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Wafra economic zone hub for exports between Kuwait, GCC

The Director General of the Direct Investment Promotion Authority (DIPA), Dr. Mishaal Al-Jaber, called for linking the Wafra Economic Zone with the Burgan- Sabhan-Ahmadi road, and the highway network and the paths leading to sea and land outlets, reports Al-Qabas daily. An informed source revealed Al- Jaber confirmed in a letter to one of the competent authorities that the Wafra Economic Zone will form in the near future one of the pillars of exports between Kuwait and the Gulf Cooperation Council countries, as it will be vital in the fields of manufacturing, logistics and retail trade.

Saudi Arabia’s GDP up 12.2 pc in 2nd quarter

Saudi Arabia’s real gross domestic product expanded by 12.2 percent in the second quarter compared with the same period of 2021, data showed on Wednesday, as the world’s top oil exporter reaps the rewards of high crude prices and a post-pandemic recovery. The second quarter growth figure exceeded a flash government estimate at the end of July of 11.8 percent GDP growth. The economy grew 2.2 percent from the first quarter. “The growth is mainly due to the high increase in oil activities by 22.9 percent y-o-y,” the General Authority for Statistics said. The oil economy grew 4.4 percent in the second quarter from the first quarter. Non-oil activities rose by 8.2 percent on an annual basis and 4.5 percent from the first quarter.

Saudi Arabia to invest $24bn

Saudi Arabia is investing SR91 billion ($24.20 billion) to develop the domestic economy as the Kingdom steadily progresses to achieve its goals outlined in Vision 2030, according to Abdulrahman Al-Fadhli, minister of Environment, Water and Agriculture. While speaking at the Local Content Forum in Riyadh on Sept. 5, Al-Fadhli noted that local content must be sustainable and scalable. Focusing on agriculture, Al-Fadhli added the sector contributed SR72 billion— or 2.3 percent — to Saudi Arabia’s gross domestic product in 2021. The minister revealed that the total agricultural development fund loan for 2022 is expected to reach SR7 billion, a strong uptick from 2015 when loans amounted to SR465 million.

Saudi and UAE non-oil business activity improves in Aug

Business activity in the non-oil private sector economies of Saudi Arabia and the UAE recorded a sharp improvement in August as rising demand bolstered new business activity despite mounting concerns of a global economic slowdown amid inflationary pressures. Saudi Arabia’s seasonally adjusted S&P Global purchasing managers’ index climbed to 57.7 in August, from 56.3 in July, the highest level since October 2021, as new business growth hit a 10-month high. The headline index also climbed above its series average of 56.8, indicating an improvement in business conditions in the Arab world’s largest economy for the 24th month in a row. A reading above the neutral level of 50 indicates growth, while one below it points to a contraction. “The Saudi Arabia PMI pointed to added resilience in the non-oil economy during August, as business activity and sales continued to rise sharply despite reports of mounting global economic distress,” said David Owen, an economist at S&P Global Market Intelligence.

Pakistan, UAE agree to accelerate economic cooperation

Pakistan and the United Arab Emirates have agreed to accelerate the economic activities between the two countries. The agreement was reached at a meeting between Finance Minister Miftah Ismail and UAE economic team members in Islamabad on Monday. The UAE economic team appreciated the cooperation of the government for foreign investment in Pakistan. The meeting also reviewed various bilateral issues of common concern. They discussed cooperation in the fields of energy, economy and other fields. Miftah Ismail apprised the UAE economic team about the investment-friendly policies of the present government and the conducive atmosphere for investment in Pakistan.

UAE: new scheme to support startups

The UAE Space Agency on Monday launched a scheme that would measure the space sector’s contribution to the country’s economy. The Space Sector Economic Survey— launched in collaboration with the Federal Competitiveness and Statistics Authority — will provide information which would help stakeholders make decisions and support the efforts of startups and small and medium enterprises. It will provide a clear picture of the country’s space sector, said Sarah bint Yousef Al Amiri, Minister of State for Public Education and Advanced Technology and Chairperson of the Emirates Space Agency.

New survey to measure commercial role of space sector to UAE’S economy

The UAE Space Agency has rolled out a scheme that would measure the commercial contribution of the UAE space sector to the country’s economy.

The Space Sector Economic Survey was launched in Abu Dhabi on Monday in collaboration with the Federal Competitiveness and Statistics Authority. In her keynote speech at the launch of the survey, Sarah bint Yousef Al Amiri, Minister of State for Public Education and Advanced Technology and Chairperson of the Emirates Space Agency, said the UAE government attach great importance to the field of space because of its vital and important role as one of the main pillars for achieving comprehensive development in the fields of science and technology and its influential contribution to the non-oil GDP and its role in enabling building a sustainable knowledge economy.

Iraq’s economy: floating over oil and turbulences

Iraq is one of the wealthiest countries in the world in terms of resources, but Iraq’s economy is nowhere as rich. If we were to look at the Iraqi economy, we need to examine the different phases the country has gone through over the last three or more decades. While Iraq is one of the richest countries in the world in terms of valuable natural resources, namely oil and gas, the country’s potential remains unlocked due to decades of political storms, violent conflicts, and deep corruption.

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