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Bahrain’s non-oil sector expands almost 5% in first half of 2017

Tuesday, 21 November 2017

Bahrain’s non-oil sector of it’s economy expanded by an annual pace of 4.7% in the first half of the 2017, according to the most recent Bahrain Economic Quarterly published by the Bahrain Economic Development Board (EDB).The strong non-oil progress was entirely due to private sector activity, which underscored the strength of growth drivers in the gulf country’s economy.“Non-oil growth in the first half of 2017 was broad-based with particularly strong momentum observed in ...

70,000 jobs awaiting Saudi women in four sectors

Monday, 20 November 2017

Saudi Arabia is planning to open up four major sectors to employ women, a senior official said here on Sunday. Abdullah Al-Harbi, a senior executive at the Job Creation and Employment Commission (JCEC), said the Commission is planning to integrate women in marketing and advertising which may offer 10,000 jobs by 2030 in addition to 11,000 jobs in accounting, 20,000 in pharmacies and 29,000 jobs in computer programing. Speaking at the 10th Jeddah Human Resource Forum, Omar Al-Batati, Governor of ...

Saudi budget report puts Q3 revenue at $37.9 billion

Sunday, 19 November 2017

A Saudi finance ministry budget report released on Sunday put the kingdom's total third quarter revenue at 142.1 billion riyals ($37.9 billion), up 11 percent year-on-year. The Q3 report affirmed Saudi Arabia's commitment of transparency and financial disclosure, as key factors which are consistent with the Kingdom Vision 2030 and its objectives. The report highlights the progress in achieving the defined objectives within the Financial Balance Program.The report's results showed an ...

Battered GE shares lure some buyers but worst may not be over

Sunday, 19 November 2017

General Electric Co shares stabilized after a brutal slide last week sent the stock near six-year lows, but the worst may not be over. Some investors still do not see enough value to warrant buying the shares, which have lost some of their luster as a blue-chip investment. They are sorting through massive changes announced by GE’s new Chief Executive John Flannery last Monday: hugely reduced near-term profit-growth prospects, a halved dividend, and a wave of promised divestitures. ...

Indian outbound market to GCC expected to increase 50% by 2021

Sunday, 19 November 2017

Around nine million Indians are expected to travel to the GCC by 2021, according to the latest figures from Colliers International. Reports from the UNWTO suggest the outbound Indian travel market will grow to 50 million by 2021, with the average spend per trip by Indian travellers also increasing – UNWTO statistics reveal India is among the top 12 source markets globally that showed double digit growth in expenditure in 2016 – visitor spend reached a total of $23.1 billion in 2016, ...

Britain to submit ‘Brexit bill’ proposal before December EU meeting

Sunday, 19 November 2017

Britain will submit its proposals on how to settle its financial obligations to the European Union before an EU Council meeting next month, finance minister Philip Hammond said on Sunday. British Prime Minister Theresa May was told on Friday that there was more work to be done to unlock Brexit talks, as the European Union repeated an early December deadline for her to move on the divorce bill. “We will make our proposals to the European Union in time for the council,” Hammond told ...

Saudi Arabia to impose 5 percent VAT on gasoline from 2018

Sunday, 19 November 2017

The Saudi General Authority for Zakat and Income (GAZI) said the government will impose a 5% Value Added Tax on gasoline as of January 2018. GAZI made this announcement via Twitter in response to a Saudi citizen’s question. The authority has recently said VAT will be imposed on local transportation services and administrative services at banks, adding that services which will be exempted include international transportation, goods that are exported outside Gulf Cooperation Council ...

Moody’s raises India rating, citing reforms

Friday, 17 November 2017

Moody’s on Friday upgraded India’s credit rating for the first time in more than a decade, citing economic reforms introduced under Prime Minister Narendra Modi.The move comes almost two months after the Moody’s and Standar & Poor’s lowered their ratings on regional rival China citing the country’s ballooning debt burden.Moody’s raised its rating on India to Baa2 from Baa3, the first such move since January 2004, saying recent reforms would enhance ...

Data contradicts perception on Indian tourism post-demonetization

Friday, 17 November 2017

A year after the demonetisation shock, its effect on the tourism sector in India remains difficult to measure. On 8 November 2016, Indian Prime Minister Narendra Modi demonetized Rupees 500 and Rupees 1000 banknotes and the first anniversary of the decision was recently celebrated by the government as Anti-Black Money Day. It is generally believed that the sudden imposition of the demonetization decision dealt a setback to businesses in the country’s unorganized sector, as local shops and ...

Crash of Iran’s riyal forces traders to stop selling foreign currencies

Thursday, 16 November 2017

According to Iranian agencies, the black currency market in Tehran has stopped the selling and buying of foreign currencies because of a sharp rise in the price of the US dollar, the euro and the pound to levels that existed before the nuclear agreement was reached. Financial websites, mainly Al Mithquaal, report that the price of one dollar now exceeds 41,000 Iranian riyals, which has caused panic and confusion in Tehran’s black market where exchange offices have stopped buying and ...

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