senator Bob Menendez, chairman of the senate foreign relations committee, said the United States must immediately freeze […] October 12, 2022
Banking and Finance Qatar National Bank’s Q3 profit up 14% on higher interest income Qatar National Bank (QNB), the Gulf’s largest lender by assets, said on Monday its third-quarter net profit was up nearly 14 percent as net interest income jumped nearly a third. Net profit attributable to QNB’s equity holders in the three months to the end of September was QR 3.97 billion ($1.09 billion) from QR 3.48 […] October 11, 2022
Energy Lebanon, Israel satisfied with final draft of maritime border deal Lebanon and Israel have received a final draft of a US-mediated maritime border deal that satisfies all of their requirements and could imminently lead to a “historic deal,” negotiators from the two countries said on Tuesday. “If everything goes well, Amos Hochstein’s efforts could imminently lead to a historic deal,” Lebanon’s lead negotiator Bou Saab […] October 11, 2022
Economy Sri Lanka approves downgrade to ‘low income country’ Sri Lanka’s cabinet has approved a proposal to downgrade the island nation’s economic status to “low income country”, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday. Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4 percent in the June quarter in one […] October 11, 2022
Economy Egypt’s inflation rate rises to near four-year high Egypt’s annual urban consumer inflation rose to a slightly faster-than-expected 15 percent in September, its highest in almost four years, data from the country’s statistics agency CAPMAS showed on Monday. The inflation rate sped up from August’s 14.6 percent year on year, according to CAPMAS data, to the highest level since November 2018, when it […] October 11, 2022
Economy Turkish unemployment rate falls on economic woes Turkey’s unemployment rate dropped 0.4 percentage points month-on-month to 9.6 percent in August, while a seasonally adjusted measure of labour under-utilisation fell to 19.8 percent, data showed on Monday. The labour under-utilisation measure, which stood at 22.4 percent in July, has been on a falling trend since peaking at 29.6 percent in January 2021 due […] October 11, 2022
Economy UAE approves 2023-2026 budget; spending up 4% to $69bn The United Arab Emirates government approved the federal budget for 2023 to 2026 on Monday, with a total expenditure of AED 252.3 billion ($68.69bn). Total revenue over the period is estimated at AED 255.7bn, marginally more than spending. In 2023, revenue is seen to grow 11 percent while spending will increase just under four percent. […] October 11, 2022
