Briefings by Thinking Arabian | 14 April 2023

In a Nutshell

Briefings about?Saudi Arabia, Oman, Qatar, the United Arab Emirates, GCC and MENA, Egypt, Tunisia and Algeria

In a Nutshell

Who is exempt from the upcoming corporate tax in the UAE?

Government entities, investment funds and others will be exempt from the first corporate tax soon to take effect in the emirates.

Fitch changes outlook on Oman to positive as finances strengthen and public debt falls

The move reflects the improvement in the sultanate's external debt and lower fiscal breakeven price.

Middle East bond issuance nearly triples in Q1 2023 as Saudis take the lead

Saudi Arabia was the leading debt issuer in the MENA region in Q1 2023.

Qatar's industrial output rises 12.4% y/y in February

Higher production of oil and natural gas and an increase in output, particularly refined petroleum products, helped Qatar's industrial production index rise 12.4% on an annual basis in February 2023.

World Bank forecasts Qatar's economy to grow 3.3% in 2023

The World Bank forecasts Qatar's economy to grow by 3.3 percent in 2023, one of the best growth rates in the Middle East and North Africa (MENA) region, and gross domestic production (GDP) per capita to grow by 2.2 percent.

Briefings

Saudi Arabia

Saudi Arabia opens four special economic zones with foreign investment in mind

The special economic zones offer incentives such as competitive corporate tax rates, wholly owned companies and flexibility in employing foreign labor. (14.04.2023, Al-Monitor)

Saudi Arabia introduces new temporary work visa

The temporary work visa is issued immediately through the Qiwa platform and requires no other documents. (12.04.2023, Arabian Business)

Oman

Oman commissions first floating desalination plant?

Oman announced Wednesday the commissioning of the country's first floating desalination plants.The mobile desalination plants will serve 70 port villages and are the first of their kind in the Arab world. (13.04.2023, Al-Monitor)

Is Oman's hard work with Yemen and Saudi Arabia paying off?

Developments toward peace in Yemen show how productive Omani efforts have been. (12.04.2023, Aljazeera)

Qatar

Qatar 'reclaims' position as world's largest LNG exporter in?2022: GECF

Qatar has "reclaimed" its position as the world's largest liquefied natural gas exporter with 80 million tons of LNG exports in 2022, the Gas Exporting Countries Forum (GECF) said in a report (15.04.2023, Gulf Times)

Qatar's Milaha opens shipping service from GCC states to Iraq: reports.

Milaha unveiled a brand new direct Upper Gulf Service (UGX) to carry cargo to Umm Qasr in southern Iraq, facilitating the provision and transfer of goods and materials between Iraq and the GCC states. (11.04.2023, Doha News)

United Arab Emirates

International solar alliance led by India, the United Arab Emirates, and France: how it could change our world

India, the United Arab Emirates and France are leaders in solar finance, technology and diplomacy. (18.04.2023, Gulf News)

TAQA, Abu Dhabi's largest utility, establishes new green financing framework

Abu Dhabi National Energy Company PJSC (TAQA), one of the largest listed integrated utilities in the region, announced Wednesday that it has launched a new green financing framework for the issuance of green bonds, sukus, loans and other debt instruments. (12.04.2023, AlArabiya News)

ADNOC Drilling awarded $412 million contract to develop Upper Zakum oil field

The contract will enable efficient delivery of completion services for the Upper Zakum oilfield and increase annual revenue by 20 percent compared to 2022. (14.04.2023, Gulf Business)

GCC & MENA

Qatar and Jordan discuss energy cooperation?

The Minister of State for Energy Affairs, H.E. Saad Sherida Al Kaabi, met with the Minister of Investment of the Hashemite Kingdom of Jordan, H.E. Kholoud Muhammad Al Saqqaf. The talks focused on expanding bilateral relations and cooperation in the energy sector between Qatar and Jordan. (12.04.2023, The Peninsula)

Elsewedy Electric and Qatar's UCC sign contract to build Libyan power plant

Elsewedy to Work with Qatari Contractor on Power Plant in Libya: Elsewedy Electric and major Qatari construction company UCC Holding have signed an EPC contract with Libya's General Electricity Company (GECOL) to build a 1.0k MW power plant in Libya. (13.04.2023, Enterprise)

Experts say monetary policy response to inflation in Middle East undermined by many factors

The Middle East and Central Asia region's monetary policy response to rising inflation is "multifaceted," but its effectiveness has been weakened by several external factors, industry experts said Thursday at an International Monetary Fund roundtable. (14.04.2023, The National)

How the Gulf Cooperation Council can leverage its assets to become a global center for value chains

The region is well positioned to make the most of its attractive geographic location and abundant green energy supply. (18.04.2023, The National)

Egypt

Egypt signs several contracts to promote green transformation in Suez Canal Economic Zone

The Ministry of Environment has signed a cooperation agreement with the Suez Canal Economic Zone (SCZone) to fund environmental projects for companies in the zone, according to a statement from the ministry. (12.04.2023, Ahram Online)

IMF wants Egypt to implement reforms before bailout program review

According to a Bloomberg report, the IMF wants Cairo to privatize state assets and flexibly manage its currency. (17.04.2023, Aljazeera)

Tunisia

Experts pour cold water on Tunisia's BRICS bid as country rejects IMF

Experts say economic reforms and a stronger anti-Western stance are needed before the North African country can seriously consider joining the five-member bloc. (11.04.2023, Al-Monitor)

Algeria

Sonatrach announces six new oil discoveries in Algeria

Sonatrach, Algeria's state-owned energy company, has announced six new oil discoveries in the North African country. (12.04.2023, Al-Monitor)