Kingdom biggest loan provider for industrial projects in GCC

Updated 04 February 2014

Kingdom biggest loan provider for industrial projects in GCC

Saudi Arabia topped the GCC countries in terms of the number and values of loans given to GCC citizens for the establishment of industrial projects in member countries, local media said quoting a recently-published report.
The Saudi governmental financial institutions provided 92 loans worth $1.51 billion (SR5.66 billion), or 92.3 percent of the total values of loans in the GCC countries, the report said.
The number of government-supported loans in the GCC countries stood at 133 valued $1.64 billion (SR6.15 billion) by the end of 2012, the Riyadh-based GCC secretariat general said.
The UAE came second in rank to have the biggest loans provided to citizens at the value exceeding $61 million (SR228.7 million), followed by Qatar at $25 million, Oman $20 million, and Kuwait SR19 million, the report said.
The GCC market has an outstanding gross domestic product (GDP) estimated at $1.6 trillion, foreign trade worth $1.4 trillion in 2012.
This dominance gave it an international appeal to attract investments either from within the GCC or foreign countries, the report said.


Dubai launches economic program for post COVID-19 recovery 

Updated 05 August 2020

Dubai launches economic program for post COVID-19 recovery 

  • “The Great Economic Reset Programme” is part of a “COVID Exit initiative” to help the recovery and reshaping of the economy
  • The economic program will feature analyses of current and future policies

DUBAI: Dubai launched an economic program as part of its efforts to reshape the emirate’s economy for a “sustainable” and “resilient” future post the coronavirus pandemic, the government said. 
The Dubai government partnered with the Mohammed bin Rashid School of Government (MBRSG) to launch “The Great Economic Reset Programme” as part of a “COVID Exit initiative” to help the recovery and reshaping of the economy, state news agency WAM reported on Tuesday. 
The economic program will feature analyses of current and future policies, research and extensive stakeholder consultation to set the direction and tone of future economic policies, regulations and initiatives.
The government plans to use local and international experts for economies and societies to create growth strategies for the Dubai economy.
The MBRSG held a “Virtual Policy Council,” with global experts and thought leaders to discuss the impacts of COVID-19 on the economy and potential policy responses and initiatives. 
Chief economists, senior practitioners and researchers from leading global institutions including the World Bank, joined experts from Dubai Economy and the MBRSG at the first roundtable.
“I believe the triple helix collaboration between public, private and academia stakeholders have always produced the best solutions in the past. In the highly uncertain environment now, extensive collaboration and cooperation between all stakeholders are vital to our future prosperity. The Virtual Policy Council will propose the best approaches Dubai and the UAE can adopt to address the risks and opportunities in the next normal economy,” said Mohammed Shael Al-Saadi, CEO of the Corporate Strategic Affairs sector in Dubai Economy.
“This Virtual Policy Council is a key component of the whole process where global experts and thinkers share their views on the future economy. In this new era, the role of governments in enabling the new economic actors is becoming increasingly central, and Dubai is well-positioned to lead the way with innovative models of growth post COVID19,” said Professor Raed Awamleh, Dean of MBRSG.
The roundtable also discussed the impact of the pandemic on international trade, foreign investment and tourism, as well as the rise of digital globalization.