UAE women lead in building resilient economy, say experts
The UAE women are spearheading the change in building a resilient economy and contributing substantially to its growth, said eminent women at a panel discussion organised by the Institute of Chartered Accountants of India (ICAI), to celebrate International Women’s Day 2022. Alisha Moopen, deputy managing director of Aster DM Healthcare, chief guest at the event, said: “It was my absolute honour and privilege to address the elite gathering at the ICAI International Women’s Day event. We witness women all around the world breaking the bias everyday. My message to all the incredible women out there would be to take a little bit of time to take better care of your own health which would empower and enable you to take better care of everyone around you, be it as mother, wife, sister, or even as a career professional.”
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UAE and Slovenia explore ways to boost economic ties and investment
The UAE and Slovenia held talks to explore ways to enhance trade between the two countries. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Zdravko Pocivalsek, Slovenia’s Deputy Prime Minister and Minister of Economic Development and Technology, discussed ways to develop the existing economic partnership and expand areas of co-operation, the Ministry of Economy said on Wednesday. The meeting focused on the opening of direct channels of communication between the private sectors of the UAE and Slovenian. The UAE is keen to advance co-operation with Slovenia in areas such as food security, agriculture, technology, infrastructure, tourism and family companies, while benefiting from Slovenia’s strong industrial base, Mr Al Zeyoudi said. Non-oil trade between the UAE and Slovenia grew 23 percent in 2021 from the previous year and outperformed pre-coronavirus levels in 2019 by 13 percent, the ministry said.
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Dubai economy well-positioned for next phase of growth
Dubai’s economy is well-positioned for its next cycle of growth, marked by an increasing shift from building physical infrastructure to a focus on “soft infrastructure” to further reduce barriers to doing business, according to the emirate’s largest lender.
Trade, domestic manufacturing, e-commerce, a recovering real estate market and a rebounding tourism sector are also essential for the long-term economic potential of the emirate, Emirates NBD said in a research note on Wednesday.
“Dubai’s economy is well positioned to successfully transition on to the next phase of its economic cycle. Capacity uptake will be a key measure of that success,” it said. The emirate’s seasonally adjusted IHS Markit Purchasing Managers’ Index reading stood at 52.6 in January, down from 55.3 in December, but the index was above the 50 neutral mark for the 14th consecutive month, indicating a solid upturn in business conditions across the non-oil private sector. A reading above 50 indicates economic expansion, while one below points to a contraction.
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Qatar to be digital, data hub for global companies
Qatar is hosting the first FIFA World Cup in Arab world and the Middle East which will have regional impact on the tournament and the legacy that Qatar is leaving behind will be significant for the region. Qatar’s economy is expected to see an impact of $3.14bn over the next five years and the country is expected to be digital and a data hub for international companies, said experts during a webinar held, yesterday. US-Qatar Business Council (USQBC), in association with the Office of the Commercial Attache (COA) at the Embassy of the State of Qatar in Washington DC, Qatar’s Supreme Committee for Delivery & Legacy, and the Association of Women in International Trade (WIIT) organised a webinar entitled ‘Women at the Forefront: FIFA World Cup Qatar 2022’.
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Saudi Arabia jobs: hiring activity to accelerate in 2022
Hiring activity in Saudi Arabia is expected to accelerate in 2022, driven by a strong economic recovery from the Covid-19 pandemic and the kingdom’s Vision 2030 plan that has already created more than half a million new jobs, according to recruitment company Hays. Optimism is at an “all-time high” in the Arab world’s largest economy, with 79 percent of employers feeling positive about the outlook for business, Hays said in its 2022 Saudi Arabia salary guide. “Two years on from the pandemic, the job market in Saudi Arabia has certainly bounced back,” Aaron Fletcher, business manager at Hays Saudi Arabia, said on Wednesday. Saudi Arabia’s swift response to the Covid-19 pandemic has softened the blow of the global crisis on the country’s economy, which is now expected to grow 4.8 percent this year after expanding 2.9 percent in 2021, the International Monetary Fund said.
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Bahrain banking sector edging closer
he Bahrain banking sector is edging closer to pre-pandemic profitability and is expected to benefit from expected interest rate hikes, assuming banks adopt a pragmatic approach by not reflecting the rate increase systematically where it could cause borrowers to default, the latest report by S&P Global Ratings states. Bahrain’s economic recovery is likely to continue into 2022 on the back of higher oil prices and increasing regional economic activity.
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Optimism for Oman: economic recovery with caveats
Signs of optimism and, perhaps, relief are on the horizon for Oman. As 2021 came to a close, the minister of finance, Sultan bin Salim Al Habsi, said that estimated total revenue for the 2022 budget would likely be 6 percent higher than the total revenue collected in 2021. The country’s fiscal deficit, according to Habsi, showed enough promise to be projected at its lowest since 2014. These figures were calculated based on $50 per barrel oil prices. However, by the end of January, oil prices rose to $85/bbl. Now hovering over $100/bbl, high oil prices have encouraged greater oil production, incentivized energy sales (for instance, with Shell), and strengthened commitments toward renewables. There is certainly hope that, besides debt repayment and closing the budget deficit, economic recovery also entails strengthening other productive sectors, ranging from tourism to public services.