Development Kuwaiti emir’s son named prime minister Kuwait named the emir’s son as prime minister on Sunday, replacing caretaker premier Sheikh Sabah al-Khalid who faced a combative parliament amid a feud between the government and elected assembly that has hindered fiscal reform. Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who took over most of the ruling emir’s duties late last year, named Sheikh […] July 25, 2022
Economy Fears for Tunisian democracy as Saied holds referendum Tunisians began voting on Monday in a referendum on a new constitution that critics of President Kais Saied fear will dismantle the democracy that emerged from a 2011 revolution by handing him nearly total power. The vote is being held on the first anniversary of Saied’s ousting of an elected parliament, when he established emergency […] July 25, 2022
Construction China plans to set up real estate fund worth up to $44bn China is planning to set up a real estate fund that could be worth up to 300 billion yuan ($44.39 billion) to support more than a dozen property developers, including embattled China Evergrande Group, financial information provider REDD reported on Monday, citing sources. The fund has secured 50 billion yuan from China Construction Bank and […] July 25, 2022
Economy FACTBOX: Signs of a Tunisian economy in trouble Public finances are under strain and prices are soaring in Tunisia, presenting big economic challenges to President Kais Saied as he plans to overhaul the political system in a constitutional referendum on Monday. Here are some of the troubles affecting the economy, which was hit particularly hard by the COVID-19 pandemic due to its reliance […] July 25, 2022
Economy Saudi crown prince to visit Greece to sign energy, telecoms deals Saudi Crown Prince Mohammed bin Salman will visit Greece on Tuesday, July 26 to meet Prime Minister Kyriakos Mitsotakis, the Greek foreign ministry has confirmed. The ministry said the pair were due to sign bilateral deals, without giving details. A Greek diplomatic source told Reuters the deals were in the fields of energy, military cooperation, […] July 25, 2022
Energy EU grants Egypt $120m to support water and energy sectors The European Union has provided Egypt with a grant of 117.9 million euros ($120 million) to support the country’s water and energy sectors, Egypt’s ministry of international cooperation said on Thursday. The positive news comes as Reuters reported Egypt had a near 95 percent debt-to-GDP ratio and has seen one of the biggest exoduses of […] July 22, 2022
Retail Turkish consumer confidence rebounds in July from record low Turkey’s consumer confidence index rose by 7.4 percent to 68.0 points in July, official data showed on Wednesday, after hitting a record low of 63.4 points in June as surging inflation and a beleaguered lira weighed further on sentiment. The biggest improvement was seen in the general economic situation over the coming 12 months, with […] July 22, 2022
Banking & Finance Saudi Arabia helps fund $100m emergency food aid for Sudan The World Bank has agreed to provide the UN’s World Food Programme with $100 million for an “emergency safety net project” to address food insecurity in Sudan, it said in a statement on Thursday. The programme, whose funding comes from the European Union, United Kingdom, Saudi Arabia and several other Western nations, aims to provide […] July 22, 2022
Banking & Finance Gulf bond hopefuls wait in wings after plunge in volumes Middle East companies waiting for a favourable window to sell bonds face some tough choices in terms of when to tap the market, a situation that has already contributed to an 80 percent plunge in issuance volumes in the region in the first half. Some issuers in the Gulf, which typically makes up some 40 […] July 22, 2022
Tourism Qatar Airways could revive order for 25 737 MAX airplanes Qatar Airways could revive an order for 25 Boeing 737 MAX airplanes at the Farnborough Airshow, sources told Reuters. On Monday, Qatar CEO Akbar Al Baker confirmed that a provisional deal to buy at least 25 of the Boeing planes had lapsed. Boeing and Qatar Airways declined to comment Wednesday but two sources said the […] July 21, 2022
Economy Britain launches free trade talks with Israel following Brexit Britain has launched free trade talks with Israel, aimed at boosting service and tech sector ties as it seeks new deals after leaving the European Union. The current trade deal between the two countries is based on an old EU deal that has no specific provisions on services, Britain said, adding that the trading relationship is currently worth $6 billion a year. “The UK and Israel are […] July 20, 2022
Markets Porsche faces uphill drive in race to public listing Porsche may have to go public at a steep discount if it insists on going ahead as economic obstacles mount, two people involved in the landmark multi-billion-euro listing said. The prospect of a larger than customary discount would be a setback to the controlling families pushing the initial public offering to fund a costly makeover […] July 20, 2022
Economy Turkish lira tumbles to weakest point since December 2021 The Turkish lira weakened to 17.579 against the dollar on Tuesday, as the strong US unit and concerns over high domestic inflation and low interest rates dragged the currency to its weakest level since a full-blown currency crisis in December. Since the historic crash last year, the central bank has used its foreign exchange reserves […] July 20, 2022
Tech US approves $980m sale of C-17 aircraft support to UAE The US State Department has approved the potential sale of C-17 aircraft sustainment and related equipment to the United Arab Emirates for an estimated cost of $980.4 million, the Pentagon said on Tuesday. Despite approval by the State Department, the notification does not indicate that a contract has been signed or that negotiations have concluded. […] July 20, 2022
Media & Advertising Netflix lost 770,000 users in Europe, Middle East and Africa Netflix Inc on Tuesday averted its own worst-case scenario of subscriber losses, posting a nearly 1 million drop from April through June, and predicted it would return to customer growth during the third quarter. Shares, which have fallen roughly 67 percent this year on concerns about the company’s long-term prospects, rose 8 percent in after-hours […] July 20, 2022
Markets Gulf bourses extend rebound as Saudi outperforms Saudi Arabia’s stock market outperformed its Gulf peers on Tuesday, as the region continued its rebound from the recent selloff, although the markets were cautious about inflation and global economic growth. The benchmark index in the kingdom advanced 1.8 percent, led by a 2.1 percent rise in Riyad Bank and a 2 percent increase in […] July 20, 2022
Energy Oil price windfall tests Gulf’s fiscal discipline as inflation rises A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal discipline as governments try to shield citizens from inflation. Gulf oil producers have promised more prudence this time as crude prices have spiked higher, seeking […] July 20, 2022
Retail Factfile: Companies that have sold their businesses in Russia Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. The moves, part of a broader corporate exodus from the country, are likely to […] July 19, 2022
Manufacturing How China became ground zero for the auto chip shortage From his small office in Singapore, Kelvin Pang is ready to wager a $23 million payday that the worst of the chip shortage is not over for automakers – at least in China. Pang has bought 62,000 microcontrollers, chips that help control a range of functions from car engines and transmissions to electric vehicle power […] July 19, 2022
Banking & Finance India to invest more in Sri Lanka on top of $3.8bn already given India is willing to make more investments in neighbouring Sri Lanka after supporting it with $3.8 billion this year, New Delhi’s envoy in Colombo told the Indian Express newspaper. “The idea is to respond to Sri Lanka’s requests for enabling them to meet their foreign exchange crisis,” said Gopal Baglay, India’s high commissioner in Sri […] July 19, 2022
Israeli general makes first visit to Morocco to explore defence deals The chief of Israel’s armed forces is visiting Morocco in the highest-profile military engagement between the countries, which upgraded ties in 2020 under a US diplomatic drive. Lieutenant-General Aviv Kochavi’s trip on Monday has been presented by Israel as part of emerging defence cooperation with the North African country, but Rabat has also been trying […] July 19, 2022
Nigeria’s United Bank for Africa opens branch in Dubai Nigeria’s United Bank for Africa (UBA) has set up operations in the United Arab Emirates, it said on Monday. The new branch, located in the Dubai International Financial Centre, will serve customers across the region and focus on correspondent banking, relationship management and advisory services, UBA said in a statement. Group chairman Tony O. Elumelu […] July 19, 2022
