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Economy

Israel inflation rate jumps to new 14-year high of 5.2% in July

Israel’s annual consumer price index (CPI) rose to a higher than expected rate of 5.2 percent in July, the most since October 2008 and following a 4.4 percent rate in June, as more aggressive interest rate hikes loom and keep the soaring cost of living centre stage ahead of an election in November. A Reuters […]

Bahrain posts budget surplus of $88m in H1 2022

Bahrain has posted a budget surplus of 33 million dinars ($88 million) in the first half of 2022 from a deficit of 520 million dinars a year earlier, the country’s Ministry of Finance said on Monday. The data also showed total public revenues at 1.698 billion dinars, up 52 percent year-on-year, while total expenditure stood […]

Rising inflation leaves UAE businesses underinsured

Rising inflation is leaving UAE companies at risk of being underinsured in the event of a potential claim, with industry experts urging companies to make sure they keep the valuation of assets up to date. In the event of a claim, such as those being prepared by UAE businesses damaged by the severe flooding last […]

Mammal, Animal, Canine

Cash-strapped Britons give up pets as living costs soar

Stood on her hind legs to greet any prospective owner who might approach her glass-doored kennel, Harriet is a black English cocker spaniel abandoned as a deepening cost-of-living crisis pushes growing numbers of Britons to part with their pets. She was found running along a busy road in London after witnesses saw her pushed out […]

Parliament, Indoors, Room

Kuwait names first ambassador to Iran in over six years

Kuwait has appointed an ambassador to Iran, both countries said on Sunday, more than six years after recalling its top envoy to Tehran in solidarity with Saudi Arabia after it severed ties with the Islamic Republic in 2016. Ambassador Bader Abdullah Al-Munaikh handed his credentials to Iranian Foreign Minister Hossein Amirabdollahian in Tehran on Saturday, […]

Moody’s cuts Turkey’s sovereign rating, but raises outlook to stable

Ratings agency Moody’s on Friday lowered Turkey’s sovereign credit rating by one notch to “B3” from “B2”, citing rising balance of payment pressures and risks of further declines in the country’s foreign-currency reserves. “(The) current account deficit will likely exceed earlier expectations by a wide margin, raising external financing needs at a time of tightening financial […]

Person, Human, Office Building

Abu Dhabi’s non-oil foreign trade grows 12% in H1 2022

Abu Dhabi’s non-oil foreign trade rose 12 percent to about AED 124 billion ($33.76 billion) in the first half of 2022 from AED 110.33 billion in the same period of 2020, UAE state-owned news agency, WAM, reported. Exports during the first six months increased by 26 percent to AED 49.47 billion, compared to AED 39.19 […]

Water, Waterfront, Pier

Turkish central bank to keep rates at 14% despite high inflation

Turkey’s central bank is expected to hold its policy rate unchanged at 14 percent for an eighth meeting next week, a Reuters poll showed on Friday, in the face of a global tightening cycle and rampant inflation at nearly 80 percent that shows no signs of falling. Most economists expect the key interest rate to […]

Raising prices is not the only way to protect margins from inflation

Amid the onslaught of rising UAE business costs, a newly published industry report has outlined where exactly the pain is being felt most. While some firms are opting to raise prices, experts outlined some of the other short-term strategies companies are adopting in order to help keep their margins healthy. The latest S&P Global Dubai […]

Person, Human, Tie

China unclear on report that President Xi is to visit Saudi Arabia

A Chinese foreign ministry spokesperson told Reuters on Thursday that he had no information to offer at the moment when asked to comment on a media report that President Xi Jinping will visit Saudi Arabia next week. The Guardian in the UK reported on Thursday that plans are underway in Saudi Arabia for a gala […]

Egypt’s annual urban consumer inflation rises to 13.6% in July

Egypt’s annual urban consumer inflation accelerated to a higher-than expected 13.6 percent year-on-year in July from 13.2 percent in June, data from the country’s statistics agency CAPMAS showed on Wednesday. Month-on-month, headline inflation increased by 1.3 percent, compared with a 0.1 percent decrease in June. A Reuters poll of 14 economists had predicted a median […]

The Bahrain World Trade Center

The Gulf island state’s vision for recovery and growth

From building new cities to upskilling nationals for digital transformation, Ali Murtaza, executive director, business development for tourism and real estate on the Bahrain Economic Development Board, answers a Q&A with AGBI on the state’s all-encompassing recovery strategy. Bahrain’s economic recovery plan was revised during the coronavirus pandemic. What are the details? The economic recovery […]

Bahrain’s non-oil economy has wind in its sails

With Bahrain’s finances looking better than many expected, inflation broadly contained, and moves under way to boost private sector projects, the mood in the capital, Manama, is more upbeat in 2022 than seemed plausible 12 months ago. Darkening economic skies – largely coronavirus-related but also due to weaker hydrocarbons proceeds – had forced the government […]

Cause for cautious optimism: inflation eased in Dubai in July

Price inflation eased slightly in Dubai in July for the first time in four months but remained among the fastest on record, according to new figures. The latest purchasing managers’ index (PMI) data from S&P Global showed that activity in the non-energy private sector continued to expand sharply to its highest level in three years […]

VAT contributes $896m to Oman’s state budget

Value-added tax contributed nearly 345 million rials ($896 million) to Oman’s state budget, which reported a surplus of 784 million rials in first half of 2022, the Ministry of Finance said in its latest fiscal performance bulletin. Last year, VAT was introduced in Oman at a five percent rate under the GCC framework.  Excise tax contributed 48 million rials. […]

Saudi reforms aim to attract $3.79 trillion in investment by 2030

Saudi Arabia has passed over 600 economic reforms designed to attract SAR 12.4 trillion ($3.3 trillion) of cumulative investment and SAR 1.8 trillion in foreign direct investment inflows between 2021 and 2030, Saad Al-Shahrani, acting deputy minister for investment promotion in the Ministry of Investment, told Arab News. The reforms are part of Saudi Vision […]

Turkey offers ‘a warehouse and bridge’ for metals trade to Russia

Western sanctions have given the Turkish metals sector a chance to serve as “warehouse and bridge”, the head of an industry group said, citing increased interest from Russian companies and also from European Union (EU) companies seeking to sell to Russia via Turkey. The West, including Britain and European Union countries, have imposed sanctions on […]

Kenya general election ‘could delay’ trade deal with UAE

The UAE and Kenya are launching talks to form a free trade agreement to boost bilateral economic ties. But political uncertainty in the east African country could hamper efforts to collaborate on shared priorities such as oil, gas, technology and ports, experts say. The two countries signed a joint statement on July 28 pledging to […]

Oilfield

UAE’s operating surplus doubles thanks to oil price surge

The United Arab Emirates government’s net operating surplus more than doubled in the first quarter to 36.4 billion dirhams ($9.9 billion) as surging oil prices boosted public revenue, finance ministry data showed on Monday. High oil prices and increased production have been a boon for the UAE’s economy this year, along with a continued recovery […]

Flag, Symbol, Outdoors

Oman budget swings into surplus on oil price rise

Oman’s budget recorded a surplus of 357 million rials ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged, finance ministry data showed. That compared with a deficit of 751 million rials in the same period a year earlier, the […]

Turkey’s June current account deficit set for $3.4bn, says poll

Turkey’s current account is expected to record a deficit of $3.4 billion in June and end the year with a deficit of more than $40 billion, a Reuters poll showed on Friday, as soaring energy prices widen the shortfall. The trade deficit, a major component of the current account balance, soared 184.5 percent in June […]