Economic & Business News

UAE-US non-oil trade is Dhs111.1b

(The Gulf Today - 8/23/2017 5:27:00 AM)

Non-oil trade between the UAE and the USA hit more than Dhs111.1 billion - $30.3 billion- by the end of 2016, including free zone trade, against $27.8 billion in 2015, said Sultan Bin Saeed Al Mansouri, Minister of Economy. “UAE-USA economic relations ...

Saudi cement market remains subdued; long-term outlook positive

(Saudi Gazette - 8/23/2017 5:22:00 AM)

Oil remained elevated as geopolitical risks supported prices earlier this decade, the National Commercial Bank said in its Saudi Economic Review in August 2017. Saudi benefitted from substantial oil revenues which facilitated record fiscal expansionary ...

King Abdullah Port throughput rises 14% in first half of 2017

(Saudi Gazette - 8/23/2017 5:21:00 AM)

King Abdullah Port announced the increase of its throughput to 821,694 TEU in the first half of 2017, representing an increase of around 14% compared to the same time last year, where the throughput was 720,483 TEU. The port also announced an increase in ...

Saudi financial reserves keep pressure off the currency peg

(Arab News - 8/23/2017 5:18:00 AM)

Saudi Arabia is under no pressure to ditch the currency peg to the dollar thanks to its currency reserves. That is according to a report by Indosuez Wealth Management, the global wealth management arm of France’s Credit Agricole Group. The report looked ...

Tight spending,higher oil revenue drive Saudi fiscal improvement in H1

(Saudi Gazette - 8/23/2017 5:16:00 AM)

Tight spending and higher oil revenues drive Saudi fiscal improvement in 1H17, Bank of America Merrill Lynch’s report Emerging Insight: Saudi Arabia revealed. The 2Q17 fiscal deficit stood at SR46.5bn (“$12.5bn), with 1H17 deficit standing at SR73bn ...

Bahrain fiscal deficit set to fall this year: IMF

(Trade Arabia - 8/22/2017 6:18:00 AM)

Bahrain's fiscal deficit is projected to improve to 12.2 per cent of GDP in 2017, from 18 per cent last year, owing to higher oil prices and continued reduction in spending, an IMF statement said. However, the real GDP growth is expected to slow to 2.3 ...

12.9% growth a shot in the arm for Oman's economy

(Times of Oman - 8/22/2017 6:06:00 AM)

Oman’s economy has achieved a robust 12.9 per cent growth at OMR6,438.9 million in the first quarter of 2017, against OMR5,703.2 million for the same period of last year. The growth in gross domestic product (GDP) at market price was mainly driven by a ...

Qatar’s trade deficit with US narrows sharply in H1

(The Peninsula - 8/22/2017 6:01:00 AM)

Qatar’s trade deficit with the US narrowed down sharply year-on-year during the first six months of this year. The trade deficit during the first half of this year (H1, 2017) stood at $459.8m (QR1.67bn), a decline by $2.55bn (QR9.28bn), or 84.75 percent, ...

Dubai Tourism launches major global start-up competition

(The Gulf Today - 8/22/2017 5:50:00 AM)

Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) has announced a strategic collaboration with Gitex Future Stars to launch the first-ever Dubai Tourism Start-Up Competition - Futurism, inviting bright minds and innovators from around ...

President issues excise tax law

(The Gulf Today - 8/22/2017 5:47:00 AM)

His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has issued Federal Decree-Law No. 7 of 2017 on Excise Tax, which will be imposed on select products, determined by the Council of Ministers and suggested by the Minister of Finance. ...