Regional News

  Bloomberg Saudi Arabia’s plans to bolster its finances are taking on a new sense of urgency as lower oil prices put the economy under more strain than at any other time in the past decade. In recent weeks, the kingdom raised a $10 billion loan, clamped down on currency speculators and informed banks of plans to raise as much ...

  Riyadh / Emirates Business Saudi Arabia’s non-oil private sector looked to be in good shape midway through the second quarter, as business conditions improved to the greatest extent since last November. Both output and new orders rose sharply in May, with the rate of expansion in the latter picking up to a five-month high. Companies raised their input buying ...

  Reuters Morocco is aiming to introduce a flexible exchange rate system in the early part of 2017, its central bank governor said on Sunday. “We are considering the move currently from fixed exchange rate to a flexible exchange rate,” Abdellatif Jouahri told reporters on the sidelines of an Arab finance ministers event. Jouahri said the country would work with ...

  Reuters Business activity in Egypt shrank for the eighth straight month in May but at a lesser extent than previous three months, a survey showed on Sunday. The Emirates NBD Egypt Purchasing Managers Index (PMI) for the non-oil private sector recorded 47.6 points in May after 46.9 points in April, remaining below the 50-point mark that separates growth from ...

  Manama / Tribune News Service An initiative to collect excess fresh food from supermarkets and distribute to those in need could soon be implemented. Muharraq Municipal Council chairman Mohammed Al Sinan said throwing away unsold edible food should be banned, describing it as a blessing from God that must be conserved. Hundreds of thousands of farm animals, as well ...

  Tribune news service Bahrain’s Public Relations (PR) sector is under threat from an economic slowdown caused by low oil prices, according to an expert. The government has launched an austerity drive to tackle rising public debt and reduce the national deficit, but lower public spending also means less investment in the private sector. US presidential advisor Mary Jo Jacobi ...

  Dubai / Emirates Business Supply chain risk in the Middle East and North Africa remained relatively stable during the first quarter of the year, at 4.371, according to the CIPS Risk Index, produced by Dun & Bradstreet for the Chartered Institute of Procurement & Supply (CIPS). The score remains high however by historical standard and compared to other regions, ...

  Emirates Business GCC economies will have to make more productive use of their workforces in order to sustain economic growth, according to a new ICAEW report. At the same time, the accountancy and finance body warns that countries will need to create millions of jobs for new entrants to the labour market. The report Economic Insight: Middle East Q2 ...

  Manama / Tribune News Service Oil prices must reach $138 per barrel for Bahrain to be able to balance its budget, according to a senior official. The rate is higher than those required by other GCC nations, said Energy Minister Dr Abdulhusain Mirza. He was speaking at a symposium, The Decline in Oil Prices and their Impact on the ...

  AMMAN / Tribune news service Gaining favourable treatment in terms of customs duties and other fees is a key to increasing Jordan’s agricultural exports to the Russian market, a government official said. “Efforts are still under way to secure preferential treatment from Russia in terms of custom duties and taxes when exporting fruit and vegetables,” Ministry of Agriculture Spokesperson ...