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Economy in Middle East

  • Chief of largest Middle East bank: Countries that started rift with Qatar have more to lose

    QATAR, 2017/09/16 The Arab nations that have cut ties with Qatar may have additional to lose from the spat compared to the gas-rich national they are targeting, according to the group chief executive of the Middle East's major bank by assets. The blockade, which initial unfolded in June, saw Saudi Arabia, United Arab Emirates, Egypt and Bahrain accusing Qatar of supporting terrorism and allying with regional foe Iran. Qatar denied those claims, but its stock market and currency suffered from the initial shock of the crisis.

  • Blockaded Qatar's economy troubled, but coping

    QATAR, 2017/09/02 Qatar's economy has been hit by the sanctions imposed by a Saudi-led Arab bloc but the emirate's economy is strong enough to survive, analysts say. Since June 5, Saudi Arabia and allies Bahrain, Egypt and the United Arab Emirates shut down air, maritime and land links with Qatar, and imposed economic sanctions, accusing Doha of supporting "terrorists" and of being too close to Iran. Qatar, denying the charges, accuses its Gulf neighbours of seeking to strangle its economy.

  • Iran signs biggest post-sanctions financial deal

    IRAN, 2017/08/26 Iran has signed a finance agreement worth 8 billion euros with South Korean Export-Import Bank (Exim Bank), the biggest transaction following the implementation of Joint Comprehensive Plan of Action(JCPOA aka nuclear transaction), which came into force in 2016. Under the transaction which was signed by chief of Iranian Investment Organization Mohammad Khazaie and Exim Bank executive director Younghoon Chang, the two parties agreed to allocate an 8-billion-euro credit line between the two nations, Iran’s national-run IRINN TV reported Aug. 24.

  • Diversification efforts propel non-oil sector, which now accounts for more than 80% of GDP

    BAHRAIN, 2017/08/18 Bahrain’s commitment to diversifying its economy has been fundamental in making the country resilient against the challenges caused by the drop in oil prices As the initial Gulf national to discover oil in 1932, Bahrain’s fortunes have long been tied to those of hydrocarbons. But with limited reserves compared to its neighbours, it as well grasped the need to diversify its economy beyond the black stuff far before than most.

  • Finance Qatar Financial institutions support Vision 2030 plan

    QATAR, 2017/08/09 Despite facing challenging times due to low oil prices and economic uncertainty, Qatar’s top financial institutions have not let their vital corporate social responsibility programs suffer As Qatar continues to grow into its role as an international financial hub, leaders at the country’s most significant financial institution in the country say they are bringing a renewed focus to corporate social responsibility (CSR) programs in areas such education, the environment and sustainability, in line with the government’s National Vision 2030.

  • OECD: global growth too weak to trim inequalities

    WORLD, 2017/06/20 THE small pick-up in world increase expected this year is not enough to trim inequalities around the world, the OECD said yesterday as it called on nations to launch reforms to remedy the situation. “We need a additional inclusive, rules-based globalization that works for all, centered on people’s well-being” said OECD chief Angel Gurria, as the body released updated economic forecasts. The Organisation for Economic Cooperation and Development, which provides analysis and policy advice to advanced economies, increased its estimate for world increase this year by two tenths of a % point to 3.5 % on a recovery in world trade, even if remains below the levels before the onset of the world economic crisis.

  • Africa: World Bank Economic Outlook Puts Global Growth At 2.7 Percent

    WORLD, 2017/06/09 In a new development, the World Bank (WB) forecasts that world economic increase will strengthen to 2.7 % in 2017. This is as a result of improvements in manufacturing and trade, rising market confidence, and stabilising commodity prices in commodity-exporting emerging markets and developing economies. The new world development is good news for commodity exporting nations such as Uganda because it will result in increased earnings from commodity exports.

  • Global Growth Set to Strengthen to 2.7 percent as Outlook Brightens

    WORLD, 2017/06/09 The World Bank forecasts that world economic increase will strengthen to 2.7 % in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow increase to resume in commodity-exporting emerging market and developing economies. According to the World Bank’s June 2017 World Economic Prospects, increase in advanced economies is expected to accelerate to 1.9 % in 2017, which will as well benefit the trading partners of these nations. World financing conditions remain favorable and commodity prices have stabilized. Against this improving international backdrop, increase in emerging market and developing economies as a whole will pick up to 4.1 % this year from 3.5 % in 2016.

  • OECD says global economic outlook has improved

    WORLD, 2017/06/09 The world economic outlook is doing better than it was, but has not from presently on improved sufficiently to make a material difference to people’s lives, the Organisation for Economic Co-operation and Development said on Wednesday in its twice yearly assessment of the world economy. The Paris-based international organisation has improved most of its forecasts but warned politicians against complacency because it thinks the improved increase outlook is temporary without signs from presently on of an development in underlying performance. Speaking to the Financial Times, Catherine Mann, chief economist of the OECD, said: “The world economic outlook is better, but we are concerned that policymakers will look at the broader-based cyclical upturn, become complacent and think that ‘our job is done’.”

  • Lebanon’s Economic Dependence on the Gulf

    LEBANON, 2017/05/28 Policies in place in Lebanon have pushed the national economy to specialize additional and additional in serving a rentier regional economy, and made it fundamentally dependent on remittances and cash inflows from abroad to bridge the gap between local GDP and consumption. In this context, there have been a lot of myths about the “magnanimity” of oil-rich Gulf states and their support for the Lebanese economy. However, it is sufficient to examine the sources of these claims to find out that while the Gulf is indeed an significant source of inflows and remittances to Lebanon, the magnitude of the phenomenon is much smaller than the media’s political exaggerations would have it.
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