Analysis Economy Oman set to be the first Gulf state to introduce income tax Oman’s government is on track to implement income tax to high-wage earners by 2024, after having first announced the plans back in 2020. “There is no delay in the target set for 2024 implementation,” Dr Said Al Saqri, Oman’s Minister of Economy, said during the MSX Investors Roadshow conference held earlier this month. The Gulf […] September 27, 2022
Economy Egypt expects oil and gas discoveries in Red Sea region Egypt has inked three agreements to look for oil and gas reserves in the Red Sea region with major international companies, Egypt Today reported, citing Minister of Petroleum Tarek El-Molla. Seismic research is currently being completed in preparation for the start of drilling operations, he said, adding there were good petroleum prospects in the Red […] September 27, 2022
Economy Lebanon passes 2022 budget that falls short of IMF demands Lebanon’s parliament passed its 2022 budget on Monday using an exchange rate for customs tax revenues that lies far below the market value of the Lebanese pound, falling short of economic reform measures that would pave the way for an IMF deal. An agreement with the lender of last resort is seen as a first […] September 27, 2022
Analysis Economy UAE staff told to wait until next year for salary increases The majority of UAE companies are resisting giving staff a boost in their salaries to help compensate for the rising cost of living, with most putting any increases off until next year. Reuters reported in August that Emirates NBD, Dubai’s largest bank, had given its staff a pay rise of up to eight percent to […] September 26, 2022
Economy Tunisians protest against poverty, high prices and food shortages Hundreds of Tunisians protested against poverty, high prices and food shortages in the capital on Sunday night, escalating pressure on the government of President Kais Saied. Tunisia is struggling to revive its public finances as discontent grows over inflation of nearly 9 percent and a shortage of many food items in stores because the country […] September 26, 2022
Economy Bahrain’s hospitality sector grows 18%, helping Q2 GDP up 6.9% Bahrain’s gross domestic product rose 6.9 percent year-on-year in the second quarter of 2022, posting the biggest annual increase since 2011, Bahrain News Agency reported, citing the Ministry of Finance and National Economy. The positive economic growth was driven by the strong performance of the non-oil sectors targeted by the Economic Recovery Plan. The hotels […] September 26, 2022
Economy TotalEnergies to invest $1.5bn in Qatar’s gas expansion project France’s TotalEnergies will invest nearly $1.5 billion in Qatar’s North Field South (NFS) gas expansion project, Qatar News Agency reported. State-owned QatarEnergy has selected TotalEnergies as the first international partner in the North Field South (NFS) expansion project. TotalEnergies will hold a 9.375 percent stake in the project out of a total 25 percent interest […] September 25, 2022
Economy Oman-Saudi trade doubles to $3.24bn in H1 2022 Bilateral trade between Oman and Saudi Arabia more than doubled to exceed OR 1.249 billion ($3.24 billion) during the first half of 2022, compared to OR 595 million in the year-earlier period, Oman Daily Observer reported. Saudi Arabia’s exports to Oman reached OR 831 million, with metals topping the chart with OR 538 million. On […] September 25, 2022
Economy Cyprus GDP forecast at 5.5%, inflation may hit 8.4% in 2022 Cyprus’s economy is forecast to grow by 5.5 percent in 2022 on better than expected tourism arrivals, although the outlook is tempered by energy market turbulence which will sap demand later in the year, the island’s Central Bank said on Thursday. Updated projections of economic output were 2.8 basis points higher than previous projections made […] September 23, 2022
Analysis Economy Will latest interest hike dampen GCC’s non-oil sector recovery? GCC central banks raised their interest rates on Wednesday, in lockstep with the US Federal Reserve, raising concerns as to whether this will disincentivise borrowing in the region’s non-oil sector and result in a slowdown in the post-pandemic recovery. However, consensus among the analysts AGBI spoke to was that the impact of the current levels […] September 23, 2022
ANALYSIS Economy 200 billion reasons why the Gulf is China’s hottest trading partner When Deng Xiaoping, the former communist leader of China, started his modernisation drive in the late 20th century, he looked to the Middle East as the only place that could provide the enormous quantities of oil and gas that his country required to become a global powerhouse. By the end of this decade, less than […] September 22, 2022
Economy New CEO named for Saudi’s $1.3trn private sector push A new CEO has been appointed to the Private Sector Partnership Reinforcement Program which aims to facilitate investments of $1.33 trillion from Saudi private sector businesses by 2030. Abdulaziz bin Abdulrahman Al-Arifi, advisor to the Secretariat General of the Cabinet and a former CEO of finance at Jadwa Investment, has been hired to lead the […] September 21, 2022
Economy Turkish president says inflation not ‘insurmountable threat’ Turkish President Tayyip Erdogan said inflation is not an “insurmountable economic threat,” adding it will begin to fall at the end of the year after it surged to more than 80 percent in August. Under Erdogan’s economic programme, Turkey gradually cut interest rates by 500 basis points at the end of last year, sparking a […] September 21, 2022
Economy Bahrain and Israel start free trade agreement talks Israel and Bahrain have begun negotiating a free trade agreement, Israel’s Economy Ministry said on Tuesday. Israel normalised diplomatic relations with Bahrain and its Gulf neighbour the United Arab Emirates (UAE) two years ago under US sponsorship. While economic ties with the UAE has since taken off, Israel’s trade with Bahrain has lagged far behind. […] September 20, 2022
Analysis Economy Abu Dhabi sets up KEZAD Group to bolster its industrial ambitions AD Ports Group has set up a new business, KEZAD Group, to expand its economic cities and free zones offering. KEZAD, which stands for Khalifa Economic Zones Abu Dhabi, merges the operations of Khalifa Industrial Zone Abu Dhabi (KIZAD) and Specialised Economic Zones (ZonesCorp). It operates 12 economic zones with a total area of 550 […] September 20, 2022
Analysis Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
Economy Egypt’s sovereign fund says 44 projects worth $7.3bn under study Sovereign Fund of Egypt is currently studying 44 projects worth EGP 140 billion ($7.34 billion) in seven sectors, the Egypt Times newspaper reported, citing the fund’s executive director Ayman Soliman. The fund last year signed binding agreements for 10 projects worth EGP 25.5 billion ($1.34 billion), he said. The investments are in utilities and infrastructure, […] September 19, 2022
Economy Egypt to establish company to process VAT refunds to foreigners The Egyptian Cabinet has approved the proposal of the Ministry of Finance to establish an Egyptian joint stock company to set up a value-added tax (VAT) refund system, Egypt Today reported. Global Blue Egypt Company will be a joint venture between Global Blue Public Limited and Global Blue Holland Private Limited. The company will implement […] September 16, 2022
Economy Israel inflation dips to 4.6% in August 2022 Israel’s annual consumer price index (CPI) of inflation dipped to a 4.6 percent rate in August, the Central Bureau of Statistics said on Thursday, easing from a 14-year high of 5.2 percent in July and after aggressive Bank of Israel rate hikes in recent months. A Reuters poll of analysts had projected an inflation rate […] September 16, 2022
Economy Saudi inflation up 3% in August on higher food and transport costs Saudi Arabia’s consumer price index rose three percent in August from a year earlier, official data showed on Thursday, accelerating from a 2.7 percent pace in July. Food and beverages and transport prices were again the main driver of inflation in August, both rising four percent, the General Authority for Statistics said in a statement. […] September 16, 2022
EXCLUSIVE: LONG READ Abraham Accords: The $3bn trade deal that shocked the world Two years after the signing of the historic Abraham Accords, the UAE and Israel are on track to see $3 billion worth of bilateral trade this year. The success of the relationship – kickstarted by the agreement signed by the Emirati and Bahraini foreign ministers, the Israeli prime minister and US president on the South […] September 15, 2022
Analysis Economy Sharjah has world’s second-largest growth of millionaires Sharjah recorded the second-largest increase in millionaires in the first half of this year, as the Gulf claimed five of the top ten hotspots. The total number of millionaires residing in the emirate is now 3,700, up 20 percent from December. Riyadh, the Saudi Arabian capital, tops the list with 17,200, also up 20 percent. […] September 14, 2022
