The Arab country’s GDP may slow down in 2024, the same as it did in 2023, but an expected reversal of oil production cuts paves the way for 2.8% growth next year, the IMF said.
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The Arab country’s GDP grew specially because non-oil activities. The manufacturing sector performed well, as did the financial and insurance sectors, professional, scientific and technical activities, transportation and storage, and information and communication.
Saudi Arabia’s region hosts mining complexes but still has potential in the sector, according to a Ministry of Industry and Mineral Resources’ spokesman.
Mwani Qatar signed a memorandum of understanding with the Qatar Free Zones Authority, through which it will provide support in port and logistics services to companies operating in the country’s free zones.
The National Oil Company confirmed the end of the blockade that hindered the normal production and export of Libyan oil. The insecurity of supply affected international oil prices.
The Import Price Index fell in the second quarter of this year. Oman purchased products from abroad at lower prices, including fuels and lubricants, machinery and equipment, as well as vegetable and animal oils.
The migration of imports to the Single Portal, which will reduce bureaucracy in the process of purchasing goods from abroad, began this Tuesday (1st) and will continue until the end of 2025. Companies will save by reducing the time goods are held up. The overall gains for Brazil will be even greater.
At a forum in Cairo, the head of the Arab-Brazilian Chamber of Commerce Office in Egypt, Micheal Gamal Kaddes, presented the results of the free trade agreement between the Arab country and Mercosur. Egyptian sales increased in revenue, and the range of products diversified.
The Saudi Arabia Social Development Bank received an award at a finance forum in São Paulo for its funding of female entrepreneurship.
Financing for financial institutions reached USD 7.8 billion through July. Amount borrowed by consumers has also increased.
The North African country’s minister of economy said the financial instrument will be released later this week for the purchase of basic items, of which the country still has stocks for three months.
The aim is to enhance the financial system’s performance in environmental and social risk management, offer sustainable products, and increase the sector’s competitiveness.
Exports to the country have been consistently growing since 2022, based on the analysis of the first eight months of the year. Imports, on the other hand, are declining.
The Arab Monetary Fund bulletin shows the value of the stock markets in Arab countries at the end of August. The Saudi stock exchange recorded the highest capitalization, followed by Abu Dhabi’s.
