ANALYSIS Economy Gulf to ‘see more rather than less’ despite China’s slowing economy Beijing's sluggishness need not be bad news for the GCC, analysts tell AGBI June 24, 2024
Economy Cairo and Istanbul feel biggest cost of living squeeze Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […] June 18, 2024
Analysis Economy Egypt shows signs of recovery after landmark IMF deal Last Friday marked 100 days since Egypt, the International Monetary Fund’s (IMF) second-biggest debtor after Argentina, agreed its latest loan. Eased by a $35 billion development deal with the UAE and increased international concern for Egypt’s economic stability following the outbreak of the war in Gaza, the deal drew a line under more than two […] June 17, 2024
Development US allocates $130m development funding to Egypt The US has allocated funding of $130 million for a range of developmental projects in Egypt, it was announced on Thursday. In a press release published by the US Embassy in Cairo, ambassador Herro Mustafa Garg said that the money would go towards “advancing Egyptian efforts to achieve a brighter, healthier, and more prosperous future […] June 14, 2024
Analysis Markets Hopes high for Egypt’s shariah-compliant index The Egyptian stock exchange has announced the launch of a long-awaited shariah-compliant index, a move observers say is likely to attract new investors and boost the North African country’s latent Islamic banking sector. Gulf investors are said to be particularly interested. The chairman of the Egyptian Exchange (EGX), Ahmed el Sheikh, announced that the new […] June 13, 2024
Media & Advertising Al Habtoor scraps Lebanon TV channel after physical threats Dubai’s Al Habtoor Group has cancelled plans to launch a TV channel from Lebanon after physical threats were made to the founder and staff. Chairman and founder Khalaf Ahmad Al Habtoor said that the “lack of necessary security stability for investment … has left us no choice but to step back from this initiative and […] June 12, 2024
Analysis Finance Egypt confronts sell-off of more state assets More sales of Egyptian state assets from petrol stations to wind farms are likely to be announced in the financial year to June 2025, according to people familiar with the negotiations. A deal with the UAE worth $35 billion to develop a resort at Ras El Hekma on the Mediterranean has eased the pressure on […] June 11, 2024
Trade Suez Canal revenues and traffic fell in May Suez Canal revenues continued to decline in May because of instability in the Red Sea, according to Egyptian media. Revenues fell 64.3 percent year on year to $337.8 million. Last month 1,111 individual ships passed through the canal – down 54 percent on the May 2023 figure of 2,396. Finance minister Mohamed Maait said last […] June 10, 2024
Agriculture Citrus produce helps Egypt agricultural exports rise The value of Egypt’s agricultural exports in the first five months of 2024 rose 24 percent year on year, following greater land allocation for produce such as oranges and potatoes. The minister of agriculture and land reclamation, Mohamed Al Sayed Al Quseir, told reporters on Thursday that more than 4.5 million tonnes of agricultural produce, […] June 7, 2024
Economy Egypt’s business activity rises as inflation pressure falls A softening of inflationary pressures and an increase in the availability of foreign exchange helped improve business activity and confidence in Egypt in May, according to central bank data and an influential survey. But experts warned that government austerity measures, including a rise in the politically sensitive prices of bread and petrol, may dampen business […] June 5, 2024
Aviation Lebanon among biggest debtors to global airlines The money owed to international airlines in Lebanon has fallen by almost 9 percent year on year, but still totals $129 million, the International Air Transport Association reported on Sunday. Lebanon takes the fifth spot in a 2024 list of countries where funds are overdue for repatriation, IATA said. It was the No 1 country […] June 4, 2024
Analysis Economy Egypt’s rising bread price sparks austerity fears Egypt’s plan to hike the price of subsidised bread for the first time in 30 years has increased talk of an austerity budget for the coming fiscal year, amid rumours of price increases for medicine and electricity and the phasing out of fuel subsidies. The International Monetary Fund, which is currently preparing a third review […] June 3, 2024
Tourism War and tensions mean Egypt dials down tourist forecast Egypt has revised its tourist targets downwards because of the continuing conflicts in the region. However the country is still hoping to receive a record number of visitors in 2024. Egypt’s tourism minister Ahmed Issa told Sky News Arabia this week that his ministry had lowered its expectations down from 18 million to between 15.5 […] May 30, 2024
Analysis Banking & Finance Digital lenders eager to tap into Egypt’s unbanked masses Egyptian banking history was made this month when Misr Digital Innovation (MDI) became the first Egyptian company to receive preliminary approval for a digital banking licence. MDI, a subsidiary of Banque Misr, will open Onebank – Egypt’s first digital bank – by the first quarter of next year at the latest. Experts predict many more […] May 29, 2024
Economy Egyptian agricultural exports hit record levels Egypt exported a record 7.5 million tonnes of agricultural produce last year, compared with 6.4 million tonnes in 2022 and 5.6 million in 2021. The total value of agricultural exports in 2023 was $8.8 billion, according to minister of agriculture and land reclamation Al Sayed Al Quseir. Egypt’s total number of export partners has increased […] May 22, 2024
Economy Red Sea crisis could drop Suez Canal revenue by 60% Suez Canal revenues may decrease by up to 60 percent due to elevated tensions in the Red Sea, according to assessments cited by Egyptian finance minister Mohamed Maait. Speaking at a ministerial event at Cairo University on Monday, Maait said the revenue fall would further exacerbate the state’s budget deficit which has grown to EGP120 […] May 22, 2024
Construction Work on ADQ-backed resort in Egypt ‘to start this year’ ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […] May 20, 2024
Tourism Tourist numbers drop as Western visitors avoid Lebanon Inbound tourism to Lebanon fell 13.5 percent year on year in the first three months of 2024, mainly as a result of Western tourists staying away, data released by the country’s Ministry of Tourism shows. It is the latest indication of damage to Lebanon’s post-crisis economy caused by the ongoing border conflict between Hezbollah and […] May 16, 2024
Economy Egypt receives second tranche of UAE’s $35bn investment Egyptian authorities have received the second tranche of a $35 billion investment from the UAE, local media reported on Tuesday. The payment secures the right of Abu Dhabi sovereign wealth fund ADQ to develop the land of Ras El Hekma on Egypt’s north coast. The $20 billion tranche consists of $14 billion fresh money and […] May 14, 2024
Banking & Finance Abu Dhabi-backed Egyptian bank doubles profits Commercial International Bank, the Egyptian lender backed by Abu Dhabi, has doubled its consolidated net profits for the first quarter of this year, compared with the same period in 2023. In an earnings release published on Sunday, CIB posted a net income of EGP11.9 billion ($253 million) at the start of this year, up from […] May 14, 2024
Infrastructure Israeli bombardment costs Lebanon at least $1.5bn Israel’s bombardment of southern Lebanon in response to the Hamas attacks on October 7 has caused more than $1.5 billion of damage to buildings and infrastructure, the country’s Southern Council says. The president of the council, Hicham Haidar, told AGBI that damage to residential and commercial buildings stands at $1 billion, with 1,700 buildings destroyed […] May 13, 2024
Economy Egyptian businesses yet to feel effect of $60bn new funding The close to $60 billion in new funding announced for Egypt in recent months has yet to trickle down to average business people in the country, according to the results of a new monthly survey. Difficult market conditions in Egypt continued in April as the monthly S&P Global Purchasing Managers Index (PMI) slid from 47.6 […] May 9, 2024
