Opinion Economy Assessing Saudi Arabia’s Vision 2030 progress The non-oil private sector is a driving force for economic transformation November 16, 2023
Analysis Economy Saudi Arabia’s new civil code aims to reassure investors Saudi Arabia hopes a new civil commercial code, due to go into effect by the end of the year, will finally provide foreign investors with clarity on doing business in the country as it tries to shake off a reputation for opaque and arbitrary justice. The code’s 721 articles, first published in June, could be […] November 16, 2023
Opinion Economy A looming US fiscal crisis could hit the Gulf hard US debt and its impact on dollar interest rates could squeeze GCC economies November 13, 2023
Finance Egypt inflation eases on lower food prices Egypt’s annual urban consumer price inflation fell to 35.8 percent in October from 38 percent in September, data from the country’s statistics agency Capmas shows. Price rises slowed to an increase of 1.2 percent last month from a two percent rise in September. Grain and bread prices dropped by 0.6 percent, while fruit prices fell […] November 13, 2023
Finance Turkey’s trade with GCC soars 11-fold in two decades Turkey’s bilateral trade with the Gulf Cooperation Council (GCC) countries surged to $22.7 billion in 2022 from $2.1 billion in 2002. “There is an 11-fold increase in our trade,” Daily Sabah newspaper reported, citing Turkey’s trade minister Ömer Bolat’s speech at the GCC-Turkey Economic Forum in Istanbul. Bolat said that Turkey’s exports to the GCC […] November 13, 2023
Opinion Economy China’s slump won’t stop the GCC good times Commodity exporters may be bruised but China is not yet a major provider of FDI to most of the GCC November 10, 2023
Economy Oman reports $2bn budget surplus despite drop in oil revenues Oman’s general budget registered a surplus of OMR791 million ($2.05 billion) by the end of the third quarter of 2023, compared to a surplus of OMR1.123 billion a year earlier. The government’s public revenues reached OMR8.89 billion during the nine-month period, down 16 percent, compared to OMR10.57 billion a year ago, state-run Oman News Agency […] November 10, 2023
Economy Saudi Arabia quadruples FDI figure to $33bn in 2022 Foreign direct investment to Saudi Arabia amounted to $33 billion in 2022, the Saudi investment ministry said on Wednesday, revising a previous lower estimate of about $8 billion. The corrected Saudi number would rank Saudi Arabia 10th amongst G20 economies last year. It also puts Saudi Arabia far ahead of the UAE’s 2022 total of […] November 8, 2023
Finance European bank offers $100m for Turkey’s quake recovery The European Bank for Reconstruction and Development (EBRD) will offer $100 million (€93.58) in financing to Türkiye İş Bankası (İşbank), the largest private bank in Turkey, to support earthquake reconstruction efforts and women-led small and medium enterprises (SMEs). The facility will invest in rated bonds issued under İşbank’s existing diversified payment rights programme. Nearly $80 […] November 8, 2023
Economy New body created to manage Riyadh economic zones Saudi Arabia said this week it was establishing a new body to manage economic zones in the capital Riyadh. The Center for Riyadh Special Economic Zones was announced by the Royal Commission for Riyadh City to “create a regulatory ecosystem and build a competitive environment for business growth”, the official Saudi Press Agency said. The […] November 7, 2023
Employment Moroccan graduates struggle as unemployment rate soars Almost one-fifth of graduates in Morocco cannot find work in the country as the number of jobless continues to soar. The unemployment rate increased to 13.5 percent in the third quarter of the year compared to the same period last year, according to Morocco’s statistics office, HCP. The total number of unemployed stood at 1.625 […] November 7, 2023
Economy Dubai’s 2024-26 budget sets total spend at $67bn The Dubai government has approved the budget for 2024 to 2026, with total expenditure projected at AED246.6 billion ($67.14 billion). Estimated expenses for next year stand at AED79.1 billion, the UAE state-run Wam news agency reported. The government has forecast that public revenue will reach AED90.6 billion, of which AED85.1 billion will be allocated to […] November 7, 2023
Economy Ajman reports 11% rise in business licences in Q3 Ajman issued 1,428 licences in the third quarter of 2023, an increase of 11 percent year on year, as business activity reported strong growth, the emirate’s department of economic development said. Professional licences accounted for the largest share at 51 percent of the total permits, followed by commercial licences (44 percent) and industrial licences (four […] November 7, 2023
Economy Lay-offs in Egypt as economy continues to contract Businesses in Egypt cut staffing levels for the first time in three months as inflationary pressures hurt demand, although foreign exchange reserves rose slightly, according to the central bank. Egypt’s non-oil private sector contracted for the 35th consecutive month, according to the latest headline Purchasing Managers’ Index (PMI) survey from S&P Global. However net foreign […] November 6, 2023
Finance Saudi employment hits 9-year high as businesses thrive Strong businesses in the Saudi Arabian non-oil economy led to an increase in employment during October, which reached a nine-year high, Riyad Bank said in its latest PMI report. Business activity continued to grow for the fourth quarter due to higher client orders and strengthening economic conditions. A steep uplift was seen in hiring activity […] November 5, 2023
Finance Turkish inflation marks first decline in three months Turkish annual consumer price inflation dipped for the first time in three months to 61.36 percent in October, official data showed on Friday, as fallout eased from both the lira’s sharp summer decline and post-election tax hikes. Month-on-month, inflation was 3.43 percent. Price rises in clothing and shoes, houses and hotels, and restaurants drove the […] November 5, 2023
Finance Fitch downgrades Egypt on growing government debt Fitch Ratings has lowered Egypt’s long-term foreign-currency issuer default rating (IDR) to B- from B on increased financial risks and rising government debt. “The downgrade reflects increased risks to Egypt’s external financing, macroeconomic stability and the trajectory of already-high government debt,” the rating agency said in a report. The slow progress on reforms, including the […] November 5, 2023
Economy China injects $956m into Egypt’s central bank The China Development Bank (CDB) has injected ¥7 billion ($956 million) into Egypt’s central bank to help finance projects agreed upon during the third Belt and Road Initiative (BRI) summit last month. The funds are part of a loan agreement signed during the summit in Beijing, as well as the nine programmes outlined in 2021’s […] November 3, 2023
Video length: 04:10 Finance King Abdullah Financial District helps grow FDI Global consultancy business JLL recently announced the establishment of its regional headquarters in King Abdullah Financial District, joining other multinationals such as Pfizer, Bupa and Arthur D Little that are already set up there. Launched in 2006 and located in northern Riyadh, KAFD plays an important role in Saudi’s push towards attracting foreign investments and […] November 3, 2023
Economy UAE non-oil business surges to four-year high Non-oil business activity in the UAE grew at the fastest pace in four years in October, spurred by a surge in new orders, according to a new survey published on Friday. The latest S&P Global UAE Purchasing Managers’ Index (PMI) increased to 57.7 last month, from 56.7 in September, its highest level since June 2019. […] November 3, 2023
Economy Turkey ups inflation forecasts on high food, energy prices Turkey’s central bank has increased the inflation forecast for 2023 to 65 percent from its previous estimate of 58 percent and persisted in gradually tightening its monetary policies. Inflation has accelerated due to high food and energy import prices, said governor Hafize Gaye Erkan, adding that the forecast for 2024 was raised to 36 percent […] November 3, 2023
Economy Egypt keeps rates steady to tackle ‘future’ inflation Egypt’s central bank, as widely expected, left its overnight interest rates unchanged on Thursday, saying it was focused on future rather than present inflation and that economic growth appeared to have been stable in the July-September quarter. The central bank’s monetary policy committee (MPC) left the lending rate at 20.25 percent and the deposit rate […] November 3, 2023
