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Bahrain has asked Gulf allies for financial assistance as it seeks to replenish its foreign-exchange reserves and avert a currency devaluation that could reverberate across the region, Bloomberg reported. Saudi Arabia, the UAE and Kuwait were approached for aid, the Read more
The International Monetary Fund (IMF) Monday predicted a 3.4 per cent economic growth for the United Arab Emirates in 2018 with Dubai’s and Abu Dhabi’s non-oil sectors to be major boosters. The new forecast shows a steady growth of Emirati Read more
The saudi Public Investment Fund (PIF) announced Monday the establishment of $1.07bn Fund to support Small and Medium Size companies as part of continued policy to diversify the economy and end dependence of oil revenues. The fund called Fund of Read more
Qatar’s Doha Bank operating in the United Arab Emirates (UAE) has started downsizing staff as the diplomatic spat between the emirate and its regional neighbors continues and looks to head on. The bank is the fifth largest lender of the Read more
Oman has secured a $3.55 billion loan from Chinese financial institutions and the undersecretary of the Ministry of Finance Nasser Khamis al Jashmi is relieved that the country has “successfully completed the financing requirements for the expected 2017 fiscal deficit.” Read more
Fuel and energy prices in Egypt have increased significantly on Thursday as the country deals with its economic and financial crisis triggered by the mass protests that brought an end to the government of Hosni Mubarak and a coup d’état Read more
Governor of Qatar’s Central Bank Sheikh Abdullah bin Saud Al-Thani has released a statement underlining that the ongoing diplomatic rift between Doha and its neighboring Gulf States has not affected its usual operations. “The banking transactions and procedures in the Read more
Bahrain Central Bank has ordained all banks operating in the tiny kingdom to freeze assets of the 12 organizations and 59 people put on the Qatar-linked terror blacklist. “The central bank issued a directive to all the financial institutions licensed Read more
West Bank-based Palestine’s Monetary Authority (PMA) has indicated that leaders are mulling plans to issue a Palestinian digital currency in five–year time as a move to skirt around Israel’ powerful control over Palestinian economy. Azzam Shawwa, head of the institution Read more
Foreign Direct Investment (FDI) in United Arab Emirates’ real estate industry has soared by 25 per cent reaching a record $6.54 billion last year. The increase in the sector has also caused increase of total FDI, which hit the $25.86 Read more