Inflation in GCC states rises by 1.4pc
The prices of goods and consumer services in the Gulf states rose by 1.4 percent in July 2024, compared to a year earlier, according to data released by the GCC Statistical Centre on Wednesday.
The latest inflation is driven by the housing category, which posted a 5.8 percent growth, while restaurants and hotels registered a 2 percent increase and the culture and entertainment group posted a 1.7 percent uptick.
The food and beverage category witnessed a 1 percent increase, while prices in other categories, including health, clothing and footwear, tobacco, communications, transportation, furniture and household equipment registered marginal declines.
Inflationary pressures have eased in the region this year, thanks to a strong US dollar, subdued import prices and continued subsidy policies, Kamco Invest had said in a previous report.
The International Monetary Fund (IMF) had forecast the GCC inflation to average 2.3 percent this year, down from 2.6 percent in 2023. Inflation has mostly returned to pre-pandemic levels following a series of interest rate increases, according to a PwC report early this year.
UAE continues to pioneer transition towards green economy
Ahmad Al Muhairbi, Secretary-General of the Dubai Supreme Council of Energy (DSCE), highlighted that the UAE continues to pioneer the transition towards a green economy, citing pioneering projects in renewable energy, such as the Mohammed bin Rashid Al Maktoum Solar Park in Dubai and nuclear and solar energy projects in Abu Dhabi.
In a statement to the Emirates News Agency (WAM) during the opening of the 10th edition of the World Green Economy Summit (WGES), taking place in Dubai, Al Muhairbi emphasised Dubai and the UAE’s leadership role in the green economy transition. He noted that these projects position the UAE as a key global player in clean energy.
Regarding the role of the Dubai Supreme Council of Energy, Al Muhairbi noted that the Council plays a fundamental role in shaping policies related to energy demand, production, and clean energy, as well as reducing consumption. He mentioned that there are 12 programmes as part of the energy demand reduction strategy.
In Sept, UAE’s new job hiring was at its slowest in nearly 2- year
Business activity in the UAE dropped during September, putting the onus on them to get off to a solid start in October and which can continue through the final three months of 2024. This was the slowest in 3 years, according to new data.
On new job creation too, September proved to be a weak phase, recording the ‘weakest employment growth since December 2022’, according to the latest S&P Global PMI report. The slowdown in business activity meant a ‘weaker upturn in new orders and softer job creation’, the report adds. (The sentiments in December 2022 had to do with heightened worries about inflation hurting the global economy and what it would mean for businesses in the GCC and Middle East.)
NDC hosts secretaries-general of GCC, Indian Ocean rim association
The National Defence College (NDC) on Wednesday hosted the GCC Secretary General Jasem Mohamed Al Budaiwi who delivered a lecture titled “The Gulf Cooperation Council: The Ambitions and Challenges”.
The lecture formed part of the curriculum of the 12th course of the NDC (Academy of Strategic and Defence Studies).
In his lecture, Al Budaiwi spoke about the implications of global competition on GCC states, the extent to which global crises impact the economy and investments of GCC states and the role of the GCC in resolving global conflicts and crises. It also dealt with implications to food security and to the future aspirations of GCC states.
As part of the curriculum of its 12th course, the NDC also hosted Dr. Salman Al Farsi, Secretary General of the Indian Ocean Rim Association, who delivered a lecture titled “Indian Ocean Rim Association and its Role in Global Development”.
New Tasdeer trademark a rise for Qatari exporters
The new trademark of Tasdeer, Qatar Development Bank’s (QDB) Export Development, Finance, and Promotion Agency, is seen to usher in a new era of services for Qatari exporters.
QDB CEO Abdulrahman Hesham al-Sowaidi made the statement during the recent launching of the trademark ‘Qatar Exports’ as part of efforts to boost Qatari exports, enhance the competitiveness of Qatari products and streamline access to global markets.
The event showcased QDB’s latest initiatives and solutions in providing financial and logistical support to Qatari exporters to enhance competitiveness in international markets and an important step towards achieving the Qatar National Vision 2030, which seeks to diversify the economy and reduce dependence on the energy sector.
Saudi Arabia cuts GDP forecasts
Saudi Arabia slashed its economic growth forecasts and projected deeper budget deficits than previously estimated as the cost of efforts to overhaul the kingdom’s economy outpace revenue.
Economic output is now seen growing at 0.8 percent this year, down from a prior forecast of 4.4 percent, according to fresh estimates in a report from the Finance Ministry on Monday. Projections for 2025-2026 were also significantly scaled back.
Oman lifted from junk status by S&P
S&P Global Ratings has upgraded Oman’s long-term sovereign credit rating to ‘BBB-‘ from ‘BB+’, restoring the country to investment grade status.
The ‘BBB’ rating, which Oman has now achieved, signifies an adequate capacity to meet financial commitments and is the lowest rung on S&P’s investment-grade scale.
This upgrade reflects Oman’s commitment to deleveraging its balance sheet and advancing its structural reform agenda, according to S&P.
The ratings agency further highlighted that the Omani government is expected to move into a small net asset position by the end of 2024, a stark contrast to its 19 percent net debt position in 2021.