Opinion Development Lebanon’s journey to renewal starts now Hope and optimism follow the arrival of a new prime minister and president January 20, 2025
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] January 20, 2025
Economy Egypt gets $231m loan from Japan to back private sector Egypt has secured $231 million in concessional financing from the state-backed Japan International Cooperation Agency to support its private sector development. The facility will support economic diversification toward the transition to a green economy through budget support for policy reforms. It will bolster economic competitiveness and diversify the economy toward a green economy, promoting economic […] January 20, 2025
Analysis Trade Trump inauguration: Saudi Arabia comes into focus Saudi Arabia looms large as Donald Trump moves back into the White House for a second term as US president, and there are many opportunities for cooperation along with significant challenges. Since Trump was first elected in 2016, one would be “hard pressed” to name a more changed nation than Saudi Arabia, according to Richard […] January 20, 2025
Economy IMF cuts Saudi growth forecast on lower oil production The International Monetary Fund has cut its projection for Saudi Arabia’s economic growth this year following the extension of Opec+ production cuts. The IMF now expects Saudi GDP to increase by 3.3 percent in 2025, down from the 4.6 percent it forecast last October. The 2024 growth estimate has been revised to 1.4 percent in […] January 20, 2025
Analysis Sustainability Climate and cost: the Gulf’s water scarcity challenge Over the past 18 months, Saudi Arabia has set up a Global Water Organisation, established a stand-alone Saudi Water Authority and presided over the One Water Summit in Riyadh. At the summit on December 5, Crown Prince Mohammed bin Salman called for “collective action” to address water scarcity in the region and around the world. […] January 17, 2025
Economy Opec oil cuts add to economy decline in Kuwait The economy of Kuwait shrank by about 4 percent year on year in the third quarter of 2024 because of Opec oil production cuts and under-performance in parts of the non-oil sector. However, the economy is expected to rebound through 2025, a report by the Kuwait Statistical Bureau said. Lower production caused the oil sector […] January 17, 2025
Economy Turkey to get $1bn from World Bank for quake recovery Turkey will receive $1 billion (TL35.43 billion) from the World Bank this year to support the recovery of its earthquake-hit regions, a news report said. The total assistance from the World Bank to Ankara will reach $4 billion since the 2023 earthquakes. The World Bank and the International Finance Corporation work jointly on projects involving […] January 17, 2025
Analysis Tech How the UAE can make its push into space pay off Two years ago, the UAE’s Rashid Rover crashed into the moon’s Atlas crater during an attempted landing, marking an abrupt end to the country’s first mission to the moon’s surface. Now, back on Earth, the UAE is once again seeking to stake its claim as part of an elite club of countries with business to […] January 17, 2025
Economy Geopolitical tensions and low rain may stifle Morocco’s GDP growth Morocco’s economy is expected to pick up in the first quarter of 2025, thanks to increased consumer spending, but the momentum faces a risk as a result of geopolitical tensions and low levels of rainfall, a government agency has said. The country’s GDP grew by around 4.3 percent in the third quarter of 2024 compared […] January 16, 2025
Economy Turkey faces $3bn payout for pensioners and wage support Turkey will have to pay out an estimated TL110.8 billion ($3.12 billion) after increasing minimum pension payments and wage support to companies. Vedat Isıkhan, the labour minister, announced on January 7 that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). Nearly 3.87 million pensioners will benefit […] January 16, 2025
Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] January 15, 2025
Trade Cepa aims to grow UAE and Malaysia trade by 60% The UAE and Malaysia have signed a comprehensive economic partnership agreement (Cepa) that is expected to be a catalyst for a 60 percent increase in trade between the two nations over the next five years. The countries concluded negotiations for a Cepa deal in October, which will reduce or eliminate tariffs, streamline trade procedures and […] January 15, 2025
Trade Iraq and UK sign $15bn deal to strengthen trade ties Iraq has signed a set of agreements with the UK worth £12.3 billion ($14.98 billion) as the two countries aim to bolster their growing trade relationship. The package, more than 10 times last year’s total UK-Iraq bilateral trade, was disclosed following a meeting between British Prime Minister Keir Starmer and his Iraqi counterpart Mohammed Shia Al-Sudani […] January 15, 2025
Trade UAE and New Zealand trade to triple after Cepa deal Trade between the UAE and New Zealand is set to more than triple following the signing of a comprehensive economic partnership agreement in Abu Dhabi. The countries agreed on a Cepa deal in September, which will provide New Zealand with 100 percent duty-free access to imports from the UAE. The UAE will grant duty-free access […] January 15, 2025
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] January 14, 2025
Trade Jordan and Qatar trade volume rises 6% in 2024 Trade between Jordan and Qatar increased by 6 percent year on year in 2024 amid growing economic ties. The total volume reached QR910 million ($250 million), up from QR860 million in 2023, the state-run Petra news agency reported, citing data released by Qatar’s planning and statistics authority. Jordan’s exports to the Gulf state include consumer and […] January 14, 2025
Economy Arab investments in Egypt’s economy reach nearly $40bn Foreign direct investments from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector stood at $37.5 billion, accounting for 95 percent of the total, Al Arabiya Business reported citing data from Egypt’s central bank. Last February Abu […] January 14, 2025
Opinion Economy GCC well-placed to be this year’s global growth standout The overall financial position of the region, especially the UAE, Saudi Arabia and Qatar, is strong January 13, 2025
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] January 13, 2025
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] January 13, 2025
Editor's insight Economy Balancing the Saudi books to improve growth The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy of only 1.5 percent this year. Not so great. It is easy to be sceptical of macroeconomic forecasts, subject as they […] January 13, 2025
