Economy Oman to generate $5bn from divestment plan in next five years State-owned Oman Investment Authority’s (OIA) recently unveiled divestment plan is likely to generate around OR1.9 billion ($5 billion) over the next five years, Oman Daily Observer reported. Officials shared the divestment plan details at an investment forum held recently in London, UK. The primary sector to be privatised is oil and gas, with total expected […] August 31, 2022
New deals aim to enhance UK-Qatar trade and investments The UK has enhanced its relationship with Qatar, its third largest Gulf trading partner, with the announcement of two new agreements to boost trade and investment. UK trade minister Ranil Jayawardena met Qatar’s Minister of Commerce and Industry, Sheikh Mohammed bin Hamad Al-Thani in London last week to agree the partnerships at the third UK-Qatar […] August 30, 2022
Economy South Korea reins in stimulus with first spending cut in 13 years South Korea said on Tuesday it would cut annual government spending for the first time in more than a decade next year, as it strives to cut back on pandemic-era stimulus and help the central bank temper inflationary pressures. Unveiling the first budget proposal under right-leaning President Yoon Suk-yeol, the finance ministry said government expenditure […] August 30, 2022
Economy IMF approves $18.5bn flexible credit line for Chile The International Monetary Fund’s (IMF) executive board approved a flexible credit line of around $18.5 billion for Chile to give the world’s leading copper miner greater flexibility to confront risks from commodities price shocks to financial tightening. Chile is one of Latin America’s most stable democracies but has nonetheless been hit by a depreciating currency […] August 30, 2022
Economy Turkish trade deficit jumps 147% to $10.7bn in July Turkey’s foreign trade deficit surged 147 percent year-on-year to $10.69 billion in July, with imports surging 41.4 percent, data from the Turkish Statistical Institute showed on Monday. Imports stood at $29.24 billion, while exports rose 13.4 percent to $18.55 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […] August 30, 2022
Economy Qatar’s trade balance surplus jumps 78% to $4.2bn Qatar’s trade balance surplus grew 78 percent year-over-year in July to QR 15.2 billion ($4.17 billion), the state-owned Qatar News Agency reported, citing official data. Preliminary figures showed that the total value of exports, including exports of goods of domestic origin and re-export, reached QR 44.4 billion, up 61.9 percent year-on-year, according to data released […] August 29, 2022
Economy Oman to offer tax waivers and incentives in renewable push Oman is studying offering tax waivers and other incentives to attract investments and localised manufacturing opportunities across the value chain of the new “green energy” industry, according to a local media report. Some of the proposed incentives were recently shared by a high-level delegation representing a key forum held in London, UK, Oman Daily Observer […] August 29, 2022
Economy Food, fuel shortages hit Tunisian shops amid looming crisis Some Tunisian shops are rationing goods including cooking oil, sugar and butter, while big queues have hit petrol stations amid a fuel shortage as the government navigates a looming crisis in public finances. Some grocery shops have restricted customers to single packs of items in short supply, while queues outside petrol stations have blocked traffic […] August 28, 2022
Economy Israeli diplomat in Turkey expects ambassador appointment in weeks The Israeli charge d’affaires in Turkey said on Friday the re-appointment of an ambassador to Ankara could happen within weeks, while repeating Israel’s expectation that the Hamas office in Istanbul be closed down. In a roundtable meeting with journalists, Israel’s current top representative in Ankara Irit Lillian said the process of re-appointing an ambassador to […] August 28, 2022
Economy Oman registers nearly 50% surge in SMEs on support, incentives The number of small and medium-sized enterprises (SMEs) rose by 46.8 percent to reach 81,460 at the end of July 2022 year-on-year, the Times of Oman reported, citing the National Centre for Statistics and Information’s data. The current year has seen an increase in the registration of SMEs with the Authority for Small and Medium […] August 28, 2022
Economy Egypt’s GDP surged by 6.6% in year to June-end Egypt’s economy expanded by 6.6 percent in the fiscal year that ended on June 30, with growth accelerating from the previous year’s 3.3 percent as activity recovered after the coronavirus pandemic before slowing again due to the impact of the war in Ukraine. The growth figure given in a cabinet statement on Thursday was higher […] August 26, 2022
Economy Qatar World Cup 2022 set to generate $6bn revenue FIFA estimates the World Cup 2022 in Qatar will generate revenue of around $6 billion, the event’s chief executive officer Nasser Al Khater told the Qatar News Agency. The FIFA World Cup Qatar 2022 CEO said ticket sales have been strong, with Mexico vs. Argentina and Saudi Arabia vs. Argentina the top sellers. The second […] August 26, 2022
Economy Saudi Arabia plans to invest $1bn in Pakistan Saudi Arabia plans to invest $1 billion in Pakistan, Saudi state TV reported on Thursday. King Salman bin Abdulaziz had given the directive for the kingdom to support the Pakistani economy, Reuters reported, citing state TV. UAE to invest $1b in Pakistan’s economic, investment sectors Earlier this month, Bloomberg reported that the kingdom plans to […] August 26, 2022
Analysis Economy Britain looks to the Gulf as recession looms At the height of a long hot summer of discontent, the decision by PIF, Saudi Arabia’s sovereign wealth fund, to take a stake in Aston Martin came as welcome relief to British industry. As inflation soars and recession looms in the UK, it is hoped the £78 million pledge not only signals a turnaround for […] August 26, 2022
Analysis Economy How Oman got its budget back into the black Oman’s economic outlook looks rosier now than policymakers might have dared to expect just a few months ago – having registered a rare budget surplus in the first half of 2022. Data from the Ministry of Finance revealed a OMR784 million ($2 billion) fiscal surplus, compared to an OMR457m deficit in the same period in […] August 25, 2022
Economy Remittances from Egyptian expats rises 1.6% to $31.9bn Remittances from Egyptian workers abroad in the financial year 2021/2022 rose 1.6 percent year-on-year to $31.9 billion, according to the Central Bank of Egypt (CBE). This is compared to $31.4 billion sent home by Egyptians working overseas in the fiscal year 2020/2021, and $27.8 billion in 2021/2022, the Egypt Independent newspaper reported. The fiscal year […] August 24, 2022
Economy Turkey inflation to fall sharply in December says finance minister Turkey’s annual inflation rate will enter a sharp downward trend as of December due to favourable so-called base effects and the fall will continue throughout 2023, Finance Minister Nureddin Nebati said on Tuesday. Nebati was speaking in a televised interview with broadcaster NTV. Inflation hit nearly 80 percent in July. Turkey’s annual inflation jumped […] August 24, 2022
Economy UAE exports to Spain up 32% in Q1 2022 UAE bilateral trade with Spain is bouncing back to pre-pandemic levels with Spanish exports to the UAE projected to grow eight percent this year, a top Spanish diplomat told WAM, the UAE state news agency. Imports from the UAE to Spain are also growing and the first quarter of 2022 already witnessed a 32 percent […] August 24, 2022
Economy Talks under way to forge UK-GCC trade deal Discussions to broker a trade agreement between the UK and GCC have begun, with the trade commissioner for the Middle East, Simon Penney, describing the Gulf as an “important region” for the UK. “Today marks the launch of the first round of negotiations towards a UK GCC Free Trade Agreement,” Penney said. “The GCC is […] August 23, 2022
Economy Cyprus cash-for-passports scheme rife with tax failings A cash-for-passports scheme discontinued by Cyprus in 2020 after a political furore cost the state hundreds of millions of euros in lost revenues from misdirected tax breaks, an independent watchdog said on Monday. Cyprus’s Auditor-General, which is an independent division of the state, said authorities may also have been duped into issuing passports on investments […] August 23, 2022
Economy Israel makes strongest rate hike in 20 years to cool inflation The Bank of Israel raised its benchmark interest rate on Monday by three-quarters of a percentage point, its biggest hike in two decades, and appeared on track for further increases as it tries to rein in inflation that has topped five percent. The central bank lifted its key rate to two percent from 1.25 percent, […] August 23, 2022
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
