Economics

Oil prices continue downward slide amid rising U.S. stockpiles, jitters over interest rate hikes

Brent crude oil futures expiring in July slid 0.6 percent to $82.40 per barrel

Egypt welcomes 4.6 million tourists in first 4 months of 2024, generating $4.3 billion in revenues

In 2023, Egypt received a record-breaking number of tourists, reaching 14.906 million

Saudi Arabia’s e-commerce market projected to hit $44 billion by 2030

The sector is predicted to experience a 13.5 percent annual growth, surpassing the global average of 11.2 percent

Dubai World Trade Centre’s economic output soars 40 percent to $4.97 billion in 2023

DWTC hosted 76 events with 1.54 million attendees, 46 percent international

Oil prices dip amid fears on U.S. inflation, higher interest rates dampening demand

Brent crude futures fell 44 cents, or 0.53 percent, to $83.27 a barrel

Qatar’s industrial production index reaches 100.2 points in March 2024, increasing by 4.7 percent

Data showed a 4.8 percent increase in the mining sector compared to February 2024

Qatar announces $549.2 million budget surplus for Q1 2024

MoF stated that this surplus was directed towards reducing public debt, and therefore there was no cash surplus

Emirate of Sharjah ‘BBB-/A-3’ ratings affirmed; outlook stable: Report

The report expects Sharjah's fiscal deficits to gradually narrow over 2024-2027 due to several factors

Four Egyptian banks receive positive outlook on improved foreign currency liquidity: Report

These revisions reflect reduced pressures on these banks' capital ratios in the upcoming FY2024/2025

Aviation sector contributes $53 billion to Saudi GDP: Report

The sector supports 241,000 jobs, with a further estimated 717,000 jobs in the tourism sector

Moody’s affirms Kuwait A1 rating, stable outlook

Solid budget and financial buffers, but reforms needed to reduce oil dependence

Egypt’s exports to Arab nations up 8.7 percent in 2023, reaching $13.6 billion

Saudi Arabia topped the list of Arab countries importing the most from Egypt during the year