Energy Opec chief says collective decision to cut output was ‘the right move’ Opec secretary general Haitham Al Ghais said the collective decision to cut output in October was the right move and added that credit should be given to the Opec+ alliance for its constructive role in supporting global market stability. “Due recognition should be given for our constructive and positive role in supporting global market stability […] February 7, 2023
Energy Saudi Arabia raises crude price to Asia for first time in six months Saudi Arabia, the world’s top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid an expectation of oil demand recovery, especially from China. The official selling price (OSP) for March-loading Arab Light to Asia was raised by 20 cents a barrel from February to $2.00 […] February 7, 2023
Banking and Finance Sharjah hires banks for debut dollar sustainable bonds The government of Sharjah in the UAE has hired banks to arrange a sale of dollar-denominated debut sustainable bonds, a bank document showed. HSBC was hired as sole global coordinator and ESG structuring agent. It is joined by Abu Dhabi Commercial Bank, Citi, Gulf International Bank, IMI-Intesa Sanpaolo, Invest Bank and SMBC Nikko as joint […] February 7, 2023
Tech Global tech giants to invest more than $9bn in Saudi Arabia Saudi Arabia has attracted more than $9 billion in investments in future technologies, including by US giants Microsoft and Oracle Corporation, which are building cloud regions in the kingdom, a government minister said. Saudi minister of communication and information technology Abdullah Alswaha said Microsoft will invest $2.1 billion in a global super-scaler cloud, while Oracle […] February 7, 2023
Banking and Finance Lebanese banks to start open-ended strike for judicial reforms Banks in Lebanon will start an open-ended strike from Tuesday but will keep ATMs operating for basic services, the Lebanese Banks Association said, urging authorities to pass overdue measures to deal with a deep financial crisis. The decision came after a meeting by the association to discuss judicial measures against banks that have snowballed since […] February 7, 2023
Retail Chinese retailers offer up to 10% discount on high-end iPhones Third party retailers in China are offering discounts of as much as 10 percent on Apple Inc’s iPhone 14 Pro amid sluggish demand for smartphones. Electronics vendors JD.Com Inc and Suning are currently selling the iPhone 14 Pro basic model for 7,199 yuan ($1,062), checks of JD.com’s app and Suning’s website showed. That is 800 […] February 6, 2023
Economy Egypt’s non-oil activity slides for 26th month as inflation bites A contraction in Egyptian non-oil private sector activity entered its 26th straight month as high inflation and a continued shortage of foreign currency weighed on business, a survey showed. The S&P Global Egypt Purchasing Managers’ Index (PMI) slipped to 45.5 in January from 47.2 in December, well below the 50.0 threshold that marks growth in […] February 6, 2023
Economy Saudi Arabia’s non-oil business activity jumps on higher output Growth in Saudi Arabia’s non-oil business activity accelerated in January, having hit a three-month low the previous month, a survey showed on Sunday, supported by an increase in new orders and output. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index increased to 58.2 in January, from 56.9 in the previous month and well […] February 5, 2023
Energy Saudi Arabia warns sanctions could result in energy shortages Saudi energy minister Prince Abdulaziz bin Salman warned on Saturday Western sanctions against Russia could result in a shortage of energy supplies in future. In answer to a question over how trade measures would affect the energy market, Prince Abdulaziz told an industry conference in Riyadh: “All of those so-called sanctions, embargoes, lack of investments, […] February 5, 2023
Banking and Finance Major central banks rekindle rate hike push after dry January Major central bank interest rates moves were off to a tepid start in January with a single hike by Canada but the pace will speed up again in February with policy makers in the US, Britain and the euro zone out of the starting blocks already. January saw just three meetings by central banks overseeing […] February 5, 2023
Economy Turkey inflation dips to 58% but consumer prices rise Turkish annual inflation dipped to 57.68 percent in January, official data showed on Friday, but was well above forecasts despite a favourable base effect that is expected to carry on until President Tayyip Erdogan seeks re-election in May. Month-on-month, consumer prices rose 6.65 percent, the Turkish Statistical Institute said, nearly twice a Reuters poll forecast […] February 5, 2023
Economy Tunisians struggle with prices and shortages as economy worsens Tunisian street cleaner Lassad Mejri says life has grown so tough for his family because of the country’s dire economy that they prepare just one meal a day, but as government finances falter, there may be worse to come. Like many Tunisians Mejri, 57, and his wife Elgeya had already been struggling to cope with […] February 3, 2023
Tech Big tech earnings show digital ads market not out of the woods After a challenging 2022 in which advertising-dependent companies faced shrinking budgets and cratering stock prices, fourth-quarter results this week from Alphabet, Meta Platforms and Snap showed they were not yet in the clear. The health of the advertising industry closely mirrors the economy, and many advertisers have pared back their marketing budgets in response to […] February 3, 2023
Markets Saudi tops emerging markets with $10bn bond issuances A roaring start to the year for debt issuance has helped lift sovereign emerging market bond sales to a record $44 billion peak in January with investors keen to deploy piles of cash. So far investment-grade-rated Saudi Arabia is the largest borrower, having sold $10 billion of dollar bonds this year. Nearly $40 billion of […] February 3, 2023
Economy Egypt’s current account deficit shrinks 20.2% as imports fall Egypt’s current account deficit narrowed by 20.2 percent to $3.2 billion in the July to September quarter as imports shrank, exports rose and tourism revenue shot up, the central bank said in a statement. Exports rose by 12.6 percent to $9.97 billion while imports fell by 4.1 percent to $19.07 billion. Receipts from tourism jumped […] February 3, 2023
Banking and Finance Turkey said to keep interest rates low post-election Finance minister Nureddin Nebati said Turkey would keep interest rates low after elections expected in May and not reverse course on monetary policy, according to an interview published by Bloomberg. Contrary to some analyst expectations that President Tayyip Erdogan will roll back his stimulus programme after the vote, Nebati was quoted as saying the central […] February 3, 2023
Banking and Finance King Salman names new Saudi central bank governor Saudi Arabia’s King Salman appointed Ayman Al-Sayari as central bank governor replacing Fahad Al-Mubarak, a decree carried on the state media said. Al-Sayari was vice-governor for investment and research at the central bank and is a member of the board of directors of Saudi Arabia’s National Debt Management Center. Al-Mubarak would now become an adviser […] February 3, 2023
Banking and Finance HSBC embarks on Saudi hiring spree amid deals boom HSBC is hiring dealmakers “as fast as it can” in Saudi Arabia to capitalise on a wave of financing activity in the country, the global head of its investment bank told Reuters. The lender aims to increase headcount in its global banking and markets business in Saudi Arabia by 10-15 percent this year, Greg Guyett, […] February 3, 2023
Logistics Senegal says finance in place for DP World’s $1.1bn port Senegal’s President Macky Sall said on Thursday that financing is in place to enable construction to begin in earnest on a $1.13 billion deep-water port being developed by Dubai’s state-owned port operator DP World. The project in Ndayane, around 50km south of the capital Dakar, is the biggest private investment in the West African nation. […] February 3, 2023
Banking and Finance US crypto exchange Kraken shuts Abu Dhabi office Cryptocurrency exchange Kraken has shut its Abu Dhabi office less than a year after securing a license in the region, a spokesperson said, as the company seeks to sharpen its focus after FTX’s bankruptcy shook the digital assets sector. The US-based company had said last year it would reduce its workforce by 30 percent, or […] February 3, 2023
Banking and Finance Egypt’s central bank leaves key interest rates unchanged Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying in a statement that steep rate increases put in place over the last year should help to tame inflation, now running at 21.3 percent. The hold had been unexpected by many analysts. A poll of 13 analysts forecast the bank would raise rates […] February 3, 2023
Energy Opec+ sticks to oil output on hopes of higher Chinese demand An Opec+ panel endorsed the oil producer group’s current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. Ministers from Opec+ countries – members of the Organization of the Petroleum Exporting Countries and others including Russia – […] February 2, 2023
