Economy Bahrain’s GDP grows at fastest rate in a decade Bahrain has announced its highest rate of real GDP growth in almost a decade. The kingdom’s GDP grew 4.9 percent in 2022, the fastest rate since 2013, according to the latest figures from the Ministry of Finance and National Economy. Non-oil real GDP increased by 6.2 percent last year, the highest rate since 2012 and […] March 28, 2023
Economy IMF chief says risks to financial stability have increased Risks to financial stability have increased, International Monetary Fund (IMF) chief Kristalina Georgieva said in a speech delivered in Beijing on March 26, calling for continued vigilance despite moves by advanced economies to calm market stress. The IMF managing director reiterated her view that 2023 would be another challenging year, with global growth slowing to […] March 26, 2023
Economy Dubai hires half a million more white-collar workers in four years Dubai is welcoming an increasing number of white-collar workers as the emirate evolves towards a knowledge-based economy, with an increased emphasis on the financial sector. Between 2018 and 2022, the number of workers employed in the UAE business and finance sector grew by half a million. At the same time, the number of construction workers […] March 24, 2023
Economy India’s UAE exports to reach new high of $32bn after trade deal India’s exports to the UAE are likely to reach an all-time high of $32 billion by the end of the fiscal year 2022/2023, driven by the Comprehensive Economic Partnership Agreement (Cepa). “India’s exports to the UAE are around $28.3 billion. We are hopeful to touch $32 billion exports this year,” a government official told the […] March 24, 2023
Economy IMF says Lebanon in ‘dangerous situation’ with reforms stalled The International Monetary Fund (IMF) warned on Thursday that Lebanon was in a very dangerous situation a year after it committed to reforms it has failed to implement and said the government must stop borrowing from the central bank. IMF mission chief Ernesto Rigo told a news conference in Beirut that the authorities should accelerate […] March 24, 2023
Economy Bahrain and UAE ranked best places for expats to set up home Bahrain has been ranked as the best place for expats to settle, based on factors such as housing, bureaucracy, language and digitalisation. The UAE took second place in the survey by InterNations, a Munich-headquartered online community for global expats. Bahrain, the second-smallest GCC economy, scored highly for ease of administration and bureaucracy, with more than […] March 23, 2023
Analysis GCC economies to weather latest Fed rate hike Gulf economies will be able to absorb the latest rate hike from the US Federal Reserve, but the ripple effect from the rise will still have repercussions throughout the region, according to economists. Despite uncertainty across the banking sector, the Fed raised interest rates by a quarter of a percentage point on Wednesday, less than […] March 23, 2023
Analysis Economy Etihad doubles flights as GCC-Thailand trade blossoms Etihad Airways will double the number of its flights to Bangkok on Sunday, reflecting a growing trade relationship between the UAE and Thailand that was valued at more than $6 billion last year. The Abu Dhabi-based airline will fly twice a day to the Thai capital, signalling the latest commitment of both governments to strengthen […] March 22, 2023
Economy Egypt to increase tax exemption limit amid rising cost of living Egypt will increase the annual income tax exemption limit to mitigate the effects of the global economic crisis and its repercussions on citizens. President Abdel Fattah El Sisi issued a directive to increase the tax limit to EGP36,000 ($1,168.68) from EGP24,000 ($776.91) per year, Ahram Online reported. The country aims to achieve a growth rate […] March 20, 2023
Economy UAE announces ‘huge stride’ free-trade deal with Georgia The UAE-Georgia Comprehensive Economic Partnership Agreement (Cepa) for free trade was signed in Tbilisi on Friday. Dr Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade, said the deal “represented another huge stride forward” in the country’s foreign trade agenda “and signals our ambition to build a truly global network of trade […] March 17, 2023
Economy Egypt asset sales face obstacles as state maintains grip Egypt has promised the International Monetary Fund it will roll back the state’s involvement in the economy and allow private companies a much greater role, yet several recent moves show it continuing to expand its holdings and tighten its control. As part of a $3 billion, 46-month financial support package announced with the IMF in […] March 17, 2023
Tourism New UK tourist visa set to boost GCC trade corridor Visitors from Qatar will be the first to benefit from the new UK tourist visa scheme, ahead of a worldwide expansion of the scheme throughout 2024. Qatari visitors will be the first to be able to apply for an electronic travel authorisation (ETA) in October. The rest of the GCC and Jordan can apply for […] March 16, 2023
Economy Turkish budget deficit widens further after earthquakes Turkey’s central government budget recorded a deficit of 170.56 billion lira ($8.99 billion) in February, the finance ministry said, showing the impact of massive earthquakes that devastated the country’s south-east last month. The primary balance, which excludes interest payments, logged a deficit of 136.34 billion lira, it said. Even before the earthquake, President Tayyip Erdogan […] March 16, 2023
Economy More rate hikes seen as Israel inflation eases to 5.2% Israel’s inflation rate eased to a four-month low of 5.2 percent in February from a 2008 high of 5.4 percent in January. However, it was still higher than expected and is likely to mean another interest rate hike next month. The consumer price index (CPI) rose 0.5 percent in February from January, led by gains […] March 16, 2023
Economy Jordan says S&P’s stable outlook supports IMF-backed reforms Jordan’s central bank governor Adel Al Sharkas said the latest rating outlook from S&P Global reflected the “soundness of Jordan’s macroeconomic fundamentals”. Jordan’s finance minister Mohamad Al Ississ said that S&P’s decision to maintain the kingdom’s sovereign credit rating at B+/B reflected confidence in accelerating IMF-backed reforms. “This is the latest confirmation of Jordan’s credit […] March 15, 2023
Economy Egypt’s GDP growth likely to slip to 4.2% in 2022/23 fiscal year Egypt’s economy is expected to grow 4.2 percent in the current fiscal year ending in June, the cabinet said, much less than previously forecast. Gross domestic product grew by 3.9 percent in October-December, the second quarter of the fiscal year, while the unemployment rate fell to 7.2 percent, the statement said. Economic growth slowed from […] March 15, 2023
PIF maps out plans to boost Saudi private sector Saudi Arabia’s Public Investment Fund has launched a package of initiatives aimed at increasing involvement by local businesses in its portfolio activities. The three moves announced on Tuesday include the official launch of PIF’s Local Content Growth programme – known as Musahama – which aims to increase the share of local spend in the sovereign […] March 14, 2023
Economy Iraq cabinet approves 2023 draft budget of $136bn Iraq’s cabinet has approved a 2023 draft budget of 197.828 trillion Iraqi dinars ($135.6 billion), Prime Minister Shia Al-Sudani said. The deficit is estimated to come to 63 trillion dinars in the new budget, he added. The draft budget will be referred to parliament for approval. In February, Iraq’s central bank said it plans […] March 14, 2023
Finance Iran-Saudi deal offers hope for increased Middle East stability The immediate economic impact of renewed relations between Saudi Arabia and Iran is expected to be minimal, but the agreement brokered by China is likely to have far reaching ramifications for the wider Middle East region, according to economists. The two countries agreed to re-establish ties after four days of talks last week in Beijing. […] March 13, 2023
Economy Saudi Arabia reports 5% increase in GDP Saudi Arabia’s GDP increased by 5.5 percent year-on-year in the fourth quarter of 2022, according to the latest figures from the kingdom’s General Authority for Statistics. Growth was fuelled by a 6.2 percent annual increase in non-oil business activity, while oil grew 6.1 percent and government activity 2.9 percent. UAE minister predicts 2.8% GDP trade […] March 12, 2023
Economy Britain’s finance minister flags back-to-work incentives in budget Finance minister Jeremy Hunt will set out measures to boost Britain’s workforce next week, by offering financial incentives in his budget for parents with young children, disabled people and others to rejoin the workforce. Britain has a chronic labour shortage that is dragging on its economic performance. Foreign workers left the country en masse over […] March 12, 2023
Economy UAE edging closer to trade deals with Kenya, Georgia and Ukraine The UAE is close to signing new free trade deals with Kenya, Georgia and Ukraine, while a third round of discussions on a GCC-wide agreement with the UK are set to get under way in Riyadh on Sunday. It follows the recent signing of a comprehensive economic partnership agreement (Cepa) with Turkey earlier this month. […] March 10, 2023
