The financial and insurance sector, trade activities and manufacturing were among the biggest contributors to non-oil GDP
The kingdom’s seasonally adjusted real GDP grew by 1.4 per cent compared to Q1 2024, as non-oil activities rose by 4.9 per cent YoY
The central bank said that the lending rate remained at 28.25 per cent, while the deposit rate stood at 27.25 per cent
The country’s domestic gas output plummeted to a six-year low in May, down around 25 per cent from its 2021 peak
The government urged eligible businesses to register with the National Bureau for Revenue before the deadline
The North African country has been using its net foreign assets to help prop up its currency since at least September 2021
Economists say central bank lending risks undermining the economy by expanding the money supply and fuelling inflation
Turkish farmers have long complained of sharp hikes in the prices of fertilisers and fuel due to the sharp depreciation in the lira
Over 60 million people have access to discounted prices on staples such as pasta, vegetable oil and sugar through state-run outlets
The latest review, approved in late July but released only on Monday, was Egypt’s third and followed the expansion of the package size in March
The UAE’s non-oil exports to its top 10 trade partners rose by 28.7 per cent, while trade with all other nations increased by 12.6 per cent
Key growth sectors include real estate, construction, financial services, trade, manufacturing, logistics and tourism, the Standard Chartered report shared
The country’s finances were boosted in February when it sold the development rights to Ras El-Hekma to the UAE for $35bn
The sovereign wealth fund said it recorded more than OMR1.7bn in profit and contributed OMR800m to the state’s general budget
Olam presented the lowest offer for 60,000 metric tonnes for an October 1-15 shipping period
The new agreement will establish what is known as a “mixed-economy corporation,” which is not subject to the legal limit
More than 100 countries, such as China, India, Brazil, and South Africa, face serious obstacles that could hinder their efforts to become high-income countries in the next few decades, reveals World Bank’s recent report
Last year, Gulf countries poured more than $53bn into projects on the continent, a considerably greater sum than the $10bn investment from the US over the same period
The bank has raised its policy rate by 4,150 basis points since June last year but has kept it unchanged at 50 per cent since March
The country has been one of the world’s largest wheat importers, mainly to provide subsidised bread for tens of millions of its people
Non-oil economy increased 3.3 per cent in the January-March period, contributing almost 85.9 per cent to overall GDP
The kingdom’s GDP decreased by 1.7 per cent in Q1 2024, as cuts to oil production have continued to weigh on the country’s economy.
The government raised domestic fuel prices by up to 15 per cent ahead of the IMF review, which had been postponed from July 10
Since June last year, the central bank has hiked rates to 50 per cent and it pledged to remain vigilant to inflation risks
The IMF estimated that Egypt will spend EGP331bn ($6.85bn) on fuel subsidies in 2024/25 and EGP245bn in 2025/26
Oil revenues dropped by 19.4 per cent to KWD21.5bn in FY 2023/24, based on an oil price of $86.36 a barrel, compared to KWD26.7bn a year earlier
Saudi Arabia witnessed a 22.9 per cent increase in visitor spending in Q1 2024 compared to the previous year
Turkey’s central bank has raised its main rate to 50 per cent from 8.5 per cent since Finance Minister Mehmet Simsek was appointed last year
The government buys wheat internationally and locally in order to offer tens of millions of its citizens subsidised bread
Riyadh is the only non-Asian city featured in Savills Growth Hubs Index and its potential is linked to a forecasted 26 per cent population growth