Real Estate Saudi Arabia embraces mortgage-backed securities Saudi officials have signed a preliminary deal this week to issue residential mortgage-backed securities, a first for the Gulf. The Saudi Real Estate Refinance Company (SRC), which is owned by the Public Investment Fund (PIF), and the Hassana Investment Company, which manages the assets of the national social security and pension fund, signed the memorandum […] January 3, 2025
Economy Oman estimates budget deficit of $1.6bn in 2025 Oman estimates a budget deficit of OR620 million ($1.61 billion) in 2025, with total spending likely to reach OR11.8 billion, a 1.5 percent increase year on year. The revenue forecast is based on an average oil price of $60 a barrel, state-run Oman state news agency reported. The deficit will be funded through local and […] January 3, 2025
Finance Saudi Arabia funds budget gap with $2.5bn loan Saudi Arabia has secured a sharia-compliant revolving credit facility of $2.5 billion to fund its budget gap in 2025. The credit facility for three years was secured from three regional and international financial institutions, according to the National Debt Management Center (NDMC). It falls within the kingdom’s medium-term public debt strategy by diversifying funding sources […] January 3, 2025
Tax Dubai distributors to swallow 30% tax on alcohol brands Dubai’s two main alcohol distributors have promised to absorb most, and in some cases all, of the 30 percent tax that was reinstated on alcoholic drinks from January 1. The Dubai Municipality tax on alcoholic beverages was suspended from the start of 2023, continuing into 2024. It was widely seen as an attempt to make […] January 3, 2025
Trade Turkey hikes tariffs on Chinese cars to boost investment Turkey has accelerated its policy of targeted tariffs on Chinese vehicles, increasing levies on gasoline and hybrid model imports. Industry insiders believe the move is designed to protect local manufacturers and encourage Chinese investors to set up in the country, even though it is likely to further anger Beijing. The Ankara government announced that tariffs […] January 3, 2025
Mining Oman resumes copper exports as global demand rises Minerals Development Oman (MDO) has resumed exporting copper from the Lasail mine in Sohar with its first shipment in nearly 30 years. The mine, developed by Oman Mining Company, a subsidiary of MDO, produces an average of 500,000 tonnes of copper ore per year. MDO said it also plans to initiate operations at the Al […] January 2, 2025
Analysis Economy Saudi 2025 fiscal gap forecast could widen further Saudi Arabia has assumed a deficit of nearly $27 billion in its 2025 budget but the actual gap is likely to widen by the end of the year, experts predict. When the world’s largest oil exporter announced the draft budget in September and then endorsed it in late November, it was expecting more oil earnings […] January 2, 2025
Banking and Finance Oman appoints Al Musalmi to head central bank Ahmed Al Musalmi has been appointed governor of Oman’s central bank as the sultanate continues to diversify its economy away from a reliance on hydrocarbons. The appointment was confirmed in a royal decree by Sultan Haitham bin Tariq al Said. Sayyid Asaad bin Tariq Al Said has been named chairman of the board of directors […] January 2, 2025
Construction Emaar EC cuts accumulated losses by nearly 54% Emaar the Economic City (Emaar EC) has cut accumulated losses without disrupting business operations after shareholders approved a capital decrease. Abdulaziz Ibrahim Alnowaiser, CEO of the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, said: “The capital decrease is a critical enabler of our capital optimisation plan.” The approved capital cuts will reduce the company’s […] January 2, 2025
Opinion Energy Something old, something new: GCC energy trends in 2025 To avoid a 2008-style power crunch, every type of energy must be thrown into the mix January 2, 2025
Economy Mubadala beats PIF in global sovereign spend in 2024 Abu Dhabi’s Mubadala Investment Company outpaced Saudi Arabia’s Public Investment Fund in spending last year after the PIF reduced its global investments in 2024. Mubadala and its subsidiaries invested $29.2 billion in 2024, up from $17.5 billion in 2023, Reuters reported citing the preliminary data from research company Global SWF. That accounted for nearly 20 […] January 2, 2025
Employment Number of unemployed Saudis down in Q3 2024 Unemployment among Saudi nationals fell to 7.8 percent in the third quarter of 2024 from 8.8 percent in the same period a year ago, according to state-run General Authority for Statistics data. But unemployment increased quarter on quarter from 7.1 percent. The overall unemployment rate, including expatriate workers, climbed to 3.7 percent from 3.3 percent […] January 2, 2025
Economy Oman imposes 15% tax on multinationals Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency. The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency. Last month the UAE’s […] January 2, 2025
Finance Morocco’s economy expands 4.3% in Q3 as inflation eases Morocco’s economy expanded by 4.3 percent in the third quarter of 2024, compared to 3 percent a year earlier. The growth was primarily driven by increased domestic demand and easing inflation, Morocco World News reported, citing data from the High Commission for Planning. Non-agricultural sectors led the upturn, growing 5.1 percent despite agricultural activity contracting […] January 2, 2025
Finance Market cap of UAE stock markets top $1trn in 2024 The combined market capitalisation of the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) exceeded AED3.91 trillion ($1.06 trillion) in 2024, compared to AED3.65 trillion at the end of 2023. Growth was driven by a robust economy, foreign investments, and initial public offerings (IPOs), the UAE state-run Wam news agency reported. The ADX […] January 1, 2025
Trade UAE celebrates global reach of Cepa programme The UAE has agreed trade agreements with countries and international blocs that account for a quarter of the world’s population, the Emirates’ trade minister said. The UAE has concluded 24 comprehensive economic partnership agreements (Cepa) since it launched the programme more than three years ago, covering around 2.5 billion people. A total of 15 Cepas […] December 31, 2024
Economy Saudi Arabia’s FDI inflows fall 21%, putting 2024 target in doubt Foreign direct investment into Saudi Arabia has fallen 21 percent year on year, according to the country’s statistics agency. In the third quarter of 2024, Saudi Arabia recorded SAR18 billion ($4.8 billion) of FDI inflows, compared to SAR22.6 billion in the third quarter of 2023, the General Authority for Statistics said. FDI inflows were also […] December 31, 2024
Economy Poorest parts of Turkey to get $14bn investment The Turkish government has revealed plans to invest more than $14 billion into the country’s underdeveloped southeast. Spending will be ramped up in the nine of Turkey’s 81 provinces that constitute the area close to the borders of Syria and Iraq, traditionally the poorest in the country, with funding to be provided for 200 projects. […] December 31, 2024
Analysis Markets Low spreads propel UAE dollar bond issuance to four-year high UAE dollar bond sales in 2024 have hit the highest annual total in at least four years, as corporate and government bodies take advantage of historically low spreads. Issuance in 2025 may reach similar levels, observers believe, as issuers refinance maturing debt. Fifty separate UAE dollar-denominated bond issuances totalled $37.9 billion in the year to […] December 31, 2024
Business of Sport World Cup contractors may have to register in Saudi Foreign companies hoping to capitalise on Saudi Arabia’s SAR100 billion ($26.6 billion) World Cup preparations must be registered in the kingdom, according to the chief executive of a leading Saudi-based investment company. “Don’t waste time offering services from abroad,” said Mohammed AlQahtani, CEO at Saudi Arabia Holding Company, a private equity firm in Riyadh, in […] December 31, 2024
Video length: 03:59 VIDEO Markets Investors wary of inflation as Trump pursues ‘America first’ policy When Donald Trump returns to the White House his “America First” policy is likely to increase inflation and global economic fragmentation, according to analysts. “We [the Middle East] need to be much more picky about particular geographies, asset classes and even themes that we favour,” said Ben Powell, chief investment strategist at BlackRock’s Investment Institute, […] December 31, 2024
Banking and Finance Bahrain’s GFH buys $136m Dubai-based logistics fund GFH Partners, the DIFC-based asset management arm of Bahrain-based GFH Financial Group, has acquired Manrre REIT, the Dubai-based fund with assets across the UAE and the GCC region. The fund’s portfolio is valued at AED500 million ($136.13 million), including 26 industrial and logistics properties in the Emirates. GFH Partners has assumed the fund manager’s role […] December 31, 2024
