Spanish exports to UAE set to grow 8pc in 2022
UAE – Bilateral trade between Spain and the UAE is bouncing back to pre-pandemic levels with Spanish exports to the UAE projected to grow 8 percent this year, said Iñigo de Palacio España, the Spanish Ambassador to the UAE. “Forecasts on bilateral trade are very promising. Imports from the UAE to Spain are also growing and the first quarter of 2022 already witnessed a 32 percent rise compared to the same period last year,” España told WAM. The bilateral trade worth €1.81 billion ($1.79 billion) in 2020 rose 39.23 percent to €2.52 billion in 2021, he revealed in an exclusive interview with WAM at the Spanish Embassy in Abu Dhabi. More than 2,600 Spanish companies export regularly to the UAE and Spanish exports to the UAE in 2021 amounted to €1.71 billion, a 13.24 percent increase compared to €1.51 billion in exports in 2020, the envoy added.
CM, UAE envoy agree to promote economic ties
Ambassador of the United Arab Emirates (UAE) Hamad Obaid Ibrahim Salim Al-Zaabi on Tuesday called on Punjab Chief Minister Chaudhry Pervaiz Elahi at Punjab House in Islamabad and discussed issues related to mutual interest, promotion of relations and increasing cooperation in various fields. It was mutually agreed to start work on the Mubarak Centre at Ferozepur Road in Lahore while agreeing to enhance close contact in future to promote economic ties. Punjab Chief Minister Chaudhry Pervaiz Elahi thanked UAE’s Minister Sheikh Nahyan-bin-Mubarak Al Nahyan as the Dhabi Group would invest billions of rupees, said a handout issued here. The Punjab government would provide full support for the construction of Mubarak Center, he added and noted that Mubarak Center would be the tallest building in Lahore. State-of-the-art Mubarak Centre would have business centers and a 7-Star Hotel which would be linked to the Gaddafi Stadium by a flyover, he added.
Mobile app downloads in the UAE jump 23pc in first half
Mobile app downloads in the UAE grew 23 percent annually in the first half of 2022 amid higher demand from consumers who are increasingly shifting to the mobile post the coronavirus pandemic. Finance-related apps registered a big surge in demand with downloads jumping 183 percent during the six-month period, the latest data from AppsFlyer shows. Downloads of travel, entertainment, social and food-related apps also grew by 36 percent, 31 percent, 30 percent and 15 percent respectively, during the period. Retail app downloads, however, dropped 9 percent as more people visited physical stores as the UAE eased pandemic-related restrictions amid a lower number of infections.
“It’s clear that as we emerge into the post-pandemic world, the accelerated momentum toward mobile that we’ve witnessed over the last two years has now created a mobile-first mindset among consumers and businesses,” Samer Saad, regional manager of Middle East, AppsFlyer, said.
Kuwait’s economy likely to grow by 7 pc in 2022
The Institute of Chartered Accountants in England and Wales (ICAEW) stated in its latest reports that the rise in oil prices and production has led to an enhanced economic outlook for Kuwait, and is likely to grow by 7 percent in 2022, compared to 2.5 percent in 2021, reports Al-Rai daily. The institute indicated that the abolition of restrictions related to the Corona virus in Kuwait paved the way for a strong recovery in economic activity after a modest decline in the first quarter of the year, expecting the non-oil sector to grow by 4.7 percent this year, on the back of high consumer spending and strong real estate sales, after a 3.1 percent growth last year.
Pakistan PM visits Qatar seeking trade, investment
Pakistan Prime Minister Shehbaz Sharif has travelled to Qatar in the hope of generating trade and investment for his cash-strapped country, his office and aides said.
“I will highlight the exciting investment opportunities in Pakistan’s various sectors such as renewable energy, food security, industrial and infrastructure development, tourism and hospitality,” Sharif said in a statement on Tuesday before setting off. The South Asian country of 220 million people is in economic turmoil with a balance of payment crisis. The foreign reserves have fallen to as low as $7.8bn, hardly enough for more than a month of imports, a widening current account deficit, a historic depreciation of the rupee against the United States dollar and 24.9 percent inflation posted in July.
Bahrain banks report 19.2pc growth in non-interest income
Banks in Bahrain reported 19.2 percent growth in non-interest income in the second quarter this year, the highest in the GCC, despite a quarterly decline in global and regional financial markets, a new report says. Based on analysis of financials reported by 57 listed banks in the GCC, Kuwait-based Kamco’s ‘GCC Banking Sector Report – Q2-2022’ found that revenue growth across the region remained robust following the gradual economic restoration following the pandemic. This increase in revenues helped offset the overall impact of higher absolute costs on the cost-to-income ratio that remained below the 40 percent mark over the last five quarters and reached 39.5 percent at the end of Q2-2022, flat quarter-on-quarter (q-o-q). Total bank revenue for GCC banks registered a healthy q-o-q growth of 4.8 percent during Q2-2022 to $24.9 billion as compared to $23.7bn during Q1-2022. The q-o-q increase was led by a broad-based improvement in revenues across the GCC during the quarter. The increase was mainly led by higher interest rates across the GCC after central banks in the region hiked policy rates following the rate hikes by the US Fed.
Kuwait raises oil output in line with OPEC+ accord
Kuwait has ramped up its crude oil production in line with the Opec+ output accord to meet growing demand, Deputy Prime Minister and Minister of Oil Mohammad Al-Faris has said. Opec’s fourth-largest member has increased its production to meet its commitment of 2.81 million barrels per day, Mr Al-Faris said, according to a statement carried by the Ministry of Oil on Wednesday.