Oil revenues reached SAR181.9bn, while total revenues were SAR293.4bn as non-oil revenues edged higher, although oil still dominates
Power cuts are hurting Egypt’s small businesses that play a crucial role in an economy where growth has slowed
Fitch said Egypt’s initial steps to contain off-budget spending should help to reduce public debt sustainability risks
The seasonally adjusted S&P Global UAE PMI dropped to 55.3 in April, the lowest reading since August 2023, and further eased from 56.9 in March
The Gulf state posted a budget surplus of QAR1.4bn in the final quarter of 2023, which was used to reduce public debt
The statistics authority estimated that oil activities plunged by 10.6 per cent in the first quarter compared to the same period a year ago
The $350bn economy faces a chronic balance of payments crisis, with nearly $24bn to repay in debt and interest over the next fiscal year
The trade deal aims to aid Ukraine’s recovery and rebuilding of key industries while helping to strengthen supply chains to the MENA region for exports such as grains, machinery and metals
Saudi Arabia is accelerating efforts to diversify its economy away from oil under a plan known as Vision 2030
The latest data from the statistics authority shows that non-oil foreign trade grew by more than Dhs281.9bn in 2023
Gulf economies are seen growing 2.4 per cent this year, a downward revision of 1.3 percentage points from October
The trade pact between the two countries is expected to enhance trade flows, increase private-sector collaboration, and provide new investment opportunities
The organisation facilitated the establishment of 2,937 new businesses and provided support services to 1,186 Emirati entrepreneurs
Inflation dipped to 33.3 per cent in March from a record 38.0 per cent in September
Addressing the Atlantic Council, Georgieva highlighted the pandemic’s lingering effects, including a staggering $3.3tn in global output losses since 2020, with vulnerable nations disproportionately impacted
The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%
The Central Bank’s report underscores the UAE’s resilience and positive economic trajectory, fueled by strong performance across various sectors
The emirate’s GDP in 2023, reached Dhs1.14tn, marking its best performance in ten years
The kingdom hopes to attract $100bn in FDI by 2030 to boost non-oil gross domestic product
The rate of unemployment, for both Saudi nationals and expats, decreased in the last quarter of 2023 indicating job creation in the economy
The new trade licences are expected to increase government revenue, ensure business continuity, and promote economic growth
By focusing on critical areas, the ‘Future Fund Oman’ aims to revitalise the country’s economic pillars and propel sustainable growth
The new initiative, which is aligned with D33, seeks to raise the contribution of the circular and green economy to Dubai’s GDP
The bank has now raised its key one-week repo rate by 4,150 basis points from 8.5 per cent since last June
The trade pact is expected to lead to one of the world’s largest free trade areas, between Türkiye and the GCC, with a total value of $2.4tn
Egypt’s commitment to exchange rate liberalisation combined with budgetary consolidation targets are crucial for boosting international confidence
Sheikh Mohammed chaired the Cabinet meeting which approves key decisions on enhancing the UAE’s labour market competitiveness
The funding program will prioritise economic stability, investments and trade as well as migration and security
The data points to a positive trajectory for the kingdom’s economy, driven by diversification, and growth across multiple sectors
With Bahrain’s FDI stock relative to GDP surpassing the global average at over 81 per cent, international investors continue to trust its competitive value proposition