Trade Oman-China trade value hits $15bn Bilateral trade between Oman and China increased by 8 percent year on year in the first five months of 2024, reaching more than $15 billion, according to local media. Officials said during an Omani-Chinese friendship forum in the southern city of Salalah that the major joint projects with China currently being implemented in Oman are […] August 9, 2024
Tech Magic Leap seeks additional funds after big PIF investment Saudi Arabia’s Public Investment Fund has invested $750 million into technology and software developer Magic Leap since the beginning of 2023, strengthening its role as the majority owner. This year’s funding of $160 million builds on the sovereign wealth fund’s previous allocation of $590 million in 2023 facilitated through convertible debt arrangements, as detailed in […] August 7, 2024
Employment 35,000 Saudi citizens take up private sector jobs in July The number of Saudi citizens taking up jobs in the private sector doubled to more than 34,600 in July, up from 16,500 in June, as the kingdom looks to diversify employment away from government sectors. The total number of private sector workers reached 11.473 million in July, up slightly from 11.409 million in June, the […] August 7, 2024
Real Estate Mortgage buyers increase with Dubai’s rising rents Dubai’s property market is shifting towards mortgages and away from the traditional image of cash buyers, with tenants seeking cost-effective alternatives to counter rising rental rates. A survey by mortgage consultancy Mortgage Finder indicates that mortgage buyers accounted for 43 percent of all ready sales transactions in the second quarter of 2024, up from 35 […] August 7, 2024
Economy UAE Central Bank hedges against uncertainty with gold The Central Bank of the UAE has increased its gold reserves by 19.7 percent year on year, reaching AED20.6 billion ($5.6 billion) by the end of May 2024, and up from just AED1.1 billion in 2018. The CBUAE’s decision to boost its gold reserves aligns with similar actions by other nations. According to the World […] August 6, 2024
Real Estate Pressure on Bahrain’s residential property market as supply grows Bahrain’s real estate sector is undergoing notable shifts as the residential market contends with stagnant prices and an increasing supply of units. With demand failing to keep pace with supply, experts warn of potential price drops if current trends persist. Real estate services and investment firm CBRE Middle East estimates indicate that the freehold apartment […] August 6, 2024
Tourism Oman tourism body reports huge profit rise Oman Tourism Development Company (Omran Group), the executive arm of the sultanate responsible for delivering the 2040 National Tourism Strategy objectives, has reported a record performance for 2023. Omran’s net profit amounted to almost OMR32 million ($82 million) last year, a year-on-year increase of 199 percent, the result of “outstanding operational performance” and a renewed […] August 6, 2024
Economy Gulf non-oil growth softens as costs and competition rise Non-oil business activity in Kuwait, the UAE and Saudi Arabia continues to grow, albeit at a softened pace. According to the latest business sentiment survey from ratings agency S&P Global, the overall softening in growth across the three Gulf states was largely a result of increased market competition, rising input costs and capacity constraints. In […] August 5, 2024
Construction Housing regulations amplify costs for Kuwait real estate Kuwait’s real estate industry is grappling with increased construction and labour costs as a result of stricter housing regulations. Authorities have clamped down on basements and ground floor areas being used for worker accommodation, leading to a shortage of affordable housing for low-paid expatriate construction workers in central areas. The change has led to an […] August 5, 2024
