Bahrain plans to streamline commercial procedures to improve their efficiency and to reduce the bureaucratic steps required to establish a business to improve its attractiveness to foreign investment in 2023. The four-year Government Action Plan intends to review social welfare benefits and subsidies, support higher education, and increase wages in public and private sectors, as well as subsidising electricity and water for expatriates and companies. The CBB aimed to complete the onboarding of the entire Bahrain banking sector onto the Arabian Gulf System for financial Automated Quick Payment Transfer (AFAQ) - a real-time service for cross-currency, cross-border payments between GCC countries, by the end of 2022. The banking sector is well-capitalised and has recorded robust increases in both non-bank deposits and lending in 2022..
Abu Dhabi accounts for 14% of global IPOs in first quarter of 2023
(Source: The National News)
Abu Dhabi has accounted for 14 per cent of all initial public offerings worldwide in the first quarter of 2023, an indication of the strength of its capital markets amid a challenging global IPO market, a new study has found. The UAE capital attracted $3 billion worth of IPO proceeds in the three months ended March, placing it third worldwide, consultancy EY said in the latest edition of its Global IPO Trends report. The top 10 was dominated by Asian markets, which took six spots. China's Shenzhen and Shanghai took the top two, accounting for 22 per cent and 20 per cent, respectively, and raising $4.7 billion and $4.3 billion.
UAE, US Explore Investment Opportunities with Focus on Clean Tech Start Ups
(Source: Emirates 247)
A delegation of senior officials and business leaders from the UAE, headed by His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has visited the US state of Texas, the single-largest state exporter to the UAE, to identify new bilateral investment and collaboration opportunities for private-sector companies. While in Texas, HE Al Zeyoudi held a meeting with Austin Mayor, Kirk Watson where he promoted the UAE’s streamlined business registration process, skilled workforce and world-class infrastructure, to invite further......
Saudi GDP up 3.9 per cent this year
(Source: Arabian Business)
Saudi Arabia’s real GDP grew by 3.9 per cent in the first three months of 2023, compared to Q1 of 2022. Flash estimates of GDP for Q1 of 2023, issued in a report by the General Authority for Statistics (GASTAT), showed a 5.8 per cent increase in non-oil activities over Q1 of 2022, and a 1.3 per cent increase in oil activities over Q1 of 2022. According to the report, seasonally adjusted real GDP decreased by 1.3 per cent in Q1 of 2023 compared to the Q4 of 2022. GASTAT is the only official reference for statistical data and information in Saudi Arabia. It carries out all statistical work, as well as the technical oversight of the statistical sector.......
UAE's GDP doubled, foreign trade jumped 5 times in 17 years: Sheikh Mohammed
(source: Khaleej Times)
Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of Emirates Nuclear Energy Corporation (ENEC), has been selected as the Chair Elect of the World Nuclear Association (WNA) Board of Directors. The position sets Al Hammadi to become Chairman of WNA in 2024. The WNA, headquartered in London, supports the development of nuclear energy programmes worldwide, and its members are responsible for 70 per cent of the world's nuclear energy generation. The members appoint a general manager and elect a board of directors of 20 members.....
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