Video length: 04:28 VIDEO Trade UK investors need to ‘change mindset’ on UAE economy The possibility of a free trade agreement between the UK and the GCC – worth as much as £1.6 billion ($2 billion) a year – should prompt UK investors to reconsider their preconceptions about the economic approach of the UAE and its fellow members of the Gulf bloc. Bradley Jones from the UK-UAE Business Council […] July 12, 2024
Oil & Gas Egypt pays $1.3bn arrears to foreign oil and gas companies Egypt cleared $1.3 billion of outstanding payments to foreign oil and gas companies operating in the country in June and has established a plan to reimburse the remaining dues within the next month, according to the government. The payment accounted for about 20 to 25 percent of the arrears owed to the companies, Prime Minister […] July 12, 2024
Economy IMF postpones $820m Egypt loan meeting An executive meeting between Egypt and the International Monetary Fund (IMF) to discuss the North African country’s next loan instalment has been postponed to the end of the month. “The IMF executive board meeting on Egypt’s third review under the extended fund facility has been rescheduled to July 29th,” the IMF’s Egypt mission chief, Ivanna […] July 11, 2024
Finance Libyan parliament passes extra $18bn budget funding Libya’s eastern-based parliament has approved an additional budget of 88 billion dinars ($18.3 billion) to drive reconstruction and achieve economic stability. The approval was unanimous in a closed session, Reuters reported, citing spokesman Abdullah Belhaiq. In April, the Benghazi-based government of prime minister Osama Hammad secured an initial budget worth 90 billion Libyan dinars, the […] July 11, 2024
Finance Expat remittances from Saudi rise 12% to $3.4bn Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent […] July 10, 2024
Opinion Economy Macron gambled and lost. Now bond markets will have their say The election result puts France on a collision course with global capital markets and the EU July 9, 2024
Analysis Economy UAE economic growth brings rise in court disputes, say lawyers Debt recovery cases in Dubai and the wider UAE are increasing, a pair of local law firms told AGBI, citing anecdotal evidence from their practices. Behind the trend, they said, are various factors, chief among them being the influx into the emirates of new businesses from around the world. Also contributing are a host of […] July 9, 2024
Analysis Economy Pezeshkian has a strong mandate – and a slew of problems It was not supposed to be this way. Masoud Pezeshkian, the sole reformist candidate, has won the second round of Iranian presidential elections to replace Ebrahim Raisi, and the fears of conservatives in the Iranian regime have come to pass. Conventionally, conservative candidates withdraw at the last minute ahead of a first round of voting, […] July 9, 2024
Economy Oman’s non-oil trade drives GDP growth in first quarter Non-oil activity in Oman increased by almost 4 percent in the first quarter of the year, helping to prop up a decline in revenues from the sultanate’s energy sector. Oman’s GDP for the first three months of 2024 was up marginally by 0.8 percent year on year to OMR10.45 billion ($27 billion), according to data […] July 8, 2024
Finance FDI into Morocco up 20% after business-friendly reforms Foreign direct investment into Morocco was up by almost one-fifth year on year through to the end of May 2024, a rise attributed to business-friendly government reforms. Morocco attracted MAD16.1 billion ($1.6 billion) in FDI over the period, believed to be the second highest level in the history of the national economy, according to government […] July 8, 2024
Economy Jordan’s economy grows 2% despite regional challenges Jordan’s gross domestic product (GDP) grew 2 percent year on year in the first quarter of 2024 despite regional geopolitical challenges, the state-run Jordan News Agency (Petra) reported. The extractive industries sector reported the highest growth at 6.3 percent, contributing 0.18 percent to GDP. Following this, the agriculture sector grew by 5.7 percent, the electricity […] July 8, 2024
Infrastructure Japan to increase investment in Iraq Japanese companies are set to expand their investments in Iraq, launching critical infrastructure projects to aid the country’s economic recovery and development. Futoshi Matsumoto, the Japanese ambassador, told Iraq state news agency that companies like Komatsu, a construction equipment supplier, are “eager” to enter the Iraqi market. A delegation from the company recently visited Basra, […] July 5, 2024
Economy Egyptian business confidence improves but pessimism remains Egyptian businesses reported significant new sales for the first time since 2021 in June but are still more pessimistic than optimistic, according to the latest purchasing managers index (PMI) report. The survey released by S&P Global reported a headline PMI of 49.9, the highest in almost three years and just shy of the 50.0 mark […] July 4, 2024
Economy New oil and finance ministers in Egyptian cabinet reshuffle The Egyptian government has conducted a long-awaited cabinet reshuffle resulting in a series of new appointees to important ministries including foreign affairs, finance and petroleum. A handful of existing ministers expanded their portfolios. Abdel Fattah al-Sisi, the Egyptian president, swore in the new cabinet, which will be led by the incumbent prime minister Mostafa Madbouly, […] July 4, 2024
Economy Kuwait expects budget deficit of $18bn Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025, finance minister Dr. Anwar Al-Mudhaf has said. Revenues are projected at KD18.9 billion, down 2.8 percent from last year, state-run Kuna news agency reported, quoting the minister. Expenditure will reach KD24.5 billion, a 6.6 percent decline from a year ago. Salaries […] July 4, 2024
Economy UAE businesses increase prices to protect margins Companies in the UAE were forced to hike prices for a second month in succession in June, according to the latest business sentiment survey from ratings agency S&P Global. S&P attributed the sharp rise in input prices to material costs, shipping fees and overheads. Wages also grew marginally throughout the month, leading to the fastest […] July 3, 2024
Video length: 08:38 Economy Omani lower house approves income tax Oman is on the verge of becoming the first Gulf nation to introduce a personal income tax, as it seeks to diversify revenue streams beyond oil in line with its Vision 2040 plan. The Majlis al-Shura, the lower house of the Omani parliament, approved a draft law last week, forwarding it to the State Council, […] July 3, 2024
Video length: 08:38 Opinion Finance My election forecast: UK nationals in Gulf should brace for tax reforms A new Labour government will need to raise taxes and GCC residents will not be immune July 2, 2024
Economy Saudi PIF is top global investor in first half of 2024 Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five. The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme. It invested […] July 2, 2024
Opinion Economy UAE economic report: good, but can do even better Equity markets and inflation require some extra effort July 1, 2024
Economy Saudi FDI inflow up but still well below target Saudi Arabia recorded a year-on-year increase in foreign direct investment inflow of 0.6 percent to SAR17 billion ($4.5 billion) in the first quarter, still far below government targets as it struggles to find funding for its giga-projects. FDI inflow was also up on the previous quarter’s SAR13 billion. Net inflow was SAR9.5 billion when outflow […] July 1, 2024
Trade Deals between European and Egyptian companies worth $43bn European companies are signing more than €40 billion ($43 billion) worth of deals with Egyptian companies across a range of sectors, European Commission president Ursula von der Leyen has said. “We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and to automotive,” she said at […] July 1, 2024
