Dubai chamber of commerce reports 43pc surge in new member companies
Showcasing the emirate’s attractiveness among both companies and investors, the Dubai Chamber of Commerce announced that the number of new member companies has increased 43 percent to 30,146 in the first half of 2023, up from the existing 21,098. The total value of exports and re-exports of member companies increased by 7 percent during the first half of 2023 to reach AED137.6 billion ($37.3 billion), up from AED129.4 billion ($35.2 billion) in the same period last year. The chamber also issued 357,000 certificates of origin during H1 2023. A total of 2,402 ATA (Temporary Admission) Carnets were issued and received for goods and commodities with a value of AED2.5 billion ($680 million) during the six-month period, up 108 percent compared to 2,326 ATA Carnets with a value of AED1.2 billion ($330 million) during H1 2023.
Ministry of finance launches 4-year plan
The Ministry of Finance has launched a four-year plan to help boost growth. The strategic plan 2023-2026 also focuses on financial empowerment, sustainability, innovation, financial leadership as well as future foresight, the Dubai Media Office, said on Sunday, quoting Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai. The strategic growth initiative is in line with the objectives of the UAE Centennial Plan 2071. “We will develop and implement sustainable financial policies to promote economic growth, create a competitive business environment, strengthen international economic relations and build trust and transparency,” Sheikh Maktoum said. “In a fast-changing world, we will ensure our economy is resilient and agile, ensuring long-term national goals are met.” The UAE’s economy grew by 3.8 percent on an annual basis in the first quarter of this year, boosted by its strong non-oil sector as it continues to push for diversification and long-term growth. Gross domestic product in the three months to the end of March increased to Dh418.3 billion ($113.9 billion), from Dh403.3 billion a year ago, Abdulla bin Touq, Minister of Economy, said last week, quoting preliminary estimates from the Federal Centre for Competitiveness and Statistics.
Bahrain’s $186mn treasury bills issue oversubscribed by 121pc
Bahrain’s latest issue of weekly treasury bills, valued at 70 million Bahraini dinars ($185.7 million), has been oversubscribed by 121 percent. The bills, issued by the Central Bank of Bahrain, hold a weighted average interest rate of 6.3 percent compared to 6.14 percent of the previous issue on Aug. 2, according to Bahrain News Agency. The issuance date of the new bills is Aug. 9 with a maturity of 91 days. The average price for the issue stands at 98.43 percent with the lowest accepted price being 98.38 percent. Currently, the total outstanding value of Bahrain’s government treasury bills is 2.11 billion dinars. The country’s government treasury bills have maintained a subscription rate of over 100 percent for the past two months with some weeks reaching above 200 percent. The treasury bills issued on July 26 received an oversubscription of 180 percent despite having an interest rate of 6.05 percent, lower than the 6.07 percent of the issue before. Treasury bills are guaranteed short-term financial instruments that offer licensed commercial banks the opportunity to invest their surplus funds. Furthermore, treasury bills are also known to promote and further propel the domestic money market by creating a benchmark yield curve for short-term interest rates. Bahrain has recorded strong economic growth with a rise in investor trust in its non-oil sector.
Non-oil activities drive Saudi economy up by 1.1pc in q2: GASTAT
Affirming Saudi Arabia’s progress in its economic diversification journey, the Kingdom’s real gross domestic product grew by 1.1 percent in the second quarter of this year compared to the same period of 2022, according to the General Authority for Statistics. The flash estimates by GASTAT showed that Saudi Arabia’s economic growth was driven by non-oil activities which increased by 5.5 percent annually in the second quarter. Strengthening the non-oil sector is a crucial agenda of Saudi Arabia’s Vision 2030, as the Kingdom is steadily diversifying its economy which has been dependent on oil for several decades. According to the GASTAT report, government services activities increased by 2.7 percent in the second quarter, while oil activities dipped by 4.2 percent on an annual basis. The fall in oil activities was primarily due to the decision taken by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to reduce oil output by 1.2 million barrels per day. In those cuts, Saudi Arabia pledged to reduce output by 500,000 bpd. In June, the Kingdom also announced an additional cut of 1 million bpd for the month of July. The report added that Saudi Arabia’s seasonally adjusted real GDP decreased by 0.1 percent in the second quarter of this year compared to the previous quarter.
Oman development bank approves loans worth $36.3mn
The Oman Development Bank revved up the economy by approving loans that will lift various sectors, including food, minerals, healthcare, tourism and logistics, according to an official release. The board of directors of the financial institution on Tuesday cleared loans worth over 14 million Omani rials ($36.3 million) for various economic projects in Al-Buraimi, Dhofar, Al-Batinah and Muscat. According to ODB, these loans will provide job opportunities for the youth, reduce imports and maximize exports. Reviewing the performance data for the first half of 2023, the board of directors urged the bank’s executive management to continue achieving the operational plan for 2023 and maintaining the required growth levels.