Economic & Business News

Oman well positioned to develop halal food industry, say experts

(Times of Oman - 3/23/2017 7:49:00 AM)

Oman has several advantages in tapping the growing market for Islamic or Sharia-compliant products and services across the world, according to Islamic finance experts, who attended a major conference here recently. “Islamic food or the halal industry is ...

Qatar-UK Forum to focus 'beyond real estate'

(The Peninsula - 3/23/2017 7:37:00 AM)

The high-profile Qatar-UK Business & Investment Forum, scheduled to be held in London and Birmingham next week, will provide a significant platform to further the important trade and investment relationship between both the countries. The event is set ...

UAE credit growth picks up pace in February led by GRE borrowing

(Gulfnews - 3/23/2017 7:06:00 AM)

Credit growth in the UAE strengthened to 0.5 per cent month on month in February, the fastest pace since September 2016, according to the monthly data from the Central Bank of UAE. The stronger monthly credit growth in February was largely driven by the ...

Local firm wins Oman sebacic acid project contract

(Oman Daily Observer - 3/23/2017 7:01:00 AM)

Local contracting firm Al Duqm Global Construction has been awarded the main contract to undertake the construction of Oman’s first sebacic acid plant at the Duqm Special Economic Zone (SEZ). Total investment in the project, promoted by Omani-Indian ...

UAE ranks 9th in exports of creative goods

(The Gulf Today - 3/23/2017 6:58:00 AM)

In a recent study issued by the Department of Industry and Trade Information Analysis at the Ministry of Economy, global export of creative goods grew to approximately $538 billion in 2015, acquiring 3.3 per cent of the world’s total export of ...

Revenue from service charges hits Dhs9.93b

(The Gulf Today - 3/23/2017 6:57:00 AM)

The UAE Federal Government’s revenue collected from service charges hit Dhs9.93 billion during the first nine months of 2016. That accounts for 75.1 per cent of 2016’s total revenue, estimated at Dhs13.21 billion, according to latest statistics released ...

Saudi Arabia’s economic fundamentals strong: Ministry

(Saudi Gazette - 3/23/2017 6:53:00 AM)

The Ministry of Finance announced on Wednesday that Saudi Arabia’s Fitch outlook has moved from negative to stable, noting that the recent downgrade to the Sovereign rating was based on a quantitative, number-driven analysis. The downgrade by Fitch “was ...

Oman’s total credit grew 8.9% to OMR22b in January

(Times of Oman - 3/22/2017 7:26:00 AM)

Total credit extended by Omani banks, including Islamic financial institutions, grew by 8.9 per cent year-on-year to OMR22.1 billion by the end of January this year. Credit to the private sector alone increased by 10.6 per cent to OMR19.9 billion as of ...

Qatar's fiscal deficit projected to shrink further

(The Peninsula - 3/22/2017 7:21:00 AM)

Qatar’s fiscal deficit is projected to fall to 5 percent of GDP or $8.7bn this year. The deficit is expected to shrink further through 2019 due to increasing hydrocarbon receipts and the ongoing consolidation of current spending. Citing Qatar Central ...

Mena eyes $1 trillion energy investments in 5 years

(Trade Arabia - 3/22/2017 7:19:00 AM)

Total energy investments in the Middle East and North Africa (Mena) region are likely to hit the $1-trillion mark over the five years with the GCC countries spearheading the growth, according to a report. While global investments in the industry ...

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