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Oman’s GDP grows 7 percent
According to international press on January 10, Oman’s economy grew 3.7 percent in 2009, well above the 1-2 percent rate forecast by Minister of Economy Ahmad Mekki. The performance was attributed to higher-than-expected oil prices.
Oman’s GDP is expected to increase 6.1 percent this year.
Unemployment hits 13 percent in Turkey
According to the Turkish press on January 16, Turkey’s unemployment rate for the October 2009 period (which includes September, October and November) hit 13 percent. The report also stated that the number of unemployed people had reached 3.3 million. Unemployment in urban areas was 15.5 percent, while unemployment in rural areas was 8.2 percent. The report quoted the Turkish Board of Statistics as saying unemployment had risen by 1.8 percent over the same period in 2008.
UAE cancels license fines
UAE press reported on January 7 that companies that had failed to renew operating licenses were exempted from having to pay fines. According to the report, the exemption granted by Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE, will benefit more than 20,000 Emirati and foreign companies, including those in special development districts and free zones. The decree is expected to most help small and medium-sized enterprises (SMEs), which account for 90 percent of UAE businesses.
The fine, normally 200 dirhams per license per month, will be applied starting June 1.
Tunisia proceeds with privatization
According to the State Privatization Office on January 4, Tunisia is set to sell off shares in 12 state-owned companies this year, including a steel firm, the national oil distributor, a sugar importer and several finance, real estate and agricultural firms. International press reported on January 4 that the country sold the shares of only one state-owned company last year.
Tunisia has become one of the Middle East North Africa region’s primary targets for foreign direct investment. In 2009, the country’s gross domestic product decreased to 3 percent from 4.8 percent in 2008. Since the inauguration of President Zine El Abidine Ben Ali in 1987, Tunisia has privatized 219 state enterprises for a total of 5.9 billion dinars ($4.45 billion).
Kuwait consumers will get a break
According to investment firm EFG-Hermes, Kuwait’s National Assembly approved a law known as the consumer bailout bill on January 6. In the final round of parliamentary voting, 35 voted in favor and 22 against the bill, while one member abstained.
The bill calls on the Kuwaiti government to purchase personal and consumer loans taken out by Kuwaiti nationals, write off their interest and reschedule payment of the principal. To date, this debt amounts to 6.7 billion Kuwaiti dinars.
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