Economy Kuwait needs to push reforms for economic growth, says IMF Kuwait must accelerate the introduction of fiscal and structural reforms that are needed to increase private sector-led growth and diversify its economy away from hydrocarbons, the International Monetary Fund said on Friday. Kuwait’s economy will contract by 3.2 percent this year because of an Opec+ oil production cut, but will grow by 2.8 percent in 2025 […] October 11, 2024
Economy IMF gives Jordan access to $131m as reforms continue The International Monetary Fund (IMF) will grant Jordan access to $131 million as the country’s economic reform programme remains strong despite it facing a challenging external environment. The release of the funds remains subject to approval by the IMF’s management and executive board. “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds […] October 11, 2024
Economy Oman public revenue tops $21bn as oil earnings surge Oman’s public revenue rose to OMR8.1 billion ($21 billion) by the end of August 2024, up 3 percent year on year, thanks to a surge in oil income. Net oil revenue reached OMR4.65 billion ($12 billion), rising 12 percent from OMR4.15 billion ($10.8 billion) a year earlier, the state-run Oman News Agency reported. The average […] October 11, 2024
Analysis Economy Qatar to write off SME loans in bid to boost non-oil growth Qatar will write off some private sector loans as part of government efforts to boost the subdued non-oil economy. Its government said on Wednesday that the loan write-offs will include those for Qatari companies “benefiting” from the National Response Guarantee Program (NRGP), launched in 2020 to support businesses during the Covid-19 pandemic. State-run Qatar Development […] October 11, 2024
Finance Transport and finance help Bahrain overcome oil slump Bahrain’s economy expanded by 1.3 percent in the second quarter of 2024, thanks to double-digit growth in some of its non-oil sectors. The ministry of finance and national economy said 2.8 percent growth in its non-oil sector, which accounted for 85 percent of gross domestic product in Q2, helped to offset a 6.7 percent decline […] October 9, 2024
Opinion Economy Lebanon conflict will only exacerbate existing economic crisis The country is battling core infrastructure damage, collapsed business activity and decimated tourism October 9, 2024
Analysis Finance Tunisia’s tough decisions: to reform or face debt default As Tunisia’s president Kais Saied celebrates his re-election, the former lawyer must decide whether to implement unpopular reforms to receive a foreign bailout or risk the North African country making its first ever debt default. Tunisia was close to reneging on some of its borrowings late last year and again earlier this year, but averted […] October 9, 2024
Finance UAE-Jordan trade deal targets non-oil growth The UAE’s comprehensive economic partnership agreement (Cepa) with Jordan, its first with an Arab nation, is poised to strengthen economic ties and drive non-oil trade, which reached $4.2 billion in 2023. The agreement intends to foster investment, accelerate growth in key industries and bolster supply chains, the UAE state-run Wam news agency reported. The Cepa […] October 9, 2024
Economy UAE announces largest-ever budget for 2025 The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […] October 8, 2024
Economy Turkey SMEs bolstered by $2.3bn global funding The Turkish government has secured $2.3 billion from international institutions to bolster small and medium-sized enterprises and exporters this year, treasury and finance minister Mehmet Şimşek has said. The funding has been secured from various international institutions through Türk Eximbank and development banks to improve financing access for the sector in the midst of ongoing […] October 8, 2024
LUNCH WITH FRANK KANE People & Lifestyle ‘The biggest risk to Dubai is the cost of living’ Eminent lawyer and foodie Dr Habib Al Mulla tells our Editor-at-Large why he has opened a Moscow office and how the UAE needs to change October 7, 2024
Economy Abu Dhabi to announce new 2045 strategy for GDP growth Abu Dhabi will soon launch a new 2045 economic strategy aimed at accelerating GDP growth in the emirate, sources told AGBI. The strategy, expected to be released early next year, outlines a broad transformation that seeks to further diversify the emirate’s economy, significantly reduce its reliance on oil, and position Abu Dhabi as a major […] October 6, 2024
Economy Kuwait’s economy holds up against challenges, says central bank Robust spending and “long-due” structural reforms expected to accelerate following “recent political developments” will help Kuwait’s economy overcome some challenges, according to the Central Bank of Kuwait (CBK). Kuwait faced multiple challenges in 2023 in the face of high inflation, rising global interest rates and bubbling geopolitical tensions in the region, according to CBK’s 12th […] October 4, 2024
Economy UAE non-oil growth weakens while Gulf neighbours improve Growth in the UAE’s non-oil sector has slowed to its weakest point in three years, but activity in the Gulf countries continues to be the bright spot among survey results for economies in the Middle East. The UAE purchasing managers’ index (PMI) from S&P Global signalled the emirate’s slowest expansion in non-oil business activity for […] October 3, 2024
Finance Turkey targets $10bn FDI in 2024 on Saudi support Turkey is targeting more than $10 billion in foreign direct investment (FDI) in 2024, supported by a planned $5 billion investment from an unnamed Saudi company. Vice president Cevdet Yılmaz claimed the Saudi-owned company plans to invest in the country’s energy and other sectors, Daily Sabah newspaper reported. Ankara received credit upgrades from three global […] October 2, 2024
Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024
Analysis Oil & Gas North Field expansion to power Qatar’s economy Qatar’s economy is likely to record only modest growth this year, but analysts predict that revenues generated from a North Field gas expansion will make it among the fastest-growing globally in two years’ time. Gross domestic product is forecast to surge to nearly 13 percent in 2026, after sluggish growth of only 1.5 percent this […] October 1, 2024
Employment Saudi unemployment drops again in second quarter The unemployment rate for Saudi nationals fell to 7.1 percent in the second quarter of 2024, government data shows, down from 7.6 percent in the first quarter and 8.5 percent in the same period a year ago. The overall unemployment rate, which includes expatriate workers, dropped to 3.3 percent in Q2, down from 4.1 percent […] September 30, 2024
Economy As GCC calls for ceasefire, UAE gives Lebanon $100m The UAE directed an urgent $100 million aid package to Lebanon on Monday, as fighting between Israel and Hezbollah continued. President Sheikh Mohamed bin Zayed al Nahyan said: “This initiative is part of the UAE’s continuous efforts to support Lebanon through its current challenges, underscoring the nation’s unwavering commitment to assisting the Lebanese people.” The […] September 30, 2024
Economy Suez Canal revenues fall by $6bn as unrest continues Suez Canal revenues have fallen by $6 billion this year amid regional geopolitical issues, president Abdel Fattah El Sisi has said. The income from the waterway, connecting the Mediterranean and the Red Sea, declined by between 50 percent and 60 percent in the first eight months of 2024, local media reported, citing the president’s speech at […] September 30, 2024
Economy Oman to impose income tax on high earners post-2026 Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […] September 30, 2024
Economy Algeria’s UK ambassador: ‘We must modernise our economy’ Weeks after presidential elections in which the incumbent, Abdelmadjid Tebboune, was re-elected, Algeria has set its sights on systemically modernising its economy, having seen what it says are positive results from introducing investment reforms and enabling 100 percent foreign ownership in some sectors. “We hope the economy will continue to grow with more reforms … […] September 30, 2024
