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Morocco forecasts 2019 budget deficit down at 3.3 pct

Friday, 19 October 2018

Morocco’s 2019 draft budget forecasts a deficit narrowing to 3.3 percent of gross domestic product in 2019, down from 3.8 percent expected in 2018, a government statement said on Thursday. Based on an average cereals harvest of seven million tons, 2019 economic growth is forecast at 3.2 percent, down from 3.6 percent this year, the government said in a statement issued after approving the draft budget at its weekly council. Agriculture accounts for 14.5 percent of Morocco's economy as ...

Moody’s affirms Saudi Arabia A1 rating, raises GDP growth forecasts for economy

Thursday, 18 October 2018

Moody’s Investor Service has affirmed the Kingdom’s A1 rating with a stable outlook and raised its GDP growth forecasts for the period (2018-2019) to 2.5 percent and 2.7 percent respectively, instead of its previous expectations of 1.3 percent and 1.5 percent for the same period reported in April this year. These revised numbers from Moody’s even exceed the forecasts of the Government announced in the preliminary statement of the 2019 budget announcement on September 30, 2018. ...

Egypt cuts fees for ships arriving at East Port Said

Thursday, 18 October 2018

Egypt will reduce the tariffs on container ships and ferries coming from foreign ports to East Port Said for a period of one year, the Suez Canal Authority said in a statement on Thursday. A 30 percent discount on port, docking and guiding fees will apply for vessels carrying less than 80,000 tonnes while those carrying more than that will receive a 40 percent discount, the statement said. Vessels carrying more than 50 containers will be eligible for a discount of up to ...

UN report: Foreign direct investments see major decline in Turkey, Qatar

Thursday, 18 October 2018

Foreign investments in Turkey have declined by five percent, while Qatar witnessed the liquidation of one billion dollars of investments in six months, the Investment Trends Monitoring Report issued by the United Nations Trade and Development Board (UNCTAD) stated. The report added that there was a significant decline in foreign direct investments around the world during the first half of 2018. However, Egypt had the highest level of foreign investments in Africa, with an increase of 24 percent. ...

India’s Reliance reports 17.3% rise in profits

Wednesday, 17 October 2018

Indian conglomerate Reliance Industries on Wednesday reported a 17.3 percent rise in consolidated net profit boosted by strong revenues from its telecom venture Jio and margins from its core business of oil refining. The Mumbai-based firm owned by India’s wealthiest man, Mukesh Ambani, said consolidated net profit for the three months through September rose to 95.16 billion rupees ($1.29 billion). Reliance has business interests in refining, retail, telecommunications and petrochemicals. ...

Emaar Development approves $283.15 mln dividend for shareholders

Wednesday, 17 October 2018

The General Meeting of Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC, approved the distribution of AED 1.04 billion ($ 283.15 million), representing 26 per cent of the share capital being 26 fils per share, as special cash dividend to the company’s shareholders. The special dividend was approved just as the company marks a year of its successful listing on the Dubai Financial Market. The flagship developer of the UAE, Emaar ...

WEF report: Saudi Arabia tops the region in economic stability

Wednesday, 17 October 2018

Saudi Arabia topped the list of the region’s country as the most stable economy according to the World Economic Forum’s global competitiveness index for 2018. Also the kingdom was ranked in position 39 on the list of 140 economies, showing progress, its best since 2012. The kingdom advanced two ranks in the Global Competitiveness Index compared to last year report. The report gives decision makers a full score of confidence in the stability of the Saudi economy and its ability to ...

US sets new trade talks with EU, Japan, Britain

Wednesday, 17 October 2018

US officials announced Tuesday negotiations for separate trade agreements with Britain, the European Union and Japan as part of efforts by President Donald Trump's administration to rebalance global commerce.US Trade Representative Robert Lighthizer said the administration notified Congress of its intent to negotiate the three separate trade agreements.“We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and ...

More than 150 speakers to attend Saudi Arabia’s Future Investment Initiative

Tuesday, 16 October 2018

The Public Investment Fund of Saudi Arabia said that thousands from across the world will participate in the Future Investment Initiative which will be held from October 23 till October 25 in Riyadh. More than 40 sessions and workshops in addition to forums will be held and they will focus on three key issues which are: investment in transformation, technology as a source of opportunities and human capacity development. More than 150 speakers who represent more than 140 different institutions ...

WATCH: Britain’s ports brace for Brexit disruption

Monday, 15 October 2018

The first ferry of the day is arriving from France at Newhaven on England’s south coast… and already, June Bradbury is making breakfast for her guests, a German family visiting from the Continent. June starting renting out her spare room on Air B’n’B in 2016 in response to Britain’s vote to leave the EU. June Bradbury, Newhaven resident said “it turned into this wonderful open door to Europe again and it felt very much like an antidote. And that’s how I ...

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