UAE working on national investment strategy: Minister
The United Arab Emirates is working on developing a national investment strategy, its recently appointed investment minister, Mohamed Al Suwaidi, said on Thursday.
The UAE said in July it would set up a new federal ministry of investment – appointing Suwaidi to lead it – to develop the Gulf state’s investment strategy globally and domestically as it contends with growing economic competition from neighbors.
“We have been spending the last few months putting together a strategy for the UAE,” Suwaidi said, speaking at the Milken Institute’s Middle East and Africa Summit in Abu Dhabi.
The UAE is a federation of seven emirates, dominated by capital Abu Dhabi and regional trade and tourism hub Dubai, with each having their own individual investment strategies.
Russia’s Putin meets leaders of Saudi Arabia, UAE on whistle-stop Gulf tour
It was not immediately clear what Putin, who has rarely left Russia since the start of the Ukraine war, intended to raise specifically about oil or geopolitics in a meeting with the de facto ruler of the world’s largest crude exporter.
The Meeting with MBS, as the prince is widely known, comes after a fall in oil prices despite a pledge by OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC+) and allies led by Russia, to further cut output.
In Introductory remarks shown on Russian television, Putin thanked the crown prince for his invitation, saying he had originally expected MBS to visit Moscow, “but there were changes to plans”.
Their next meeting should take place in Moscow, he said, adding: “Nothing can prevent the development of our friendly relations.”
Oman’s economy poised for rebound in 2024
Oman’s Economic growth is set to rebound in 2024, supported by higher hydrocarbon production and stronger non-hydrocarbon growth, after softening this year due to oil production cuts, the International Monetary Fund has said.
The Sultanate’s economy surged 4.3 percent last year, driven by the hydrocarbon sector, but dropped to 2.1 percent year on year in the first half of 2023 due to Opec+-related oil production cuts,” the IMF said on Wednesday.
It is projected to slow down this year to 1.3 percent, the IMF added.
However, non-hydrocarbon growth accelerated from 1.2 percent in 2022 to 2.7 percent in the January-June period of this year. It was supported by Oman’s recovering agricultural and construction activities and robust services sector.
“The Economic Outlook remains favourable … fiscal and current account balances are projected to remain in surplus over the medium term albeit trending down along with oil prices,” said Cesar Serra, who led the staff visit to Muscat.
However, the outlook is subject to high uncertainty, due to “oil price volatility, global economic and financial developments, and potential indirect spillovers from the ongoing conflict in Gaza”, Mr Serra added.
FTO coordinator highlights Kuwait’s investment to strengthen economic activities
Coordinator to Minister of State and Federal Tax Ombudsman Meher Kashif Younis on Sunday said that Kuwait’s $10 billion investment in Pakistan will boost economic activities besides cementing bilateral relations between the two Muslim brotherly countries. Talking to a delegation of industrialists and traders led by Ch Faran Shahid Arain, he said this substantial financial commitment not only marks a milestone in the economic landscape of Pakistan but also stands as a testament to the enduring bonds.
Meher Kashif said this investment into Pakistan’s economy is poised to act as a catalyst for robust economic activities. It is anticipated that this infusion of capital will spur growth across various sectors, creating job opportunities, fostering innovation, and contributing to the overall development of the nation, he added. He said as we navigate the challenges of a rapidly changing global economy, such investments become instrumental in ensuring sustained prosperity.
Saudi economy to rebound in 2024
Saudi Arabia’s economy is expected to “rebound” in 2024, according to an analysis by Riyadh Capital.
The Bank’s “Saudi Economic Chartbook” for the fourth quarter of 2023 outlines a projected continuation of solid growth for non-oil activities, facilitated by a progress-driven financial policy emphasizing an increase in investment spending, leading to the foreseen advancement in 2024.
For 2023, the document estimates non-oil activities to grow by 5.1 percent while projecting a 4.9 percent boost for 2024.
The Bank notes that the Kingdom’s economy is expected to consolidate in 2023 due to oil production cuts in the last 12 months.
The Decline in crude output in 2023 is expected to gradually reverse over the course of next year, leading the body to forecast an oil sector GDP contribution of 3.6 percent in 2024.
For 2023, the fiscal deficit is estimated at SR82 billion ($21.9 billion), corresponding to 2.1 percent of GDP.
Meanwhile, the 2024 deficit is projected to narrow to SR43 billion or 1.1 percent of GDP, primarily due to gradually higher oil and non-oil revenues.
Qatar: the economy of the future
Last winter, the eyes of the world were firmly fixed on Qatar. As the first Middle Eastern nation to host the FIFA World Cup, Qatar delivered a landmark event over four fantastic weeks of football. A momentous occasion for the gulf state – and for the wider Arab world – the tournament marked a significant milestone in the nation’s development journey. The competition showcased modern Qatar to the world, with television broadcasts highlighting state-of-the-art stadiums and cutting-edge transport infrastructure in the capital city of Doha. Watching these slick images of a bustling, contemporary nation, it is all too easy to forget just how rapid and profound Qatar’s economic transformation has been.