Opinion Economy The dollar is still king, but the alternatives are slowly gathering pace There is evidence of the creeping acceptance of alternatives to the US greenback August 16, 2024
Opinion Economy Worsening US woes could hit Gulf economies Oil prices could share the fate of Dr Copper and fall at least 20 percent August 15, 2024
Economy Salik revenue rises but profit growth slows Dubai toll operator Salik’s second-quarter profits fell 2 percent year on year to AED268 million despite a 3 percent rise in revenues to AED533 million. Revenue-generating trips reached 116 million, up 2 percent year on year, the highest second-quarter revenue-generating trips since inception. Growth remained strong across several gates in the second quarter, with Jebel […] August 14, 2024
Opinion Economy Oman’s planned income tax is an economic gamble High earning expats might be tempted to move to the sultanate's tax-free neighbours August 13, 2024
Analysis Economy Kuwait overhauls tax system and signs UAE treaty Kuwait, which has developed a reputation as an economic laggard among wealthy Gulf states, is undertaking an overhaul of its tax regime to meet global standards and reduce reliance on oil revenues. The Gulf state plans to introduce a 15 percent business profits tax, new rules on transparency and compliance with international agreements, and an […] August 12, 2024
Manufacturing Turkish industrial output hamstrung by falling demand Output from Turkey’s factories plunged in June, with many of the country’s main industries scaling back production due to high input costs and weakening demand. Industrial output dropped 2 percent month-on-month in June and by 5 percent year-on-year, according to data issued by Turkstat, the state statistics agency, on August 9. The annualised fall was […] August 9, 2024
Opinion Markets Stock market crashes: waiting for the Big One Big pressures are building after bad trading on global bourses August 9, 2024
Opinion Economy Egypt’s economy is on a path to recovery A policy shift has laid the foundations for strong medium term growth August 9, 2024
Economy Egypt remittances up by $3bn as inflation continues to drop Inflation in Egypt fell to its lowest level since 2022 in July, while remittances, the country’s largest source of foreign currency, surged in recent months. According to figures released by state statistics agency Capmas on Thursday, annual urban consumer prices grew by 25.7 percent in July, compared to 27.5 percent in June, a steeper drop […] August 8, 2024
Employment Improved labour laws benefit Saudi workers Saudi Arabia has enacted amendments to its labour laws to establish more clarity on hiring and firing and improve employee rights. The regulations, which cabinet approved on August 6, will “enhance job stability, protect the rights of all parties involved in employment contracts and increase job opportunities for Saudi citizens”, the state-owned Saudi Press Agency […] August 8, 2024
Employment 35,000 Saudi citizens take up private sector jobs in July The number of Saudi citizens taking up jobs in the private sector doubled to more than 34,600 in July, up from 16,500 in June, as the kingdom looks to diversify employment away from government sectors. The total number of private sector workers reached 11.473 million in July, up slightly from 11.409 million in June, the […] August 7, 2024
Economy Partnerships prove central as ADIA looks to India and beyond Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, is increasingly forming consortiums to make its deals – and focusing on purchases in India. After a string of acquisitions in Asia, ADIA is now leading a consortium with CVC Advisers with a view to bidding for UK investment platform Hargreaves Lansdown. In June the […] August 7, 2024
Economy Egypt’s new finance minister sets out plan to reduce debt Egypt aims to cut its tax-to-GDP ratio to below 85 percent by the end of June 2026 and issue new debt in pounds to reduce the proportion of external debt, its new finance minister said on Tuesday. But Ahmed Kouchouk and his team pushed back on calls to raise taxes. In his first press conference […] August 7, 2024
Real Estate Mortgage buyers increase with Dubai’s rising rents Dubai’s property market is shifting towards mortgages and away from the traditional image of cash buyers, with tenants seeking cost-effective alternatives to counter rising rental rates. A survey by mortgage consultancy Mortgage Finder indicates that mortgage buyers accounted for 43 percent of all ready sales transactions in the second quarter of 2024, up from 35 […] August 7, 2024
Real Estate UAE real estate companies rebound after market turmoil Real estate companies bore the brunt of Monday’s stock sell-off in the GCC, although prices showed significant signs of recovery on Tuesday. Dubai Financial Market closed on Monday down 4.5 percent, while Saudi Arabia’s Tadawul exchange was down 2.1 percent. Kuwait’s bourse was showing a negative of 2.13 percent on a day when $6.4 trillion […] August 7, 2024
Video length: 07:34 Finance Distressed companies on rise in Saudi Arabia and UAE, study says The number of distressed companies in the UAE and Saudi Arabia has increased by almost 9 percent in the past year, with the sectors most at risk including chemicals, commodities and specialised retail. Concerns also surround the consumer-facing food and beverage industry in both countries, according to a report from consultancy Alvarez & Marsal. A&M […] August 7, 2024
Economy Egyptian currency and stocks slide on fears of US recession The Egyptian pound dropped to a five-month low this week as regional tensions spiked and speculation mounted about a recession in the US. It briefly reached EGP49.55 against the dollar on Monday morning, close to the record EGP49.56 set when the Central Bank of Egypt floated the currency on March 6. By midday on Monday, […] August 6, 2024
Economy UAE Central Bank hedges against uncertainty with gold The Central Bank of the UAE has increased its gold reserves by 19.7 percent year on year, reaching AED20.6 billion ($5.6 billion) by the end of May 2024, and up from just AED1.1 billion in 2018. The CBUAE’s decision to boost its gold reserves aligns with similar actions by other nations. According to the World […] August 6, 2024
Economy Turkey ups FDI forecast to $14bn after FATF removal Foreign direct investment (FDI) in Turkey is expected to reach $12-14 billion in 2024, compared to $10 billion in 2023, following the country’s removal from the Financial Action Task Force (FATF) ‘grey list’. Foreign investment has increased following removal from the Paris-based watchdog’s list and subsequent improvements in the country’s credit rating, Turkey’s investment office […] August 6, 2024
Economy Bahrain’s economy expands on non-oil sector growth Bahrain’s economy expanded by 3.3 percent year on year in the first quarter of 2024, thanks to growth in non-oil sectors, especially accommodation and food service. The non-oil sector grew by 3.3 percent, accounting for 86 percent of overall GDP in the first three months of 2024, state-run Bahrain News Agency reported, citing finance ministry’s […] August 6, 2024
Manufacturing Outlook cools again for Turkey’s manufacturers Softening domestic demand, slowing export orders and rising costs all hit Turkey’s manufacturing sector in July, leading to reductions in the workforce and a scaling back of production. Although consumer inflation has begun to fall in Turkey, analysts were not optimistic about a respite for manufacturers in the second half of the year. The Purchasing […] August 6, 2024
Aviation Egypt to bring in private airport management Egypt is offering contracts to private companies to manage selected airports in an effort to attract investment into the aviation sector and improve services for travellers. The newly appointed civil aviation minister Sameh Al-Hafni announced the move in a meeting with key ministry officials, and subsequently released them as a statement via the Egyptian cabinet […] August 5, 2024
