Economic & Business News

Islamic finance plays larger role in sustaining economic growth

(Saudi Gazette - 12/14/2017 6:35:00 AM)

With Islamic finance assets growing 7% to $ 2.2 trillion in 2016, and projected to reach $3.8 trillion by 2022, the Islamic Finance Development Report and Indicator (IFDI) 2017 sees Islamic finance play a larger role in sustaining economic growth. ...

Petrofac wraps up Middle East deals worth $1bn

(Arab News - 12/14/2017 6:32:00 AM)

Oil industry services group Petrofac has ramped up its position in the Middle East with two deals worth nearly $1 billion. On Wednesday, the London-listed company won a $160 million contract from the Basra Oil Company for its Iraq crude oil export ...

Saudi Arabia to create $8bn export bank

(The National - 12/14/2017 6:29:00 AM)

Saudi Arabia will establish an export bank with capital of US$8 billion to support overseas sales by its industrial and mining projects, the energy, industry and mineral resources minister Khalid Al Falih said on Wednesday. “A bank for exports with a ...

Dubai's economy forecast to grow 3.7% in 2019 as infrastructure devel

(The National - 12/14/2017 6:27:00 AM)

Dubai’s economic growth is forecast to accelerate in 2019 and reach 3.7 per cent as infrastructure development and diversification policies continue apace, said Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai said. Real GDP, which ...

Qatar to deepen venture capital financing for SMEs

(Gulf Times - 12/14/2017 6:25:00 AM)

Qatar seeks to deepen venture capital financing for small and medium enterprises (SMEs), including startups, while looking to develop the regulatory framework to support capital market renminbi (RMB) and Islamic RMB products. Moreover, the Qatar Central ...

Haya Water plans to invest OMR1b in next 4 years

(Times of Oman - 12/14/2017 6:20:00 AM)

Haya Water, the Sultanate’s state-owned company that operates wastewater network and sewage treatment plants, plans to invest OMR1 billion over the next four years until 2022. The investment is mainly for developing sewage network and for building sewage ...

Qatar Chamber hails ‘pro-private sector 2018 budget’

(The Peninsula - 12/14/2017 6:19:00 AM)

Chairman of Qatar Chamber Sheikh Khalifa bin Jassim bin Mohammed Al Thani (pictured) has hailed Qatar’s pro-private sector 2018 budget proposals. Responding to the budget proposals, he noted that the budget for the new fiascal has set aside significant ...

Qatar launches new investments worth QR4 billion

(The Peninsula - 12/14/2017 6:17:00 AM)

Investments worth more than QR4 billion in projects mainly in the health, education, logistical support, agricultural produce, industry and environmental sectors were announced by the Ministerial Group for Encouragement and Participation of Private ...

Shaikh Hamdan launches 12th edition of Entrepreneur Competition

(Gulfnews - 12/14/2017 6:07:00 AM)

Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, launched the 12th edition of the Young Entrepreneur Competition on Souq.com. Advertisement The competition has attracted over 4,000 projects and 11,000 participants since its launch in ...

Insurance sector in UAE projected to grow fastest in GCC in five years

(Gulfnews - 12/14/2017 6:03:00 AM)

The insurance sector in the UAE and Oman are anticipated to grow at the fastest annualised average pace of 12.1 per cent, followed by Saudi Arabia at 10.5 per cent, according to the GCC Insurance Report from Alpen Capital. The UAE will continue to be the ...