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economy

Sudan finmin hopes 2013 oil transit can earn $1.2 bln

Source : Reuters / 6 Apr 2013

Sudan hopes to collect up to $1.2 billion in transit fees in 2013 after oil starts to flow from South Sudan, and is considering a new tax on gold trade, Finance Minister Ali Mahmoud said on Wednesday.

The African state may also have to raise the official 4.42rate of the Sudanese pound against the U.S. dollar to match black market rates, he said in an interview.

 

Turkey gold exports to Iran resume despite tough U.S. sanctions

Source : Reuters / 30 Mar 2013

Turkey exported almost $120million worth of gold to Iran in February, data showed, suggesting the two countries’ trade of gold for natural gas has resumed despite tighter U.S. sanctions, though at levels below last year’s peaks.

U.S. officials have sought to prevent Turkish gold exports from providing a financial lifeline to Tehran, which has been largely frozen out of the global banking system by Western sanctions over its nuclear program.

 

Malaysia's Najib says economy at risk from weak election result

Source Reuters / 27 Mar 2013

Malaysian leader Najib Razak has warned that nascent reforms can't be done "overnight" and that Southeast Asia's third-largest economy risks slipping backwards if he does not win a strong majority in an election he must call within weeks.

Prime minister Najib said a reduced parliamentary majority could weaken his drive to curb Malaysia's budget deficit and raise investment, and even cost him his job.

 

Kuwait plans to cut 100,000 foreign workers a year for 10 years

By Elizabeth Dickinson / 22 Mar 2013

Kuwait plans to cut the number of foreign workers by 100,000 every year for the next decade, reducing its expatriate population by more than half.

The move, slated to start next month, would reduce the dependence on the 1.8 million expatriates who currently work in Kuwait, many of them in unskilled or service positions.

 

Tensions run high as Egypt trials bread rationing plan

Source : Al Arabiya with Agencies / 21 Mar 2013

Egypt ministers on Tuesday announced controversial plans to introduce a smart-card system that limits the amout of subsidized bread citizens can buy.

The government would start rationing “after two months,” Supply Minister Bassem Ouda told Reuters earlier this week.

 

UNESCO threatens to axe old Sanaa from world heritage list

Source : Reuters / 18 Mar 2013

Famous for its unique mud brick tower houses and labyrinthine souqs and listed as a world heritage site by the United Nations, Yemen’s old city of Sanaa is now under serious threat.

The entire area was declared a world heritage site by the United Nations Educational, Scientific and Cultural Organization (UNESCO) in 1986; in a bid promote the preservation of the city’s traditional architecture.

 

Housing inadequate for 30% of Saudis

Source : Ibarahim Naffee & Reem Wafai / 18 Mar 2013

In opening remarks at the first session of the Jeddah Economic Forum (JEF), Abdullah Sadiq Dahlan, member of the JEF’s organizing committee and chairman of the board of trustees at the University of Business and Technology, warned of an imminent threat of a housing crisis exploding in the Kingdom over the coming years in the absence of realistic housing plans.

 

The cost of war: Syria’s economy pays a painful price

By Eman El-Shenawi / 15 Mar 2013

Amid killings, international condemnation and aggressive politics, Syria’s macro-economic concerns may not be at the forefront of people’s minds. However, the country is facing harsh economic realities, despite the lack of official information.

Repairing the damage caused by two years of fighting could cost up to $80 billion, says Abdullah al-Dardari, former deputy premier for economic affairs under President Bashar al-Assad. This figure has caused shockwaves, amid warning signs in recent months of a looming fiscal collapse.

 

Kuwait to build over 170,000 houses by 2020

By AFP / 9 Mar 2013

The wealthy Gulf state of Kuwait plans to build around 174,000 houses by 2020, the housing minister told parliament on Thursday, in projects that will cost billions of dollars.

"Currently, we have more than 100,000 applications for houses from citizens. The number grows by over 8,000 a year and we expect to require around 174,000 units by 2020,"Salem al-Othaina said in a special parliament debate.

 

Saudi Arabia’s real GDP growth seen at 3% in 2013

Source : Arab news / 7 Mar 2013

Saudi Arabia’s economy continued its robust growth above the pre-crisis average level of 3 percent last year, with real GDP registering 6.8 percent annual growth, driven by the oil sector and nonoil sector, according to Saudi Economic Developments and Outlook report by the National Commercial Bank. However, the NCB projects real GDP to moderate to 3 percent in 2013.

 
 

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