Economic & Business News

Saudi fiscal deficit continues decline

(Saudi Gazette - 8/22/2017 5:44:00 AM)

According to the second quarter budget statement for Saudi Arabia, the vast majority of the rise in the government revenue, up to 6 percent year-on-year, was due to improvements in oil revenue as result of higher yearly oil prices, but not higher export ...

Cross-border deal value jumps 49% year on year

(Saudi Gazette - 8/22/2017 5:42:00 AM)

As dealmakers adjust to a challenging M&A climate, they have reason to be positive, with cross-border deal value jumping 49% year on year while the Index is up 30 points on Q2 2016, , Baker McKenzie Cross Border M&A Index for Q2 2017 revealed. Global ...

Saudi Arabia issues rules for small-scale solar energy generation

(Arab News - 8/22/2017 5:39:00 AM)

Saudi Arabia has issued a regulatory framework for electricity consumers to operate their own, small-scale solar power generating systems and export unused power to the national grid, the government said on Monday. The rules will come into force next ...

GCC project awards to stay steady at $117bn this year

(Trade Arabia - 8/21/2017 7:25:00 AM)

The total value of contract awards in the GCC projects market this year is expected to stay steady at $117 billion compared to last year, a report said. The GCC projects market had a muted performance in the first half of 2017, but it is expected to ...

Banks in Oman achieve 6.6% growth in credit at OMR23b

(Times of Oman - 8/21/2017 6:08:00 AM)

Omani banks, including Islamic institutions, achieved a year-on-year 6.6 per cent growth in total credit to OMR22.9 billion by June-end this year. Credit to the private sector grew by 7.4 per cent to OMR20.6 billion as of the end of June 2017. Of the ...

StanChart supports $12b worth deals for Oman

(Oman Daily Observer - 8/21/2017 6:02:00 AM)

Leading international bank Standard Chartered continues to play a pivotal role in supporting the fund-raising initiatives of the Omani government and various state-backed entities that in the past six months alone have resulted in financing deals ...

Bank statutory reserves at UAE Central Bank surge to Dh125.5 Billion

(Gulfnews - 8/21/2017 5:47:00 AM)

The banking sector increased their statutory reserves at the UAE Central Bank by Dh8.6 billion during the first half of this year, bringing the total required reserves to Dh125.5 billion by the end of June 2017, according to central bank statistics. ...

UAE banks poised for strong H2 performance

(Gulfnews - 8/21/2017 5:45:00 AM)

Financial results of UAE banks in the second quarter of this year point to improving profitability, modest balance sheet growth, margin expansion and improving costs, according to banking sector analysts. While the underlying trend of a turnaround in ...

Sharjah Chamber to organise VAT workshop

(The Gulf Today - 8/21/2017 5:44:00 AM)

A workshop on disseminating awareness about VAT will be organsied by the Sharjah Chamber of Commerce and Industry in collaboration with the Federal Tax Authority on August 23rd. The workshop will be targeting businesses in the Emirate to prepare them for ...

Gulf hospitals urged to invest in better cybersecurity

(Arab News - 8/21/2017 5:42:00 AM)

A lack of proper cybersecurity training is making Gulf hospitals and medical providers among the most vulnerable targets for “catastrophic” attacks by hackers who have more than one way to breach their defenses, experts have warned. The IT framework of ...