Economy

UAE largest receiver of FDIs in Arab Region in 2016

Abu Dhabi - Muslimchronicle

Sultan bin Saeed Al Mansouri, Minister of Economy, has announced that the average value of foreign direct investment, FDI, received by the country in 2016 reached US$9 billion. The UAE’s outgoing international investments also reached $15.7 billion, making the country the largest receiver of FDIs in the Arab region and the largest Arab investor abroad, he added. In his lectureRead more

Fitch affirms Saudi Arabia’s strong credit rating

London - Muslimchronicle

Fitch has affirmed Saudi Arabia’s strong credit rating and said the outlook for the economy is stable, according to a statement from the agency. The Kingdom’s credit rating stands at “A+” amid a series of economic reforms underway as part of the drive to diversify the economy to make it less dependent on oil. “Saudi Arabia’s ratings are supported byRead more

UK economy picks up speed, PMI survey shows

London - Muslimchronicle

Britain’s economy appears to be picking up speed, according to a survey on Friday that will reassure the Bank of England a day after it raised interest rates for the first time a decade. Sterling hit a day’s high against the dollar after the IHS Markit/CIPS services Purchasing Managers’ Index (PMI) jumped to 55.6 in October from 53.6 in September,Read more

Dubai hosts summit, positions self

Dubai - Muslimchronicle

African officials, including four heads of state, convened with international CEOs at a summit Wednesday in Dubai, part of its push to position itself as a link for huge potential investments on the continent. "We are looking at the fastest growing economy of the world ... Six out of the top 10 fastest growing economies are just next to usRead more

Bank of Japan cuts annual inflation forecasts

Tokyo - Muslimchronicle

Japan's central bank cut its annual inflation forecast on Tuesday but kept its ultra-loose monetary policy unchanged, even though overseas counterparts have started turning off the stimulus taps. The Bank of Japan also maintained its 2.0-percent inflation target -- seen as crucial in a long battle against deflation that has hobbled the once-booming economy -- as separate data Tuesday showedRead more

S.Africa economy in dire straits as political stakes rise

Johannesburg - Muslimchronicle

South Africa's finance minister received some faint praise last week -- not for the economy's performance, but for admitting the country is in a dire position that is set to get worse. Malusi Gigaba delivered a mid-term budget that laid bare South Africa's struggle with slow growth, tax income shortfalls, rising debt and high unemployment. The daunting challenges recently causedRead more

US Fed to stand pat as inflation conundrum persists

Washington - Muslimchronicle

The moribund inflation seen in the world's largest economy over the last year is a "mystery," a "surprise" and a "concern" all at once, in the words of US central bank chief Janet Yellen. And the dilemma -- why price pressures have not picked up despite nearly a decade's worth of falling unemployment and growth -- will be squarely atRead more

Saudi central bank chief urges caution on crypto-currencies

Riyadh - Muslimchronicle

Saudi Arabia’s non-oil sector of the economy is still healthy and the private sector will contine to grow, stimulated by reforms, the Saudi central bank governor said on Thursday. Ahmed Al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA), also said international cooperation was needed to assess the risks and impact of crypto-currencies. “We warned the public that be carefulRead more

China’s focus on quality of growth to be positive for its ratings — Moody’s

Beijing - Muslimchronicle

China’s focus on the quality of its growth rather than on the pace of its expansion will boost productivity and reduce financial vulnerability, developments that would be positive for the country’s ratings, Moody’s Investors Service said. China said this week that it will not set a goal of doubling its gross domestic product starting in 2021 so it can focusRead more

Russia’s improving economy leaves privatization out in the cold

Moscow - Muslimchronicle

Russia’s improving economy has removed the main impetus for privatizations planned for this year, allowing policymakers who always doubted the wisdom of selling state assets to re-gain the upper hand, according to interviews with multiple officials. Russia’s finance ministry initially planned to raise 138 billion roubles from privatization this year, mainly from selling a stake in the shipping company SovcomflotRead more