Employment Employment among Saudi citizens rises above 50% mark The participation rate of Saudi citizens in the labour market increased to 52.5 percent in Q3 from 49.8 percent in the same period last year, figures from the General Authority for Statistics showed. The overall unemployment rate – which includes citizens and non-Saudi residents – remained unchanged at 5.8 percent, the data released on Thursday showed. Unemployment […] December 29, 2022
Banking and Finance Dubai-listed Salama to acquire Aman insurance portfolio Islamic Arab Insurance Company (Salama) has signed a deal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Co. (Aman), which includes its motor, medical, non-motor and group life insurance business (target portfolio), the company said in a statement to Dubai Financial Market. The target portfolio generated AED98.59 million gross written contribution (GWC) […] December 29, 2022
Analysis Employment Hybrid working is the key, as UAE offices fill up again After years of coronavirus pandemic-induced remote and hybrid working, 2022 saw the UAE’s offices once again filling up. However workers have made it clear that they would prefer a hybrid model, according to a study by Cisco Middle East and Africa. Out of the 1,050 full-time UAE employees surveyed almost 90 percent said they wanted […] December 29, 2022
Economy Vietnam 2022 GDP grows at the fastest pace since 1997 Vietnam’s gross domestic product grew 8.02 percent in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports. The reading is higher than an official growth target of 6-6.5 percent and growth last year of just 2.58 percent, when Covid-19 lockdowns left a dent on the economy and impacted factory […] December 29, 2022
Markets Luberef falls nearly 7% below IPO price in market debut Shares in Saudi Aramco’s base oil subsidiary Luberef fell as much as 6.6 percent below its listing price in its Riyadh market debut on Wednesday. Formally known as Saudi Aramco Base Oil Company, Luberef raised SAR4.95 billion ($1.32 billion) earlier this month through the sale of 30 percent of the company to investors in an […] December 29, 2022
Banking and Finance Turkish banks to pay dividends after record 2022 profits Several big Turkish banks want to issue dividends to shareholders after posting record profits in 2022 and the country’s BDDK banking watchdog is considering the request, three banking sources familiar with the issue said. Each year the BDDK makes recommendations regarding banks’ profit distribution. In 2021, dividends were up to 10 percent of lenders’ net […] December 29, 2022
Economy Turkey’s inflation likely to decline to 43.2% by 2023-end Turkey’s annual inflation is expected to fall sharply to 66.8 percent in December due to a favourable base effect but drop only to 43.2 percent by the end of 2023, a Reuters poll showed, while monthly price rises should remain elevated. The end-2023 forecast is nearly twice that of the government, and raises the prospect of continued […] December 29, 2022
Opinion Banking and Finance Antti Arponen: Fintech payment solutions will be catalyst for growth With emerging markets in the Middle East and Africa continuing to leapfrog old technology, fintech payment solutions are in the right place at the right time December 28, 2022
Analysis Economy Less dramatic year ahead for Middle East post-Covid and oil boom era After the sugar rush of 2022, Gulf states will have to get used to less dramatic rates of growth in 2023, as economies stabilise following the immediate post-Covid period that coincided with the spillover effects from the Ukraine crisis. GCC growth averaged 6.5 percent in 2022, according to International Monetary Fund (IMF) estimates, and the […] December 28, 2022
Banking and Finance Gold prices hit all-time high in Egypt as local currency weakens The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, industry experts say. Figures from the Federation of Egyptian Chambers of Commerce’s (FEDCOC) gold division show the price of 21-carat gold surpassing EGP […] December 28, 2022
Economy Japan central bank debates rising wages and fading deflation risks Bank of Japan (BOJ) policymakers saw the need to keep ultra-low interest rates but discussed growing prospects that higher wages could finally eradicate the risk of a return to deflation, a summary of opinions at their December meeting showed. Their increasing attention to mounting inflationary pressures could keep alive market expectations the BOJ will phase […] December 28, 2022
Economy Bahrain’s exports dropped 14% in November Bahrain’s exports of national origin dropped by 14 percent in November year-on-year reaching BD350 million ($931.6 million). According to the Information & eGovernment Authority, unwrought aluminium alloys were the top products exported during November this year, worth BD92 million. Bahrain real estate trends: From drive-thrus to cheaper hotels Bahrain’s GFH commences trading on Abu Dhabi […] December 27, 2022
Opinion Economy Oil and tech will keep Kuwait’s economy on the rise Digitisation is key to success but startups in the rest of the Mena region must buckle up for a bumpy ride December 27, 2022
Economy Sharjah approves 2023 budget with expenditure at $8.8bn Sharjah has approved its general budget for 2023 with total expenditures of nearly AED32.2 billion ($8.77 billion), state-run WAM news agency reported. Expenditures decreased by 12 percent from the 2022 budget, but without affecting the most critical areas, such as employment and economic and social development. Some 35 percent of next year’s budget has been […] December 27, 2022
Banking and Finance Saudi Arabia’s investments in Egypt hit over $6bn Saudi Arabia has invested $6.1 billion into 6,017 projects across Egypt, becoming the second largest investor in the country, local media reported. The kingdom’s investments cover various sectors, including industry, construction, tourism, agriculture, services, finance, communications and information technology, Arab News reported, citing Egypt’s minister of trade and industry Ahmed Samir. Bilateral trade exchange rose […] December 27, 2022
Banking and Finance Sanctions forcing Russia’s Sberbank to close UAE office Russia’s dominant lender Sberbank will be forced to close its office in the UAE early next year, first deputy chairman Alexander Vedyakhin said on Monday, blaming sanctions pressure. Sweeping Western sanctions targeted Russia’s financial system after Moscow sent troops into Ukraine on February 24. Sberbank is one of several major Russian banks to have been […] December 27, 2022
Economy Tunisia union rejects 2023 budget and threatens to occupy streets Tunisia’s powerful UGTT union will hold mass protests and “occupy the streets” soon to show its rejection of next year’s austerity budget, the leader of the union said on Monday, in its strongest challenge to the government of President Kais Saied yet. The union, with more than a million members, has proven able to paralyse […] December 27, 2022
Lister: Next 12 months are crucial for UK and UAE trade relations The UK can use the UAE as a “springboard” for global trade, says Lord Udny-Lister, co-chair of the UAE-UK Business Council. A third round of negotiations for a free trade agreement between the UK and GCC is set to take place in the Saudi capital Riyadh early next year, following talks in London three weeks […] December 26, 2022
Opinion Sustainability Green for go as UK and UAE count down to Cop28 The environment will be a key theme as the UK and UAE look to commercialise innovations in sustainability December 26, 2022
Banking and Finance Bloomberg has no plans to buy Dow Jones or Washington Post Bloomberg LP has no interest in acquiring either Dow Jones or the Washington Post, a spokesman has said. “There have been no conversations with anyone or either organisation about an acquisition,” spokesman Ty Trippet said in the tweet, which was retweeted by billionaire owner Michael Bloomberg. News website Axios reported on Friday that Bloomberg was […] December 26, 2022
Banking and Finance Israel awards licence to investors to set up new digital bank Israel’s banking regulator on Sunday approved a conditional licence and control permit to a group of entrepreneurs to establish a new online bank, the second addition to the highly concentrated banking sector in three years. The Bank of Israel said its banking supervision department had completed the inspection process for the new institution named Esh […] December 26, 2022
Economy Israel exports to reach record of more than $160bn in 2022 Israel’s exports are expected to have risen more than 10 percent to a record level of at least $160 billion in 2022, led by exports of services, the Economy Ministry said on Sunday. Exports, some 30 percent of Israel’s economic activity, were $144 billion in 2021, when services overtook goods as the country’s main export […] December 26, 2022
