Economy IMF postpones $820m Egypt loan meeting An executive meeting between Egypt and the International Monetary Fund (IMF) to discuss the North African country’s next loan instalment has been postponed to the end of the month. “The IMF executive board meeting on Egypt’s third review under the extended fund facility has been rescheduled to July 29th,” the IMF’s Egypt mission chief, Ivanna […] July 11, 2024
Banking & Finance UAE increases gold reserves with growth set to continue The UAE’s gold reserves reached almost AED20 billion ($5.5 billion) at the end of March, rising 12.6 percent year on year, with expectations that the growth will continue into the rest of the year. The Central Bank of the UAE (CBUAE) said the Gulf state’s reserves of the precious metal have risen considerably over the […] June 20, 2024
Economy Saudi Arabia and UAE up in World Competitiveness Ranking Saudi Arabia and the UAE have improved their rankings in the annual IMD World Competitiveness Ranking this year, as both Gulf states embrace artificial intelligence (AI) to make their economies more productive. The list, which is compiled by the International Institute for Management Development (IMD) in Switzerland, saw the UAE rise three places to seventh, […] June 19, 2024
Infrastructure Qatar company buys Kazakh mobile network for $1bn Qatar Power International Holding has bought Kazakhstan’s largest mobile phone network. The Qatari company, a private conglomerate based in Lusail, has bought Kazakhtelecom subsidiary Mobile Telecom-Service LLP, Reuters reported, citing a statement from the Kazakh government on Tuesday. Mobile Telecom-Service LLP is a joint venture between Swedish telco Tele2 and Kazakh high speed mobile internet […] June 19, 2024
Trade UAE dominates Saudi imports Saudi Arabia’s imports from its neighbouring five GCC countries rose 5 percent to SAR21 billion ($5.6 billion) in the first quarter of 2024. Oman led the growth, but goods trade with Qatar suffered a steep decline, according to figures from Saudi platform Argaam, citing the Saudi General Authority for Statistics (GASTAT). Goods shipped from the […] June 19, 2024
Tourism Tourism businesses on the up in Medina The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […] June 18, 2024
Economy Saudi housing costs rise but inflation remains steady Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […] June 17, 2024
Transport Kuwait City and Riyadh take first steps towards rail link Kuwait and Saudi Arabia have approved a feasibility study to investigate building a rail link between Kuwait City and Riyadh. The study was approved during the sixth meeting of the Kuwait-Saudi higher steering committee, Kuwait’s minister of public works and minister of state for municipal affairs Noura Al-Meshaan told the Kuwait News Agency on Thursday. […] May 31, 2024
Logistics Air cargo between Middle East and Europe up by 30% Middle Eastern carriers reported a year-on-year increase in demand for air cargo of more than 9 percent in April, industry figures said. Air cargo between the region and Europe experienced the strongest rise with a 30 percent lift on the same time last year. Asia grew by over 10 percent, according to the latest data […] May 30, 2024
Trade Qatar explores gas, port and Gaza aid deals with Cyprus Qatar is looking at investing in ports, banking and energy in Cyprus, including expanding its ExxonMobil partnership in oil and gas exploration, the Associated Press news agency reported. Sheikh Tamim bin Hamad Al Thani, the emir of Qatar, visited the Mediterranean country this week and held talks on investment issues with Cypriot president Nikos Christodoulides. […] May 30, 2024
Infrastructure Emaar promises free repairs as Dubai launches sewerage system Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […] April 19, 2024
Retail Diriyah Square planned for historic Riyadh district A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans. Diriyah Gate Development Authority group CEO Jerry […] April 14, 2024
Agriculture $16m pumped into coffee farms as Riyadh chases lofty target Saudi Arabia has invested millions of dollars in the development of the local coffee sector over the past four years, but it is still 80 percent off its production target for 2026. The Sustainable Agricultural Rural Development Program (known as Reef Saudi) has allocated a total of SAR61 million ($16 million) to support over 3,700 […] April 10, 2024
Finance UAE invests $2.5 trillion overseas, with US the top recipient The UAE has invested an estimated $2.5 trillion overseas as of early 2024, with the United States the prime destination. “The UAE has strengthened its position in the global economy,” Jamal bin Saif Al Jarwan, secretary-general of the UAE International Investors Council, was quoted as saying by the state-owned Wam news agency. “It ranked first […] March 25, 2024
Economy Oman posts $220m budget surplus in January Oman’s budget surplus reached nearly a quarter of a billion dollars in January, helped by public income from state investments, according to its state-owned news agency. The surplus was OR85 million ($220 million) by the end of January, down just over 40 percent on the OR145 million surplus registered in the same month of 2023, […] March 18, 2024
Food & Drink Kuwait’s Alshaya lays off Mena Starbucks staff Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is cutting jobs at its Starbucks outlets. The coffee brand has suffered from calls for a boycott since the start of the Gaza conflict. “As a result of the continually challenging trading conditions over the last six months, we have taken the sad and very […] March 5, 2024
Food & Drink UAE diners eat local as global fast food faces boycott Homegrown restaurants in the UAE are reporting a lift in sales since the start of the Israel-Gaza conflict, as diners opt for local brands over international fast-food outlets. Steve Flawith, founder of UAE-based Yolk Brands that operates the Pickl and BonBird chains, said its sales have increased by 15 to 20 percent since the start […] February 19, 2024
Opinion People & Lifestyle Dubai authors must help balance the books A grant system could be the way to nurture homegrown literary talent February 8, 2024
Food & Drink Dubai drinks supplier raises a glass to Dry January Drink Dry, a Dubai-based supplier of non-alcoholic beverages, has reported a 20 percent bump in sales during Dry January, defying a traditional post-festive period slump in the hospitality sector. Dry January is an initiative launched in the UK by Alcohol Change in 2013. It involves consumers abstaining from alcohol for the first month of the […] January 31, 2024
Opinion Education Dubai v Dublin: UAE and Ireland battle for teachers Irish teachers are in demand both in the Gulf and at home January 31, 2024
Analysis Real Estate Dubai’s smaller homes more affordable than global rivals Dubai homes for sale today are about a quarter smaller than their equivalents four years ago, despite average prices growing by more than half, industry data shows. But experts claim this is a result of the rise in demand for smaller units, which are still substantially bigger and more affordable than those in rival global […] January 22, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
