Israel, Bahrain start free trade agreement talks
Israel and Bahrain have begun negotiating a free trade agreement, Israel’s Economy Ministry said on Tuesday.
Israel normalised diplomatic relations with Bahrain and its Gulf neighbour the United Arab Emirates (UAE) two years ago under U.S. sponsorship.
While economic ties with the UAE has since taken off, Israel’s trade with Bahrain has lagged far behind.
In May, Israel forged a free trade deal with the UAE, its first with an Arab country, that officials estimate will increase trade from $1.2 billion to $10 billion in a 5-year time period.
Dubai’s economy holding up well amid the global slowdown
The global economy is slowing. The latest JP Morgan global composite purchasing managers’ index slipped into contraction territory in August for the first time since June 2020.
Surging inflation in developed economies is weighing on growth and higher interest rates are contributing to the slowdown. In China, where inflation remains low by global standards, the Covid-zero policy has been the main drag on activity.
Despite the weakening global economic data, the UAE’s non-oil sector appears to be relatively resilient year to date.
Germany to sign lNG contracts in UAE
German Chancellor Olaf Scholz is expected to sign contracts for liquefied natural gas (LNG) during his visit to the United Arab Emirates on Sunday, his deputy chancellor said, as Germany looks for new partners to replace Russian energy imports.
“The gas offering is slowly broadening. The government is permanently in talks with many countries,” Economy Minister Robert Habeck said, pointing to his own trip to Qatar and the UAE in March.
In May, sources told Reuters that LNG talks between Germany and Qatar were fraught with differences over key conditions, including the duration of any contract.
German is acquiring LNG terminals as part of its efforts to diversify away from Russian gas.
UAE GDP growth of 18.8pc at current prices in 2021: FCSC
The Federal Competitiveness and Statistics Centre (FCSC) announced that the country’s gross domestic product (GDP) grew at constant prices by 3.9 percent, and at current prices by 18.8 percent in 2021.
The centre’s data issued showed that GDP at constant prices increased to AED1.499 trillion in 2021 from AED1.442 trillion in 2020 while non-oil GDP at constant prices grew by 5.8 percent to AED1.087 trillion in 2021, compared to around AED1.028 trillion in 2020.
Oman’s nominal GDP surges over 32pc
Oman’s economy is witnessing a remarkable expansion this year as elevated oil prices, increased hydrocarbon production and stronger non-oil growth have provided a much needed boost to the country’s GDP.
The sultanate’s nominal GDP – gross domestic product at current market prices – recorded a whopping 32.4 percent growth in the first half of 2022, the fastest economic expansion in over a decade, official data released on Tuesday showed.
S&P affirms Saudi Arabia’s rating on robust GDP growth
S&P Global Ratings has affirmed Saudi Arabia’s rating at “A-/A-2” with a positive outlook as the Arab world’s largest economy continues to recover from the Covid-19 pandemic on the back of higher oil prices, rising oil production and the government’s reform programme.
The A-/A-2 rating indicates the obligor’s strong capacity to meet its financial commitment.
“The positive outlook reflects Saudi Arabia’s relatively robust GDP growth and fiscal trajectory tied to the country’s improved oil and non-oil sector dynamics, ongoing structural reforms and continued emergence from the pandemic,” the rating agency said on Sunday.
Saudi Arabia’s economy continues to recover from the pandemic-induced slowdown amid higher oil prices and a rise in production, as the Opec group, led by Saudi Arabia and Russia, unwinds record production cuts put in place in 2020.
Over 33,000 licence issued, renewed in Sharjah in first half
Sharjah Economic Development Department (SEDD) reviewed the most important developments and events witnessed by the economic sectors and the measures as well as efforts taken by the Department in all sectors and activities, during the first half of the current year 2022.
This was done to provide a comprehensive tool for dealers in the economic sectors in Sharjah and to familiarise them with the most important results achieved, in confirmation of its efforts aimed at achieving balanced and sustainable economic performance and promoting business continuity in various fields.
Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, said that the data issued by the department indicate a significant increase in the investment movement, especially in the issued licences, which are indicators for sustainable growth for the economy of Sharjah. He pointed out that the issuance of these data is one of the important economic indicators that the department relies on to study the economic situation in the emirate.
In addition, Al Suwaidi stressed that SEDD’s strategic objective is to achieve a comprehensive development plan that promotes economic development in Sharjah, by developing services to match the highest international quality standards in terms of speed of delivery and access to dealers in the economic sector and investors in the emirate and striving to complete transactions with ease.