Analysis Tech How the UAE can make its push into space pay off Two years ago, the UAE’s Rashid Rover crashed into the moon’s Atlas crater during an attempted landing, marking an abrupt end to the country’s first mission to the moon’s surface. Now, back on Earth, the UAE is once again seeking to stake its claim as part of an elite club of countries with business to […] January 17, 2025
Economy Geopolitical tensions and low rain may stifle Morocco’s GDP growth Morocco’s economy is expected to pick up in the first quarter of 2025, thanks to increased consumer spending, but the momentum faces a risk as a result of geopolitical tensions and low levels of rainfall, a government agency has said. The country’s GDP grew by around 4.3 percent in the third quarter of 2024 compared […] January 16, 2025
Economy Turkey faces $3bn payout for pensioners and wage support Turkey will have to pay out an estimated TL110.8 billion ($3.12 billion) after increasing minimum pension payments and wage support to companies. Vedat Isıkhan, the labour minister, announced on January 7 that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). Nearly 3.87 million pensioners will benefit […] January 16, 2025
Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] January 15, 2025
Trade Cepa aims to grow UAE and Malaysia trade by 60% The UAE and Malaysia have signed a comprehensive economic partnership agreement (Cepa) that is expected to be a catalyst for a 60 percent increase in trade between the two nations over the next five years. The countries concluded negotiations for a Cepa deal in October, which will reduce or eliminate tariffs, streamline trade procedures and […] January 15, 2025
Trade Iraq and UK sign $15bn deal to strengthen trade ties Iraq has signed a set of agreements with the UK worth £12.3 billion ($14.98 billion) as the two countries aim to bolster their growing trade relationship. The package, more than 10 times last year’s total UK-Iraq bilateral trade, was disclosed following a meeting between British Prime Minister Keir Starmer and his Iraqi counterpart Mohammed Shia Al-Sudani […] January 15, 2025
Trade UAE and New Zealand trade to triple after Cepa deal Trade between the UAE and New Zealand is set to more than triple following the signing of a comprehensive economic partnership agreement in Abu Dhabi. The countries agreed on a Cepa deal in September, which will provide New Zealand with 100 percent duty-free access to imports from the UAE. The UAE will grant duty-free access […] January 15, 2025
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] January 14, 2025
Trade Jordan and Qatar trade volume rises 6% in 2024 Trade between Jordan and Qatar increased by 6 percent year on year in 2024 amid growing economic ties. The total volume reached QR910 million ($250 million), up from QR860 million in 2023, the state-run Petra news agency reported, citing data released by Qatar’s planning and statistics authority. Jordan’s exports to the Gulf state include consumer and […] January 14, 2025
Economy Arab investments in Egypt’s economy reach nearly $40bn Foreign direct investments from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector stood at $37.5 billion, accounting for 95 percent of the total, Al Arabiya Business reported citing data from Egypt’s central bank. Last February Abu […] January 14, 2025
Opinion Economy GCC well-placed to be this year’s global growth standout The overall financial position of the region, especially the UAE, Saudi Arabia and Qatar, is strong January 13, 2025
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] January 13, 2025
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] January 13, 2025
Editor's insight Economy Balancing the Saudi books to improve growth The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy ... Register now: It’s easy and free This content is available for registered members only. Register for your free account […] January 13, 2025
Oil & Gas Oil may hit $90 on Russia curbs and Iran output cut Brent crude oil prices could rise above $85 a barrel in the short-term if the latest round of US sanctions against Moscow leads to lower Russian oil output, Goldman Sachs said on Sunday. Prices could touch $90 a barrel if the decline in Russian output coincides with a reduction in Iranian production, the bank said. US president Joe Biden imposed the broadest package of sanctions so […] January 13, 2025
Finance Saudi Arabia exceeds 2030 target for regional HQs Global companies opening regional headquarters in Saudi Arabia have exceeded the Vision 2030 target, the investment minister has said. The number of companies setting up their main regional base in the kingdom has reached 571, primarily in the industrial sector, Khalid Al Falih told Asharq Business, an Arabic-language financial portal. The Gulf state, he said, […] January 13, 2025
Economy New Lebanese president faces uphill task on economy Joseph Aoun, the new Lebanese president who was elected on Thursday, faces an uphill task of pulling his country out of the worst financial crisis since independence, according to analysts. After a presidential vacuum of more than two years, the 60-year-old Maronite Christian and former army commander takes over the Baabda presidential palace against the […] January 10, 2025
Economy Lebanon’s bonds rally after new president elected Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country’s parliament voted in a new head of state for the first time since 2022. Lebanese lawmakers elected army chief Joseph Aoun as president. It came after 12 failed attempts to pick a president and boosted hopes that the country might finally be able to start addressing […] January 10, 2025
Trade Trump tariffs: Middle East braces for pain after gain Middle East exporters to the US are likely to see a short-term increase in business ahead of the much talked about trade tariffs which are expected to be announced when Donald Trump returns to the White House this month. The US president-elect campaigned on a protectionist America-first agenda, promising to introduce sweeping tariffs globally. Trump […] January 10, 2025
Economy Egypt’s inflation reached two-year low in December Egypt’s annual urban consumer price inflation rate fell to 24.1 percent year on year in December, as expected, from 25.5 percent in November, its lowest in two years, data from statistics agency Capmas showed on Thursday. Inflation began surging in 2022 following the Russian invasion of Ukraine, which prompted foreign investors to withdraw billions of dollars from Egyptian treasury markets. It […] January 9, 2025
Economy Oman’s GDP projected to reach $102bn in 2025 Oman’s gross domestic product (GDP) at constant prices is projected to grow to OR39.43 billion ($102.42 billion) in 2025, up from the anticipated OR38.39 billion in 2024, according to a media report. The Sultanate recorded a GDP increase of 1.9 percent to OR28.15 billion by the end of the third quarter of 2024, compared to […] January 9, 2025
Economy Trump tariffs could hit foreign investment, Oman warns Oman’s buoyant non-oil sector will help the sultanate’s economy expand this year at nearly twice the rate of 2024, its sovereign wealth fund has forecast. However, the fund warned that US president-elect Donald Trump’s plans to implement tariffs on its trading partners could hamper ambitions by the sultanate to increase foreign direct investment and reduce […] January 9, 2025
