UAE non-oil economy strengthened in September
Business activity in the UAE’s non-oil private sector expanded robustly in September as the addition of new clients, competitive pricing and sturdy underlying economic conditions increased demand.
The Seasonally adjusted S&P Global purchasing managers’ index reading climbed to 56.7 in September, from 55 in August, setting it well above the neutral 50 mark that separates growth from contraction.
New order growth accelerated sharply to a more than four-year high, according to the survey.
The Latest reading signals a “strong and accelerated expansion” in the non-oil private sector, it said.
The Index recorded its first increase in three months in September, driven by a “much sharper rise in new work intakes than one month ago”, the survey found.
UAE holds annual oil and gas conference ahead of un cop28 climate talks
The Emirati president-designate of the upcoming United Nations COP28 climate talks called on oil and gas companies on Monday to be “central to the solution” to fighting climate change, even as the industry boosts its production to enjoy rising global energy prices.
The Call by Sultan Al-Jaber highlights the gap between climate activists suspicious of his industry ties and his calls to drastically slash the world’s emissions by nearly half in seven years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times.
“That is our North Star. It is in fact our only destination,” Al-Jaber said. “It is simply acknowledging and respecting the science.”
However, he added: “We must do this while also ensuring human prosperity by meeting the energy needs of the planet’s growing population.”
Qatar-Kazakh business forum bolsters investment opportunities
Doha, Qatar: Qatar and Kazakhstan have a great potential for commercial partnerships within their private sectors and by maximising investment opportunities in both nations, strategic locations the benefits can be substantial.
Qatar provides a crucial commercial gateway for Kazakh industries to access regional markets and Kazakhstan is a prominent and essential destination in Central Asia, discussed officials at the ‘Qatari-Kazakh Business Forum’ held under the theme ‘Partnership and Investments’, yesterday.
The Forum was held with support of Chamber of Commerce of Kazakhstan, Qatar Chamber, Ministry of Energy of the Republic of Kazakhstan, Ministry of National Economy of the Republic of Kazakhstan and the Joint Stock Company ‘National Company Kazakh Invest.
Addressing the forum, Undersecretary of the Ministry of Commerce and Industry (MoCI), H E Sultan bin Rashid Al Khater, said “We are excited to showcase the investment opportunities available in the State of Qatar and the Republic of Kazakhstan and to discuss ways to strengthen cooperation between our private sectors. Together, our goal is to establish robust partnerships and elevate the relationship between our two nations through a comprehensive strategic partnership.”
Bahrain’s economy grows 2pc
Bahrain recorded a 2 percent growth in real gross domestic product in the second quarter compared to the same period last year, according to its Ministry of Finance and National Economy.
In its latest report, the department disclosed that the growth in real GDP was fuelled by a rise in the non-oil sector, also of 2 percent.
The Transportation and communication activities topped the rankings, reporting an annual growth of 13.3 percent in the second quarter, followed by hotels and restaurants, which grew by 9.6 percent.
Real Estate and business activities rose 4.9 percent, while financial corporations advanced by 4.7 percent annually over the second quarter of last year.
The Oil sector also reported an annual increase of 2.2 percent in business activity, spurred by a 2.9 percent rise in the combined production of Abu Sa’afa and the onshore Bahrain oil fields.
Like many oil-dependent nations, Bahrain has recognized the need to diversify its economy.
Various initiatives have been taken to support this, including in the financial services, tourism and hospitality, and real estate sectors.
The Report further stated that the non-oil industry contributed 82.9 percent of Bahrain’s real GDP between April and June,
Saudi Arabia revises budget estimates for 2023
Lowering its growth forecast for 2023, Saudi Arabia expects to post a budget deficit this year rather than an earlier projected surplus, mainly due to “expansionary” spending policies and “conservative revenue estimates.”
Saudi Arabia will continue its fiscal and structural reforms as the Kingdom is steadily embarking on its economic diversification journey in line with the goals outlined in Vision 2030, said Finance Minister Mohammed Al-Jadaan.
He Said that continuous implementation of the ambitious plan is necessary for the Kingdom to catalyze its economic growth and maintain fiscal sustainability.
A Preliminary budget statement issued on Saturday showed that the largest Arab economy expects real gross domestic product to grow by 0.03 percent this year compared with a previous forecast for growth of 3.1 percent.
The Document also projected the government would post a budget deficit of 1.9 percent of the gross domestic project in 2024, 1.6 percent of GDP in 2025, and 2.3 percent of GDP in 2026. It said “limited budget deficits” would continue in the medium term.
UAE: become a millionaire in less than 10 years; here’s how much you need to save per month
A Savings plan announced in the UAE recently will help subscribers become millionaires in as little as three years. Savings and investment firm National Bonds said the scheme lets residents hit the Dh1-million mark with monthly contributions made to the plan and expected profits offered by the company.