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Most oil dependent countries have been downgraded by Standards and Poor’s rating agency and some Gulf countries were among those affected recently with their ratings reduced by 2notches. The agency cited that the falling oil prices contributed to the decision Read more
Bahrain would soon introduce austerity measures as recommended by a delegation from the International Monetary Fund (IMF) which visited the Gulf country January 12 to 25 for annual consultations. Bahrain is struggling with the low oil prices and IMF forecasted Read more
Tunisian government will willy-nilly lay off thousands of its hotel staff as Tunisia’s tourism industry continues sliding into difficult situation with 70 hotels already out of business since September and many more to follow suit soon, a tourism industry official Read more
OPEC Secretary General predicted Sunday at an oil and gas conference in Kuwait City that the oil market will stabilize next year as global demand is expected to rise and non-cartel members’ production to flatten. “OPEC is confident that it Read more
Riyadh has been signaled out by the International Monetary Fund (IMF) after consultations about the impact the low oil prices could have on its coffers, especially that almost half of the kingdom’s budget expenses are allocated to salaries, wages and Read more
The latest quarterly review released by the Economic development Board (EDB) showed that Bahrain’s efforts to diversify its economy are proving positive after figures showed that its non-oil economy surpassed expectations after it expanded by 5% in the first quarter. Read more
Tunisian President has declared a state of emergency after the nascent Tunisian democracy following the 2011 Arab Spring has been rocked this year by two deadly attacks perpetrated by young Tunisian jihadists. The attacks that targeted the Bardo Museum in Read more
“Syria as it was will never exist again. The economy will be smaller. The population will be smaller,” said Bassel Kaghadou, program director of the National Agenda for the Future of Syria. After more than three and a half years Read more
Kuwait has received a warning from the International Monetary Fund (IMF) that its economy is very vulnerable due to its heavy dependence on oil exports. The government has been asked to “contain current expenditures” to avoid any immediate shocks if Read more
The United Arab Emirates (UAE) and Hong Kong have renewed their desire to further develop their trading ties. UAE wants to be the inevitable hub in the Middle East and has been reinforcing its ties with trading partners from different Read more