#Economy

Saudi oil production cuts

Saudi oil cuts could trigger slowdown in economy

The economy will fall by 0.1 per cent this year if the government raises production in September and by 1 per cent if it holds the course for the rest of 2023

RAKEZ signs MoU with Manufacturers’ Association of Israel

UAE’s RAKEZ signs MoU with Manufacturers’ Association of Israel

The economic freezone seeks to provide an adaptive and supportive ecosystem for investors looking to expand their horizons and businesses

Dubai SME members awarded Dhs1.12bn in contracts in 2022 Image credit GettyImages-1214946297-e1682524082437

Dubai SME members receive Dhs1.12bn in contracts in 2022

The contribution of Dubai government bodies was worth Dhs552.51m, while federal government entities granted contracts worth Dhs88.2m

EGYPT-Cairo-City-GettyImages-83589386.jpg

Insights: How urban regeneration programmes can aid growth in MENA countries

Urban regeneration strategies can help build inclusive economic development and preserve cultural heritage, according to the latest research by Strategy& ME

UAE economy

UAE economy primed for stronger growth in H2 2023

The World Bank has forecasted a 2.8 per cent growth in the UAE’s real GDP for this year

bu Dhabi GDP growth in Q1 2023 GettyImages-1316754718

Abu Dhabi GDP shows 3.9% growth in Q1 2023: SCAD

According to SCAD estimates, Abu Dhabi’s non-oil GDP (at constant prices) surpassed the highest quarterly value of the past nine years, reaching Dhs146bn in Q1 2023

UAE’s 2022 GDP grows 7.9%, driven by non-oil activities

UAE’s 2022 GDP grows 7.9%, driven by non-oil activities

The statistics authority attributed the growth of the economy to innovative economic initiatives related to non-oil sectors and activities

Bahrain grants golden licences to five investment projects

Bahrain grants golden licences to five investment projects worth over $1.4bn

The licence scheme will enhance the country’s competitiveness and boost growth while encouraging the digital transformation of the economy

Saudi cost of living

Saudi cost of living in line with swift economic progress: Mercer

The driver behind the changes in Saudi Arabia’s cost of living is an increase in the cost of groceries and personal care items

UAE seeks to bolster economic, investment ties with South Korea

UAE seeks to bolster economic, investment ties with South Korea

The two countries agreed on new plans in the field of entrepreneurship, including programs and facilities to foster startup growth

Saudi Arabia signs deal with China EV maker

Saudi Arabia inks $5.6bn deal with Chinese EV brand Human Horizons

The deal accounts for more than half of the $10bn investment agreements that were signed on the first day of the Arab-China business conference

Ukraine seeks UAE support.

Ukraine counts on UAE wealth funds to build its economy

Ukraine presented its economic transformation strategy and invited UAE funds to participate in the development of its wealth fund

IMF trims Saudi Arabia growth forecast

IMF trims Saudi Arabia growth forecast to 2.1% in 2023

The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue

Dubai Chambers Image credit WAM Dubai Chambers Dubai Media Office

Dubai Chamber of Commerce welcomes 15,366 new member companies in Q1 2023

The first quarter saw the chamber achieve its goal of establishing more than 100 business groups from various sectors and economic activities

S&P Global affirms positive outlook on Bahrain

S&P Global affirms rating, positive outlook on Bahrain

The country’s fiscal and debt positions strengthened in 2022 on the back of higher oil prices and budget consolidation measures

Saudi Arabia’s foreign reserves fell from SAR1.57tn the previous month

Saudi Arabia’s net reserves fall to $410bn, lowest since 2010

The central bank said the net foreign assets dropped to SAR1.54tn in April from SAR1.57tn the previous month

UAE and Poland seeks to bolster ties

UAE, Poland seek to strengthen financial and economic ties

The two countries agreed to strengthen their cooperation and exchange knowledge, experiences and best practices in the field of tax policy

UAE Minister of State for foreign trade Dr Thani bin Ahmed Al Zeyoudi

UAE, Malaysia agree to launch CEPA negotiations

The UAE has so far concluded four CEPAs with India, Israel, Indonesia and Turkey and the first two have already come into force

UAE corporate tax exempt

UAE corporate tax: Ministry issues decision on exemptions

The decision aims to clarify the application of the corporate tax regime for individuals and ensures that only business income is taxed

World Bank non-oil

World Bank expects UAE’s non-oil economy to grow by 4.8% in 2023

The economies of the Gulf Cooperation Council are projected to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024

Dubai Chambers signs MoU with AACCI

Dubai Chambers opens Sydney office, signs MoU with Australia Arab Chamber

The Sydney office is the second to be inaugurated in 2023 and expands the chamber’s global network to 17 representation offices

Abu Dhabi 2022 GDP

Abu Dhabi economy grows 9.3% in 2022 on non-oil activities boost

The city’s non-oil sectors witnessed significant growth of Dhs43bn in 2022 and contributed 50 per cent to the overall GDP

Saudi Arabia

Saudi Arabia’s economy grew 3.9% in Q1 of 2023

Economic expansion was driven by a 5.8 per cent increase in non-oil activities

Saudi Arabia banking sector

How Saudi Arabia’s banking system is building a solid future

Saudi banks stand to remain on a profitable path in 2023 with corporate lending continuing to drive credit growth in the sector

Morocco

UAE, Morocco review strengthening financial, economic cooperation

Both the countries agreed to double the volume of trade and investment exchange over the next seven years

economy

Insights: The journey of building global businesses from a thriving economy

Jessica Wong, managing partner at eWTP Arabia Capital looks at how Saudi Arabia is uniquely placed to leapfrog innovation hurdles and build businesses with global impact

UAE, Germany

UAE, Germany explore partnerships to build on industrial ties and climate efforts

Ministry of Industry and Advanced Technology hosts around 30 German companies to discuss expanding cooperation in fields such advanced technologies and de-carbonisation

UAE and Brazil Presidents

UAE President receives President Lula of Brazil

The UAE is one of Brazil’s largest trading partners and President Lula’s visit is expected to boost bilateral relations between the two countries

Gold set for second weekly gain on weak dollar

Spot gold was up 0.1 per cent at $2,042.01 per ounce, as of 5.34am GMT

Saudi Arabia Crown Prince Mohammad bin Salman

Saudi Arabia opens four new economic zones to boost investment

The economic zones are expected to accelerate growth, increase export competitiveness, attract talent and improve the country’s global links