Economy Exporters cut year-end targets in blow to government plans Turkish exporters are revising down year-end targets in a move that could derail the government’s economic plans as new orders drop amid signs of a global slowdown and inflationary pressure. Turkey’s exports rose by 19 percent year-on-year in the first seven months of 2022 to $144.4 billion, but deteriorating global conditions, exacerbated by the war […] August 5, 2022
Banking and Finance Turkish central bank’s net forex reserves rise to $9.12bn The Turkish central bank’s net international reserves rose around $2.4 billion to $9.12 billion in the week to July 29, rising to their highest level in two months, data from the central bank showed on Thursday. The exchange rate used by Reuters on Thursday was 17.9044. The net forex reserves dropped to $6.07 billion on […] August 5, 2022
Economy Saudi Arabia posts almost $21bn Q2 surplus on high oil prices Saudi Arabia has registered a budget surplus of nearly SAR78 billion ($21 billion) in the second quarter of 2022, the finance ministry said on Thursday, an almost 50 percent rise from a year earlier, bolstered by high oil prices. Revenue in the second quarter reached SAR370.37 billion and expenditure was SAR292.46 billion, the ministry said. […] August 5, 2022
Tourism Saudi Arabia open airspace to more flights serving Israel Cathay Pacific and Air Seychelles have overflown Saudi Arabia for Israel flights for the first time, aviation data showed on Thursday, after Riyadh announced last month it would open its airspace to all airlines, paving the way for more overflights to and from Israel. Opening Saudi airspace to flights to and from Israel was a […] August 5, 2022
Banking and Finance World Bank accuses Lebanese politicians of ‘cruelty’ over deposits The World Bank has said that assertions by Lebanese politicians that deposits kept in the country’s collapsed banking sector are sacred are “cruel” because they “flagrantly contradict the reality.” Lebanon is in the third year of a financial meltdown that has left eight in ten people poor and which the World Bank says is both […] August 4, 2022
Economy Turkey’s inflation surges to 70%, putting Erdogan in bind Turkey’s annual inflation jumped to a two-decade high of 69.97 percent in April, according to data on Thursday, fuelled by the Russia-Ukraine conflict and rising energy and commodity prices after last year’s lira crash. The surge in prices has badly strained households just over a year before presidential and parliamentary elections that could bring the […] August 4, 2022
Tourism Airbus axes remaining A350 jet deal with Qatar Airways Airbus has revoked its entire outstanding order from Qatar Airways for A350 jets, severing all new jetliner business with the Gulf carrier in a dramatic new twist to a dispute clouding World Cup preparations, two industry sources said. No comment was immediately available from Airbus or Qatar Airways. The two aviation titans have been waging […] August 4, 2022
Business of Sport Mickelson and others sue PGA Tour in LIV fight Hall of Fame golfer Phil Mickelson and 10 other players filed a lawsuit against the PGA Tour on Wednesday, alleging that it broke anti-trust law by refusing them to participate on the tour and the new rival LIV Golf circuit, backed by Saudi Arabia. The lawsuit was led by six-time major champion Mickelson and includes […] August 4, 2022
Banking and Finance Saudi Arabia sets up investment promotion agency Saudi Arabia has set up an agency to promote investment in the country, a key goal of an ambitious economic reform agenda, the investment minister and state media said on Twitter, citing a cabinet decision. The Saudi Investment Promotion Authority “will be a strong supporter of the investment system in its quest to achieve the […] August 3, 2022
Economy Egyptian non-oil sector continues contraction at slower pace Egypt’s non-oil private sector activity shrank again in July, but at a slower pace than June’s two-year low, as demand remains weakened by inflation and shortages continue to put pressure on supply, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened slightly to 46.4 from June’s 45.2, remaining below the […] August 3, 2022
Economy Kuwait dissolves parliament, delays budget approval Kuwait formally dissolved parliament in a decree issued on Tuesday, state news agency KUNA said, as the Gulf Arab state’s crown prince moved to resolve a standoff between the government and elected parliament that has hindered fiscal reform. Last month Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who took over most of the ruling emir’s duties, […] August 3, 2022
Banking and Finance Turkey’s lira-protection scheme set to survive confidence test Turkey’s attempt to curb demand for foreign currency by protecting lira deposits looks set to survive its biggest test yet with deposits worth tens of billions of dollars being renewed, sources say, but the cost is rising as the lira slumps. President Tayyip Erdogan’s government introduced the scheme, which compensates depositors for lira losses against […] August 3, 2022
Economy Saudi non-oil private sector growth slows in July Saudi Arabia’s non-oil private sector kept up a steady pace of growth in July, albeit slowing slightly from June, helped by increases in customer numbers, purchasing and output, a business survey showed on Wednesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy fell to 56.3 in July […] August 3, 2022
Tech US to resupply Saudi and UAE missile defence systems The US State Department approved the potential sale of Terminal High Altitude Area Defence (THAAD) missile interceptors to the United Arab Emirates (UAE) and Patriot missile interceptors to Saudi Arabia in separate deals worth as much as $5.3 billion, the Pentagon said on Tuesday. The potential deals, which would resupply key missile defence systems for […] August 3, 2022
Economy Turkish manufacturing activity contracts for fifth straight month The Turkish manufacturing sector contracted for a fifth consecutive month in July as weakening demand, market uncertainty and price pressures all played a role in moderating output, a business survey showed on Monday. Turkey’s Purchasing Managers’ Index (PMI) for manufacturing stood at 46.9 in July, down from 48.1 in June, according to the survey by […] August 2, 2022
Energy Kuwait reappoints oil, finance ministers in new cabinet Kuwait reappointed Oil Minister Mohammed Al-Fares and Finance Minister Abdul Wahab al-Rasheed in a cabinet formed on Monday under a new prime minister, largely resembling the caretaker government that resigned in April. Last week the crown prince of the Gulf Arab OPEC producer had named Sheikh Ahmad Nawaf al-Sabah as prime minister to replace Sheikh […] August 2, 2022
Central bank, companies clash over Turkey’s new loan rules A big Turkish business group and the central bank clashed on Friday over recent regulations covering loans, with the Istanbul Chamber of Industry’s (ISO) head saying the measures create “irredeemable” problems. Turkish authorities including the central bank and BDDK regulator have taken steps to limit loans to companies except those that are net exporters, as […] August 1, 2022
Economy Turkish central bank hikes inflation view to 60% Turkey’s central bank raised its annual inflation forecast to 60.4 percent for the year-end from 42.8 percent three months ago, continuing a trend of playing catch up with extreme price rises, according to a presentation by Governor Sahap Kavcioglu on Thursday. A Reuters poll showed economists expect inflation of 70 percent at the end of […] July 29, 2022
Banking and Finance UAE’s top bank FAB cautious after flat second quarter profit First Abu Dhabi Bank (FAB) , the United Arab Emirates’ biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit. Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly […] July 29, 2022
Real Estate UK and Russian buyers help Dubai real estate sales surge Dubai’s red-hot property market surged in the first half of the year as investors piled in, while Russians were among the top five buyers as the emirate benefits from an influx of wealth in the wake of Western sanctions. The first half saw residential real estate transaction volumes up 60 percent with an 85 percent […] July 29, 2022
Economy Egypt and IMF working out ‘remaining points’ on loan Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, finance minister Mohamed Maait told Al-Arabiya on Wednesday. Asked if there were differences between Egypt and the IMF, Maait said: “In talks with anyone you go from one point of view to another. The talks are ongoing, […] July 28, 2022
Banking and Finance Dubai’s Emirates NBD profit rises in second quarter Dubai’s biggest lender, Emirates NBD, posted on Thursday a jump of 42 percent in second-quarter net profit, boosted by higher income and lower impairments. Emirates NBD’s net profit of 3.5 billion dirhams ($952.98 million) for the three months to June 30 was up from 2.46 billion in the year-earlier period. Net interest income rose 27 […] July 28, 2022
