Egypt gets EUR7.4bn aid package from the EU

Egypt secures EUR7.4bn aid package from the EU

The funding program will prioritise economic stability, investments and trade as well as migration and security

saudi arabia non-oil activity

Saudi Arabia hits important economic milestone: Non-oil activities at 50% of GDP

The data points to a positive trajectory for the kingdom’s economy, driven by diversification, and growth across multiple sectors

Bahrain Golden Licence attracts billions in FDI _ Getty Images-1471641887

Bahrain: Golden licence initiative attracts $2.4bn in investments

With Bahrain’s FDI stock relative to GDP surpassing the global average at over 81 per cent, international investors continue to trust its competitive value proposition

Abu Dhabi greenlights Dhs66bn development blitz in 2024 Image Ab Dhabi Media Office

Abu Dhabi green-lights Dhs66bn development drive in 2024

Marking a significant focus on bolstering the housing sector, over Dhs59bn has been earmarked for the development of housing and public facilities throughout Abu Dhabi

Saudi Arabia’s real GDP contracts 0.8% in 2023

Saudi Arabia’s real GDP shrinks 0.8% in 2023, oil sector weighs

The latest data shows that the economy contracted by 4.3 per cent in Q4 2023 after a 16.2 per cent year-on-year decrease in oil activities

Egypt raises minimum wage by 50% as part of ‘urgent’ package

How big are Egypt’s economic challenges?

As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line

Egypt signs expanded $8bn loan deal with IMF

Egypt secures IMF deal after pound plunge, bumper rate hike

The central bank raised the overnight lending rate to 28.25 per cent and its overnight deposit rate to 27.25 per cent

WTO aims for modest outcomes at Abu Dhabi meeting

WTO aims for modest outcomes at Abu Dhabi meeting

The almost 30-year-old global watchdog tries to strike deals by consensus, but such efforts are becoming more and more difficult

UAE pledges $10m to support fair and inclusive trade ahead of WTO MC13 meet on Feb 26 GettyImages-1436075399-e1668747452258

WTO MC13: UAE pledges $10m to boost fair trade

The UAE is hosting the WTO’s MC13, the organisation’s highest decision-making body, as well as representatives of the 166 member states from February 26-29

IMF, Egypt sees progress on loan program

IMF sees progress on Egypt loan program amid Gaza pressures

IMF spokesperson told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes

saudi arabia - jada fund of funds

Saudi finance minister expects above 5% non-oil growth

Non-oil GDP grew 4.6 per cent in 2023, while overall GDP contracted 0.9 per cent

UAE’s non-oil trade hits record Dhs3.5tn in 2023

UAE non-oil trade expands to record Dhs3.5tn in 2023

The country has initiated a raft of bilateral trade, investment and cooperation deals with several fast-growing economies

Saudi Arabia posts 2023 budget deficit of $22bn

Saudi Arabia posts 2023 budget deficit of $22bn

The government had estimated a deficit of SAR82bn in its December budget statement and is forecasting a deficit of SAR79bn in 2024

India, UAE sign pact on trans-continental trade corridor

India, UAE sign pact on trans-continental trade corridor

The two countries also signed a bilateral investment treaty and exchanged cooperation agreements covering electrical interconnection, trade, and digital infrastructure

For illustrative purposes

WGS 2024: New Buna system to ease cross-border payments in Arab region

The platform currently links 108 out of 120 Arab banks signed up, with a target of 160 by the end of 2024

UAE, Arab countries sign agreements to avoid double taxation

UAE signs agreements with Arab countries to avoid double taxation

The agreements seek to eliminate double taxation, additional taxes, indirect taxes, and tax evasion while addressing cross-border trade challenges

UAE free zone corporate tax - OECD

UAE Free Zone Corporate Tax regime earns OECD’s ‘non-harmful’ recognition

The evaluation of the UAE’s Free Zone Corporate Tax regime was part of the OECD’s comprehensive review of taxation regimes worldwide

IMF

IMF forecasts 2.9% growth for MENA in 2024

IMF revised its GDP growth forecast for the Middle East and North Africa region downwards to 2.9 per cent this year

Egypt raises minimum wage by 50% as part of ‘urgent’ package

Egypt raises minimum wage by 50% as part of ‘urgent’ package

The Egyptian pound, fixed at EGP30.85 to the dollar since March, traded on the black market earlier this month as low as EGP71 to the dollar

BRICS: Dubai ranks 3rd among top 10 wealthiest cities, see full list here

Dubai lives up to its reputation as the ‘City of Gold’, hosting 72,500 millionaires, 212 of whom are centi-millionaires and 15 billionaires

saudi arabia GDP

Saudi Arabia’s real GDP contracts 3.7% Q4 2023

The preliminary data shows that Saudi Arabia’s economy contracted at a slower pace in Q4 2023 after a decline of 4.4 per cent in the previous quarter

Nirmala Sitharaman presents interim budget

India’s Finance Minister Nirmala Sitharaman presents Interim Budget for 2024

From infrastructure to agriculture, from healthcare to income tax, expectations are high for the Indian government to provide relief despite inflationary pressures in its budget announcements

interest rate - US Fed

US Fed maintains interest rates, says more ‘confidence’ needed on inflation before rate cuts

Inflation has now been running below the Fed’s target on a seven-month basis while US economic growth and the job market have remained largely intact

Kuwait’s 2024/25 budget projects $19.1bn deficit

Kuwait approves 2024/25 budget, forecasts $19.1bn deficit

The projected deficit for the next fiscal year is 13.5 per cent lower than that forecast in the current year

DIEZ unveils Dhs500m venture fund to finance tech startups

Dubai unveils Dhs500m growth initiative to support SMEs

The initiative is open to all SMEs founded in Dubai and is designed to empower businesses to expand internationally

India - UAE bilateral meet in Abu Dhabi

India-UAE partnership: Leading the regionalisation of trade through the decades

As India celebrates its 75th Republic Day, here’s a look at the encouraging bilateral trade figures catapulted by the UAE-India CEPA deal

Global foreign direct investment grows 3% in 2023: UNCTAD

UAE attracts second-highest FDI inflow after US: UNCTAD

The UNCTAD report’s sectoral analysis for 2023 showed an uptick in project numbers in sectors that rely heavily on global value chains, including automotive, textiles, machinery and electronics

Dubai D33 agenda on track, GDP growth rises 3.3% from Jan-Sep 2023

Accommodation and food services activities witnessed a strong 11.1 per cent growth in the first nine months of the year

MoF issues new law governing public-private-partnrships-Photo-courtesy-WAM.jpg

UAE: MoF issues new law governing public-private partnerships

The new law will accelerate the implementation of projects that offer added value for public funds, minimise financial and operational risks to the government

UAE economy to grow by 5% in 2024

UAE economy to grow by 5% in 2024, says S&P Global

The rating agency is projecting continued strong momentum in Dubai’s hospitality, and financial services sectors to drive growth in 2024/25