Trade Dubai’s diamond trade grows 2% to $38bn in 2023 Dubai’s trade in rough and polished diamonds rose 2 percent year on year to $38 billion, making the emirate one of the world’s largest trading centres for the precious gems. The free zone registered a five-year compound annual growth rate of 11 percent, Dubai Media Office reported, citing a statement from the Dubai Multi-Commodities Centre […] March 14, 2024
Trade Cenomi’s Uzbekistan debut a sign of Saudi trade ambitions Saudi retail major Cenomi has announced its debut in Uzbekistan in tandem with the kingdom’s efforts to expand bilateral trade with the Central Asian nation. Uzbekistan is Cenomi’s 11th-largest international market, and it has signed a deal to open eight international brands – including a flagship Zara store – at the newly developed Tashkent City […] March 13, 2024
Analysis Trade Digital economy focus of UAE-Malaysia trade talks The UAE is expected to sign a free trade deal with Malaysia by the end of June as the latter courts more investment to develop its digital economy. Talks on establishing a comprehensive economic partnership agreement (Cepa) began last year and Tengku Zafrul Abdul Aziz, Malaysia’s minister of investment, trade and industry, said the two […] March 13, 2024
Industry Egypt and China in talks to set up industrial zone Egyptian and Chinese officials have engaged in further discussions about setting up a Chinese industrial zone along the Mediterranean Sea, according to a local news report. Egypt’s Minister of Trade and Industry, Ahmed Samir, and Zhang Tao, the acting Chinese Ambassador to Cairo, discussed the progress made since last month’s meeting with Samir’s Chinese counterpart, […] March 13, 2024
Finance ADIA backs $832m European real estate debt fund Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will pump additional capital into Cheyne Capital’s European real estate debt fund, increasing the total investment to £650 million ($832 million). The investment by a Gulf state-owned fund subsidiary marks the ninth round of the London-based Cheyne Real Estate Credit Holdings programme, called the […] March 13, 2024
Finance Parkin expands IPO retail tranche after high demand Parkin, the Dubai government’s parking management company, has increased the UAE tranche of its initial public offering (IPO) from 10 percent to 12 percent, after high demand for its shares . After approval from the Securities and Exchange Authority, the retail offer rose to just under 90 million ordinary shares, from 75 million. The retail […] March 13, 2024
Analysis Banking and Finance Mergers drive growth in Bahrain’s Islamic finance sector When Al Salam Bank, one of the largest Islamic banks in Bahrain, became majority shareholder of its Algerian subsidiary last June, CEO Rafik Nayed made clear that the shopping spree was not over. Mergers and acquisitions “will remain an important pillar of our growth plans”, Nayed said – and last month Al Salam announced a […] March 13, 2024
Opinion Economy Progress report on Vision 2030: so far, so good Saudi Arabia’s economic health is still reliant on global oil markets, but this dependency is reducing March 12, 2024
Tourism Direct Shanghai flights reinforce Saudi air links scheme China Eastern Airlines is to launch direct flights to Riyadh as part of the Saudi Air Connectivity Program (ACP) and the ‘Air Silk Road’ initiative to improve trade and tourism links between the two countries. Commencing on April 8, 2024, the three weekly flights will operate directly from Shanghai Pudong Airport and Riyadh’s King Khalid […] March 12, 2024
Finance Bahraini fund hires bank to find buyer for McLaren stake Bahrain’s sovereign fund has hired bankers to find a potential buyer for its stake in the British carmaker McLaren Group, according to a UK media report. Mumtalakat Holdings, which holds a 50 percent stake in McLaren, has hired JP Morgan following an order from King Hamad bin Isa Al Khalifa, The Sunday Times reported. JP […] March 12, 2024
Economy Riyadh revises GDP but pins hopes on non-oil activity Saudi Arabia has revised its real GDP figure for 2023 to a contraction of 0.8 percent, from a contraction of 0.9 percent. Oil production cuts hit the Saudi economy last year, while analysts are predicting a slide in crude prices this year. Oil activities decreased by 9 percent in 2023, while non-oil activities increased by […] March 11, 2024
Economy Egypt’s inflation rate makes record jump in February Inflation in Egypt rose unexpectedly in February, authorities reported this week, just days after the pound plummeted more than a third against the US dollar. On Sunday, the Egyptian state statistics agency Central Agency for Public Mobilisation and Statistics (Capmas) announced that annual urban consumer price inflation rose to 35.6 percent last month, from 29.8 […] March 11, 2024
Economy Dubai’s non-oil economic growth at five-year high Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate. At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019. The number is well above the 50.0 mark which separates […] March 11, 2024
Finance Turkey’s rating upgraded on tighter monetary policies Ratings agency Fitch upgraded Turkey’s long-term foreign currency issuer default rating to “B+” from “B”, driven by greater-than-expected monetary policy tightening aimed at controlling inflation. “Upgrade reflects increased confidence in the durability and effectiveness of policies implemented since the pivot in June 2023,” Fitch said, revising the country’s outlook to “positive” from “stable.” Inflation expectations […] March 11, 2024
Economy Jordan’s economic growth to slow on lower tourist arrivals Jordan’s economic growth will ease to 2.1 percent in 2024 from 2.6 percent in 2023, as tourism arrivals are likely to be lower than record-breaking levels seen last year, S&P Global Ratings said in a report. “Our GDP growth forecast reflects fiscal drag and an expected increase in precautionary savings amid rising regional tensions,” it […] March 11, 2024
Economy Egypt to get $20bn loan from global funders says minister The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […] March 11, 2024
Finance Tadawul 2023 profit falls as trading values drop 22% Saudi Tadawul Group Holding Company, the operator of the Saudi stock exchange (Tadawul), posted a decline in 2023 profits as trading value dropped sharply. Net profit for the full year fell 8 percent year on year to SAR390 million ($104 million). Revenue fell 1.6 percent year on year to just over SAR1 billion due to […] March 11, 2024
Banking and Finance India is top Asian target for Middle East investors India is more than twice as important as China as a target for Middle East investment, an industry report has revealed. Since 2020, private capital deal value from the Middle East into Asia has soared more than sixfold, from $14 billion between 2016 and 2019 to $83 billion since 2020, data from the Global Private […] March 11, 2024
Banking and Finance Dubai ends double taxation for foreign banks Foreign banks including HSBC, Banque Misr and Arab Bank operating in Dubai will no longer face double taxation after a change in the emirate’s banking laws. A 9 percent corporate tax, introduced in June last year for corporations and businesses that have a taxable profit above AED375,000 ($100,000) was being applied on top of the […] March 8, 2024
Banking and Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Tech Oman’s growing space sector attracts $52m in investments Oman has attracted investments worth OMR20 million ($52 million) in its growing space sector over the past two years, a senior government official said. The investments have increased after the issuance of the executive space programme last year, Dr. Ali Al Shidhani, under-secretary of communications and IT at the ministry of transport, communications, and information […] March 8, 2024
Finance Egypt outlook revised to positive after lending deals Moody’s has upgraded Egypt’s outlook from negative to positive following the expanded $8 billion funding from the International Monetary Fund (IMF). The credit-rating company also affirmed Egypt’s foreign currency ratings. The revision reflects the significant official and bilateral support announced and marked policy steps taken in the past week that will, if maintained, support macroeconomic […] March 8, 2024
