Economic & Business News

Saudi Re signed MoU to purchase 49.9% shares of PHBL

(Tadawul - 7/20/2017 4:13:00 PM)

Saudi Reinsurance Company Announces The significant development of signing off a memorandum of understanding with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL. Reference to the company's announcement on 13th of July ...

Saudi Arabia to spend $6.9bn on tourism initiatives

(Trade Arabia - 7/20/2017 7:39:00 AM)

Saudi Arabia's National Transformation Program (NTP) 2020 has approved 13 initiatives submitted by the Saudi Commission for Tourism & National Heritage (SCTH) with a budget of over SR26 billion ($6.93 billion), the commission has said. This amount will ...

Omani non-oil exports fall 20 per cent in 2016

(Oman Daily Observer - 7/20/2017 7:29:00 AM)

The value of Omani non-exports slumped a significant 20.1 per cent in 2016, primarily because of the general economic downturn but also on account of lacklustre growth in the GCC and the slowdown in China — the principal destinations for a substantial ...

Fiscal reforms bolster revenues in 2016: CBO

(Oman Daily Observer - 7/20/2017 7:28:00 AM)

Total government revenue declined by 16.1 per cent to RO 7,608.2 million in 2016 due to the substantial fall in oil revenues, as revenue under all other constituents increased during the year, the Central Bank of Oman (CBO) revealed in its newly ...

GCC lenders urged to fine-tune liquidity management

(The Gulf Today - 7/20/2017 6:16:00 AM)

Overall, loan growth is expected to register a solid growth of 4.9% in 2017. This is, however, far lower than the average annual growth of 9.2% recorded between 2012 and 2016. Seltem Iyigun, Coface economist, said: “Restricted resources would make banks ...

Dubai banks’ earnings up by 2.7%

(The Gulf Today - 7/20/2017 6:14:00 AM)

The net profits of the banks listed in Dubai grew by 2.7 per cent to Dhs7.47 billion in the first half of this year, up from Dhs7.28 billion in the corresponding period last year. Emirates NBD topped the list of the most profitable banks with net profits ...

Abu Dhabi real estate market demand falls

(Saudi Gazette - 7/20/2017 6:05:00 AM)

Abu Dhabi real estate market recorded a drop in demand and increase in supply as apartment and villa rentals declined 8% and 5%, respectively year-on-year in the second quarter, said Asteco – a major regional and international real estate services firm ...

KPMG readies private sector firms for the upcoming IFRS

(Saudi Gazette - 7/20/2017 6:02:00 AM)

Companies working in Saudi Arabia continue to make preparations for adopting the new International Financial Reporting Standards (IFRS) which have been approved by the Saudi Organization for Certified Public Accountants (SOCPA). Listed companies have ...

GCC diversifies into non-oil sectors to achieve macroeconomic stabilit

(Saudi Gazette - 7/20/2017 5:59:00 AM)

The growth of the Gulf Cooperation Council (GCC) over the past 50 years has been without parallel, but the recent fluctuations in oil prices have put the brakes on its runaway growth. Acknowledging the need to diversify their economies to stay buoyant, ...

IMF suggests UAE ease reins on spending to nudge growth

(The National - 7/19/2017 7:48:00 AM)

The UAE should slow down its efforts to rein in spending this year in order to nudge growth and invest in preparation for Expo 2020, according to the IMF mission country head Natalia Tamirisa. “There is some slowdown in the pace of fiscal consolidation ...

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