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Logistics industries can strengthen Oman’s economy (Oman Daily Observer - 31/07/2016)

The Business Year (TBY), a publisher of yearly research on national economies and business environments, recently published The Business Year Oman: 2016 and is now performing in-country research for their 2017 publication. The Observer spoke with Betul

US trade surplus with Qatar jumps to QR9.35bn (The Peninsula - 31/07/2016)

The US trade surplus with Qatar for the first five months of this year has jumped to QR9.35bn ($2.57bn), witnessing a triple-digit growth compared to figures for the same period (January -May) last year. The US trade balance with Qatar (which represents

Qatar may run $8bn budget deficit: World Bank (The Peninsula - 31/07/2016)

Qatar is estimated to run a budget deficit of $8bn, equivalent to 5 percent of GDP in 2016 — the smallest among the GCC countries. Yet, given that the country’s budget planners calculated oil at $48, Qatar’s deficit may increase further, latest World

Bahrain telecom sector revenues top $1.1bn (Trade Arabia - 31/07/2016)

Bahrain's telecom sector revenues reached BD450 million ($1.193 billion) in 2015, a growth of 4.7 per cent compared with BD430 million in 2014, the Telecommunications Regulatory Authority's (TRA) latest market indicators report said. Furthermore, the

Home prices in Saudi Arabia continue decline (The National - 31/07/2016)

House prices in Saudi Arabia’s biggest cities continued to decline in the three months to the end of June, as falling oil revenue continued to put pressure on the kingdom’s economy. For the longer term, the property broker JLL’s outlook was that the

UAE moving towards brighter future (Khaleej Times - 31/07/2016)

The UAE economic growth is expected to accelerate next year by more than four per cent a year until 2020 on high oil prices and Expo2020 related projects, a new report revealed on Saturday. Project activity in the country is forecast to recover in 2017

Materials Handling exhibition to be held in Nov. in Kingdom (Saudi Gazette - 31/07/2016)

MESSE Frankfurt Middle East, one of the region’s largest exhibition organizers, is expanding its regional reach with the announcement of the inaugural Materials Handling Saudi Arabia 2016. The two-day conference and exhibition will take place on Nov.

Saudi fiscal consolidation to secure mid-term future (Saudi Gazette - 31/07/2016)

Experts at UBS, the world’s largest global wealth manager, have concluded that current fiscal measures deployed by the Kingdom of Saudi Arabia should help ensure a sustainable economic future for the country in the medium term, following a recent

UAE’s GDP seen to grow over 4% a year until 2020 (Saudi Gazette - 31/07/2016)

Project activity in the UAE is forecast to recover in 2017 after a difficult 2016 on the back of a strong recovery in economic growth, according to a new report from Middle East business intelligence service MEED. MEED’s annual UAE Outlook Report for

SAMA’s net foreign assets reach $562 billion in June (Arab News - 31/07/2016)

Net foreign assets at Saudi Arabian Monetary Agency (SAMA) fell by $11 billion from the previous month to $562 billion in June as the government drew down its reserves to cover a budget deficit caused by low oil prices, official data showed on Thursday.

Oman’s Muscat Port operator seeks govt purchase of pvt shares (Oman Daily Observer - 28/07/2016)

Port Services Corporation SAOG (PSC), which operates and manages Muscat’s Port Sultan Qaboos (PSQ), says it expects compensation for any revenue loss stemming from the government’s decision to transfer the port’s assets before the expiry of its current

Qatar’s trade surplus touches QR8.3bn in June (The Peninsula - 28/07/2016)

Qatar’s trade surplus in June 2016 stood at QR8.3bn, up nearly QR800m, or 10.6 percent, compared to QR7.5bn witnessed in May 2016, data released by the Ministry of Development Planning and Statistics show. However, when compared on year-on-year (y-o-y)

Saudi cleaner fuels project harvests foreign bids to build (Trade Arabia - 28/07/2016)

Foreign engineering companies have bid to build Saudi Aramco's clean fuels project at the state oil giant's Ras Tanura refinery, industry sources told Reuters. The bid deadline was July 17 for the $2 billion-plus scheme which will remove sulphur from

IMF calls for UAE to ease up on spending cutbacks (The National - 28/07/2016)

To help nudge growth higher this year, the UAE should ease the pace of spending cuts and instead use its ample financial reserves to balance the budget, the IMF said on Wednesday. The fund’s growth forecast for the UAE is 2.3 per cent for this year, down

20 UAE banks rank in top 1,000 banks worldwide (Gulfnews - 28/07/2016)

The General-Secretariat of the Union of Arab Banks, UAB, has announced the inclusion of 85 Arab banks among the top 1,000 banks in the world, including 20 from the UAE. The General Secretariat report, which is based on data published by The Banker

Print ads suffer in soft UAE market (Gulfnews - 28/07/2016)

The UAE publishing industry is continuing to suffer as advertisers cut back their budgets in an increasingly cautious market. The ad market has softened over the past 18 months as low oil prices and regional instability weakens commercial and consumer

UAE to make up 90% of ME leisure tourism market (Khaleej Times - 28/07/2016)

The UAE is forecast to make up 90 per cent of the leisure tourism market in the Middle East by 2020, according to research by Team Leisure ahead of The Leisure Show Dubai 2016. Phil Taylor, director at Team Leisure, said: "The UAE is just about to take a

Saudi Vision 2030 to stimulate dull Riyadh, Jeddah real estate market (Saudi Gazette - 28/07/2016)

With Saudi Vision 2030 pivotal to the diversification and restructuring of the economy in lieu of decreasing oil prices, both Riyadh and Jeddah continue to maintain an overall slowdown in performance, JLL said Wednesday in its “Q2 2016 Riyadh and Jeddah

Saudi Vision 2030 to stimulate dull Riyadh, Jeddah real estate market (Saudi Gazette - 28/07/2016)

With Saudi Vision 2030 pivotal to the diversification and restructuring of the economy in lieu of decreasing oil prices, both Riyadh and Jeddah continue to maintain an overall slowdown in performance, JLL said Wednesday in its “Q2 2016 Riyadh and Jeddah

‘Lack of skills’ major barrier for new Saudi graduates to find jobs (Saudi Gazette - 28/07/2016)

At around 23%, the soaring rates of youth unemployment across the Middle East and North Africa region are almost twice the global average of 13%. These figures have led to discontent among fresh graduates in the Kingdom of Saudi Arabia (KSA), who claim –

Vision 2030 to accelerate digital economy programs (Arab News - 28/07/2016)

In the context of the drop in oil prices, which has caused a level of disruption and re-prioritization of development agendas in Saudi Arabia and across the GCC, there is a move on the part of regional governments to look at new models for national

Private sector key driver for growth in Mena (Emirates 24|7 - 27/07/2016)

Private sector can be an important driver for growth and rising prosperity in the Middle East and North Africa (Mena) if effective policies are put in place to address key challenges across the region, according to a report from three leading

Dubai business confidence index picks up in second quarter (The National - 27/07/2016)

A key government measure of Dubai business confidence rose during the second quarter amid a pickup in demand. The composite Business Confidence Index of Dubai rose 7.4 points to 117.5 points during the second quarter compared to the same period a year

Dubai Chamber welcomes 8,000 new members (Gulfnews - 27/07/2016)

More businesses continue to set up shop in Dubai, despite the economic pressure from low oil prices. In its report on Tuesday, the Dubai Chamber of Commerce and Industry said it has welcomed 8,000 new companies so far this year, expanding its membership

DP World reports 2.5% gross volume growth in H1 (The Gulf Today - 27/07/2016)

DP World Limited handled 31.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first half of 2016, with per cent gross container volumes growing by 2.5 per cent on a reported basis, and up 1.2% on a

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