UAE,Russia Non-Oil Trade Exceeds $14 Billion Over the Past Five Years
The value of non-oil trade between the UAE and Russia over the past five years amounted to $14.1 billion, while last year’s non-oil trade totalled $3.4 billion, compared to $2.5 billion in 2017, a growth of 36 percent. In an interview with the Emirates News Agency, WAM, Abdullah Al Saleh,... Read more
Aramco Aims to Reach 90 Percent Saudization by 2020
Mohammad Al Shammary, vice president, procurement and supply chain management at Saudi Aramco, said that Aramco has launched a comprehensive localization program in an effort to develop services to contribute to raising the level of local content in the field of energy to reach 90 percent by 2020. Addressing... Read more
Saudi Arabia up 13 Points in Global Labor Market Efficiency
The Kingdom has advanced 13 points in the labor market efficiency index compared to last year (2018), according to the Global Competitiveness Report for 2019, Saudi Press Agency (SPA) said on Saturday. Saudi Arabia has also advanced in five subsidiary indices that measure aspects of market efficiency, according to... Read more
World Bank: India’s Growth Rate to Fall to 6 Percent
After a broad-based deceleration in the initial quarters of this fiscal year, India’s growth rate is projected to fall to 6 per cent, the World Bank said on Sunday. In 2018-19, the growth rate of the country stood at 6.9 per cent. However, the bank in its latest edition... Read more
MENA M&A Deals Reach $120.6 Billion, up 160 Percent in 9 Months
The value of announced M&A transactions with any Mena involvement currently stands at an all-time high, up 160 per cent from YTD 2018 reaching $120.6 billion so far this year, said Refinitiv, a top provider of financial markets data. Deals with a Mena target, inter-Mena or domestic and inbound... Read more
World Bank: Iran to Move Out of Recession in 2020
In its latest report, World Bank (WB) forecast that Iran’s economy will move out of downturn in 2020. Although Iran’s economy will experience negative growth by the end of 2019 but it can experience its first positive economic growth in next year after the recent sanctions imposed against... Read more
S&P Global Ratings: GCC Banks to Maintain Stable Financial Profiles In 2020
Rated banks in the GCC should maintain stable financial profiles in 2020, barring any major increase in geopolitical risk or a sharp fall in oil prices, said S&P Global Ratings in a new report. S&P Global Ratings’ base-case scenario continues to exclude a full-scale military intervention in the region... Read more
UAE’s Aviation Sector to Contribute $128 Billion to the Economy by 2037
In its latest study on the importance of air transport to the UAE, the Montreal-based organisation said the domestic aviation industry at present supports nearly 800,000 jobs and contributes $47.4 billion to the economy, accounting for 13.3 per cent of the UAE’s GDP. However, given the ongoing prioritisation of... Read more
Bahrain Exports Rise 2 Percent to BD187 Million
Bahrain’s national origin exports increased by two per cent to BD187 million during August this year compared with BD184m for the same month last year, shows a report from the Information and eGovernment Authority (iGA). The report, which encompasses data on the balance of trade, imports, exports (national origin)... Read more
Bahrain: Jobs Rate Declines for Nationals, Expats in Q2 2019
A drop in the number of both Bahrainis and expatriates hired in the private and public sector has been recorded in the second quarter of this year. Latest statistics on the country’s labour market indicators show a 1.1 per cent drop in expatriate employment, and 3.6pc reduction among citizens compared... Read more