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Cloud catalyzes Saudi ICT market to top SR127 billion
(Saudi Gazette - 31/05/2018)

As the Saudi ICT market tops SR127 billion, cloud investment will fast-track Saudi Vision 2030 goals and Smart Cities growth, according to the newly-appointed Managing Director of Saudi Arabia, SAP.<br/><br/> Cloud investment is gathering momentum, with

Bahrain must reform state finances urgently, IMF official urges
(Arab News - 31/05/2018)

Bahrain must urgently reform its finances to cut a large state budget deficit and support its currency, a senior International Monetary Fund official said after annual consultations with the government.<br/><br/> Fiscal steps which the government has

Saudi economy to grow 1.8% in 2018 on non-oil GDP expansion
(The National - 31/05/2018)

Saudi Arabia, the Arab world's largest economy, is expected to record a 1.8 per cent growth in gross domestic product thanks to expansion in the non-oil sector this year after overall economic growth contracted last year, according to estimates from

GCC’s real estate sector is on a recovery path
(Times of Oman - 31/05/2018)

The real estate sector in the GCC is on a recovery path after a tumultuous couple of years thanks to the government’s economic diversification efforts, a stabilising oil sector, and rising private investments. Over the last 10 years, the region has

Qatar to achieve self-sufficiency in medicine soon
(The Peninsula - 31/05/2018)

Qatar, as part of efforts to achieve self-sufficiency in terms of necessary medicines, is expected to introduce the popular eCTD (electronic common technical document) system very soon, said a prominent Qatari official from the local pharmaceutical

Abu Dhabi grants fine waiver to businesses
(Gulf News - 31/05/2018)

Abu Dhabi’s Department of Economic Development (DED) on Wednesday exempted businesses whose licences have expired for more than 24 months and who have applied for renewal, liquidation or cancellation of trade licence from paying all delayed and

UAE Central Bank reviews reports related to banking sector
(Gulf News - 31/05/2018)

The Board of Directors of the Central Bank of the UAE reviewed several reports related to banking sector at a meeting held in Abu Dhabi on Sunday. One of the reports reviewed was related to banking supervision and the board instructed banks to take

CBB 12 Month Treasury Bills Issue No.45 subscribed by 100%
(Biz Bahrain - 31/05/2018)

The Central Bank of Bahrain (CBB) announces that this month’s BD 100 million issue of Government Treasury Bills has been subscribed by 100%. The bills, carrying a maturity of 12 months, are issued by the CBB, on behalf of the Kingdom of

Dubai Chamber’s ‘10X’ project aims to reshape global trade practices
(Media Office Dubai - 31/05/2018)

Dubai Chamber of Commerce and Industry (DCCI), in partnership with the Dubai Future Foundation (DFF), has developed the Digital Silk Road project, which seeks to use blockchain technology to eliminate key complexities and weaknesses in the global trading

VAT on gold, diamonds to be reduced
(The Gulf Today - 31/05/2018)

The Federal Tax Authority (FTA) has asserted that the new Cabinet Decision issued to regulate Value Added Tax, VAT, incurred by gold and diamond dealers registered with the FTA seeks to establish the adequate legislative environment and infrastructure

19 listed UAE banks post $2.9bn in Q1 profit
(Trade Arabia - 31/05/2018)

Nineteen UAE banks posted Dh10.7 billion ($2.9 billion) in net profit during Q1 2018, up 12.3 per cent from Dh9.52 billion during the same period in 2017, according to official figures released recently.<br/><br/> Banking analysts attributed the improved

DAE Capital reaches agreement to sell $900m aircraft
(Trade Arabia - 31/05/2018)

Dubai Aerospace Enterprise (DAE) said its leasing division DAE Capital has recently signed three agreements to sell 16 aircraft with a total market value of $900 million.<br/><br/> The aircraft covered by these agreements include Boeing 737 and Airbus

Bahrain starts hand over of 5,000 new housing units
(Trade Arabia - 31/05/2018)

Bahrain government has started the hand over of 5,000 new housing units built under the Umm Al-Hassam Housing Project to the citizens, said a report.<br/><br/> This comes following the order of HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince,

Dubai’s 0.5pc unemployment ‘much below global average’
(Trade Arabia - 31/05/2018)

Dubai had an unemployment rate of 0.5 per cent in the last year, a figure that is significantly lower than the global average, according to a labour force report released by Dubai Statistics Centre (DSC).<br/><br/> Dubai had an unemployment rate of 0.5

Saudi Arabia’s real GDP to grow by 1.8% in 2018
(Saudi Gazette - 30/05/2018)

Saudi Arabia’s real GDP is projected to grow by 1.8% this year as non-oil GDP is also expected to support the economy by increasing 2.8% on an annual basis, the latest NCB Saudi Economic Perspectives 2018 titled “Policy Dynamism to Stimulate Growth”

Saudi bank lending climbs on real estate loans
(Arab News - 30/05/2018)

Bank lending to the private sector in Saudi Arabia rose in April, providing a tentative sign that confidence in the Kingdom’s economy is returning, say analysts.<br/><br/> Total bank credit to the private sector increased by about 0.7 percent compared to

Qatar manufacturing on solid footing: MDPS
(Gulf Times - 30/05/2018)

Qatar’s manufacturing sector appears to be in a solid footing as higher prices for hydrocarbons, basic metals, refined petroleum products, dairy products and paper products helped the industrial producers’ earnings soar in double digits year-on-year,

Al Mouj Muscat signs construction pact
(Times of Oman - 30/05/2018)

Al Mouj Muscat, Oman's lifestyle and leisure destination, has awarded the construction of its Community Hub to a local partner and one of the leading national companies, Shaksy Engineering Services. Work will soon begin on the much-anticipated Community

CBO issues treasury bills worth OMR55m
(Times of Oman - 30/05/2018)

Oman’s central bank raised OMR55 million by way of allotting treasury bills on Tuesday. The treasury bills are for a maturity period of 28 days, from May 30, until June 27, 2018.<br/><br/> The average accepted price reached 99.878 for every OMR100, and

Qatar’s non-oil exports grow by 67.4% in April
(The Peninsula - 30/05/2018)

Qatar’s non-oil exports has recorded a significant increase of 67.4 percent to QR2.27bn in April 2018, compared to March 2018 when it was QR1.35bn, and an increase of 70.5 percent compared to QR1.3bn in April 2017, according to a report issued

Internet brings major change in hiring process in GCC
(The Peninsula - 30/05/2018)

A majority of GCC employers in a survey have revealed that the Internet and digital technology have significantly transformed the hiring process in most companies in the region.<br/><br/> The survey, conducted by Bayt.com, on ‘Middle East and North

Deal signed for mineral aggregate terminal at Sohar Port
(Oman Daily Observer - 30/05/2018)

Highlighting the rapid growth in Oman’s aggregate market, Marafi Sohar has joined hands with Sohar Port and Freezone to develop and operate a new high-capacity mineral aggregate terminal at the port. The Agreement was formalised between Sohar and Marafi

Abu Dhabi non-oil foreign trade slips 13.6pc in Q1
(Trade Arabia - 30/05/2018)

The value of non-oil foreign merchandise trade through Abu Dhabi ports decreased by 13.6 per cent from Dh43.9 billion in the first quarter of 2017 to Dh 37.9 billion in the same period of 2018, according to figures released by Statistics Centre Abu

Dubai cancels corporate fines to boost business
(Arab Times - 30/05/2018)

Dubai is exempting companies from administrative fines in a fresh effort to stimulate business, which has been dampened by new taxes and slumping asset markets. A decree by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum cancels fines imposed by the

Stable liquidity key to strengthening GCC Islamic banks
(Saudi Gazette - 29/05/2018)

WHILE slower economic growth brought on by the lower price of oil has reduced growth opportunities and hindered the performance of the GCC’s banking systems, Mohamed Damak, Head of Global Islamic Finance at S&P Global Ratings, believes the profile of

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