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GCC economic data

GCC economic data

The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain

Firefighters from Istanbul municipality and volunteers plan how to extinguish a wildfire near Ikizce, a village in Turkey

Turkey and World Bank unite to combat wildfires

Turkey has launched a $400 million project with the World Bank to protect the country from wildfires. The Turkey Climate Resilient Forests Project will strengthen the country’s ability to protect people and property from the fires.  Almost 230,000 hectares of Turkey’s forests were damaged or destroyed completely between 2012 and 2021, with more than 61 […]

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

A worker arranges vegetables to be displayed at a market in Maadi, a suburb of Cairo, Egypt, February 26, 2024. REUTERS/Mohamed Abd El Ghany

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 […]

Egypt growth forecast Cairo street

World Bank lowers Egypt’s growth forecast again

The World Bank has downgraded Egypt’s growth forecast for the current fiscal year to 2.8 percent, the lowest for 11 years, despite recent investment in the country of nearly $60 billion. In its latest Middle East and North Africa economic update, the bank blamed “sluggish industrial sector performance” and the effects of war in the […]

Real GDP growth projection for the UAE was revised to 3.9 percent this year, up from 3.7 percent

World Bank raises UAE’s economic growth outlook

The World Bank has raised its UAE economic growth forecast for 2024 and 2025, citing robust non-oil sector growth and higher oil output. The real GDP growth projection for the Gulf state was revised to 3.9 percent this year, up from its previous forecast of 3.7 percent in January, the World Bank said in its […]

The UAE wants dialogue to address the ripple effects of geopolitical challenges on global trade

UAE to advance talks on debt sustainability at global event

The UAE’s finance ministry intends to advance discussions on global macroeconomic stability and debt sustainability at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The spring meetings will be held in Washington, D.C., from April 15 to 20. The UAE will also promote a dialogue to address […]

Mohamed Maait, Egypt's finance minister, at an IMF/World Bank meeting in Marrakech on October 13. He said Cairo's panda bonds had a low interest rate of 3.5%

Egypt to get $20bn loan from global funders says minister

The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […]

Turkey's green fund will provide financing to businesses, promote investment in green technologies and diversify the financial sector Turkey green fund

Turkey sets up green fund with $155m World Bank loan

Turkey has set up its first green venture capital fund to support its target of net zero by 2053. The Industrial Development Bank of Turkey (TSKB) has secured a $155 million loan from the World Bank for the Turkey Green Fund (TGF). The financing was secured under the Turkish ministry of treasury and finance guarantee, TSKB said in […]

An Israeli tank near the border with the Gaza Strip. The World Bank cautioned that the cost of crude could enter 'uncharted waters'

World Bank warns of record oil prices if war escalates

Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […]

An IMF mission plans to visit Tunisia to assess economic developments, said IMF Middle East and Central Asia director Jihad Azour

Tunisia yet to propose new terms for $1.9bn IMF loan

Tunisia has not yet proposed new terms for a long-pending $1.9 billion International Monetary Fund (IMF) loan, according to the fund’s Middle East and Central Asia director Jihad Azour. Speaking at IMF-World Bank annual meetings in Morocco this week, Azour called for the elimination of “wasteful and socially unfair subsidies” before the fund’s board could […]

A currency exchange in Sidon, Lebanon. The country is replacing its old currency exchange platform with a new one run through Bloomberg

Lebanon to ditch Sayrafa currency exchange platform

Lebanon’s cabinet has approved the replacement of the controversial Sayrafa currency exchange platform with a new one run through the Bloomberg trading system.  Caretaker Information Minister Ziad Makari gave no indication of a time frame for the replacement when he spoke to reporters this week, saying only that the new platform would come into effect […]

Turkey Saudi

Saudi deposits $5bn in Turkey’s central bank

Saudi Arabia has made a $5 billion deposit into the central bank of Turkey to support its economy. The deposit, first pledged in November, comes after the devastating impact of last month’s earthquake. It was made on Monday through the Saudi Fund for Development (SFD) and will “contribute to bolstering the Turkish economy by addressing […]

Mohamed Saif Al Suwaidi, director general of the Abu Dhabi fund, visits an agricultural business in KIZAD

Abu Dhabi and World Bank unit to invest $1.5bn in emerging markets

Abu Dhabi and a World Bank subsidiary have agreed to invest up to $1.5 billion in sustainable private sector-led projects in emerging markets. Under the memorandum of co-operation, which was signed at the World Government Summit in Dubai on Tuesday, the Abu Dhabi Fund for Development and the World Bank’s IFC (International Finance Corporation) will […]

Afghan economy ‘dire’ as household incomes shrink

The outlook for Afghanistan’s economy is dire with per capita income having fallen by over a third in the last four months of 2021 after the Islamist Taliban seizedpower and foreign forces withdrew, the World Bank said. “One of the poorest countries in the world has become much poorer,” said Tobias Haque, World Bank senior […]

$600m projects frozen as Taliban issues school ban for girls

The World Bank has put four projects in Afghanistan worth $600 million on hold amid concerns over a decision by the country’s ruling Islamist leaders to ban girls from returning to public high schools, the bank said. The projects, to be funded under the revamped Afghanistan Reconstruction Trust Fund, were being readied for implementation by […]