Old problems await Kuwait’s new ruler
A Sluggish economy, political wrangling and delayed reforms have turned Kuwait into one of the Gulf’s most laggard states, a reality Sheikh Meshal will have to confront as the new emir.
Coming to power at the age of 83, Sheikh Meshal, a veteran of Kuwait’s security and intelligence apparatus, is already familiar with the tasks that lie ahead, having assumed most of his predecessor’s key duties over the past two years.
But officially taking over from his half-brother Sheikh Nawaf who died on Saturday, he “inherits a challenging legacy,” marked by delays to urgently needed reforms, said Issam Altawari, a Kuwaiti analyst.
Economist and Gulf specialist Justin Alexander said: “The decisions made during the next few years are of critical importance to determine whether Kuwait will flourish long-term.
Oman, India deepen economic ties through multiple MoUs
The Economic and Trade relations between Oman and India are set to strengthen further as both nations recently signed multiple agreements and memorandums of understanding across various sectors.
The Deals were formalized during the visit of the ruler of Oman, Sultan Haitham bin Tariq, to India on Dec. 16, where he held discussions with Indian Prime Minister Narendra Modi, as reported by Oman News Agency.
According to the report, both leaders conducted a comprehensive review of bilateral relations, encompassing political, security, defense, trade, economic, and cultural sectors.
UAE launches affordable permanent residency visas
In a strategic move aimed at attracting global talent and fostering long-term residency, the emirate of Ras Al Khaimah in the United Arab Emirates (UAE) has introduced an unprecedented initiative – affordable permanent residency visas.
Revealed by the Ras Al Khaimah Economic Zone (RAKEZ), the visa, priced at AED16,500 annually, comes with an array of benefits.
The AED16,500 package offers an extensive array of benefits, including a UAE residence visa, third-party visa processing, comprehensive medical tests, an Emirates ID card, pre-approval for a business license, and access to a shared workstation.
The Affordability of this package, coupled with its comprehensive offerings, positions Ras Al Khaimah as a unique destination for those seeking a secure and advantageous residency status.
Pakistani startup Abhi has plans for ‘further growth’ after expanding to Bangladesh and UAE
Financial platform Abhi has shown itself to be one of the bright spots in Pakistan’s startup scene even when things have been dim – just $5.2 million was raised across eight deals in April-June this year.
But this Karachi-based firm that works with companies to enable their employees to access funds before payday has raised $21 million in venture capital (VC) funding, with investors including Dubai-based Global Ventures and VentureSouq. It has also raised $15 to $20 million in debt funding across its different markets.
An August report says its valuation grew to $90 million during the last two years as it became one of the 16 startups that got into Abu Dhabi’s global tech ecosystem-Hub71 family.
Saudi Arabia’s crude exports rise to 4-month high in Oct
Saudi Arabia’s crude oil exports in October hit their highest level in four months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Crude Exports from the world’s largest oil exporter rose 9.6 percent rose to 6.30 million barrels per day (bpd) from September, while the country’s crude oil production, decreased 0.4 percent to 8.94 million bpd.
In November, OPEC+ oil producers agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.
Domestic refineries’ crude throughput fell to 2.116 million bpd from 2.866 million bpd in September and direct crude burn fell to 531,000 bpd from 606,000 bpd.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website.
Separately, Saudi Arabia lowered the price of its flagship Arab Light crude to Asian customers in January for the first time in seven months.
Oil extended gains to rise more than 3 percent as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade and raised concerns about supply chains.
Future of the Qatar economy
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.
Since declaring its independence in 1971, Qatar’s oil and gas boom has propelled it to new heights. The tiny gulf state – with a landmass smaller than the US state of Connecticut – boasts a fast-growing economy that significantly outstrips its size. And while the country’s vast oil and natural gas reserves have historically driven its rapid GDP growth, Qatar is now looking ahead to a more diversified future.
Since 2008, the nation’s policy direction has been shaped by the Qatar National Vision 2030; an ambitious development plan that seeks to transform Qatar into an advanced country by 2030, capable of sustaining its own development and providing a high standard of living for all its people for generations to come.