Economy New Qatari PM takes helm as business activity bounces back Business activity in Qatar rebounded in February, recording its highest month-on-month growth since the country lifted its Covid lockdown. The Qatar Financial Centre purchasing managers’ index (PMI) – released one day before the cabinet reshuffle that elevated Sheikh Mohammed bin Abdulrahman Al Thani to prime minister – hit 51.9 in February, up 6.2 points from […] March 7, 2023
Economy UAE and Italy elevate trade status in bid to grow $7bn relationship The UAE and Italy have elevated relations to the level of a strategic partnership as the countries aim to build on growing trade figures seen last year. The announcement came after a meeting held on Saturday between President Sheikh Mohamed bin Zayed Al Nahyan and Italy’s Prime Minister Giorgia Meloni in Abu Dhabi during her […] March 7, 2023
Dubai firms head to Central Asia to build trade relationships A delegation of business leaders from Dubai will be heading to Central Asia next week to build on a non-oil trade relationship worth more than $2.4 billion. Dubai International Chamber said the first New Horizons trade mission – a new initiative to drive international expansion of its members to new markets – will focus on […] March 6, 2023
Economy Saudi Arabia to offer ‘tax relief’ to firms relocating regional HQs Saudi Arabia is likely to offer tax relief to multinationals that choose to relocate their regional headquarters to the kingdom in 2023, according to Minister of Investment Khalid Al-Falih. These companies are aiming to secure “lucrative” government contracts. “It is business as usual for them in Saudi Arabia and outside Saudi Arabia,” The Financial Times […] March 6, 2023
Economy Kuwait re-appoints Sheikh Ahmad Nawaf Al-Sabah as prime minister Kuwait’s crown prince re-appointed Sheikh Ahmad Nawaf Al-Sabah as prime minister and asked him to nominate a cabinet, state news agency Kuna reported, more than a month after the government resigned due to renewed friction with parliament. A long-running standoff between the government and the elected parliament has hampered efforts by the wealthy Gulf Arab […] March 6, 2023
Economy Europe to face high core inflation in near term, says Lagarde The European Central Bank (ECB) has already raised rates by three percentage points since July and essentially promised another half a percentage point increase on March 16, but investors have recently speculated on an even bigger move given poor inflation data. ECB president Christine Lagarde said the flagged increase is now “very very likely,” but […] March 6, 2023
Economy Saudi Arabia’s non-oil business activity hits eight-year high Saudi Arabia’s non-oil business sector activity soared to its highest level in eight years in February, based on a strong increase in demand and an optimistic economic outlook. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index jumped to 59.8 in February, from 58.2 the previous month, the fastest rate of increase since March […] March 6, 2023
Economy How deep are Egypt’s economic woes? Egypt’s economy has come under severe pressure over the past year, with the Egyptian pound tumbling, foreign currency drying up, and inflation soaring. Some of the causes date back decades, such as failed industrial development and export policies that created a persistent trade deficit. An over-valued currency, weak property rights and institutions, and an overbearing […] March 6, 2023
Economy Turkey working to renew UN-backed Black Sea grain deal Turkish foreign minister Mevlut Cavusoglu has said that Ankara is working hard to extend a UN-backed initiative that has enabled Ukraine to export grain from ports blockaded by Russia following its invasion. The Black Sea Grain Initiative brokered by the United Nations and Turkey last July allowed grain to be exported from three Ukrainian ports. […] March 6, 2023
Economy Ukrainian companies flock to Dubai as conflict rages on The number of Ukrainian businesses setting up in Dubai has risen by around 25 percent in the past year, as companies tap the Middle East to sustain growth while war continues at home. “For business owners setting up in Dubai, it is not about leaving Ukraine,” Olena Shyrokova, president of the Ukrainian Business Council (UBC) […] March 6, 2023
Economy UAE-Turkey Cepa deal to boost non-oil trade to $40bn The UAE and Turkey have signed a comprehensive economic partnership agreement that is expected to boost the value of non-oil bilateral trade between the two countries to $40 billion in the next five years. Signed by Turkey’s minister of trade Mehmet Muş and Abdulla bin Touq Al Marri, minister of economy of the UAE, the […] March 3, 2023
Analysis Economy Growing female workforce helps drive Saudi economy Saudi Arabia’s non-oil economy is forecast to grow by more than 5 percent this year, driven in part by an influx of women joining the country’s workforce. Expansion of the female labour force has been described as “one of the stand-out successes” of the kingdom’s Vision 2030 programme and shows no signs of slowing. The […] March 3, 2023
Economy Cash-strapped nations face IMF bailout delays as talks drag on Countries in debt distress such as Zambia and Sri Lanka turning to the International Monetary Fund (IMF) for financial help are facing unprecedented delays to secure bailouts as China and Western economies clash over how to provide debt relief. IMF funding is often the sole financial lifeline available to countries in a debt crunch, and […] March 3, 2023
Economy Egypt increases state pay and pension to ease economic burden Egyptian President Abdel Fattah Al-Sisi has announced a package of measures, including state wage and pension increases, aimed at easing economic pressures, hours after a hike in gasoline prices came into effect. The decisions include increasing civil servants’ monthly salaries starting from April by a minimum of 1,000 Egyptian pounds ($33), and raising the minimum […] March 3, 2023
Economy UAE minister predicts 2.8% GDP trade pact boost by 2030 The UAE’s first bilateral free trade agreements, signed in the past two years, will boost its GDP by 2.8 percent by the end of the decade, according to the country’s trade minister, Dr Thani Al Zeyoudi. The growth will result from access to new markets and populations in Indonesia, Israel and India, as the UAE […] March 2, 2023
Economy Interest rates to surpass 5% but experts predict drop Interest rates will climb beyond 5 percent by the middle of 2023 before stabilising later in the year, according to senior UAE banking experts. Martin Tricaud, group head of investment banking at First Abu Dhabi Bank, warned there was no timeline to predict when rates would start to fall, but he remained confident that “the […] March 2, 2023
Economy UAE minister says economy grew 7.6% in 2022 The UAE’s GDP grew by 7.6 percent in 2022, economy minister Abdullah bin Touq Al Marri said on Thursday. Confirmation of the figures comes as the government is expected to issue its first 10-year dirham-denominated bond, part of plans to strengthen the local debt capital market. “The UAE last year tapped the dirham bond market […] March 2, 2023
Economy Fitch affirms Israel’s credit rating but cautious on judicial reforms Fitch Ratings on Wednesday affirmed Israel’s ‘A+’ sovereign credit rating with a “stable” outlook, citing strong government finances, but it said that a planned judicial overhaul plan could weaken the country’s credit profile. In maintaining Israel’s rating, Fitch said it “balances a diversified, resilient and high value-added economy and strong external finances against a high […] March 2, 2023
Economy GCC sticking with the dollar peg, but changes could be afoot Saudi Arabia and the UAE were joined by Iraq this week in exploring alternatives to the dollar for non-oil global trade. While industry experts believe the dollar peg will remain in the short term, they say a move to decouple from the US greenback could soon become a reality. The UAE has been working with […] March 1, 2023
Economy China’s factory activity expands with fastest growth in a decade China’s manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, smashing expectations as production zoomed after the lifting of Covid-19 restrictions late last year. The manufacturing purchasing managers’ index (PMI) shot up to 52.6 from 50.1 in January, according to China’s National Bureau of […] March 1, 2023
Economy Turkey’s earthquakes revive concerns over industrial heartland Earthquakes in southeastern Turkey that destroyed cities and killed 44,000 people have prompted authorities to look again at how the quake-prone nation might cope with a similar tremor in Turkey’s densely populated, northwestern industrial heartland. Istanbul, Turkey’s biggest city with a population of 16 million and the country’s commercial engine, lies near fault lines that […] March 1, 2023
Economy World Bank says quakes caused $34.2bn damage in Turkey The two major earthquakes which hit Turkey on February 6 caused about $34.2 billion in direct physical damage, but total reconstruction and recovery costs facing the country could be twice as high, the World Bank said on Monday. The bank estimates that the earthquakes would also shave at least half a percentage point off Turkey’s […] February 28, 2023
