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Economy

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

Turkish finance minister Mehmet Simsek said he would attend around 15 meetings each day in the US

Turkey courts US companies and investors during visit

Turkish finance minister Mehmet Simsek said he will meet with rating agencies, investors and companies planning to shift supply to Turkey during a visit to the US this week. “I will be in America this week for the IMF, World Bank and G20 meetings. We will meet with rating agencies in New York at the […]

The IFC said it agreed the loans to Oman 'to bolster the country’s sustainable finance market and empower the private sector'

World Bank loans Oman $310m for economic diversification

Loans totalling $310 million to support Oman’s economic diversification plans have been agreed by the International Finance Corporation (IFC), a part of the World Bank Group that seeks to encourage private sector development in less developed markets. The loans, arranged by the Omani Ministry of Finance, are to support three Omani companies, with a particular […]

Egypt's interest rates had not been lowered in five years

Egypt cuts interest rates for first time in 5 years

Egypt’s central bank lowered overnight interest rates by 225 basis points (bps) on Thursday, its first cut in more than five years, saying lower inflation had opened the way to yet further rate cuts in the future. The bank lowered the lending rate to 26 percent and the deposit rate to 25 percent. The median forecast in […]

A traditional clothes shop in Amman. Jordan's growth is projected to reach 2.7 percent in 2025 from 2.5 percent last year

Jordan receives $130m from IMF

The International Monetary Fund (IMF) has released $130 million to Jordan as part of an extended fund facility of $1.2 billion which was approved in January 2024. “Jordan’s economy continues to show resilience and macroeconomic stability has been maintained, despite considerable external headwinds from the conflicts in Gaza and Lebanon,” the IMF said in a statement. […]

The issue of cash hoarding is persisting in Libya and confidence needs to be restored in the financial sectors, according to the IMF

Higher oil output supports Libya’s economic rebound

Libya’s economy is projected to rebound in 2025, supported by the expansion of oil production, the International Monetary Fund has said. The growth is likely, however, to moderate in the medium term, it said. Non-hydrocarbon growth will remain at 5 to 6 percent this year, driven by sustained government spending, the IMF predicted. The country’s […]

Saudi inflation women outside restaurant

Inflation in Saudi Arabia hits 20-month high

Headline inflation in Saudi Arabia hit a 20-month high in March, the General Authority for Statistics has revealed, although at 2.3 percent, up from 2 percent in February, it remains low by international standards. While housing remains the biggest single inflation driver, other factors included a weakened dollar, to which the riyal is pegged, while […]

Algerian president Abdelmadjid Tebboune said he wants non-oil exports to increase to $10bn this year, from $7bn last year

Algeria creates agency to promote non-oil exports

Algeria is to create an export promotion agency to push non-oil international sales as the oil and gas producer faces plunging petroleum prices. Algerian President Abdelmadjid Tebboune revealed the plan during a meeting with national business leaders in the capital Algiers last week. Tebboune said the export promotion agency would be set up next month […]

Shoppers in Istanbul. Turkish inflation has fallen slightly and the lira has weakened against the dollar as money markets face flux

Tensions in trade and politics weigh on Turkish money markets

Political instability in Turkey and tariff-driven global trade tensions are weighing on Turkish money markets as international investors move out of local debt and locals buy up foreign currency. In the three weeks ending April 4, non-resident investors sold $8.5 billion of Turkish debt, according to a report released by the central bank last week.  […]

Qatar's Emir Sheikh Tamim Bin Hamad Al Thani, right, and Egypt's President Abdel Fattah El-Sisi in Doha

Qatar to invest over $7bn in Egypt’s economy

Qatar has pledged to invest $7.5 billion in Egypt as the North African country seeks to attract new money and boost economic growth, the countries said in a joint statement. The commitment was given during a meeting between Egypt’s President Abdel Fattah El-Sisi and Qatar’s Emir Sheikh Tamim Bin Hamad A-Thani, the state-owned State Information […]

Container vessels docked at Oman's Sohar Port, a joint venture between Oman and the Port of Rotterdam

Oman targets $5bn investment with port expansion

Oman’s Sohar Port and Freezone is seeking to draw in billions of dollars in additional investment, as the first phase of the project nears full occupancy, according to a media report. The expansion will increase annual throughput to more than 2.5 million tonnes of cargo, over $5 billion in investment and an addition of 500 […]

Finance minister Mehmet Simsek said oil prices below $65 could mean Turkey's current account deficit stays below 1.5% of GDP

Turkey says oil price under $65 will tame inflation

Turkey’s finance minister Mehmet Simsek said that if the oil price remains below $65 a barrel, it will lower year-end inflation by 1 to 1.6 points this year. Responding to a Reuters question on the impact of a fall in oil prices following recent global trade measures, Simsek said persistent oil prices below $65 could […]

US energy secretary Chris Wright met UAE President Sheikh Mohamed bin Zayed Al Nahyan and Adnoc CEO Sultan Al Jaber in Abu Dhabi

Visiting US energy minister expects more UAE investment

The US administration expects “growing” investment from the UAE in the US energy sector, its energy secretary Chris Wright said during a visit to Abu Dhabi this week. On his first overseas trip since taking office, Wright met senior officials from the UAE – the Middle East’s third-largest oil producer – including Abu Dhabi National […]

A petrol station in Cairo. The price of diesel, one of the most commonly used fuels in Egypt, was raised by EGP2 to EGP15.50 per litre

Egypt raises fuel prices by 15% as it seeks to cut subsidies

Egypt increased prices on fuel products on Friday by up to almost 15 percent, state media reported, marking the first increase in 2025. The government is trying to reduce fuel subsidies as required by the International Monetary Fund’s (IMF) $8 billion support package. The increases of between 11.76 percent and 14.81 percent on a wide […]

Market stalls in Cairo. While non-food inflation fell in March, the price of fruit rose by 24 percent

Food prices push up Egyptian inflation in March

Food prices caused Egyptian inflation to increase in March. Egypt’s annual urban consumer price inflation accelerated to an annualised 13.6 percent in March, 1.5 percentage points higher than February, according to data from Egyptian statistics agency Capmas. The increase was driven by a near 3 percent increase in food prices. Cereals and bread were up […]

Crowds flock to Bakaro Market, one of the largest markets in the Somali capital, Mogadishu, which is visited by many customers every day to buy various types of goods and food items (April 16, 2024)

Arab Monetary Fund gives Somalia $307m of debt relief

The Abu Dhabi-based Arab Monetary Fund (AMF) has signed a $307 million debt relief agreement with Somalia to support the African country’s economic reform programme. The agreement covers the restructuring of the debt owed by Somalia to the AMF, the 22-nation-backed fund said in a statement, without giving any further details. Somalia’s finance minister Bihi […]

Egypt’s minister of planning, economic development and international cooperation, Rania Al-Mashat, signs new development projects with France

Egypt secures France and EU funds to build infrastructure

Egypt has signed agreements with France and the European Union (EU) worth €262 million ($290 million) to support its infrastructure projects. The agreements were signed this week during the visit of French President Emmanuel Macron to Egypt, local media reported. Cairo signed €132 million financing and grant agreements with the EU and the French Development […]

Traders on the floor of the New York Stock Exchange on Friday. Markets around the world have been rocked by Trump's tariffs

Aramco losses mirror wider Saudi stock plunge

The Saudi stock market opened at more than 2 percent lower on Monday to a 17-month low, following its biggest single one-day drop since the 2008 financial crisis. The Tadawul All Share Index (Tasi) tumbled by about 1,025 points or 8.6 percent following US President Donald Trump’s announcement last week of a minimum 10 percent […]

Scoreboard, Text, Number

Goldman Sachs raises odds of US recession risk to 45%

Goldman Sachs has raised the odds of a US recession to 45 percent in the next 12 months. It joins other investment banks in revising their forecast as fears of a trade war grip markets after sweeping tariffs from US President Donald Trump. Goldman raised the probably of a recession in the next 12 months from a previous estimate of 35 percent.  The decision followed a sharp […]

A market trader in Amman, Jordan. The country's agriculture sector showed growth of 8.4 percent

Jordan’s 2024 economic growth beats initial forecast

Jordan’s gross domestic product (GDP) expanded 2.7 percent year on year in the fourth quarter of 2024, beating a consensus forecast of 2.5 percent, according to official government data. Full-year growth reached 2.5 percent, surpassing the initial forecast of 2.3 percent despite regional headwinds, state-run Jordan News Agency reported citing data from the statistics department. […]

People, Person, City

UAE’s non-oil private sector growth slows

Growth in the UAE’s non-oil private sector eased in March, a survey showed on Friday, highlighting a softening in demand momentum in the Gulf region’s most diversified economy. The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI) slipped to 54.0 last month from 55.0 in February, marking the slowest pace of growth since September. New […]

European Commission president Ursula von der Leyen and Egyptian president Abdel Fattah El Sisi met in Cairo in December 2024

EU clears €4bn funding to support Egypt’s economy

The European parliament has approved €4 billion ($4.3 billion) in funding to Egypt to bolster economic resilience in what is the most populous country in the Middle East. The parliament adopted Egypt’s macro-financial assistance with 452 votes in favour, 182 against, and 40 abstentions, it said in a statement.   In March 2024, the EU […]