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
Economy Riyadh revises GDP but pins hopes on non-oil activity Saudi Arabia has revised its real GDP figure for 2023 to a contraction of 0.8 percent, from a contraction of 0.9 percent. Oil production cuts hit the Saudi economy last year, while analysts are predicting a slide in crude prices this year. Oil activities decreased by 9 percent in 2023, while non-oil activities increased by […] March 11, 2024
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain February 28, 2024
Economy Saudi inflation eases to 1.5% – but tipped to rise this year Saudi Arabia’s year-on-year inflation rate eased to 1.5 percent in December 2023, from 1.7 percent the previous month, but prices are expected to rise more quickly this year as the country emerges from a slowdown. Housing costs were the main driver of increases in the consumer price index (CPI), according to the General Authority for […] January 16, 2024
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Finance Rich nations can’t pay for entire world, says hedge fund guru The founder of the world’s largest hedge fund has told a UN investment conference that the governments of developed countries cannot be expected to take care of the rest of the world. Ray Dalio of Bridgewater Associates, the US-based fund with $124 billion of assets under management, said those nations’ financial burdens were too big […] October 17, 2023
Economy Abu Dhabi’s non-oil GDP grows 12% in second quarter Abu Dhabi’s non-oil economy hit a nine-year high in the second quarter of this year, driven by expansion in the construction, manufacturing and financial sectors. Non-oil GDP in Q2 was up by more than 12 percent on the same quarter of 2022, contributing to a 3.5 percent year-on-year increase in total GDP, according to Statistics […] October 2, 2023
Opinion Sustainability Net zero (noun). Meaning … well, that’s the question Hundreds of governments and companies have 'net zero' policies. But the term's definition isn't always clear September 26, 2023
Economy Dubai businesses ease up on discounting as costs climb Dubai’s appetite for discounting waned in August as more companies opted to pass on increased costs to customers, a survey of non-oil businesses has found. The S&P Global Purchasing Managers’ Index (PMI) for August found that the impact of rising input costs on margins made companies “less inclined to offer discounts on their products and […] September 12, 2023
Banking & Finance Moody’s opts to keep Iraq on lowly sovereign rating An influential ratings agency has decided to keep Iraq on one of its lowest sovereign ratings, despite the country’s strong oil exports and recovering foreign exchange reserves. Moody’s Investor Services said in an annual review released last week that corruption and weak institutions prompted it to maintain Iraq on a Caa1 rating, which is on […] July 25, 2023
Lifestyle Rich Indians lift UAE to top of millionaire migrants chart The UAE had the highest net inflow of millionaires in the world in 2022, with that number set to be swelled this year by super-rich Indians. Last year 5,200 more high net worth individuals (HNWIs) relocated to the Emirates than left, according to the Henley Private Wealth Migration Report. The study forecasts a net inflow […] June 14, 2023
Economy Saudi execs’ sentiment soars despite Q1 earnings slump Sentiment among senior executives at listed Saudi Arabian corporations hit an all-time high in the first quarter of 2023 despite aggregate profits tumbling by more than one-fifth, studies show. Iridium Advisors, which is headquartered in Dubai, conducted an artificial intelligence-based analysis of 1,495 Q1 2023 company earnings calls across the GCC. Business sentiment is how […] June 2, 2023
Opinion Economy In the vortex of Dubai’s cost of living whirlwind Prices keep rising, but there is a flipside May 25, 2023
Tourism Middle East beats pre-pandemic tourism numbers The Middle East has become the first region to return to pre-pandemic tourism levels for a full quarter, according to the UN World Tourism Organisation. In the first three months of 2023, international visitor arrivals to the Middle East were 15 percent higher than in the same period of 2019, the UN agency said. The […] May 24, 2023
Real Estate Rising cost of credit squeezes Bahrain luxury property The increased cost of credit due to higher interest rates is starting to dent demand for luxury property in Bahrain, with apartments experiencing the most impact. High-end apartment prices in Bahrain dropped by 1.3 percent quarter on quarter in the first three months of 2023, according to a report published this week by Savills. Luxury […] May 21, 2023
Real Estate Kuwait to let expats buy property to boost market Real estate activity in Kuwait has fallen over the past year, but the government is hoping to turn that around by allowing expats to buy property for the first time. A ministerial committee has lodged a proposal to the cabinet to allow non-Kuwaitis to own investment residential properties, according to a local media report this […] May 17, 2023
Construction Al Habtoor forced to look overseas for contractor Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […] May 16, 2023
Economy UAE businesses buoyed by rising demand in April The UAE witnessed its fastest growth in new business for 18 months in April spurring a rise in non-oil business activity across the country. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) for April hit 56.6, up from 55.9 the previous month, the highest in six months and just short of the post-pandemic peak of […] May 3, 2023
Opinion Lifestyle Welcome to Marinagrad, Dubai Embraced by some and resented by others, the Russian presence is changing life in Dubai April 28, 2023
Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023
Food & Drink Relief for online shoppers as food price inflation slows The price of consumer staples bought online increased in 2022, but shoppers in the UAE are now beginning to see costs plateau. The most significant rise was in the price of tea, which increased by almost 26 percent year-on-year in Q1 2023, according to the UAE Ecommerce Consumer Price Index compiled by consultancy Pattern. The […] April 26, 2023
Economy New Qatari PM takes helm as business activity bounces back Business activity in Qatar rebounded in February, recording its highest month-on-month growth since the country lifted its Covid lockdown. The Qatar Financial Centre purchasing managers’ index (PMI) – released one day before the cabinet reshuffle that elevated Sheikh Mohammed bin Abdulrahman Al Thani to prime minister – hit 51.9 in February, up 6.2 points from […] March 7, 2023
