In Pakistan’s economy, Saudi Arabia to invest $2bn
Saudi investment minister Khalid Al Falih said bilateral trade with Pakistan has surged by 80 percent to $5.4 billion from $3 billion in 2019
Saudi Arabia and Pakistan have signed 27 memorandums of understanding totalling $2 billion.
The investments will target industry, agriculture, information technology, food, education, mining and minerals, health, petroleum and energy, Dawn newspaper reported.
The MoUs were signed in the presence of Pakistan’s prime minister Shehbaz Sharif, chief of army staff general Asim Munir and Saudi Arabia’s investment minister Khalid Al Falih.
Sharif assured the Saudi investors that the MoUs would be “fully materialised without delays or bureaucratic hurdles”, the report said.
Kuwaiti government security network supportassists slow inflation locally
Despite the significant rise in inflation rates all over the world and reaching new records that exhausted peoples and economies, Kuwait was able to slow down inflation locally due to its robust social security safety network and government support.
According to the annual plan follow-up report (2023/2024) issued by the General Secretariat of the Supreme Council for Planning and Development recently, the domestic inflation growth rate for the year 2023 slowed to about 3.6 percent in accordance with the decrease in global inflation rates.
The report said that the Central Bank of Kuwait has taken many monetary policies since 2019, as the interest rate was recorded at 2.94 percent, then it was decreased in 2020 and 2021 to 1.79 and 1.5 percent respectively, then it rose again in 2022 and 2023 to about 2.35 percent and 4.13 percent.
Saudi Arabia, Oman ink MOU to further strengthen economic ties
Saudi Arabia and Oman have signed a memorandum of understanding aimed at bolstering economic and planning cooperation based on mutual interests.
The agreement was finalized on Thursday in Riyadh, with Saudi Minister of Economy and Planning Faisal Al-Ibrahim and his Omani counterpart, Said bin Mohammed Al-Saqri, signing a five-year commitment focused on enhancing medium- and long-term economic planning, studies, and modeling, alongside monetary policies and strategies.
The pact highlights a commitment to promoting a green and circular economy, as stated by the Saudi Ministry of Economy and Planning.
Trade between Saudi Arabia and Oman reached SR36.8 billion ($9.81 billion), with Saudi exports accounting for SR22.5 billion, reflecting the growing economic ties between the two nations.
Bahrain’s economy grows 1.3pc in q2: report
Growth in Bahrain’s non-oil sectors boosted its economy by 1.3 percent year-on-year, reaching 3.7 billion dinars ($9.8 billion) in the second quarter of this year, according to newly released figures.
Issued by the country’s Ministry of Finance and National Economy, citing preliminary data from the Information and eGovernment Authority, the newly released report shows that non-oil gross domestic product grew by 2.8 percent during the period and contributed more than 85 percent to the overall GDP.
The analysis further indicated that the Gulf country’s overall GDP was affected by a 6.7 percent decline in the oil sector’s GDP compared to the same period last year.
How concerts are growing the economy in the UAE with musical tourism
The UAE has, in recent years, emerged as a global epicentre for musical tourism. With a string of iconic concerts featuring world-renowned artists, the country has witnessed a surge in tourism revenue and a significant boost to its economy. This phenomenon, driven by the transformative power of music, is reshaping the travel and hospitality sectors in unprecedented ways.
The economic implications of musical tourism in the UAE are staggering. High-profile concerts like those by Coldplay, the Backstreet Boys, and Ricky Martin have attracted music lovers from around the globe, leading to a surge in demand for flights and accommodations. This increased demand has resulted in a 70 percent increase in flight rates and a nearly fivefold hike in hotel prices, demonstrating the substantial economic impact of these events.
UAE attracts the most AI talent: minister
The UAE isn’t just pulling in foreign capital to fuel its artificial intelligence ambitions—it is cultivating homegrown talent to sustain the sector’s growth. “The UAE ranks second only to the US in attracting top AI talent, with many of these experts now calling the UAE home,” said Abdulla bin Touq Al Marri, the country’s Minister of Economy, on Monday’s opening day of Gitex Global.
The Minister stated that the UAE is doubling down on AI education, with a sharp focus on youth development. The government has ramped up investment in STEM programs and launched camps for students, aiming to equip the next generation with skills to drive UAE’sthe AI ambitions forward.
For 2025 UAE cabinet accepts record budget
The UAE Cabinet has approved the general budget of the Emirates for fiscal year 2025, “the largest” in the country’s history, with spending estimated at Dh71.5 billion ($19.5 billion).
The Union General Budget Plan for next year also projects revenue at Dh71.5 billion, maintaining “a balanced approach between income and spending”, the media office said on Tuesday.
The fiscal plan for next year was approved at a meeting chaired by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, and is part of the government’s 2022-2026 financial plan.
“This federal budget represents the largest in the UAE’s history, underscoring the robustness of the national economy and the sustainability of resources to support key developmental, economic and social projects,” the statement said.