Egypt, Saudi Arabia, Qatar and the UAE are among the world’s 25 Rapid Growth Markets: Ernst & Young

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Egypt, Saudi Arabia, Qatar and the UAE are among the world’s 25 Rapid Growth Markets: Ernst & Young(0)

• 25 Rapid Growth Markets (RGMs) to grow by an average of 6.2% this year and by 5.9% in 2012, compared with 1.6% growth for the Eurozone this year falling to 0.6% next year.

• Qatar had the highest nominal GDP (US$) per capita at PPP in 2010 among the 25 RGMs and has also been the fastest growing economy over the last decade, with an average growth of 13%.

The dynamics of the global economy have changed with a new set of fast-growing markets challenging the position of the established advanced economies. The rapid growth markets (RGMs) are expected to grow collectively by 6.2% this year, almost four times more than the anemic growth expected in the Eurozone according to Ernst & Young’s new quarterly Rapid Growth Markets Forecast (RGMF).
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Ten OPEC Forecasts(0)

: rickz /Foter

Read the ten major forecasts from Opec’s latest World Oil Outlook, ranging from the challenges and prospects for oil developers to the intense competition they will face over the next 25 years. READ MORE HERE

RT Video: Allegations Against Iran - ‘Murder Plot Bizarre Comedy Show’(0)

The allegations against two Iranians soliciting a Mexican drug cartel to assasinate the Saudi Ambassador to the United States has been received with widespread skepticism:
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Iran-Saudi Tensions Escalate After Alleged Assasination Attempt(1)

The alleged involvement of Iranians in a plot to kill the Saudi ambassador in the United States adds another layer of uncertainty in the region and escalation of tension between Riyadh and Tehran.

It doesn’t take long for sunny Middle East to turn dark.
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‘A fifth of Saudi Companies Likely to Fall Under the ‘Red’ Zone’ says Saudi Minister of Labour(1)

The Saudi Ministry of Labour’s recent efforts to tackle Saudi’s highunemployment rate which has hit half a million poses a major threat to alarge number of Saudi organizations, a fifth of which stands in the dangerof being classified under the red zone.

According to the Minister of Labour one in five private companiesoperating in Saudi are a long way away from meeting the Saudization targets.The curb in renewing visas of red zone company employees’ builds worry andfear as people panic about their job security. At the same time thecompanies in the premium and green zones will enjoy numerous incentives andbenefits from September 10th for their efforts in implementing the Nitaqat program.

Saudi breakeven oil price to hit $321, if spending pattern continues: analyst(0)

Forget Arab Spring. If Saudi Arabia’s spending patterns and economic policies don’t change, it could be staring at a breakeven oil price of an astonishing $320 a barrel by 2030, says Jadwa.

With $562-billion in net foreign asset, the second largest oil reserves in the world after Venezuela (according to the latest Opec bulletin), and the second largest oil output in the world after Russia - Saudi Arabia’s future looks rosy and solid. READ MORE HERE

Middle East’s Top 25 Banks(0)

The list of the largest financial institutions in MENA based on The Banker data reveal a tough year for regional banks and how they still lag in many areas compared to their global peers.

The number of Middle East banks in the 2011 edition of The Banker Top 1,000 World Banks 2011 slipped to 83 from 90 in the 2010 rankings. READ MORE HERE

Standard Chartered’s ME Forecast (in charts): Demographics, Diversification and Differentiation(0)

GCC Needs To Create 3.3 Million Jobs By 2020(1)

The Gulf states will need to create 3.3 million jobs over the next ten years, meanwhile the MENA region will need to create 30.7 million jobs by 2020, according to Al Masah Capital.

Unemployment in the Middle East stands at 10.3% and North Africa at 9.8%. While that may seem comparable or even favourable to some OECD countries - (U.S. 9.1% unemployment, Spain 21.3%), joblessness in MENA is a structural problem. READ MORE HERE

The Saudi King’s Speech(0)

The Saudi King’s speech had 21 royal orders but very little to comfort reformists. It appears that the authorities have used its biggest political crisis to launch an economic bailout. Read More