The World Bank on Tuesday lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices.
Slumping oil prices will not halt a massive ramp-up in Gulf infrastructure spending, as rich nations deploy huge reserves to maintain a breakneck development pace and the rest turn to buoyant funding markets.
However, states are b
Qatar and UAE share an equal first place in a global ranking for the total tax rate, the number of payments and the time taken to comply, a report said.
Qatar has a total tax rate of 11.3 per cent, takes 41 hours to comply and there are
Finance and development ministers from around the world next week will warn of considerable downside risks to the global economy, and call for an effort to protect the world's poor, a report said.
With Europe flirting with def
Three Gulf-based companies are backing a private sector partnership that will improve job opportunities for more than 300,000 women worldwide over the next two years.
The She Works partnership, launched by International Finance Co
Investments to help fight climate change can also spur economic growth, rather than slow it as widely feared, but time is running short for a trillion-dollar shift to transform cities and energy use, an international report said on Tuesday.
Bahrain has been at the forefront of liberalisation of the telecommunications sector among the Arab countries, according to a recent report.
The World Bank report, entitled ‘Broadband Networks in the Middle East and North Af
The World Bank plans to raise as much as $500 million worth of Islamic bonds, or sukuk, this year to help fund an immunisation programme, one of several initiatives from the multilateral body in the Islamic finance sector.
International Finance Corporation (IFC), a unit of the World Bank, has completed a SR375 million ($100 million) equity investment in Saudi Arabia-based water and power project developer ACWA Power.
The investment will boost the am
Bahrain-based Al Baraka Banking Group (ABG) is collaborating with the World Bank for research into risk management and enabling environment in Islamic finance.
The partnership's first initiative, part of a planned series of research