Economy UAE and Saudi economies to slip this year on lower oil demand Economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues take a hit from an expected mild global slowdown, according to the median view from a Reuters poll of economists. Crude oil prices, a major driver for Gulf economies, are down more than a […] January 25, 2023
Analysis Mena tech firms can plug skills gap by scooping up global talent Technology companies in the Middle East are in prime position to attract top talent from around the world as some of Silicon Valley’s biggest names make massive job cuts, according to recruitment consultants. Google’s parent company Alphabet, Microsoft and Amazon have all unveiled large-scale redundancy programmes since the start of January. About 40,000 jobs will […] January 24, 2023
Economy Swiss Group opens Zurich office to boost trade with UAE Swiss Group, the Dubai-based business consultancy, is opening an office in Zurich this month to help Swiss companies and entrepreneurs do business in the UAE. The UAE’s $8.74 billion of exports to Switzerland in 2021 make it the European country’s ninth largest import partner, according to data from the International Monetary Fund. The UAE is […] January 24, 2023
Banking and Finance UAE is in ‘first division’ of financial literacy The UAE is in the ‘first division’ when it comes to financial literacy, according to Alex Fraser, CEO of the London Institute Banking and Finance (LIBF). With just one third of adults worldwide being financially literate, according to Standard & Poor’s Ratings Services Global Financial Literacy Survey, the LIBF is involved in the global challenge […] January 22, 2023
Economy Lebanon sets new rate for withdrawals from dollar deposits Lebanon’s central bank said on Thursday it had set a new rate of 15,000 Lebanese pounds to the US dollar for withdrawals from bank deposits denominated in dollars, but which can now can be accessed largely in the local currency. The rate was previously set at 8,000 pounds under central bank Circular 151, which implied […] January 22, 2023
Economy Saudi capital developing fast with eye on Expo 2030 bid Saudi Arabia, which has bid to host the Expo 2030 world fair, is pushing ahead with plans to turn its capital Riyadh into a major global metropolis, a government official said. The kingdom has ambitions to double the size and population of its capital city with total investments of some $800 billion under its Vision […] January 20, 2023
Economy Egypt’s soaring prices drive home economic pain In better times, Om Mohamed’s family used to take holidays at resorts on Egypt’s Red Sea coast. Now there is no money for vacations. Om Mohamed, 61, and her husband, who live with two grown-up sons in an apartment near the Cairo ringroad, are cutting back on items like meat as they try to get […] January 20, 2023
Analysis Tourism Resurgence in Chinese travellers is boon for Gulf tourist traps Gulf markets closed lower on Wednesday over concerns that China’s 2022 economic growth slowed sharply to 3 percent, its second-worst performance since 1976, and its population fell for the first time since 1961. However, the recent easing of travel restrictions by Chinese authorities is expected to result in an influx of tourists from the country […] January 20, 2023
Economy UK-GCC trade talks based on ‘substance over speed’ Negotiations between the UK and GCC over a free trade agreement are focused on “substance over speed”, Simon Penney, Britain’s trade commissioner for the Middle East, says. The third round of talks are due to take place by the end of the first quarter, with previous rounds of discussions having concluded in September and December […] January 19, 2023
Economy IMF says China recovery could be ‘very quick’ China could see a sharp recovery in economic growth from the second quarter onwards based on current infection trends after the dismantling of most Covid-19 restrictions, IMF deputy managing director Gita Gopinath said. “We expect growth in China to come back, to rebound,” Gopinath told Reuters in an interview at the World Economic Forum in Davos. […] January 19, 2023
Economy Qatar says QIA gets budget surplus to invest for diversification Qatar has transferred its budget surplus to Qatar Investment Authority for investment as part of its diversification programme, finance minister Ali Al Kuwari told CNN’s Richard Quest at the World Economic Forum at Davos. “We have a very clear and very disciplined fiscal policy framework. This is already approved by the government. And this is […] January 19, 2023
Economy Israel public debt burden slides to 60.9% of GDP in 2022 Israel’s public debt fell in 2022 to 60.9 percent of gross domestic product from 68 percent in 2021, the finance ministry said, citing strong economic growth and a budget surplus. The ministry said economic growth of 6.3 percent and a decline of a billion shekels in government debt led to the large drop in the […] January 19, 2023
Economy Saudi Arabia changing no-strings aid policy, says minister Saudi Arabia’s finance minister has said the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally. The kingdom, the world’s top oil exporter and an Arab powerhouse, was encouraging countries in the region to enact economic reforms, Mohammed Al-Jadaan said at the World Economic Forum […] January 19, 2023
Economy Egypt sees high demand from investors after currency drop Egypt is seeing good investor appetite for stakes in its state-owned enterprises, the country’s planning minister said, as the government pursues partial privatisations to drum up funds after a sharp fall in the value of its currency. Egypt, faced with a currency crunch exacerbated by the war in Ukraine, recently started a $3 billion International […] January 19, 2023
Opinion Shifting sands: Three years of rapid change in the Middle East The region emerged stronger from the pandemic and 2023 promises even more January 18, 2023
Economy WEF says global recession and high inflation likely in 2023 Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting. Some 18 percent considered a world recession “extremely likely” – more than twice as many as in the previous survey conducted in September […] January 17, 2023
Opinion Economy Unravelling the Gulf’s energy conundrum The region gained wealth and political clout last year. Now, as the UAE prepares to host Cop28, it will be expected to find – and fund – climate solutions January 16, 2023
Economy Israeli manufacturers seeks steep cut in food tax Israel’s Manufacturers’ Association has proposed tax cuts on food along with a host of other measures aimed at strengthening Israeli economic competitiveness and dealing with the country’s high cost of living. The association’s economic plan, submitted to Israel’s prime minister and ministers of finance and economy, proposed cutting the value added tax (VAT) on food […] January 16, 2023
Economy Saudi inflation rises to 3.3% on higher housing rents Saudi Arabia’s annual inflation rate ticked up to 3.3 percent in December from 2.9 percent in November, government data showed, with price rises again driven mainly by housing costs. Prices rose 0.3 percent month on month in December, compared with a 0.1 percent monthly rise in November, Saudi Arabia’s General Authority for Statistics said. Housing, […] January 16, 2023
Economy Egyptian small businesses optimistic about 2023 The majority of Egyptian small business owners are optimistic about their growth prospects for 2023. YouGov and GoDaddy’s 2023 Small Business Survey found that 67 percent of Egyptian entrepreneurs are expecting growth this year, with the food and beverage, technology and e-commerce sectors perceived as having the most potential. Selina Bieber, commercial strategy senior director […] January 16, 2023
Economy Record deficit: Tunisia’s trade deals in numbers Tunisia posted a record 55 percent increase in its trade deficit in 2022, reaching TND 25.2 billion ($8.18 billion), according to figures released by the National Institute of Statistics. As the North African country battles an economic crisis, the deficit increase was attributed largely to the loss of trade with several key countries, including China, […] January 13, 2023
Economy Oman-UK trade dips but optimism remains UK trade with Oman saw a drop of 5.5 percent through the first 10 months of 2022, compared to the corresponding period the previous year, despite an overall uptick in the UK’s global trade. Latest figures available from UNComtrade, the UN Statistics Agency, up to October 2022 show total trade between the two countries reached […] January 13, 2023
