#Economy
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
In the past decade, Abu Dhabi’s construction sector has grown by 22.6 per cent, finance and insurance by 39 per cent, and manufacturing sector by 102 per cent
The foreign investment development programme is designed to attract Dhs650bn of investments to the emirate over the next ten years
In April, food and beverage inflation declined to 2.3 per cent, down from an average of 3.3 per cent seen in the first quarter
The overall GCC budget position is projected to remain somewhat in surplus this year, driven by robust financial standings and favourable credit ratings
A faster growing oil and gas sector in 2025 will boost growth in the UAE, says a report
The top countries contributing to Bahrain’s FDI stocks as part of a diverse portfolio include Kuwait, Saudi Arabia and the UAE
The IMF said its Executive Board would consider the staff agreement and disbursement in the coming weeks
The figures were part of the consolidated financial statement published by the UAE’s Ministry of Finance
The monetary policy committee left the lending rate unchanged at 28.25 per cent and the deposit rate at 27.25 per cent
Financial and insurance activities, transportation and storage, real estate and construction sectors were among the top growth sectors
The fund had projected in April that the country’s economy would grow by 3.5 per cent this year
Dirham-rupiah trade is expected to reduce transactional costs for businesses while strengthening financial cooperation