83pc of businesses in GCC set to raise salary or pay bonus this year
Most businesses in the Gulf Cooperation Council (GCC) region are expected to recruit new staff and grant salary increases or bonuses this year, according to a new study.
Around 70.1 percent of GCC companies expect employee growth rate to increase, while 83.3 percent are planning to release salary increments or bonuses in 2024, HR consultancy firm PROCAPITA reported on Wednesday.
The annual report, which covers recruitment and manpower planning, talent management, compensation benefits and board remunerations within organisations across the GCC, is based on the feedback gathered from more than 1,200 companies from various sectors in the region.
The report noted that among the businesses surveyed, those in Saudi Arabia appeared to be the most upbeat about staff hiring this year, as the kingdom implements various projects under Vision 2030.
UAE’s non-oil trade hit record $952.93 billion in 2023
The United Arab Emirates’ non-oil trade reached a record high of 3.5 trillion dirhams ($952.93 billion) in 2023, the UAE’s Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said on X on February 18.
Trade in non-oil goods rose 12.6 percent from the previous year, while exports of goods and services surpassed 1 trillion dirhams to set a new record, Thani Al Zeyoudi, Minister of foreign trade, said in a separate social media post.
“(This) confirms that economic diversification plans are moving in the right direction towards a future economy based on knowledge and innovation and reflects the growing international confidence in the UAE’s economy,” he said on X.
Driving Qatar’s economic diversification through investment
Oxford Business Group (OBG) explores Qatar’s strategies for economic diversification in its latest interview with Sheikh Ali Alwaleed Al-Thani, CEO of Investment Promotion Agency Qatar (Invest Qatar). The interview, titled “Sustained Momentum,” explores Qatar’s proactive approach in leveraging cooperation and competitive advantages to attract foreign investment.
In the interview, Sheikh Ali Alwaleed Al-Thani sheds light on key initiatives driving Qatar’s transition to a diversified, knowledge-based economy.
Significant investments in transport infrastructure projects, such as Hamad International Airport, Hamad Port and Doha Metro, form a crucial part of Qatar’s strategy. The emphasis on human capital development through initiatives like Education City and strategic partnerships with international universities highlights the nation’s commitment to nurturing talent. Additionally, regulatory reforms, including the liberalisation of foreign ownership laws and progressive visa policies, contribute to making Qatar an attractive destination for skilled professionals.
Non-oil sectors lift Bahrain’s economy as fiscal challenges remain
After slowing in 2023, Bahrain’s economic growth is expected to pick up this year, supported by buoyant activity in the non-oil sector, as the government makes a push toward a cleaner, more diversified economic future.
Yet weak public finances, including large fiscal deficits and elevated public debt levels, remain a threat to the long term prospects of Bahrain — the smallest economy of the six-member Gulf Cooperation Council — and a drag on its reform ambitions.
The Authorities hope to overcome these and other difficulties by encouraging high-value-added business sectors and leveraging the country’s financial hub status to drive the next stage of its economic growth.
After surging oil prices in the wake of Russia’s invasion of Ukraine lifted Bahrain’s GDP growth to a nine-year high of 4.9 percent in 2022, growth subsided last year as oil prices retreated. According to estimates from ratings agency Fitch, GDP expanded by 2.5 percent in 2023 and could hit 3.2 percent in 2024, largely driven by the tourism, logistics and manufacturing sectors.
India-Oman FTA set to be signed after legal vetting
The Proposed India-Oman Free Trade Agreement (FTA), which will boost India’s exports of several items ranging from electronics to textiles and also strengthen its economic and strategic foothold in West Asia, is ready to be signed once the process of legal scrubbing is done, sources have said.
“All issues pertaining to the India-Oman FTA have been sorted out and settled and the pact is almost ready to be signed. Only the legal scrubbing of the document remains which is happening right now. Following that, the top leadership will take a call on its announcement, which can also be done through a virtual event if required,” a source tracking the matter told businessline. The attempt is to sign the pact before India’s general elections, expected to be announced soon, the source added.
The pact, officially known as the India-Oman Comprehensive Economic Partnership Agreement (CEPA), is important for India. Oman ranks as the third-largest export market within the Gulf Cooperation Council (GCC) nations and bilateral trade has grown fast and steady.
UAE, Qatar banks lead in first-ever GCC banking sentiment index: KPMG
KPMG and DataEQ have joined forces to create the first-ever GCC banking sentiment index in the region. The index aims to measure the experiences and sentiments of consumers in the Gulf Cooperation Council (GCC) banking sector. In order to accomplish this, the report examines consumer sentiment towards 20 banks in the GCC by analyzing a vast dataset consisting of 3,965,821 X posts from May 1, 2022, to April 30, 2023. The UAE garnered the highest proportion of positive mentions, accounting for 21.1 percent of the conversation. Qatar, the next country in line (20.2 percent). Positive mentions were driven by successful partnerships, strong financial performance, Corporate Social Investment (CSI) initiatives, and customer service.