Finance EU reveals total aid to North Africa to combat migration The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […] April 26, 2024
Opinion Economy Asset freeze on Libyan wealth fund at least keeps it safe Smart sanctions may well put the Libyan people’s money at risk April 26, 2024
Economy ‘Worst is behind us’ in Egypt’s black market dollar war says BMI The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […] April 23, 2024
Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Banking & Finance Saudi fund agrees $67m deal to support Omani SMEs The Saudi Fund for Development in Oman has signed an OR 25 million ($67 million) deal with the Oman Development Bank to finance startups and create more jobs for the sultanate’s youth. The agreement is part of a wider $150 million package of support provided by the Saudi government through the fund, which offers loans […] April 22, 2024
Opinion Economy Shanghai’s enterprising spirit is China’s best hope Returning to the city 20 years after his first visit, our columnist is still bowled over by its dynamism April 22, 2024
Economy US treasury holdings high in Saudi Arabia’s estimation Saudi Arabia’s holdings of US treasuries stayed close to a two-year high in February at $130.5 billion as yields rose in recent months, according to new data. The Saudi central bank’s holdings fell $3.2 million month on month, or 0.3 percent, to $130.5 billion, maintaining Saudi Arabia’s place at number 17 in the list of […] April 22, 2024
Opinion Markets Middle East escalation would have severe market implications Energy market disruption would be substantial and global oil supply would contract by around 6% April 19, 2024
EXCLUSIVE Banking & Finance Lebanon launches plan to promote use of bank cards Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […] April 19, 2024
Opinion Economy $12bn plan puts Oman on path to replace oil income Diversifying the economy is critical for creating jobs, as well as pulling in investors April 18, 2024
Economy IMF cuts Saudi GDP growth prediction The International Monetary Fund (IMF) has cut its estimate for Saudi economic growth in 2024 to 2.6 percent in its most recent World Economic Outlook, but raised its expectation for 2025. The IMF’s April report says it’s GDP estimate is down from the 2.7 percent in predicted in January. However, the it said that Saudi […] April 17, 2024
Economy Reducing inflation is Egypt’s top priority, says minister Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […] April 17, 2024
Economy 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 […] April 17, 2024
Economy 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 […] April 16, 2024
Logistics Transportation costs fall as Suez disruption eases Global transportation costs fell last month to their lowest level since December as the diminishing impact of Suez Canal disruption led container rates to decline. Latest data shows no discernible impact on supplies from either the Red Sea attacks or from reduced capacity on the Panama Canal, with businesses adjusting to longer delivery schedules. The […] April 16, 2024
Economy Inflation eases to 1.6% in Saudi Arabia Inflation in Saudi Arabia fell to 1.6 percent in March, from 1.8 percent in February, driven mainly by housing rents. The trend of lower price rises over the past year continued. The consumer price index hit a high of 2.8 percent year-on-year inflation in May 2023 but has been under 2 percent since September. The […] April 15, 2024
Economy 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 […] April 15, 2024
Economy EU to provide ‘urgent’ $1bn short-term aid to Egypt The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package. The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. The aid […] April 15, 2024
Analysis Economy The banking blame game stifling Lebanon’s IMF deal Lebanon’s proposed International Monetary Fund deal, agreed two years ago and designed to put the country on the road to recovery, seems no closer to realisation. One of the key stumbling points is reform of the banking sector. The combined liabilities of the country’s banks amount to more than three times the size of Lebanon’s […] April 15, 2024
Analysis Economy Military’s role in economy muddies Egypt’s debt plan The military’s role in the Egyptian economy makes it unlikely the country will meet International Monetary Fund targets to increase tax revenue as a proportion of GDP, which could spell trouble for the hugely indebted nation. Egypt’s public external debt – money borrowed in foreign currencies – was $165 billion in September 2023, having more […] April 11, 2024
Economy Middle East exports to rebound as Red Sea fears ease Middle East goods export volumes, which include oil and gas, will expand 3.5 percent this year, the World Trade Organization predicts, adding that disruptions to Red Sea maritime trade are proving less severe than feared. The WTO’s Global Trade Outlook and Statistics report, published on Wednesday, says this expected increase contrasts with a 1.6 percent […] April 11, 2024
Real Estate Oman real estate ‘in good health despite drop in deals’ Higher interest rates are hitting Oman’s real estate industry, but economists are confident that a drop in transactions in January does not signal the start of a downturn in the sector. The value of real estate deals in the sultanate fell by more than 20 percent to OR208 million ($540 million) in January, compared to […] April 10, 2024
