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Economy

Economy and markets news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Oman's Film City iwill provide more than 100 job opportunities for Omanis and aims to produce and export films

Oman to build $31m Film City

Oman is to build an OR12 million ($31.2 million) ‘Film City’ to boost its entertainment sector, a news report said. The project follows the outcomes of workshops held in March by the ministry of sports, culture and youth, Oman Daily Observer reported, citing a government official. The city is expected to provide more than 100 […]

Dubai International Airport received 23 million travelers, up 8.4 percent year on year

Emirates economy to grow 6.2% in 2025

UAE’s real GDP will accelerate to 6.2 percent in 2025 from 3.9 percent in 2024 on strong foreign trade performance, the central bank said. Non-hydrocarbon GDP growth is expected to remain strong at 5.4 percent in 2024 and 5.3 percent in 2025, the apex bank said in its June 2024 economic quarterly review. The hydrocarbon sector is […]

The UAE attracted FDI inflows of $30.7 billion last year, a 35 percent year-on-year growth

UAE ranks second in global greenfield FDI projects

A 33 percent year-on-year surge in greenfield FDI projects in the UAE catapulted the Emirates up two places to the second spot after the US in 2023. There are now 1,323 greenfield FDI project announcements, state-run Wam news agency reported, citing the World Investment Report 2024. The UAE attracted FDI inflows of $30.7 billion last […]

The new economic reform package is expected to be discussed soon in parliament, said Turkish finance minister Mehmet Şimşek

Turkey to impose minimum corporate and income taxes

Turkey has finished work on a proposed new economic reform plan, which includes a minimum corporate and income tax to increase the take from direct taxes. The package, which will be submitted to the parliament soon, proposes a minimum 15 percent corporate tax on multi-national companies with more than €750 million ($804 million) in annual […]

wealthy migrants UAE

Wealthy migrants to UAE boost luxuries but stir inflation

The UAE is likely to attract a new surge of ultra-rich migrants, lured by low tax rates, high-privacy settings and a luxurious lifestyle, at a time of global geopolitical upheaval and heightened anti-money laundering measures in developed countries.  But, while the wave of wealth is likely to stimulate specialised sectors of the economy, the arrivals […]

The UAE, which is keen to embrace new technologies, ranked second for employment and third for international trade World Competitiveness Ranking

Saudi Arabia and UAE up in World Competitiveness Ranking

Saudi Arabia and the UAE have improved their rankings in the annual IMD World Competitiveness Ranking this year, as both Gulf states embrace artificial intelligence (AI) to make their economies more productive. The list, which is compiled by the International Institute for Management Development (IMD) in Switzerland, saw the UAE rise three places to seventh, […]

The Holy Mosque in Medina, Saudi Arabia. Pilgrims flock to the city as part of Hajj

Tourism businesses on the up in Medina

The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […]

A stall holder in the Grand Bazaar in Istanbul. People in Istanbul faced rises in the cost of living this year, as soaring inflation impacted wages

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 […]

Saudi housing costs rose nearly 9% year on year in May

Saudi housing costs rise but inflation remains steady

Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […]

Government officials have suggested that construction will continue on Egypt's state-led mega-projects, including the New Administrative Capital city, thought to cost more than $58 billion

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 […]

Arid conditions brought about by the drought in Morocco are affecting the cost of sheep

Drought pushes up sheep price for Eid in Morocco

The price for a sheep in Morocco for the annual sacrifice at Eid al-Adha has increased on average at 10 times the 2.2 percent rate of inflation. A medium-sized female sheep costs MAD4000 ($400) as opposed to MAD3000 last year. This puts it out of range for many families in the country where a high […]

Adult, Male, Man

UAE to invest in Turkey’s economic sectors says minister

The UAE is willing to invest across numerous sectors in Turkey, said Emirati energy and infrastructure minister Suhail Al Mazrouei. The Gulf state is exploring opportunities in the energy, agriculture, transportation, tourism and other sectors, state-run Anadolu Agency (AA) news agency reported, citing the minister on the sidelines of the St. Petersburg International Economic Forum. […]

Mena economic data

Mena economic data

The latest indicators for the largest Middle East and North Africa economies outside the GCC, including Egypt, Iran and Turkey

Technicians work on a military vehicle at the Otokar factory in Arifiye. Industrial production fell sharply in April

Unemployment rate falls in Turkey but warnings persist

Turkish unemployment levels fell to their lowest rate in more than 11 years in April, helped by strong first-quarter growth.  However, troubling longer-term prospects could mean job queues lengthen again.  Turkey’s headline unemployment rate, covering those aged 15 and over, fell to 8.5 percent in April, the lowest since November 2012 and down from 10 […]

A vendor at a vegetable market in Cairo. The IMF is encouraging the Egyptian government to continue selling stakes in state assets

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 […]

A woman buys cooking oil at a market in downtown Cairo. Falling food prices contributed to the drop in inflation in Egypt

Egypt inflation drops below 30% for first time in 15 months

Egypt’s inflation rate dropped below 30 percent in May for the first time in 15 months, slowing at a faster rate than most had predicted. Urban consumer price inflation was 28.1 percent year on year for May, a drop from 32.5 percent in April, the Central Agency for Public Mobilisation and Statistics announced on Monday. […]

A cargo ship passes through the Suez Canal

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 […]