#Economy

UAE’s economy grew 3.4% in first quarter of 2024

UAE’s economy grew 3.4% in first quarter of 2024

The financial and insurance sector, trade activities and manufacturing were among the biggest contributors to non-oil GDP

Saudi Arabia’s real GDP shrinks by 0.3% in Q2 2024, oil weighs

Saudi Arabia’s real GDP shrinks by 0.3% in Q2 2024, oil weighs

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

Egypt’s central bank leaves overnight interest rates steady

Egypt’s central bank leaves overnight interest rates steady

The central bank said that the lending rate remained at 28.25 per cent, while the deposit rate stood at 27.25 per cent

Egypt counts on foreign funds to buy gas as power crisis worsens

Egypt counts on foreign funds to buy gas as power crisis worsens

The country’s domestic gas output plummeted to a six-year low in May, down around 25 per cent from its 2021 peak

Bahrain to impose 15% minimum tax on large multinationals

Bahrain to impose 15% minimum tax on large multinationals

The government urged eligible businesses to register with the National Bureau for Revenue before the deadline

Egypt’s net foreign assets positive for third straight month in July

Egypt’s net foreign assets positive for third straight month in July

The North African country has been using its net foreign assets to help prop up its currency since at least September 2021

Central Bank of Egypt expands lending to government

Egypt central bank expands lending to government, but inflation slows

Economists say central bank lending risks undermining the economy by expanding the money supply and fuelling inflation

Turkey commits to agricultural support for 2025/27

Turkey announces agricultural support payments for 2025-2027

Turkish farmers have long complained of sharp hikes in the prices of fertilisers and fuel due to the sharp depreciation in the lira

Egypt eyes shift from commodity subsidies to cash payments by July 2025, PM says

Egypt eyes shift from commodity subsidies to cash payments by July 2025, PM says

Over 60 million people have access to discounted prices on staples such as pasta, vegetable oil and sugar through state-run outlets

Egypt

IMF softens some conditions on Egypt’s $8bn finance package

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

UAE’s non-oil foreign trade hits record Dhs1.4tn in H1 2024

UAE’s non-oil foreign trade tops Dhs1.4tn in H1 2024

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

Qatar on track to double economy by 2031: Here's what's driving growth

Qatar on track to double economy by 2031: Here’s what’s driving growth

Key growth sectors include real estate, construction, financial services, trade, manufacturing, logistics and tourism, the Standard Chartered report shared

Egypt’s foreign debt drops $7.4bn in Q1 2024

Egypt’s foreign debt drops $7.4bn in first quarter

The country’s finances were boosted in February when it sold the development rights to Ras El-Hekma to the UAE for $35bn

Oman’s wealth fund boosts assets to OMR19.6bn in 2023

Oman Investment Authority boosts assets to OMR19.6bn in 2023

The sovereign wealth fund said it recorded more than OMR1.7bn in profit and contributed OMR800m to the state’s general budget

Egypt gets over 100 offers in massive wheat tender

Egypt receives over 100 offers in massive wheat tender

Olam presented the lowest offer for 60,000 metric tonnes for an October 1-15 shipping period

Yilport to invest $1.6bn in El Salvador ports

Turkey’s Yilport plans to invest $1.6bn in El Salvador ports

The new agreement will establish what is known as a “mixed-economy corporation,” which is not subject to the legal limit

Breaking the Middle-Income Barrier: Strategies for emerging economies

Breaking the Middle-Income Barrier: Strategies for emerging economies

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

Unlocking the vast potential of GCC investment in Africa Image for illustrative purposes/ Getty Images

Packed with potential: GCC investment in Africa

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

Türkiye cenbank head maintains inflation forecasts

Türkiye cenbank inflation forecasts unchanged, vows tight policy

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

Egypt’s GASC issues tender for 3.8 million metric of wheat

Egypt bets big with historic 3.8 million metric tonne wheat tender

The country has been one of the world’s largest wheat importers, mainly to provide subsidised bread for tens of millions of its people

Bahrain’s Q1 2024 GDP expands by 3.3% YoY

Bahrain’s Q1 GDP up 3.3% fueled by non-oil sector growth

Non-oil economy increased 3.3 per cent in the January-March period, contributing almost 85.9 per cent to overall GDP

Saudi Arabia’s GDP contracts by 0.4% in Q2 2024

Saudi Arabia’s Q2 GDP shrinks by an estimated 0.4%, oil weighs

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.

IMF approves release of $820m for Egypt

IMF approves release of $820m for Egypt, calls for more reforms

The government raised domestic fuel prices by up to 15 per cent ahead of the IMF review, which had been postponed from July 10

Turkey’s deputy governor says no rate cuts for now

Turkey not considering rate cuts now, says deputy cenbank governor

Since June last year, the central bank has hiked rates to 50 per cent and it pledged to remain vigilant to inflation risks

Egypt hikes fuel prices by up to 15% ahead of IMF review

Egypt hikes fuel prices by up to 15% ahead of IMF review

The IMF estimated that Egypt will spend EGP331bn ($6.85bn) on fuel subsidies in 2024/25 and EGP245bn in 2025/26

Kuwait posts budget deficit of KWD1.6bn in FY 2023/24

Kuwait posts budget deficit of KWD1.6bn in FY 2023/24

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 welcomes 60 million visitors in H1 2024

Saudi Arabia welcomes 60 million visitors in H1 2024

Saudi Arabia witnessed a 22.9 per cent increase in visitor spending in Q1 2024 compared to the previous year

Moody’s upgrades Turkey’s ratings to B1 on tight monetary policy

Moody’s upgrades Turkey’s ratings to B1 on tight monetary policy

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

Egypt lowers 2025 wheat self-sufficiency target to 51%

Egypt lowers 2025 wheat self-sufficiency target to 51%

The government buys wheat internationally and locally in order to offer tens of millions of its citizens subsidised bread

Riyadh named among top 15 cities in Savills growth hubs index GettyImages

Riyadh ranks among the top 15 fastest-developing cities, shows index

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