Week from 1 - 8 June 2023 |
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This weekly newsletter prepared on behalf of the EU-GCC Dialogue on Economic Diversification Project includes the top headlines of the most significant and relevant news from across the EU and GCC in a consolidated easy to read format.
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EU budget 2024: Enabling Europe to address its priorities
The Commission has proposed an annual EU budget of €189.3 billion for 2024. The budget will be complemented by an estimated €113 billion in payments for grants under NextGenerationEU, the EU's post-pandemic recovery instrument. Their combined firepower will keep driving Europe's ongoing economic recovery and create jobs, while strengthening Europe's strategic autonomy.
The EU faced exceptional challenges in the last years, including fast rising inflation, which put considerable pressure on the ability of the budget to further respond to new developments. Nevertheless, the draft budget for 2024 continues to provide key funding to the EU's political priorities as planned. Green and digital spending will continue to be prioritised to make Europe more resilient and fit for the future. Read more.
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Political agreement on new Anti-Coercion Instrument to better defend EU interests on global stage
The European Parliament and the Council have today reached a final political agreement on the Anti-Coercion Instrument (ACI). This new tool will enable the EU to respond to economic coercion, and therefore to better defend its interests and those of its Member States on the global stage.
The ACI is first and foremost designed to act as a deterrent against any potential economic coercion. If economic coercion nevertheless takes place, the ACI provides a structure to get the third country to stop the coercive measures, through dialogue and engagement. However, if engagement fails, it also gives the EU access to a wide range of possible countermeasures against a coercing country. These include the imposition of tariffs, restrictions on trade in services, and restrictions on access to foreign direct investment or public procurement. Read more.
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KSA: Messi and Benzema: Big-ticket football signings to boost Saudi economic prospects
The flurry of investments made by Saudi Arabia's sovereign wealth fund in local football clubs is being viewed as part of the kingdom's strategy to strengthen its national economic diversification agenda, according to experts.
While Riyadh has consistently concentrated on a number of economic sectors, including technology, hospitality and tourism, sports have risen to prominence thanks to their potential to attract foreign investment, putting the kingdom on the world map, they said. Read more.
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KSA: Saudi economy grew 3.8% in Q1 driven by rise in non-oil activities
Saudi Arabia’s real gross domestic product grew by 3.8 percent year over year in the first quarter of 2023, primarily driven by expansion in non-oil activities, according to a report released by the General Authority for Statistics.
The GASTAT report noted that the Kingdom’s non-oil activities expanded by 5.4 percent in the first three months of 2023 compared to the same period a year ago. The growth of non-oil activities was 1 percent when compared with the last quarter of 2022.
Strengthening the non-oil private sector is the key part of the Kingdom’s economic diversification efforts under the goals outlined in Vision 2030. Read more.
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KSA: Inflation in Saudi Arabia to remain at 2.8% in 2023 despite global challenges: IMF
Thanks to a strong currency and a ceiling on gasoline prices, the International Monetary Fund has kept its inflation projection for Saudi Arabia unchanged at 2.8 percent in 2023.
The Kingdom’s non-oil sector is predicted to remain strong and grow at an average of 5 percent this year, the Washington-based lender noted.
The growth of the non-oil sector is considered very crucial for the Kingdom’s future as it is currently pursuing its economic diversification journey. Read more.
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KSA: NEOM secures $5.6bn to develop 1st phase of residential communities for workforce
Developmental work is fast gaining pace at Saudi Arabia’s futuristic city NEOM as the giga-project finalized contracts worth SR21 billion ($5.6 billion) to build the first phase of residential communities for the workforce.
In one of the world’s largest public-private partnership deals for social infrastructure, NEOM signed up some of the leading Saudi developers to build 10 communities across the smart city that will accommodate an additional 95,000 occupants upon completion of the first phase.
The deal goes well with the $500 billion project’s plan for more private sector participation in developing the city’s infrastructure. Read more.
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KSA: Saudi Arabia, Oman launch joint tourism initiatives
The introduction of a unified tourist visa between Saudi Arabia and Oman was one of the several initiatives agreed upon at a high-level meeting held between officials of the two countries.
The exploration of a joint tourism calendar and facilitation of seasonal trips between the two countries were also discussed when Saudi Minister of Tourism Ahmed Al-Khateeb met with his Omani counterpart Salim Al-Mahrouqi.
The two ministers also discussed boosting trade and investment cooperation in tourism-related projects, as well as supporting entrepreneurs participating in the industry.
Furthermore, both parties reached an agreement to implement joint tourism programs focusing on camping and adventure tourism. Read more.
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KSA: Saudi Arabia’s first sustainable guarantee issued to green hydrogen project at NEOM
Saudi Arabia’s green hydrogen project being developed at NEOM received the Kingdom’s first sustainable guarantee from the British bank Standard Chartered, which agreed to extend funding support for its contractor Larsen & Toubro to build the necessary renewable energy infrastructure.
Located at Oxagon, the world’s largest green hydrogen plant is being built by NEOM Green Hydrogen Co., which is an equal joint venture between ACWA Power, Air Products and the $500-billion giga-project.
The megaplant will produce green hydrogen at scale for global export in the form of green ammonia with a total investment of $8.4 billion. The project, which recently achieved full financial closure, is supported by 23 local, regional and international banking and financial institutions. Read more.
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KSA: Saudi Green Initiative steps up its drive against plastic pollution
According to the UN Environment Programme, the world produces around 400 million tons of plastic annually, and just 9 percent of it gets recycled. What is worse? Almost 130,000 tons of plastic waste end up in the ocean every year.
Within three years of its launch, the Saudi Green Initiative is playing a crucial role regionally in protecting the environment and reducing the use of plastic.
Throughout these three years, the initiatives of the SGI have supported international efforts to remove plastic from oceans, develop innovative waste management systems at a national level and divert waste from landfill sites.
This program aims to create a proven waste management model that will be implemented across the Kingdom by 2035, which is expected to reduce 4.1 metric tons per annum of carbon dioxide emissions. Read more.
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KSA: National Development Fund supports Saudi economy with $8bn financing in Q1
Saudi Arabia’s industrial sector and small and medium enterprises were among the key beneficiaries of the Kingdom’s National Development Fund which provided over SR30 billion ($8 billion) funding support in the first quarter of 2023.
The funding was allocated through a number of cooperation agreements and financing support for various economic sectors with an aim to achieve the social, economic and cultural goals envisioned in the Kingdom’s Vision 2030. Read more.
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UAE: Investcorp set to launch new climate-focused investment platform before Cop28
Investcorp, an alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, is launching a new climate-focused investment platform and will have the funding in place before the start of Cop28 climate conference in the UAE, its co-chief executive has said.
The new investment vehicle under Investcorp’s private equity business will take up stakes in companies in sectors ranging from mobility to climate technology, as well as the carbon management and energy transition and storage industries.
Investcorp will provide growth capital to energy transition technology companies that have a proven business model and require funding to scale up.
It will invest between $25 million and $75 million either directly or with partners to add more green assets to its private equity portfolio. Read more.
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UAE: New alliance to develop UAE carbon market
A new coalition of UAE companies has been established to develop and grow a carbon market in the Emirates.
The newly established UAE Carbon Alliance, launched by the UAE Independent Climate Change Accelerators (UICCA), will help support the transition of companies to a green economy, as set out in the UAE Net Zero by 2050 Strategic Initiative.
A carbon market is a trading system in which carbon credits are bought and sold.
Companies or individuals can use such markets to compensate for their greenhouse gas emissions by purchasing carbon credits from groups that remove or reduce greenhouse gas emissions.
Last year, The Abu Dhabi Global Market, the UAE capital's financial free zone, announced plans to team up with AirCarbon Exchange (ACX) to create the “world’s first fully regulated” carbon trading exchange and clearing house in the emirate. Read more.
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UAE: Adnoc signs agreement with Strata and John Cockerill to make electrolysers in the UAE
The UAE has signed an agreement with Shahin, a company being set up in Abu Dhabi by GCC-based NEV Enterprise, to develop, maintain and operate an electric vehicle charging station factory in the country to cater to the growing demand for EV infrastructure.
Shahin aims to meet 40 percent of the UAE’s “direct current” charging demand by 2030 as the Arab world’s second-largest economy aims to become net zero by 2050, the Ministry of Industry and Advanced Technology said on Thursday.
The factory will develop EV charging infrastructure through pre-negotiated offtake contracts.
Demand for EVs in the UAE has continued to rise and is projected to grow at a compound annual rate of 30 percent between 2022 and 2028, according to the global electric mobility readiness index published last year. Read more.
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UAE: Adio announces eight projects to boost economy at Make it in the Emirates forum
The Abu Dhabi Investment Office and its government partners have announced eight new projects as they signed initial agreements with high-growth companies at the second Make it in the Emirates forum in Abu Dhabi.
The agreements, which aim to boost the growth of the emirate’s manufacturing base, cover various areas including manufacturing, banking, oil and gas, pharmaceuticals and health care, Adio said in a statement on Thursday.
During the forum, Adio also joined forces with Abu Dhabi Islamic Bank to support the industrial sector’s growth.
Abu Dhabi’s industrial strategy aims to double the sector’s gross domestic product contribution by 2031, leveraging enablers such as infrastructure, competitive operational costs, business-enabling regulations and access to financing. Read more.
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UAE: Tecom’s Dubai Industrial City sets target of 500 factories by 2026
Dubai Industrial City, which is part of the Dubai-listed Tecom Group, aims to have more than 500 operational factories in its free zone by 2026, up from 300 currently, amid UAE's industrial strategy and Comprehensive Economic Partnership Agreements, a senior executive has said.
The new factories will cater to various sectors, including food and beverage, and logistics services, Saud Al Shawareb, executive vice president of industrial leasing at Dubai Industrial City, told The National on the sidelines of the Make it in the Emirates forum in Abu Dhabi on Thursday.
“Our products are mostly decarbonised, are environment friendly and are being exported to more than 80 countries around the world,” Mr Al Shawareb said.
He added that the products are produced through 40 megawatts of renewable energy generated by the factories. Read more.
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UAE: New EGA agreements could lead to $272m in industrial investments in UAE
Emirates Global Aluminium, the UAE’s largest industrial company outside the oil and gas sector, on Thursday signed agreements that could lead to industrial investments in the UAE worth more than Dh1 billion ($272 million).
The preliminary agreements were signed with Sunstone, the largest producer of carbon anodes in China, and VCI, an Indian disinfectant and carbo-chemicals producer, at the Make it in the Emirates forum in Abu Dhabi, in the presence of Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and President-designate of Cop28.
The agreement with Sunstone could lead to the development of a new carbon anode manufacturing facility in the UAE, EGA said in a statement. Carbon anodes are used in the aluminium smelting process. Read more.
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QATAR: Non-energy growth accelerates further
The latest batch of Purchasing Managers’ Index™ (PMI™) survey data from Qatar Financial Centre (QFC) indicated a further build-up of growth momentum in the non-energy private sector economy. Growth rates for output, new orders, employment and purchasing all accelerated since April, and the 12-month outlook improved.
The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector companies. The panel covers the manufacturing, construction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to official national accounts data. Read more.
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QATAR: Iberdrola to expand footprint in Qatar’s innovation ecosystem
Qatar is on the right track in growth and in light of challenges that are associated with National Vision 2030 in terms of sustainability and energy conservation. Iberdrola is focusing on expanding its footprint in the Qatari market by collaborating with local partners, Santiago Bañales (pictured), Managing Director of Iberdrola Innovation Middle East, said.
Iberdrola, the world’s second-largest electric utility company, based in Spain, has been a strategic partner of
Qatar in the last 20 years, collaborating in the construction of a knowledge-based economy and developing solutions for a sustainable future. In 2016, Iberdrola Innovation Middle East, a global digital solutions development center aiming at “defining the digital utility”, was incorporated at the Qatar Science and Technology Park (QSTP). Read more.
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QATAR: Qatar's budget for Q1 of 2023 records surplus of QR19.7bn
The Ministry of Finance announced on Monday that the budget of the State of Qatar for the first quarter of the year 2023 recorded a surplus of QR19.7 billion.
In its briefing on the actual data of Qatar's budget in the first quarter (Q1) of 2023, the ministry said that the total revenues for this quarter amounted to QR68.6 billion, of which QR63.4 billion were oil and gas revenues, while non-oil revenues amounted to QR5.2 billion.
The total expenditures in the same quarter of 2023 amounted to QR48.9 billion, of which QR15.6 billion were for salaries and wages and QR17.3 billion for current expenses, while secondary capital expenditures amounted to QR1 billion and major capital expenditures amounted to QR15.1 billion, the statement added. Read more.
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QATAR: QC, German BVMW review ties in SMEs
Qatar Chamber Chairman HE Sheikh Khalifa bin Jassim Al Thani met with a delegation from the German Federal Association of small and medium-sized businesses (BVMW) presided over by its Executive Director Markus Jerger.
The meeting was attended by QC First Vice Chairman HE Mohamed bin Ahmed bin Twar Al Kuwari, and board members Mohamed bin Ahmed Al Obaidli and Ibtihaj Al Ahmadani.
During the meeting, the officials discussed ways to promote trade and economic cooperation between Qatar and Germany, means to enhance cooperation between the Qatari and German private sectors in the SMEs sector and the possibility to transfer German expertise to Qatar, in addition to reviewing the investment opportunities available in both countries. Read more.
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OMAN: Forum highlights
opportunities for women in
tourism industry
The Oman Chamber of Commerce and Industry (OCCI), in collaboration with its Business Women's Committee and Tourism Committee, launched the ‘Women in the Tourism Sector’ forum on June 7, 2023.
The forum features a group of accomplished Omani women who possess significant expertise in the tourism industry. Areej bint Mohsin al Zaabiya, Chairperson of the Chamber's Business Women's Committee and a Member of the Board of Directors, emphasized that the primary objective of the Women's Forum in the tourism sector is to strengthen women's roles and empower them within this industry.
It also aims to facilitate the exchange of knowledge, experiences, and successful practices among women, while fostering their capacity-building efforts. The forum holds immense importance as it provides an opportunity to benefit from the experiences and knowledge of women already engaged in the sector. Read more.
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OMAN: Oman and WIPO collaborate to strengthen intellectual property and education
A key seminar on Intellectual Property Protection concluded on Wednesday with Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion; and Dr Saleh bin Said Masan affirming the event’s contribution to reinforcing the intellectual property system and strengthening ongoing collaborative between the World Intellectual Property Organization (WIPO) and the Sultanate of Oman.
The focus of the seminar also extended to cooperation in higher education and specialized WIPO schools, along with WIPO's projects that generate employment opportunities and foster intellectual property assets in member states.
The contribution of these projects to supporting national creative industries that drive economic growth was assessed as well. Besides, the seminar explored WIPO's approach and expertise in measuring creative outcomes. Read more.
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OMAN: Researchers discover 4,300-year-old copper ingots in Oman
Researchers Irini Biezeveld and Jonas Kluge from Goethe University have made a significant archaeological discovery in the Wilayat of Ibra, North Al Sharqiyah Governorate, Oman, uncovering three copper ingots believed to be around 4,300 years old. Discovered in a test pit among several Bronze Age settlement sites, the round, cone-shaped ingots are encrusted with corrosion, indicating the likelihood of their production in a local smelting facility. This discovery underlines the significance of copper during this era, as it was extensively used for making tools and weapons.
This find not only sheds light on the ancient copper trade in the region but also on the broader trade networks of the Bronze Age. Oman, abundant in copper deposits, was a crucial center for copper production during the Copper Age. Researchers speculate that these ingots were transported from mines in the Hajar Mountains to the east coast of Oman and shipped globally, likely reaching civilizations in Mesopotamia and the Indus Valley, known trading partners of Oman during this time. Read more.
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OMAN: 26,000 standard specifications contribute to innovation and quality: MoCIIP
The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) continues to pay great attention to the preparation and issuance of the Omani and Gulf standard specifications, and to the study of the measurement and calibration of the international, regional and Gulf standard specifications for all goods, products, materials, services. The Ministry also works to update these standards in line with the continuous updating of the international specifications, in coordination with the concerned authorities.
The Directorate General of Standardization and Metrology at the Ministry has emphasized the contribution of standard specifications in promoting trade, industry and investment promotion, promoting ,facilitating the investment environment, opening gates for the best options of goods, products and services. Read more.
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OMAN: Oman launches initiative to drive AI-powered national economy
The Ministry of Economy yesterday launched an initiative to integrate artificial intelligence applications and technologies into development projects and programmes in economic diversification sectors specified in the 10th Five Year Plan (2021-2025).
Titled ‘National Initiative to Empower a National Economy Enhanced by Artificial Intelligence’, it seeks to enable government departments to use artificial intelligence applications and technologies in development projects, besides boosting investment opportunities based on technology and innovation. Read more.
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OMAN: New Advisory Board to oversee Oman’s hydrogen infra development
Hydrom, the independent orchestrator and master-planner of Oman’s green hydrogen industry, has announced the formation of an advisory body comprising representatives of all key stakeholders investing in this new sector. Its remit is to support the sound and cost-competitive development of common utilities infrastructure critical to the successful implementation of mega-scale green hydrogen projects due to come up in Oman over the coming years and decades.
The establishment of the advisory body was announced by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals, during the signing of landmarks agreements on Thursday for the award of land blocks for the development of a trio of green hydrogen projects.
The Advisory Board will oversee the development of common utilities infrastructure, orchestrated by Hydrom in coordination with the lead developers of green hydrogen projects, national utility operators and international developers of green hydrogen infrastructure. Read more.
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OMAN: Plans firmed up for new airport in Musandam
A number of reputable local and international engineering firms are in the race for a contract to design and supervise the construction of a new airport in Oman’s Musandam Governorate – a key project that will enhance the strategic enclave’s appeal to tourism, investment and overall development.
The Civil Aviation Authority (CAA) is overseeing the development of the new airport in Oman’s northernmost governorate overlooking the strategically important Strait of Hormuz. The new modern facility will supplant Khasab Airport, an airbase that doubles as a civilian airport which, because of its location hemmed in by soaring mountains, cannot accommodate large passenger planes and most international flights.
The successful bidder will secure a consultancy services contract covering, among other things, the preliminary and detailed design, tendering supervision, as well as overall supervision of an airport compliant with Oman and international standards. Read more.
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OMAN: Oman urges swift integration of gulf economies in Muscat meet
Oman has called for an urgent implementation of Gulf economic integration and development projects, including the customs union, Gulf common market, railways, and trade and investment liberalisation.
The announcement was made during a meeting of the senior officials of the GCC Economic and Development Affairs Authority, hosted by Oman in Muscat on Tuesday.
Chaired by H E Dr Nasser Rashid al Ma’awali, Undersecretary at the Ministry of Economy, the meeting brought together GCC undersecretaries for economy and planning to discuss various aspects of GCC economic integration.
Highlighting the unprecedented achievements and positive indicators accomplished under the guidance and sound wisdom of the leaders of the GCC states since the council came into being, H E Dr Ma’awali emphasised on the need to address barriers hindering economic unity in the next stage. Read more.
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KUWAIT: Kuwait’s $6.3 bln clean energy projects under implementation
A recent report issued by MEED magazine stated that Kuwait has clean energy projects worth $6.3 billion under implementation, while it has only 0.5% of the installed clean energy capacity, reports Al- Qabas daily. The report stated that there is optimism in future renewable and clean energy projects in the region, including blue and green hydrogen and ammonia schemes, as there are projects worth $54.1 billion, or 1.8 percent of regional GDP, that have exceeded the study phase, of which $31.5 billion are in the phase of bidding study.
The report also indicated that additional projects worth $282 billion, equivalent to 9.6% of the regional gross domestic product, are under study, reports a local Arabic daily. In MEED’s latest Regional Energy Transition Index, the two countries that continue to lead the region in terms of their energy transition potential are Morocco and Jordan, both of which have committed to 50% green energy by 2030. Both countries already have renewable and clean energy totaling more than 33% of total energy demand, both of which have seen above-average spending on green new capacity over the past five years, with each country allocating more than 2% of GDP. Read more.
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KUWAIT:Markaz: Kuwait’s non-oil sector is expected to grow by 4.4% in 2023
Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of May 2023. Kuwait’s All Share Index declined in May, posting a monthly loss of 4.8%. Among Boursa Kuwait’s sectoral indices, Telecom and Banking sector lost 6.7% and 6.0% respectively for the month. Among Premier Market stocks, Mezzan Holding and Ali Alghanim Sons saw the biggest gains for the month, up by 12.4% and 7.7% respectively, on account of stronger earnings growth in Q1 2023. National Investments Co. fell the most for the month, down by 23.4%. Kuwait consumer price inflation (CPI) rose by 3.7% y-o-y in April, the same pace as in the previous month and 0.2% m-o-m primarily driven by food and clothing prices.
Food inflation climbed to a nine-month high of 7.7% y-o-y. The World Bank expects Kuwait’s economic growth to slow to 1.3% in 2023, down from 7.3% in 2022. The decline in oil and gas revenues and the slowdown in global economic activity are the main reasons for the fall in Kuwait’s growth forecast. Kuwait’s non-oil sector is expected to grow by 4.4% in 2023. On the positive side for the economy, the World Bank also expects Kuwait’s inflation to decrease to 2.6% in 2023 and the current account surplus to reach 22% of GDP, compared to 26% in 2022. Regionally, GCC markets were negative in May, with the S&P GCC composite index down 3.1% for the month. Read more.
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KUWAIT: Plan to buy renewable energy; Bid to cut power station pollution
Minister of Electricity, Water and Renewable Energy and Minister of State for Housing Affairs Mutlaq Al-Otaibi said on Saturday that the Ministry would take a decision to purchase renewable energy from “third parties within the next few days.”
Minister Al-Otaibi said in a statement that the Ministry is seeking to produce no less than 15 percent of the country’s electrical consumption from renewable energy sources by 2030, based on the directives of the political leadership. Al-Otaibi pointed out that the Ministry has completed surveys and studies, examining the experience of neighboring countries in purchasing renewable energy and reducing pollution from power stations that operate with fossil fuels. Read more.
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KUWAIT: Kuwait consumer spending ‘strong’
The underlying drivers of consumer activity in Kuwait remain solid, including sustained job gains, government measures, and favorable demographics, with spending registering another firm rise in 1Q23. Nevertheless, growth has eased from previous quarters, as the effects of previous government stimulus and the post-pandemic demand rebound fade. Overall consumer spending is likely to continue to benefit from the government’s intention to maintain an expansionary fiscal stance, supported by high oil revenues.
That said, in the near term, spending growth could moderate further amid the volatile and overall weaker global macroeconomic environment and tighter monetary policy, which could weigh on consumer sentiment. Spending robust Consumer spending, measured by total credit and debit card transactions (including ATM cash withdrawals), grew by 14% y/y in 1Q23, the same rate as the previous quarter and by 3.8% q/q. While growth has slowed from its peak of more than 30% early last year, it remains solid compared to pre-2019 levels, where growth averaged 7% y/y during 2014-19. Read more.
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BAHRAIN: Bahrain, Saudi Arabia MoU to boost joint tourism Sector
Fatima Bint Jaffar Al Sairifi, Tourism Minister, has affirmed that the signed agreement with Saudi Arabia in the field of tourism will confirm the status of both nations as a joint regional and global tourism destination.
According to Minister Al Sairifi, this agreement is the first cooperation agreement between the tourism sectors of the two countries, where they also prepared a comprehensive marketing plan in this area that consists of engaging the private sector in promoting the two countries as one tourism destination. Read more.
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BAHRAIN: Tamkeen to launch programmes to support Bahrainis' career development
In line with the directives of His Majesty King Hamad bin Isa Al Khalifa to carry on efforts to improve the living standards of Bahraini nationals through more initiatives, the Labour Fund (Tamkeen) announced the commencement of work on several program tracks focused on supporting wages of Bahraini employees and supporting their career development in various fields.
This followed the agreement between the executive and legislative branches on the budget law for fiscal years 2023-2024 which encouraged the launch of initiatives aimed at increasing wages of Bahrainis employed in the private sector through wage support programs dedicated to a number of occupations, as well as the enhancement of career development programs for Bahrainis and incentivizing enterprises to increase Bahranization rates. These directives will strongly contribute to the achievement of the national goal of making Bahrainis the first choice of employment in the labour market.
Read more.
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GCC: Middle East airlines expected to rebound from pandemic by 2024: IATA
The International Air Transport Association (IATA)’s three-day Annual General Meeting in Istanbul, Turkey, ended on Tuesday with welcome news for airlines in the Middle East in terms of growth and recovery to passenger levels not seen since before the COVID-19 pandemic.
The outlook for the whole industry was positive at the gathering, which was hosted by Turkish carrier Pegasus Airlines. IATA — an association that represents around 300 airlines in 120 countries — forecasted that the global aviation industry's profits are expected to reach $9.8 billion in 2023, more than double the $4.7 billion forecast in December, driven by pent-up demand for air travel following the pandemic. Read more.
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GCC: Goldman Sachs latest bank to expand in Gulf as balance of power shifts
Global banking giant Goldman Sachs recently announced it will open an office in Abu Dhabi, subject to regulatory approval. Operating from the Abu Dhabi Global Market, the emirate’s international financial center, the office will add to Goldman’s footprint in the Gulf, which is already home to hubs in Dubai, Doha and Riyadh, and will allow the bank to deepen its relationship with clients in the Gulf and the rest of the Middle East.
According to an internal memo seen by Bloomberg, the Abu Dhabi office will focus on asset management, with investment banking services continuing to be serviced out of the Dubai office. It's the most recent example of international financial services firms seeking to expand their presence in the Middle East, a trend that has been accelerating in recent months. Read more.
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