Economy Saudi agrees $23bn financing to balance books Saudi Arabia requires roughly SAR86 billion ($23 billion) in financing this year in order to help balance the kingdom’s books. The 2024 Annual Borrowing Plan was given the green light by finance minister Mohammed Al Jadaan on Thursday at a board meeting of the National Debt Management Center. The 2024 budget statement, approved in December, […] January 5, 2024
Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Economy Dubai unveils $56bn plan to improve standard of living Dubai has unveiled a AED208 billion ($56.64 billion) ten-year strategy aimed at making the city one of the top three in the world for standard of living. There are also plans to double the number of Emirati families and triple the number of citizens working in the private sector by 2033. “We aim to double […] January 5, 2024
Analysis Economy Gaza war proves ‘another large shock’ for fragile Lebanon Hopes that Lebanon’s economy could register its first annual growth in five years have been dashed by the impact of the Israel-Gaza conflict, according to the World Bank. Its latest Lebanon Economic Monitor said the fighting and fears of an escalation were “another large shock” to the country’s precarious economy. Before the outbreak of violence […] January 4, 2024
Opinion Economy The year ahead for the GCC economies The better-than-expected news on inflation has taken the prospect of additional rate rises off the table January 3, 2024
Analysis Finance Top 10 fintechs to watch in 2024 Fintechs are big business in the Middle East. An increasing number of financial companies are integrating technology into their services and products, meaning the market is forecast to treble from $1.5 billion in 2022 to $4.5 billion by 2025, according to McKinsey & Company. Here are 10 fintech firms to look out for in the coming […] January 3, 2024
Employment ‘No loopholes for companies’ to be found in Saudi HQ rules Multinational companies looking for loopholes in Saudi Arabia’s regional headquarters rules will not find them, although the exceptions set out in the small print could affect negotiations, business relocation experts have told AGBI. As of Monday, foreign companies looking to gain access to billions of dollars worth of government contracts must have their regional headquarters […] January 3, 2024
Manufacturing Turkey’s manufacturing sector weakens for sixth month Turkey’s manufacturing sector deteriorated for a sixth straight month in December although the industry fared slightly better than in November, data published on Tuesday showed. The Istanbul Chamber of Industry’s Turkey PMI Manufacturing Index registered 47.4 in December, up from 47.2 a month earlier. A figure below 50 indicates the sector is contracting, while above […] January 2, 2024
Opinion Oil & Gas Five outrageous Middle East predictions for 2024 Pure madness or real possibilities? You decide January 2, 2024
Economy Oman forecasts 2024 budget deficit despite higher revenue Oman expects a budget deficit of OMR640 million ($1.66 billion) in 2024, 1.5 percent of the country’s gross domestic product (GDP). Total revenues are projected at OMR11.01 billion, up 9.5 percent from 2023 estimates, with non-oil revenues estimated at OMR520 million, the state-run Oman News Agency reported, citing the finance ministry statement. Oil revenues are […] January 2, 2024
Banking & Finance Investment funds circle distressed companies Investment funds that bet on troubled companies are predicting a rise in Gulf businesses falling into distressed debt as global economic strains intensify. Pockets of financial distress are beginning to emerge in the region, driven by high interest rates, sluggish growth and escalating inflation, industry experts say. Blantyre Capital, a UK-based asset manager that focuses […] January 2, 2024
Economy Abu Dhabi’s non-oil economy grows 7.7% in Q3 Abu Dhabi’s non-oil economy grew 7.7 percent in the third quarter of 2023, driven by the emirate’s proactive efforts to diversify away from hydrocarbons. The emirate’s economy reached its highest quarterly value at AED290.5 billion ($79.09 billion), rising one percent year on year in real gross domestic product (GDP) in the third quarter, despite the […] January 1, 2024
ANALYSIS Economy From sports to oil cuts: Saudi Arabia’s year in review As the curtain comes down on 2023 and Saudi Arabia moves closer to its Vision 2030 deadline, AGBI looks back at the highlights and notable events of the past twelve months in the kingdom. Saudi Arabia wins hosting rights for major events Saudi Arabia’s drive to draw global attention to its development efforts scored important […] January 1, 2024
Finance Saudi Arabia and UAE among five new Brics members The membership of the Brics bloc will double with Saudi Arabia, the UAE, Egypt, Ethiopia and Iran set to formally join on January 1, Bloomberg reported, citing South Africa’s envoy to the bloc Anil Sooklal. The founding members Brazil, Russia, India, China and South Africa invited six other nations to become part of their group […] December 31, 2023
Finance Turkey’s minimum wage hike may elevate inflation further Turkey’s larger-than-expected minimum wage hike, which impacts some seven million workers, is expected to push already elevated inflation even higher in the coming months, economists and sector officials said. Labour Minister Vedat Isikhan said on Wednesday the monthly minimum wage will be TL17,002 ($578) in 2024, a 49 percent increase from the level determined in […] December 29, 2023
Finance UK dominates $60bn foreign direct investment into Oman Foreign direct investment in Oman hit almost OMR23 billion ($59 billion) by the end of the third quarter of 2023, with the UK accounting for the half of it, preliminary data issued by the National Centre for Statistics and Information has revealed. Nearly 77 percent (OMR17.67 billion) of the total foreign direct investment focused on […] December 28, 2023
Finance Turkey hikes monthly minimum wage by 49% Turkey is increasing its monthly minimum wage by just under half, to TL17,002 ($578) from January 1 2024. The increase is likely to boost purchasing power among workers, more than a third of whom earn the minimum wage. The announcement came after the country’s labour and social security minister, Vedat Işıkhan, discussed the issue with […] December 28, 2023
Finance Pakistan’s exports to Saudi Arabia jump 50% to $276m Exports from Pakistan to the Gulf countries rose 29 percent year on year to $1.26 billion in the five months from July to November 2024. Saudi Arabia, the UAE and Kuwait were the top export destinations, a report in the Pakistani newspaper Dawn said, quoting data from the State Bank of Pakistan. Exports to Saudi […] December 27, 2023
Economy Turkey aims to be among top rare earth producers Turkey plans to boost its production of rare earth elements and be among the top five producers in the world, its energy and natural resources minister, Alparslan Bayraktar, has announced. The country uncovered the world’s second-largest rare earth element reserve in Eskişehir’s Beylikova district in 2022, the Daily Sabah newspaper reported. The reserves of ore […] December 27, 2023
Finance Bahrain’s economy expands 2.5%, fuelled by non-oil sector Bahrain’s economy grew by 2.5 percent year on year in real terms in the third quarter of 2023, driven by 4.5 percent annual growth in the non-oil sector, preliminary data released by the Information and eGovernment Authority shows. The kingdom’s non-oil sector accounted for 83.6 percent of real GDP in Q3 2023, the state-owned Bahrain […] December 27, 2023
Opinion Economy 2023 was a year of living dangerously The Gulf will hope it can maintain its safe haven status December 26, 2023
Video length: 05:38 Finance Cakes, crypto and the sun – best video moments of 2023 From top business leaders to expert analysts, AGBI has spoken to them all over the past 12 months. Watch our video round-up above to find out who gave us these memorable quotes … “The bigger the cake, the bigger the problem.” “Your long-term asset in this region is not the oil under the ground, it’s […] December 25, 2023