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World economy of so-so growth

©AFP Russia’s president Vladimir Putin (right) greets Brazil’s president Dilma Rousseff at the Brics summit in Ufa, July 2015 What lies ahead for the world economy in 2016? The good…

Saudis unveil radical austerity programme

©AP Saudi Arabia on Monday unveiled spending cuts in its 2016 budget, subsidy reforms and a call for privatisations to rein in a yawning deficit caused by the prolonged period…

Oil price slump hits Gulf economy

©Bloomberg A caustic slogan is doing the rounds on social networks in the Gulf states this festive season: “All I want for Christmas is for oil prices to go up.”…

Iran tax crackdown squeezes businesses

©Bloomberg Shoppers in a Tehran bazaar: some small retailers fear the tax crackdown will hit the sustainability of their businesses When the authorities sent Hassan a demand for six years’…

Saudi Arabia: The wake-up call

©AFP Mohammed bin Salman, Saudi defence minister Inside the sprawling royal court in Riyadh, a team of technocrats is putting the final touches to plans for a drastic overhaul of…

Italy aims to leverage historic Iran ties

©AFP Mohammad Javad Zarif (r), Iranian foreign minister, met Italian counterpart Paolo Gentiloni in Tehran this summer. Italy hopes to capitalise on historic ties between Rome and Tehran during its…

Saudis set out response to emission curbs

©Fahad Shadeed/Reuters Saudi Arabia is preparing to reshape its economy to make up for damage triggered by tougher global action to combat climate change. The kingdom’s plans are revealed in…

Saudi Arabia to tap global bond markets

©AFP The Saudi Aramco oil installation known as ‘Pump 3’ in the desert near the oil-rich area Al-Khurais Saudi Arabia has decided to tap international bond markets for the first…

Egypt deficit falls on fuel subsidy cuts

©AP An offshore oil terminal owned by Italy’s Eni, which has discovered a ‘supergiant’ gas field off the coast of Egypt Deep cuts to fuel subsidies have allowed Egypt to…

Saudi Arabia to keep on pumping oil

©AFP Saudi Arabia is determined to stick to its policy of pumping enough oil to protect its global market share, despite the financial pain inflicted on the kingdom’s economy. Officials…