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MIDDLE EASTERN (B)

MIDDLE EASTERN (B)

Egypt Aims to Reach 6.1 Percent GDP, 7.2 Percent Budget Deficit

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Egypt is targeting a budget deficit of 7.2 percent and GDP growth of 6.1 percent in the 2019-2020 financial year, Finance Minister Mohamed Maait said on Tuesday. It seeks to cut the deficit to 8.4% of the GDP in 2018-2019 from 9.8% in the previous FY.Egypt’s financial year runs from July to June.

Egypt sought to raise more than EGP100 billion in the budget of 2016-2017. (Shutterstock)

Copyright © Saudi Research and Publishing Co. All rights reserved.

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MIDDLE EASTERN (B)

Travel and Tourism Contribute to Egypt’s GDP by 11.9 Percent

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World Travel &Tourism Council (WTTC) issued a report revealing that the travel and tourism sector’s contribution to the Egyptian gross domestic product (GDP) hit 11.9 percent of the total economy during 2018.

The report elaborated that this contribution amounted to LE 528.7 billion ($29.6 billion), adding that the travel and tourism sector grew 16.5 percent during 2018.

Tourists from Germany ranked at the top of the arrivals list with 13 percent. (Shutterstock)

Copyright © 2019 Arab Finance Brokerage Company All rights reserved.

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MIDDLE EASTERN (B)

Meet the World's Two Centibillionaires

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Microsoft Corporation co-founder Bill Gates’s estimated net wealth increase makes him the second person after Amazon.com Inc’s Jeff Bezos to join the centibillionaire club.

According to Bloomberg Billionaires Index that tracks the fortunes of some 2,800 billionaires, at present there are 145 people worth at least $10 billion. After Gates joining Bezos in the $100 billion club, the world now has two centibillionaires simultaneously, reported Hindustan Times.

Bezos is now worth $145.6 billion, having added $20.7 billion to his fortune this year alone. (AFP)

Copyright © 2019 Khaleej Times. All Rights Reserved.

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MIDDLE EASTERN (B)

Jordan’s Public Debt Exceeds $40 Billion

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Jordan’s public debt rose 0.7 percent on a monthly basis in January reaching about $40.228 billion accounting for 94 percent of the gross domestic product (GDP), according to data released by the Ministry of Finance on Tuesday.By the end of 2018, the public debt stood at $39.914 billion.Figures showed that the net national debt increased 0.5 percent at the end of January reaching $38.1 billion, compared to $37.9 billion at the end of 2018, of which net domestic debt was $21 billion and foreign debt $17 billion.

Amman, Jordan (Shutterstock)

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MIDDLE EASTERN (B)

The Power of Fintech in UAE

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The UAE’s fintech sector is expanding and paving way for more disruption which will compel banks to innovate to stay ahead in race and remain competitive, experts say at the Finnovex ME 2019.

The one-day summit attended by 300 members and featured key banking and finance industry thought leaders from across the region, focusing on the future of financial services to be reshaped by the disruptive technological innovations in structuring, provision and consumption. 

Fintech will radically improve the financial health of the people of the Gulf. (Shutterstock)

Copyright © 2019 Khaleej Times. All Rights Reserved.

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MIDDLE EASTERN (B)

Saudi Arabia Launches 4 Projects Worth $23 Billion to Boost Entertainment

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Custodian of the Two Holy Mosques King Salman launched on Tuesday four entertainment projects in Riyadh worth SR86 billion ($23 billion).King Salman also ordered that one of the capital’s main roads should be named after Crown Prince Muhammad Bin Salman. The road, which links King Khalid Road in the west and Janadriyah Road in the east, has a length of 30 km.The four projects include King Salman Park, Riyadh Green, Sports Track and Riyadh Art.

70,000 Jobs to Be Created, SR50 billion Investment Opportunities. (Shutterstock)

© Copyright 2019 The Saudi Gazette. All Rights Reserved.

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MIDDLE EASTERN (B)

Survey: 44 Percent Have Fallen Victim to Financial Crime

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According to a survey findings, 44 per cent of respondents have fallen victim to financial crime in the past five years and about 87 per cent expect their technology to continue to develop over the next two years, while 70 per cent anticipate an increase in investment in compliance over the next two years.

This was revealed in the 5th Refinitiv Middle East and North Africa (Mena) Financial Crime Report at the opening session.

Money laundering, bribery and corruption were identical at around 12 per cent. (Shutterstock)

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