Economy Egypt’s economy weakens as long wait for reforms goes on Egypt’s non-oil private sector activity contracted for the 30th consecutive month in May, but at a slower pace than the previous 15 months, according to S&P Global’s latest survey. Businesses told S&P’s Egypt Purchasing Managers’ Index that high inflation continued to dent sales, output and purchasing. Some of those surveyed for May’s report, issued on […] June 6, 2023
Economy Oil and gas account for 92% of Qatar’s Q1 budget surplus Qatar recorded a budget surplus of QAR19.7 billion ($5.4 billion) in the first quarter of 2023, driven primarily by revenue from oil and gas, the finance ministry said. Total revenue for Q1 2023 hit QAR68.6 billion, of which QAR63.4 billion – 92 percent – was from oil and gas, the state-run Qatar News Agency said, […] June 6, 2023
Economy Gulf’s non-oil sector challenged by growing pains The pace of growth in non-oil business activity is creating challenges for business owners across the Gulf, including delivering new orders on time, increased labour shortages and higher non-staff costs. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) stood at 55.5 in May as surveyed firms continued to report a marked increase in […] June 5, 2023
Economy UAE economy to remain ‘robust’ and grow 4.2% in 2023 The UAE’s economy is forecast to grow at 4.2 percent this year, Arab Monetary Fund (AMF) said in a new report. The country’s economic growth is likely to remain “robust”, averaging 4.6 percent from 2022 to 2024, driven by rising oil prices and improved business confidence, state-run WAM news agency reported, citing AMF’s “Arab Economic […] June 4, 2023
Economy Saudi and UAE attend Brics meet to deepen ties Senior officials from over a dozen countries including Saudi Arabia and Iran were in talks on closer links with the Brics bloc of major emerging economies on Friday as it met to deepen ties and position itself as a counterweight to the West. Brics, which now consists of Brazil, Russia, India, China and South Africa, […] June 4, 2023
Economy Turkey’s Erdogan signals economic U-turn Turkey’s President Tayyip Erdogan has signalled his newly-elected government would return to more orthodox economic policies when he named Mehmet Simsek to his cabinet to tackle Turkey’s cost-of-living crisis and other strains. Simsek’s appointment as treasury and finance minister could set the stage for interest rate hikes in coming months, analysts said – a marked […] June 4, 2023
Economy Saudi execs’ sentiment soars despite Q1 earnings slump Sentiment among senior executives at listed Saudi Arabian corporations hit an all-time high in the first quarter of 2023 despite aggregate profits tumbling by more than one-fifth, studies show. Iridium Advisors, which is headquartered in Dubai, conducted an artificial intelligence-based analysis of 1,495 Q1 2023 company earnings calls across the GCC. Business sentiment is how […] June 2, 2023
Oman unveils $5.2bn startup fund and plans for new city Oman is planning to set up an investment fund with a capital of OMR2 billion ($5.2 billion) to support economic diversification. The news was first reported by state-owned Oman News Agency, citing a decree by Sultan Haitham Bin Tariq Al Said. The Oman Future Fund will allocate a percentage of its capital to stimulate the […] June 1, 2023
Economy Average age in Saudi is 29, as 2022 population hits 32.2m Saudi Arabia’s population reached 32.2 million in 2022, with the majority of citizens and residents aged under 30 years old, according to the country’s general authority for statistics. Saudis comprised 58.4 percent, or 18.8 million, of the total population, while 41.6 percent or 13.4 million, were non-Saudis, the General Authority for Statistics (GASTAT) said in […] June 1, 2023
Banking & Finance Dubai sovereign wealth fund sees profits rise five-fold Investment Corporation of Dubai (ICD) reported a five-fold rise in annual net profit on Wednesday as the government-owned holding company benefited from soaring hydrocarbon and transportation-related revenues. Dubai’s sovereign wealth fund owns Emirates and FlyDubai airlines, travel agency dnata, Emirates National Oil Company and stock exchange operator Borse Dubai. It also holds major stakes in […] May 31, 2023
Analysis Economy Bahrain is likely to miss target on balancing books Bahrain is unlikely to hit a target of balancing its books in 2024 but could see lower budget deficits as the government pursues non-oil growth. Preliminary fiscal data for year-end 2022 points to a minor deficit of 1.1 percent of GDP, underpinned by a 97 percent year-on-year increase in nominal tax revenue after doubling the […] May 30, 2023
Economy Saudi imports Russian diesel to maximise refining profits Leading crude exporter Saudi Arabia is maximising refining profits by importing unprecedented amounts of cheap Russian diesel and in turn shipping record volumes to Singapore, where the fuel can achieve higher margins, shiptracking data shows. Russia has had to divert the volumes it sold to Europe, previously its dominant product market, after the European Union […] May 30, 2023
Economy Investors await Turkey’s move on economic policies The top policymaker picks of Turkey’s re-elected president Tayyip Erdogan are taking centre stage as markets try to gauge whether he will change course towards economic orthodoxy or double down on policies widely viewed as unsustainable. Erdogan is expected to use his victory in Sunday’s election to embark on a wide cabinet reshuffle, potentially changing […] May 30, 2023
Economy Saudi economic zones attract initial $13bn investments Four special economic zones launched last month by Saudi Crown Prince Mohammed bin Salman have attracted nearly $13 billion from investors. Discussions are under way for another $31 billion. Investments so far cover the maritime, mining, manufacturing and logistics and technology sectors, it was announced on Monday at a forum in Riyadh. The four zones […] May 30, 2023
Opinion Economy Saudi and the Brics: a test case for multi-polarity There is a case for a global economic alliance May 29, 2023
Economy Gulf leaders welcome Erdogan re-election Gulf leaders have congratulated Recep Tayyip Erdoğan on his re-election as president of Turkey, as currency and stock markets had a more mixed reaction to the news. Saudi Arabia’s King Salman bin Abdulaziz Al Saud sent a cable of congratulations, the Saudi Press Agency reported on Monday, and UAE President Sheikh Mohamed bin Zayed Al […] May 29, 2023
Economy Erdogan says tackling inflation is most urgent issue Turkish President Tayyip Erdogan said in his victory speech that inflation was the most urgent issue for the country, but said it would also fall, following the policy rate that was cut to 8.5 percent from 19 percent two years ago. “We are designing an economy focused on investment and employment, with a finance management […] May 29, 2023
Economy Pharma IPO set to be Saudi’s largest listing this year Saudi’s Jamjoom Pharmaceuticals looks set to raise SAR1.26 billion ($336 million) when it lists later this year, putting it on course to become the kingdom’s biggest IPO in 2023. The manufacturer’s final offer price has been set at SAR60 per share. It was at the top of a range that started at SAR56, implying a […] May 26, 2023
Economy Qatar’s dollar peg to remain despite US debt concerns The governor of Qatar’s Central Bank has reaffirmed his country’s commitment to the dollar peg, despite the US being just days away from a potential debt default. The Qatari riyal has been linked to the US dollar since mid-2001. “It’s been very effective and efficient for our economy,” Sheikh Bandar bin Mohammed bin Saoud Al-Thani […] May 26, 2023
Opinion Economy In the vortex of Dubai’s cost of living whirlwind Prices keep rising, but there is a flipside May 25, 2023
Opinion Economy China-GCC FTA will be a game changer A deal would galvanise Middle Eastern economic transformation May 25, 2023
Trade Canada and Saudi Arabia restore diplomatic relations Canada and Saudi Arabia have brought an end to a five-year dispute by resuming diplomatic relations. They will now appoint new ambassadors and renew diplomatic talks. A statement from both countries said that the decision was reached “on the basis of mutual respect and common interests”. Canadian Prime Minister Justin Trudeau and Saudi Crown Prince […] May 25, 2023
