The report attributed the change to the Omani government’s reduced capacity to support banks
Heralding major reforms, Saudi Arabia’s Vision 2030 programme was launched with much gusto last year. Has there been significant progress?
Several initiatives have been launched under the Vision 2030 reforms programme
Oman has borrowed over $10bn this year to replenish coffers hit hard by lower oil prices
The overall non-oil economy posted the strongest growth in three months, finds survey
The sultanate has already raised $7bn from international bonds this year
The agency blamed the downgrade on Oman’s continuing reliance on the oil sector
Easing of visa restrictions on Indian, Chinese and Russian tourists helped boost business confidence, finds survey
Dubai is the only exception, and has managed to implement a successful diversification policy
The oil sector now accounts for less than 1 per cent of Dubai’s GDP
The changing forecasts were in part linked to the lower oil price
Dubai’s non-oil private sector grew faster in the first half of the year as compared to H1 2016
The Qatar central bank claims to have $40bn in reserves plus gold, while the QIA has $300bn in reserves
The fees have to be paid through the government-run SADAD payment banking system
The ratings agency attributed the outlook change to the “economic and financial risks arising from the ongoing dispute”
The fee, which took effect on July 1, requires expatriates to pay SAR100 per month for each of their dependents
The UAE’s non-oil private sector recorded sharper rises in both new orders and output
Residence permits will not be renewed and exit/re-entry visas will not be issued for expatriates unless the fees are paid
GDP, adjusted for inflation, shrank 0.5 per cent year-on-year between January and March, its first fall since 2009
The Qatari riyal has come under pressure in the spot and forward foreign exchange markets
Construction companies experienced the fastest improvement in business conditions
The growth in hiring was also at its weakest rate in seven months
Entities who withhold information or violate regulations will face fines of up to SAR50,000
Policy reforms and strong growth prospects led to the ratings change
The emirate’s gross domestic product is expected to grow 3 per cent this year
The new platform aims to “remove bureaucratic barriers associated with growing a business in Saudi Arabia”
The discounts will range from 50 to 75 per cent and be available at 600 outlets across the country
The planned sale is expected to raise around $2bn
New businesses launched in Dubai during Q1 reached 308, compared to 136 in Q1 2016
S&P lowered Oman’s sovereign rating by one notch to BB+ from BBB- with a negative outlook