All eyes on Saudi Arabia, UAE and Qatar to bail out Pakistan’s struggling economy
Pakistan is looking towards the Gulf countries including Saudi Arabia, UAE and Qatar that had promised to bridge the financing gap. The International Monetary Fund (IMF)’s condition for Pakistan to bridge the gap of $6 billion is simply an attempt to ensure its credibility. Otherwise, Pakistan will slide into default. The global lender was forced to put forth this condition on the negotiating table because representatives of these countries on the Executive Board had made commitments before the approval of the seventh and eighth reviews for providing financial assistance to Islamabad in different forms. However, they failed to materialise their commitments despite several months passing in the current fiscal year.
Bahrain economy up 4.2pc in q3
Bahrain’s real economic growth during the third quarter of 2022 reached 4.2 percent with consumer price index registering an increase of 3.6 percent. The kingdom’s current account surplus increased remarkably from BD978.5 million ($2.63 billion) in 2021 to BD2.57 billion ($6.7 billion) in 2022, the Central Bank of Bahrain’s (CBB) Board of Directors noted at its first meeting for the year 2023. Chaired by Hassan Khalifa Al Jalahma, the Board reviewed the topics on the agenda and approved the CBB’s annual report and audited financial statements for the year 2022, in addition to reviewing the CBB’s activities for 2022.
Forbes middle east reveals Kuwait’s top entrepreneurs 2023
Forbes Middle East, in partnership with Kuwait’s Al-Qabas, has revealed a list of top Kuwaiti entrepreneurs, celebrating the emerging business leaders embodying innovation and helping the country achieve its vision of a future-focused and prosperous economy. To construct this list, Forbes Middle East weighted points that evidenced innovation. This included considering the scalability potential of the entrepreneur’s main business, the uniqueness of the products launched and to what extent the company has presented new inventions, and how they have used technology to simplify processes. Additionally, the business leader’s overall and personal achievements were considered alongside their impact on their industry and Kuwait’s economy.
Oman witnessing remarkable economic growth
The Omani economy is reviving because of flourishing exports. The United Nations Economic and Social Commission for Western Asia( ESCOA) also added that the expectations of an increase in the growth rate to more than 3 percent during the year 2023 will boost the growth. The “Survey of Economic and Social Developments in the Arab Countries” report recently issued by the United Nations Economic and Social Commission for Western Asia (ESCWA) confirmed that the economic growth of the Sultanate of Oman is witnessing a remarkable recovery and is expected to record a rate of 3.6 percent in 2023 and 3.5 percent in 2024. The report indicated that the Sultanate benefited from the high oil and gas prices and this aided in boosting the domestic product manufacture and an expansion in the non-oil sectors.
Iran’s raisi welcomes invitation from king to visit Saudi Arabia
Iranian President Ebrahim Raisi has favourably received an invitation from Saudi Arabia’s King Salman to visit the kingdom following the reconciliation deal between the two countries, an Iranian official has said. “In a letter to President Raisi … the King of Saudi Arabia welcomed the deal between the two brotherly countries [and] invited him to Riyadh,” tweeted Mohammad Jamshidi, the Iranian president’s deputy chief of staff for political affairs, adding to this Sunday message that “Raisi welcomed the invitation”. The two regional heavyweights announced on March 10 a Chinese-brokered deal to restore ties seven years after they were severed.
UAE consumer spending jumped 19pc in 2022
Consumer spending in the UAE increased by 19 percent annually in 2022 as the Arab world’s second-largest economy continued to expand due to government initiatives, higher oil prices and a rebound in the tourism and property sectors. Retail spending grew by 13 percent during the 12-month period while non-retail spending — government services, airline tickets, petrol and gas stations and education — rose 29 percent, Majid Al Futtaim, the Middle East’s largest mall operator, said in its State of the UAE Retail Economy report on Friday. Growth was registered across all sectors of the retail economy and the drivers included Expo 2020 Dubai, which delivered a boost in the first quarter, the report said.
ICAEW: UAE economy enters 2023 on a solid note
The latest Economic Insight report for the Middle East, commissioned by ICAEW and compiled by Oxford Economics, revealed that growth in the UAE’s is expected to remain robust this year, despite slowing compared to 2022. The slowdown in growth will be largely driven by OPEC+ policy, which reverses some of the past year’s increase in oil production. According to the Q1 report, the UAE’s GDP growth will slow to 3.2percent in 2023 (down from 7.9percent in 2022) and the non-oil sector will grow by 3.9percent after growing 6.6percent in 2022. UAE oil production is expected to be broadly flat in 2023, compared to 2022. However, high-frequency data, as well as anecdotal evidence about activity, indicate the non-oil economy continues to perform strongly.
UAE, Georgia sign comprehensive economic partnership agreement
Georgia and the UAE have signed a comprehensive economic partnership agreement (CEPA) to build stronger and more integrated economic relations between the two nations. The signing took place in Georgia’s capital Tblisi during a UAE delegation’s visit to the country, which included a meeting of the UAE-Georgian Business Forum. The CEPA will enhance and diversify bilateral trade and economic relations by eliminating or significantly reducing tariffs, removing non-tariff barriers and promoting trade in goods, services and investment.