Economic & Business News

UAE banks clear $175bn cheques in 5 months

(Trade Arabia - 6/22/2017 8:20:00 AM)

A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data. A total of Dh28.9 billion worth of 546,000 cheques were ...

Middle East millennial entrepreneurs work harder compared globally

(Oman Daily Observer - 6/22/2017 1:19:00 AM)

Millennial business owners in the Middle East are more likely to be driven by the desire to increase their influence and have a positive impact on others than the overall average for entrepreneurs globally, according to a new study by HSBC Private Bank. ...

Falling fiscal break-even oil prices bring relief to GCC

(Gulfnews - 6/22/2017 1:13:00 AM)

A decline in budget break-even oil prices across the GCC countries in recent years is expected to give regional governments the ability to rein in potential future deficits and bring about fiscal stability at a time oil prices are expected to remain ...

Kuwait’s inflation up 2.7 pct in May CSB–Food,beverages price rises

(Arab Times - 6/22/2017 1:04:00 AM)

The Consumer Prices Index (CPI) has risen by 2.7 percent in May year-on-year, the Central Statistical Bureau (CSB) said on Tuesday. The index figure for May 2017 recorded an increase of 0.07 percent, compared to April, the CSB added in its monthly ...

UAE backs sustainable development in Asia

(Saudi Gazette - 6/22/2017 12:58:00 AM)

JEJU, South Korea – A UAE delegation attended the second annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). The event, held for the first-time outside China, on Jeju Island in South Korea last June 16- 18, 2017, ...

Dubai rises to Top 20 of world’s most expensive cities for expats

(Saudi Gazette - 6/22/2017 12:56:00 AM)

Dubai and Abu Dhabi are the second and third most expensive Middle Eastern cities for expatriate cost of living, Mercer’s 2017 Cost of Living Survey showed. The global ranking sees Dubai climbing one place from last year to become the 20th most expensive ...

Gulf states get ready for VAT in time of crisis

(Saudi Gazette - 6/22/2017 12:54:00 AM)

Oil-rich Gulf countries, which for decades have attracted millions of foreign workers thanks to their reputation as tax-free havens, aim to introduce value-added tax in 2018 to plug budget gaps. Gulf states get ready for VAT in time of crisisOn top of ...

Saudi Crown Prince Seen Keeping Oil Policy Aimed at Higher Price

(Bloomberg - 6/21/2017 11:55:00 AM)

Saudi Arabia’s new Crown Prince Mohammed bin Salman will need higher crude prices to push ahead with his plans to reform the kingdom’s economy, making an about-face in oil policy unlikely in the short term. Yet, oil markets will be braced for an even ...

Qatar's biggest bank says crisis has minimal impact on business

(The Peninsula - 6/21/2017 8:35:00 AM)

Qatar National Bank (QNB) said it expects to meet its earnings targets as the ongoing Saudi-led campaign to isolate the gas-rich Arab state has minimal impact on its operations. The Middle East’s largest lender by assets is confident it will reach its ...

UAE cbank foreign currency assets top $87bn

(Trade Arabia - 6/21/2017 8:32:00 AM)

The UAE Central Bank's foreign currency assets increased 1.5 percent to Dh322.4 billion ($87.75 billion) during the month of May from Dh317.44 billion in April, according to statistics released Tuesday by the bank. The surge is attributable to the rise ...

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