Sheikh approves Dubai budget for 2024 to 2026
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has approved the emirate’s budget for 2024 to 2026 that allocates Dh246.6 billion ($67.14 billion) of expenditure.
Sheikh Mohammed also approved Law No 20 of 2023 for the general budget for the fiscal year 2024.
The Emirate has earmarked Dh79.1 billion for spending next year. The move reflects Dubai’s fast economic recovery and boosts its ambitions to stimulate the macroeconomy and support the objectives of the Dubai Strategic Plan 2030 development project, as well as the Dubai Economic Agenda D33, the Dubai Media Office said in a statement on Monday.
The Emirate expects to achieve public revenue of Dh90.6 billion next year, of which Dh85.1 billion has been allocated to the budget and Dh5.5 billion to the general reserve.
Saudi’s CEDA highlights efforts
The Saudi Council of Economic and Development Affairs (CEDA) highlighted the state’s efforts in bolstering social protection programs, as evidenced by the 27 percent rise in social benefits until the third quarter of this year. The council noted that the 38 percent increase in government spending rates on public services, including education and health, demonstrates the state’s commitment to enhancing the quality of services provided to citizens and expatriates.
The virtual meeting of CEDA discussed various topics on its agenda, including a presentation by the Ministry of Economy and Planning about the third-quarter economic and development report for 2023. The report contained an overall view of the global economy in light of volatility and high interest rates, the most significant economic scenarios, and future challenges and expectations.
UAE’s gdp grew 3.7pc in first half of 2023
The United Arab Emirates’ gross domestic product grew 3.7 percent in the first half of the year, the economy minister said on Wednesday, as non-oil sector growth vastly outperformed overall growth.
Non-oil growth surged 5.9 percent in the first six months of the year, Abdulla bin Touq Al Marri said, speaking at a business conference in Dubai.
“The UAE’s economic growth is a testament to our resilience, diversification and commitment to openness, and international cooperation,” he said, adding the country was becoming less reliant on oil and more dependent on knowledge-based industries.
UAE to focus on economic growth, youth and sustainable projects: Sheikh
Chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE Government Annual Meetings kicked off, in Abu Dhabi in the presence of more than 500 dignitaries, ministers, and senior officials at the federal and local levels.
In his statement during the inaugural day of the UAE Government Annual Meetings, His Highness Sheikh Mohammed said, “The current regional situation requires double efforts to maintain our development and economic momentum.”
His Highness further noted, “Our priorities during the next stage are based on 3 main pillars: maintain the UAE’s economic and development momentum; focus on youth; and promote sustainable projects.”
Saudi fund injects $2.9bn into Omani economy over 46 years
The Saudi Fund for Development has contributed over SR11 billion ($2.9 billion) to Oman’s economy since initiating financing for projects in the sultanate 46 years ago.
According to the fund’s CEO Sultan Al-Marshad, the Saudi financier has supported numerous development projects in Oman since 1977, covering areas such as infrastructure, transportation, education, health, water, and energy.
In an interview with the Oman News Agency, Al-Marshad expressed optimism about the ongoing collaborative efforts between the fund and Oman in advancing their development goals.
Furthermore, Al-Marshad revealed that the fund has recently concluded an agreement to provide financing for the construction of infrastructure within the integrated economic zone in Al-Dhahirah, with an estimated amount of approximately SR1.2 billion.
He emphasized that the project’s implementation will commence in the first quarter of 2024.
Qatar benefits from fixed exchange regime
Qatar, which is heavily integrated into world energy markets, benefits from a fixed exchange regime; and interest rates are expected to remain high as the US inflation remains far from being resolved, according to Argentina’s former central bank president.
“For economies like Qatar, which is so heavily integrated into world energy markets, it benefits from having fixed exchange parity,” Dr Federico Sturzenegger told in an interview.
Stressing that a half of the countries in the world have fixed exchange rate system, he said typically, the countries that have very large trade share, they value a lot for the stability.
Fixed exchange has the great benefit that it eases trade, he said, adding the local prices are stabilised with the international prices.
Turkiye plans for $5bn investment in Kuwait
Turkiye is planning to increase its investment in Kuwait to $5 billion in a move aimed at strengthening economic cooperation and fostering higher bilateral trade, according to a senior minister.
Turkish Minister of Trade Omer Bolat made the announcement during a press conference on Nov. 7, underscoring his government’s commitment to expanding economic ties and mutual growth with the Gulf nation, reported the Kuwait News Agency.
The minister underlined Kuwait’s pivotal role as an economic, financial, and oil powerhouse in the Middle East.
He also emphasized Turkiye’s commitment to increasing oil imports from Kuwait and enhancing bilateral procurement, highlighting the substantial opportunities for cooperation between the two nations.
The event coincided with the launch of the Commercial Authority program at the Turkish Embassy in Kuwait.