The government of the UAE aims to deliver a balanced budget in 2018 through a combination of measures that will involve federal government working in co-ordination with the governments of the UAE’s seven emirates, according to a statement attached to…
Tag: economy
IMF calls for Saudi finance, energy and labour market reform
Saudi Arabia should develop a comprehensive macroprudential framework, reduce domestic energy subsidies and promote the employment of nationals, the IMF said in a report published on 15 October. The report follows the publication last month of the IMF’s annual Article…
EY says GCC depends upon jobs for locals, diversification, global positioning and stability
Jobs for locals, diversification, global positioning and stability are key areas for governments and businesses in the region to consider for the future of GCC growth, international management consultancy EY says in a report circulated today. “In a global economy,…
KRG tested by refugees, Baghdad budget squeeze and petrol shortage
The Kurdistan Regional Government (KRG), which is growing in status amid speculation that independence could result from the latest violent events in the rest of Iraq, is being tested by unprecedented economic challenges. At least 600,000 Syrian refugees and internally-displaced…
Fitch holds Ras al-Khaimah’s rating at A/AA
Fitch Ratings this morning affirmed Ras al-Khaimah’s long-term foreign and local currency Issuer Default Rating (IDR) at A with stable outlooks. The short-term foreign currency IDR has also been affirmed at F1. The country ceiling has been affirmed at AA+,…
Ras al-Khaimah gets S&P population warning: The National
Standard & Poor’s (S&) said on 8 May that it might downgrade the credit rating for Ras al-Khaimah as a result of doubts about the accuracy of population data published by the emirate, one of seven that make up the UAE,…
AHIC told GCC bucks global trend for slower growth
The Middle East region generally and the GCC in particular remains one of the brighter points in the global economy, Nenad Pacek of the CEEMEA Business Group told the 10th Arabian Hotel Investment Conference (AHIC) at Dubai’s Madinat Jumeirah this morning. “Western…
IMF deputy managing director says Kuwait non-oil growth will accelerate
Deputy IMF managing director Min Zhu said on 1 May that Kuwait’s non-oil GDP growth is expected to accelerate to 3.9 per cent in 2014 from 2.7 per cent last year. Zhu was speaking following a visit to Kuwait on…