Economic News

Bahrain Joins ATA Carnet System

The Kingdom of Bahrain has joined the ATA Carnet System which will be operational from June 1st, 2014. The Carnet eliminates the need to purchase temporary import bonds. As long as the goods are re-exported within the allotted time frame, no duties or taxes are due. The Bahrain Chamber of Commerce and Industry considers the adoption of the ATA Carnet System a method of simplifying customs procedures and supporting the national economy.

Source: Atacarnet

Christine Lagarde praises Saudi role in stabilizing economy

The Head of the International Monetary Fund, Christine Lagarde, expressed "the IMF's appreciation for Saudi Arabia's important role in supporting the global economy, including its commitment to stabilize the oil market and its active participation in both international financial institutions, such as the IMF, and global economic policy discussions in the context of the G20." She pointed out that the Kingdom, which has played a prominent role in supporting its neighbors affected by the world crisis, is one of the countries that have helped the global economy overcome its crisis.

Lagarde declarations came on the sidelines of the annual spring meetings, organized by the IMF and the World Bank in Washington and attended by finance ministers and central bankers in the world.

Source: Reuters

Gulf states provide the world with 23 percent of its oil needs

The Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC), H.E.M. Abbas Ali Al-Naqi, has stressed the strategic importance of GCC countries as they provide the world with 23 percent of its oil needs and about 12 percent of its needs in natural gas. Likewise, GCC countries possess 39 percent of the international oil reserves and 21 percent of the natural gas reserves.

He highlighted Kuwait’s permanent coordination among GCC and OAPEC member countries as regards territorial and international fields in order to tackle all issues related to oil resources and the challenges that such a vital industry encounters.

Furthermore, it seeks to reinforce the concept of ‘energy security’ in the region as well as worldwide to keep providing oil and gas from the Gulf area and countries of the Middle East to the rest of the world.

Source: Arab News

Ernst & Young expects 4.1 percent growth for the UAE

Ernst & Young, an institution specialized in financial services, predicts growth in the UAE to reach 4.1 percent in 2015, up from 3.3 percent in 2012, with a growth of 4.7% in the non-oil sector.

This increase will be driven primarily by the recovery of key sectors, including financial services and construction. What is more, fiscal policy "will remain accommodative in both Dubai and Abu Dhabi, with several infrastructure projects in the pipeline".

Moreover, according to the report, economic growth in the UAE is set to increase by an average of 4.3 per cent over the next four years, largely attributed to Dubai's successful bid to host the World Expo 2020.

Source: Gulfbankers