Economy UAE’s international trade hits milestone amid oil price boom Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister and ruler of Dubai, on Monday revealed that the UAE’s non-oil trade exceeded AED1 trillion ($270 billion) for a six-month period for the first time. In a tweet, Sheikh Mohammed said the country recorded a growth rate of 17 percent during the first half […] August 22, 2022
Economy India’s headline inflation may ease below 6% by March India’s headline retail inflation may ease below six percent by the fourth quarter of this financial year, bringing an end to the current cycle of rate hikes, analysts said over the weekend. Following the release of minutes from the central bank’s monetary policy committee on Friday, analysts said the Reserve Bank of India (RBI) may […] August 22, 2022
Economy UAE says envoy to return to Iran in coming days The United Arab Emirates (UAE) said on Sunday that its ambassador to Iran, Saif Mohammed Al Zaabi, would return to Tehran “in coming days”, more than six years after the Gulf Arab state downgraded ties with the Islamic Republic. The move is in line with UAE efforts to strengthen relations with Iran “to achieve the […] August 22, 2022
Economy New Zealand aims to attract 12,000 overseas workers New Zealand will make temporary changes to immigration rules, a minister said on Sunday, aiming to lure 12,000 workers over the next year with a working holiday scheme designed to fill labour gaps as businesses scramble to find staff. The jostling for workers is part of a global trend that has helped push up wages […] August 21, 2022
Economy Oman appoints UK investment attaché as part of new initiative Oman’s government plans to appoint commercial and investment attachés to a number of its embassies around the world, according to a local media report. The move is designed to enhance the country’s investment infrastructure, Oman Daily Observer reported, citing Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. At the forum in […] August 21, 2022
Economy Public sector paralysed amid Lebanon’s economic implosion It’s a weekday, but 50-year-old Lebanese finance ministry employee Walid Chaar is not at work and hasn’t been since June. He rushes to water the garden at his home in the hills south of Beirut, using the single hour of rationed state power to run the sprinkler. He then phones his mother, who is struggling […] August 19, 2022
Economy Turkey shocks markets by cutting interest rate, as inflation soars Turkey’s central bank shocked markets on Thursday by cutting its main interest rate by 100 basis points to 13 percent, saying it needed to keep driving economic growth despite inflation hitting nearly 80 percent and a monetary tightening trend among its peers worldwide. The lira dropped as much as 1.2 percent to 18.15 per dollar […] August 19, 2022
Economy Arab countries to record 5.4% economic growth in 2022 Arab countries are expected to see a 5.4 percent in economic growth in 2022, up from about 3.5 percent in 2021, due to rising oil prices, an increase in crude production and the continuation of growth reforms, the Arab Monetary Fund (AMF) said in its latest report. However, economic growth in Arab countries is expected […] August 19, 2022
Economy From chicken to weddings, Saudi prices continue to soar From meat and vegetables to the cost of events such as weddings, consumer prices in Saudi Arabia continue to rise, as inflation reached 2.7 percent year-on-year in July. The biggest increase was in the food and beverage segment, which rose 3.9 percent, mainly on the back of meat prices increasing 5.1 percent, the General Authority […] August 18, 2022
Economy Turkey to re-appoint ambassador to Israel Turkey and Israel will mutually re-appoint ambassadors, Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday, marking a milestone in the two countries’ efforts to normalise ties. “Appointment of ambassadors was one of the steps for the normalisation of ties. Such a positive step came from Israel as a result of these efforts, and as Turkey, […] August 18, 2022
Economy Tunisia to submit reform plan to IMF in September Tunisia will submit a national reform programme to the International Monetary Fund (IMF) in September, the economy minister said on Wednesday, part of efforts to secure a bailout to rescue strained public finances. Economy Minister Samir Saied was quoted by state news agency TAP as saying the programme would be submitted to the IMF board. […] August 18, 2022
Economy Saudi Arabia and Uzbekistan sign investment deals worth $12bn Saudi Arabia and Uzbekistan have signed around 10 investment agreements worth over SAR45 billion ($12 billion), local media reported. “Over 10 agreements were signed between the Kingdom and Uzbekistan in several sectors, with a value exceeding SAR45 billion,” Arab News reported, citing Saudi Minister of Investment Khalid Al-Falih. The signed agreements aim to explore investment […] August 18, 2022
Data analysis Economy UK-GCC trade in numbers: relationship set for new era Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […] August 18, 2022
Economy IMF urges Saudi to explore new taxes to boost non-oil revenues Saudi Arabia should investigate new taxes, including on income and property, as it aims to boost its non-oil revenues. While significant change has already been undertaken by the kingdom, with a tripling of VAT to 15 percent during the coronavirus pandemic, more can be done, said Amine Mati, assistant director and mission chief for Saudi […] August 17, 2022
Economy Strong Israel GDP and inflation may lead to 75 bps rate hike A sharp rebound in Israel’s economic activity and a jump in annual inflation have made a 0.75-point interest rate increase more likely next week, analysts said on Tuesday. The central bank had looked headed for a second straight half-point move at its upcoming August 22 policy meeting, but data showed stronger than expected economic growth […] August 17, 2022
Opinion Economy GCC markets offer opportunities in face of global recession Amid global economic gloom, the GCC not only enjoys high oil prices, but production increases August 16, 2022
Economy Israel inflation rate jumps to new 14-year high of 5.2% in July Israel’s annual consumer price index (CPI) rose to a higher than expected rate of 5.2 percent in July, the most since October 2008 and following a 4.4 percent rate in June, as more aggressive interest rate hikes loom and keep the soaring cost of living centre stage ahead of an election in November. A Reuters […] August 16, 2022
Economy Bahrain posts budget surplus of $88m in H1 2022 Bahrain has posted a budget surplus of 33 million dinars ($88 million) in the first half of 2022 from a deficit of 520 million dinars a year earlier, the country’s Ministry of Finance said on Monday. The data also showed total public revenues at 1.698 billion dinars, up 52 percent year-on-year, while total expenditure stood […] August 16, 2022
Analysis Economy Rising inflation leaves UAE businesses underinsured Rising inflation is leaving UAE companies at risk of being underinsured in the event of a potential claim, with industry experts urging companies to make sure they keep the valuation of assets up to date. In the event of a claim, such as those being prepared by UAE businesses damaged by the severe flooding last […] August 15, 2022
Economy Cash-strapped Britons give up pets as living costs soar Stood on her hind legs to greet any prospective owner who might approach her glass-doored kennel, Harriet is a black English cocker spaniel abandoned as a deepening cost-of-living crisis pushes growing numbers of Britons to part with their pets. She was found running along a busy road in London after witnesses saw her pushed out […] August 15, 2022
Economy Kuwait names first ambassador to Iran in over six years Kuwait has appointed an ambassador to Iran, both countries said on Sunday, more than six years after recalling its top envoy to Tehran in solidarity with Saudi Arabia after it severed ties with the Islamic Republic in 2016. Ambassador Bader Abdullah Al-Munaikh handed his credentials to Iranian Foreign Minister Hossein Amirabdollahian in Tehran on Saturday, […] August 15, 2022
Economy Moody’s cuts Turkey’s sovereign rating, but raises outlook to stable Ratings agency Moody’s on Friday lowered Turkey’s sovereign credit rating by one notch to “B3” from “B2”, citing rising balance of payment pressures and risks of further declines in the country’s foreign-currency reserves. “(The) current account deficit will likely exceed earlier expectations by a wide margin, raising external financing needs at a time of tightening financial […] August 15, 2022
