Economy

World Bank: A whole generation before Egyptians feel fruits of economic reforms

Egypt is doing well in terms of its economic reforms but it will take working class Egyptians a generation to feel the benefits, a top World Bank official said. While hailing Egyptian government economic reforms, the World Bank's newly appointed managing director, Juan Jose Daboub, said that there are enormous internal and external challenges in Egypt that still need to be dealt with.

Qatar: Lowering barriers, opening doors

Changes are in store in Qatar's business sector, with a growing number of firms moving to raise the level of shareholdings foreigners can acquire. Meanwhile the government is mulling a proposal to allow overseas investors to have full ownership of business enterprises in some segments of the economy.

The latest firm to open its doors wider to foreign investors is Gulf Cement. On February 27 the company announced its shareholders had approved a motion to allow foreigners to buy up to 49 percent of the company's shares.

NoozzVIEW; Saudi at centre of dollar debate

Saudi Arabia, the most economically powerful of the five GCC members still pegging their currencies to the flagging US dollar, has moved to the centre of the debate now raging about the peg’s future after a report from Deutsche Bank predicting that the Kingdom will probably keep the peg at its current value “for the foreseeable future.

The bank based its conclusion on the fact that factors other than trade, such as rents and food, were driving Saudi inflation to its present record levels – in January it touched seven percent, the highest point since 1981, as rents soared by almost 17 percent.

Dubai looks for Africa partners

Dubai World, which plans to invest about US$1.5 billion in Africa over the next five years, has urged private investors to follow its lead in taking up business opportunities on the continent. Saying that "we believe in the future of Africa", a senior Dubai World executive bemoaned that the region has not realised its growth potential despite being rich in resources.

Interview: Qatar forges new US links

Qatar, the Gulf state rated the world’s ninth richest country per capita, has forged significant new links with the US by launching a unique US$2m fund to enable students from seven of the world’s poorest nations, plus the occupied Palestinian Territories, to study public service at Harvard.

Ruling family member Sheikh Sultan Bin Suhaim Al Thani told Noozz in an exclusive interview: “The new fund, the first of its kind to enable students from so many poor countries to study at the prestigious John Kennedy school of Government, has been founded in memory of my father, the first Qatari foreign minister after independence (from Britain) in 1971, who guided our entry in the UN.”

Interview: Iraq is open for business

In an exclusive interview with Noozz, Dr Salah Al-Shaikhly, the former Iraq ambassador to Britain, warns Western businesses that if they delay investment in Iraq any longer they risk losing out to Eastern European, Far Eastern and Middle Eastern competitors. He also predicts that the government of Iraq may soon see a cabinet reshuffle as part of a movement to kick-start the country’s economy.

NoozzView; Oman escapes isolation

Oman, the oldest independent state in the Arab world with a key strategic position at the mouth of the Gulf, is continuing its race to break with isolation, with which it was once associated, in fields as various as tourism, telecoms and international finance.

Praise for the efforts being made by Sultan Qaboos Bin Said, who has embarked on an unending programme of gradual modernisation since deposing his traditionalist father back in 1970, has come this week from World Bank Managing Director Juan Jose Daboub. He highlighted Oman’s economic diversification efforts and its rapid progress in implementing fiscal reforms during a two-day visit.

Turkish-Iraqi trade to triple to US$20bn by 2010

Economic activity between Turkey and Iraq received a much welcomed boost following a visit by Iraq’s oil minister Dr. Hussain al-Shahristani to Ankara, during which discussions were held regarding Turkish investment in Iraq’s energy sector. It is expected Iraq will sign an economic partnership agreement with Turkey at the end of May to formalise discussions between Al-Shahristani and Turkish deputy minister of trade, Kurshad Tuzman.

UAE to introduce new companies law in 6 months

The United Arab Emirates will introduce in six months a new companies law that allows 100 percent foreign ownership of companies in some sectors outside free trade zones.