Trade 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 […] April 21, 2025
Finance 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 […] April 21, 2025
Economy 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 […] April 18, 2025
Economy 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. […] April 18, 2025
Economy 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 […] April 17, 2025
Economy 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 […] April 15, 2025
Economy 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 […] April 15, 2025
Economy 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. […] April 15, 2025
Economy 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 […] April 15, 2025
Logistics 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 […] April 14, 2025
Economy 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 […] April 14, 2025
Economy 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 […] April 11, 2025
Economy 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 […] April 11, 2025
Economy 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 […] April 10, 2025
Economy 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 […] April 10, 2025
Infrastructure 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 […] April 9, 2025
Opinion Economy Trump’s tariffs bring that sinking Lehman feeling The world is in for a wild ride which will change everything, mostly for the worse April 8, 2025
Economy 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 […] April 7, 2025
Economy 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 […] April 7, 2025
Economy 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. […] April 7, 2025
Economy 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 […] April 4, 2025
Economy 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 […] April 4, 2025
