Wednesday 4 October 2023

Oman upgraded to 'BB+' From 'BB'; outlook stable: S&P

S&P Global Ratings has raised its long-term foreign and local currency sovereign credit ratings on Oman to 'BB+' from 'BB'.    “We affirmed the short-term ratings at 'B'. The outlook on the long-term ratings is stable. We a


Visa is a Platinum Sponsor of inaugural Fintech Forward 2023

The inaugural ‘Fintech Forward 2023’ (FF23), a three-day event taking place from October 10 to 12, 2023 at the Bahrain Exhibition World has announced global digital payments leader, Visa, as one of the Platinum Sponsors.    The event will host a


Saudi Arabia to increase budget expenditure this year

Saudi Arabia has increased its planned budgetary spending to SAR1,262 billion ($336.49 billion) from previously announced SAR1,114 billion ($297 billion) in its revised budget estimates for 2023.   The government expects total revenues to reach SAR1,180 billion


Saudi, EU Investment Forum to draw 1,000 delegates

Government and business officials from Saudi Arabia and the European Union will unite for the first time to explore opportunities to increase mutually beneficial investment at a forum in Riyadh.    The Saudi - EU Investment Forum will take place on October


Zoho reaches 100m users mark

Technology company Zoho Corporation said it has reached 100 million users served ever since it started in 2008, with the last 50 million users added within the past five years   The company now has more than 700,000 customers across 150 countries that use its mo


Strong operating conditions for GCC banks says report

GCC banks are benefitting from strong operating conditions supported by high oil prices, contained inflation and rising interest rates, but bank performance varies between markets, Fitch Ratings says. UAE banks’ profitability has improved significantly, in contrast to that of Sau


SFD signs $140m in loan deals with Bahamas and Mauritius

The Saudi Fund for Development (SFD) has signed two development loan agreements with the governments of The Bahamas and the Republic of Mauritius worth a total of $140 million to support infrastructure development.   In the presence of SFD Board of Directors Cha


UAE woos leading French firms to invest in the country

The UAE has invited leading French businessmen and startup owners to take advantage of the promising opportunities offered by the UAE economy to expand their operations to Mena and GCC markets.   Abdulla bin Touq Al Marri, Minister of Economy, met with the execu


5.7m employees subscribe to Unemployment Insurance

Some 5.73 million employees have subscribed to the Unemployment Insurance Scheme since its launch on January 1, 2023, the UAE Ministry of Human Resources and Emiratisation (MoHRE) has revealed. This includes more than 5.6 million subscribers in the private sector and more than 87,000 subscrib


UAE economy set to grow 3% this year; 4% in 2024

The UAE economy is forecast to grow 3% in 2023 and 4% in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism, government initiatives, and technological advancements, according to S&P.   In statements to the Emirates

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