Economy Moody’s upgrades Oman’s outlook to ‘positive’ on higher oil prices Global ratings agency Moody’s on Thursday upgraded Oman’s outlook to “positive” from “stable”, citing elevated oil prices easing the Middle Eastern nation’s debt position over the next few years. Oman, one of the Gulf’s weaker economies, swung to a budget surplus in the first half of 2022, easing pressure on public finances and improving its […] October 7, 2022
Opinion Energy Behind the scenes at the controversial OPEC+ meeting The West and GCC nations can now only gain from really engaging in geopolitics and markets with cool heads and open channels of communication October 6, 2022
Economy Bahrain attracts $921m direct investment in diversification drive Bahrain’s Economic Development Board (EDB) said on Wednesday it attracted $290 million direct investment in manufacturing and logistics in the first nine months of 2022 as the country seeks to diversify its oil-based economy. The investments, through 25 manufacturing and logistics companies setting up and expanding in the small island nation, are expected to create […] October 6, 2022
Economy MENA’s growth rate this year to be fastest since 2016 The Middle East and North Africa region is expected to post economic growth of 5.5 percent in 2022, the fastest pace since 2016, before slowing to 3.5 percent next year, the World Bank said on Wednesday. Oil exporters in MENA, the six-country Gulf Cooperation Council (GCC), have received a windfall from high oil prices. The […] October 6, 2022
Economy UAE businesses see new orders grow at fastest rate since 2009 The UAE’s non-oil private sector saw new orders grow in September at the fastest rate since records began 13 years ago, as costs and inflationary pressures eased. The monthly S&P Global UAE Purchasing Managers’ Index (PMI) dropped slightly to 56.1 in September from 56.7 in August, when it hit a 38-month high. A score of […] October 5, 2022
Economy Saudi Arabia’s PIF starts selling debut green bonds Saudi Arabia’s Public Investment Fund (PIF) has begun taking orders for its debut bond sale, in what will be the first green issuance by a sovereign wealth fund. A bank document has revealed initial price guidance for the green bonds at around 150 basis points over US Treasuries for a five-year portion, around 190 basis […] October 5, 2022
Economy City of London Lord Mayor eyes UK-GCC trade deal in H1 2023 Negotiations to draw up a UK-GCC free trade agreement (FTA) could be completed in the first half of 2023, according to Vincent Keaveny, the Lord Mayor of the City of London. The international ambassador for the UK’s financial and professional services sector said the City of London strongly supports the FTA talks with the GCC […] October 5, 2022
Economy Egypt’s non-oil sector hit by weak demand, home and away Egypt's non-oil output fell in September, a 13th consecutive month of contraction, as exports dropped sharply too October 4, 2022
Economy IMF head urges more Saudi reforms as economy expands The head of the International Monetary Fund (IMF) has urged Saudi Arabia to maintain its reform momentum to help achieve longer-term prosperity as the economy continued to expand during September. IMF managing director Kristalina Georgieva hailed the “impressive progress” in implementing Saudi’s Vision 2030 reform agenda, notably the doubling of the share of women in […] October 4, 2022
Economy IMF says global recession can be avoided with right fiscal policies Global recession can be avoided if governments’ fiscal policies were consistent with monetary policy tightening, but likely there would be countries falling into recession next year, the International Monetary Fund’s managing director said on Monday. In the context of monetary policy tightening, fiscal policy cannot stay idle because the cost of living crisis is hitting […] October 4, 2022
Banking and Finance Turkey inflation hits new 24-year high of 83% after rate cuts Turkish annual inflation climbed to a new 24-year high of 83.45 percent in September, data showed on Monday, still lower than forecast, after the central bank surprised markets by cutting rates twice in the last two months. Despite soaring prices, the central bank was expected to cut its policy rate again this month, after President […] October 4, 2022
Economy Bank of Israel raises interest rate to tame inflation The Bank of Israel on Monday raised its benchmark interest rate by three-quarters of a percentage point for the second meeting in a row, citing its determination to move inflation back to within its target. The central bank lifted its key rate to 2.75 percent from two percent in its fifth straight decision to hike […] October 4, 2022
US robotics specialist Gecko to set up shop in UAE Gecko Robotics, a US firm that makes wall-climbing robots to inspect oil, gas and power infrastructure, is setting up an international HQ in the UAE. The move, announced today, is part of the UAE Ministry of Economy’s NextGen FDI programme, which aims to attract 300 digital companies over the next year. “Our industrial base is […] October 3, 2022
Economy Bleak economic forecast leads to UK companies setting up in UAE There has been a 23 percent year-on-year rise in UK companies setting up in the UAE. The increase comes as Britain contends with a stark economic outlook: the most recent forecast from the British Chambers of Commerce (BCC) predicts that there will be a recession before the end of this year, with inflation spiking to […] October 3, 2022
Economy UAE and China non-oil trade reaches $32bn in H1 2022 Non-oil trade exchange between the UAE and China in the first half of 2022 reached AED 118.4 billion ($32.24 billion), WAM, the UAE state-owned news agency reported. Imports stood at AED 102.7 billion, non-oil exports were valued at AED 5.5 billion, while re-exports hit AED 9.8 billion, showed data released by the Federal Competitiveness and […] October 2, 2022
Economy Saudi Arabia to boost spending in 2023, GDP growth to slow down Saudi Arabia expects to post a surplus of 0.2 percent of GDP in 2023, a drop from an expected surplus of 2.3 percent this year, which was revised downwards slightly, a preliminary budget statement showed on Friday, as it boosts spending amid a windfall from oil revenues. Saudi Arabia expects total revenues at 1.123 trillion […] October 2, 2022
Economy PIF-owned Savvy Games unveils $37.8bn global ambition strategy Saudi Arabia’s Savvy Games Group, wholly-owned by the Public Investment Fund (PIF), will invest SAR 142 billion ($37.8 billion) across four programmes that aim to make the kingdom a global hub for gaming by 2030. The initiatives will include SAR 70 billion to take several minority stakes in companies that support Savvy’s game development agenda […] September 30, 2022
Economy Israel-South Korea free trade deal to take effect December 1 A free trade agreement between Israel and South Korea will go into effect on December 1, Israel’s economy ministry said on Wednesday, in a move expected to lower the prices of Korean-made cars, toys, video game consoles and soy sauce. The agreement was ratified by Korea’s parliament on Tuesday. The ministry estimated that it would […] September 29, 2022
Tourism Oman and UAE seek new trade era after multi-billion dollar deals Oman and the UAE are looking to begin a new era in trade relations following the signing of deals to boost collaboration in culture and media, railways, education, scientific research, agricultural wealth and financial markets. UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Oman this week to sign an agreement between Oman Rail and […] September 28, 2022
EXCLUSIVE Economy ‘Everyone’s attacking Truss but her plan will attract foreign investors’, says Damac exec The British government's plans to reduce taxes and planning red tape will attract Gulf investors, says Damac executive Ali Sajwani September 28, 2022
Economy WTO chief expects downside revisions in global trade forecast The head of the World Trade Organization (WTO) told Reuters on Tuesday that she expects that global trade forecasts will be revised lower from the current three percent for 2022, citing the ongoing Russia-Ukraine war and related food and energy crises. “We are in the middle of revising our forecasts now but it’s not looking […] September 28, 2022
Economy Saudi Crown Prince Mohammed bin Salman named prime minister Saudi King Salman has appointed Crown Prince Mohammed bin Salman as prime minister as part of a cabinet reshuffle, state-owned SPA news agency reported. As part of the reshuffle, Prince Khalid bin Salman will become defence minister, while Yousef bin Abdullah Al-Bunyan was named education minister. The ministers retaining their positions are the energy minister Prince […] September 28, 2022
