Economy Oman posts $220m budget surplus in January Oman’s budget surplus reached nearly a quarter of a billion dollars in January, helped by public income from state investments, according to its state-owned news agency. The surplus was OR85 million ($220 million) by the end of January, down just over 40 percent on the OR145 million surplus registered in the same month of 2023, […] March 18, 2024
Economy Saudi Arabia gives $800m in Ramadan social security aid Saudi Arabia has disbursed SAR3 billion ($800 million) to around 500,000 Saudis as a one-off social security payment during the fasting month of Ramadan. The amounts were deposited directly into bank accounts of beneficiaries of social security by the Ministry of Human Resources and Social Development, on the basis of SAR1,000 ($270) per head of […] March 18, 2024
Economy EU agrees $8bn funding package with Egypt The European Union has agreed a €7.4 billion ($8 billion) funding package and upgraded its relationship with Egypt after a meeting in Cairo on Sunday between the European Commission president, Ursula von der Leyen, and Egypt’s president, Abdel Fattah al-Sisi. The deal consists of €5 billion in concessional loans, €1.8 billion of investments and €600 […] March 18, 2024
Finance S&P affirms Saudi credit ratings amid reform drive Global rating agency S&P has affirmed its “A/A-1” long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia, maintaining a stable outlook. The economic and social reforms will continue to improve the kingdom’s financial resilience and wealth levels, as the government’s liquid assets are expected to remain strong at about 70 percent of […] March 17, 2024
Opinion Economy The stars are aligned for Oman’s economic resurgence The sultanate could command a healthy share of the Gulf's IPO surge in the next two years March 15, 2024
Economy Saudi Arabia’s inflation up to 1.8% and ‘likely’ to keep rising Saudi Arabia’s annual inflation rate rose more than expected in February to 1.8 percent, driven by the housing market, as the country emerges from last year’s economic slowdown. “Actual rents for housing increased by 10 percent in February 2024, reflecting the increase in rents for villas by 9.1 percent,” the General Authority for Statistics said. […] March 14, 2024
Economy UAE government surplus hit $6.8bn in last quarter UAE government revenues reached AED156 billion ($42 billion) for the fourth quarter in 2023, resulting in the Gulf state recording a federal surplus of AED25 billion ($6.8 billion) over the period, according to data from the Ministry of Finance. Expenditure over the three-month period hit AED131 billion. It was made up of investment in non-financial […] March 14, 2024
Video length: 09:01 Analysis Economy Currency bond traders flow into Egypt after bailout deals JPMorgan Chase & Co has issued a circular urging its clients to buy up Egyptian sovereign debt, less than two months after it removed Egypt from local-currency bond indexes. “The Egypt carry trade is back in focus, and this time should be different,” the New York bank’s Gbolahan Taiwao wrote in a note on March […] March 14, 2024
Industry Golden licences bring $2bn into Bahrain A total of $2.4 billion in investment in nine major projects has flowed into Bahrain after the introduction of its golden licence initiative last year. The projects, which could generate 3,000 jobs, include the setting up of Bahrain Titanium by Interlink Metals & Chemicals of Switzerland and the urban waterfront development Bahrain Marina. “Bahrain has […] March 14, 2024
Economy Germany commits $282m in low-cost funding to Egypt Germany has pledged to commit €258 million ($282 million) to Egypt in the form of debt swaps, grants and concessional financing, Egyptian minister of international cooperation Rania Al Mashat said. The government has approved €54 million from Germany to finance the smart energy project within the national platform of the Nexus of Water, Food and […] March 14, 2024
Opinion Economy Progress report on Vision 2030: so far, so good Saudi Arabia’s economic health is still reliant on global oil markets, but this dependency is reducing March 12, 2024
Economy Riyadh revises GDP but pins hopes on non-oil activity Saudi Arabia has revised its real GDP figure for 2023 to a contraction of 0.8 percent, from a contraction of 0.9 percent. Oil production cuts hit the Saudi economy last year, while analysts are predicting a slide in crude prices this year. Oil activities decreased by 9 percent in 2023, while non-oil activities increased by […] March 11, 2024
Economy Egypt’s inflation rate makes record jump in February Inflation in Egypt rose unexpectedly in February, authorities reported this week, just days after the pound plummeted more than a third against the US dollar. On Sunday, the Egyptian state statistics agency Central Agency for Public Mobilisation and Statistics (Capmas) announced that annual urban consumer price inflation rose to 35.6 percent last month, from 29.8 […] March 11, 2024
Economy Dubai’s non-oil economic growth at five-year high Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate. At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019. The number is well above the 50.0 mark which separates […] March 11, 2024
Finance Turkey’s rating upgraded on tighter monetary policies Ratings agency Fitch upgraded Turkey’s long-term foreign currency issuer default rating to “B+” from “B”, driven by greater-than-expected monetary policy tightening aimed at controlling inflation. “Upgrade reflects increased confidence in the durability and effectiveness of policies implemented since the pivot in June 2023,” Fitch said, revising the country’s outlook to “positive” from “stable.” Inflation expectations […] March 11, 2024
Economy Jordan’s economic growth to slow on lower tourist arrivals Jordan’s economic growth will ease to 2.1 percent in 2024 from 2.6 percent in 2023, as tourism arrivals are likely to be lower than record-breaking levels seen last year, S&P Global Ratings said in a report. “Our GDP growth forecast reflects fiscal drag and an expected increase in precautionary savings amid rising regional tensions,” it […] March 11, 2024
Economy 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 […] March 11, 2024
Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Finance Egypt outlook revised to positive after lending deals Moody’s has upgraded Egypt’s outlook from negative to positive following the expanded $8 billion funding from the International Monetary Fund (IMF). The credit-rating company also affirmed Egypt’s foreign currency ratings. The revision reflects the significant official and bilateral support announced and marked policy steps taken in the past week that will, if maintained, support macroeconomic […] March 8, 2024
Opinion Economy Egypt’s $8bn rescue package brings new challenges International Monetary Fund negotiations have been protracted – to say the least March 7, 2024
Economy Egypt secures expanded $8bn loan from IMF Egypt will receive an expanded $8 billion loan from the International Monetary Fund (IMF) after agreeing to implement a set of reforms and policies. The country is experiencing significant macroeconomic challenges due to the impact of the Gaza conflict on tourism and lower Suez Canal receipts, the IMF said in a statement. “The authorities are […] March 7, 2024
Markets Egyptian pound plunges 55% to match black market dollar The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate. The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces. At 2pm […] March 6, 2024