Economy Lay-offs in Egypt as economy continues to contract Businesses in Egypt cut staffing levels for the first time in three months as inflationary pressures hurt demand, although foreign exchange reserves rose slightly, according to the central bank. Egypt’s non-oil private sector contracted for the 35th consecutive month, according to the latest headline Purchasing Managers’ Index (PMI) survey from S&P Global. However net foreign […] November 6, 2023
Finance Saudi employment hits 9-year high as businesses thrive Strong businesses in the Saudi Arabian non-oil economy led to an increase in employment during October, which reached a nine-year high, Riyad Bank said in its latest PMI report. Business activity continued to grow for the fourth quarter due to higher client orders and strengthening economic conditions. A steep uplift was seen in hiring activity […] November 5, 2023
Finance Turkish inflation marks first decline in three months Turkish annual consumer price inflation dipped for the first time in three months to 61.36 percent in October, official data showed on Friday, as fallout eased from both the lira’s sharp summer decline and post-election tax hikes. Month-on-month, inflation was 3.43 percent. Price rises in clothing and shoes, houses and hotels, and restaurants drove the […] November 5, 2023
Finance Fitch downgrades Egypt on growing government debt Fitch Ratings has lowered Egypt’s long-term foreign-currency issuer default rating (IDR) to B- from B on increased financial risks and rising government debt. “The downgrade reflects increased risks to Egypt’s external financing, macroeconomic stability and the trajectory of already-high government debt,” the rating agency said in a report. The slow progress on reforms, including the […] November 5, 2023
Economy China injects $956m into Egypt’s central bank The China Development Bank (CDB) has injected ¥7 billion ($956 million) into Egypt’s central bank to help finance projects agreed upon during the third Belt and Road Initiative (BRI) summit last month. The funds are part of a loan agreement signed during the summit in Beijing, as well as the nine programmes outlined in 2021’s […] November 3, 2023
Video length: 04:10 Finance King Abdullah Financial District helps grow FDI Global consultancy business JLL recently announced the establishment of its regional headquarters in King Abdullah Financial District, joining other multinationals such as Pfizer, Bupa and Arthur D Little that are already set up there. Launched in 2006 and located in northern Riyadh, KAFD plays an important role in Saudi’s push towards attracting foreign investments and […] November 3, 2023
Economy UAE non-oil business surges to four-year high Non-oil business activity in the UAE grew at the fastest pace in four years in October, spurred by a surge in new orders, according to a new survey published on Friday. The latest S&P Global UAE Purchasing Managers’ Index (PMI) increased to 57.7 last month, from 56.7 in September, its highest level since June 2019. […] November 3, 2023
Economy Turkey ups inflation forecasts on high food, energy prices Turkey’s central bank has increased the inflation forecast for 2023 to 65 percent from its previous estimate of 58 percent and persisted in gradually tightening its monetary policies. Inflation has accelerated due to high food and energy import prices, said governor Hafize Gaye Erkan, adding that the forecast for 2024 was raised to 36 percent […] November 3, 2023
Economy Egypt keeps rates steady to tackle ‘future’ inflation Egypt’s central bank, as widely expected, left its overnight interest rates unchanged on Thursday, saying it was focused on future rather than present inflation and that economic growth appeared to have been stable in the July-September quarter. The central bank’s monetary policy committee (MPC) left the lending rate at 20.25 percent and the deposit rate […] November 3, 2023
Finance Saudi budget deficit hits $11.7bn as oil output cut bites Saudi Arabia’s budget deficit reached SAR 44 billion ($11.73 billion) in the first nine months of 2023 as oil revenue dropped sharply on lower prices and extended voluntarily cuts, the finance ministry said. Revenue stood at SAR854.3 billion in the first nine months of 2023, down 14 percent year on year. Oil revenue hit SAR505.4 […] November 2, 2023
Economy Bahrain economy grows 2% despite GCC trade slump Bahrain’s economy grew by 2 percent year on year in the second quarter of 2023, despite a drop in trade with neighbouring GCC countries. The kingdom saw its non-oil sector increase by 2 percent, while the oil sector was up 2.2 percent. Bahrain’s fiscal and current account break-even oil prices are among the highest in […] November 1, 2023
EXCLUSIVE Economy RAK free zone chief predicts influx of tech and hotel suppliers Technology and hospitality companies are set to flock to Ras Al Khaimah to work on Wynn Al Marjan Island, a $3.9 billion resort now under construction, the chief executive of RAK’s largest business free zone has told AGBI. Ramy Jallad, chief executive of Ras Al Khaimah Economic Zone (Rakez), said the Wynn development had “a […] November 1, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Economy Pakistan central bank keeps key rate unchanged at 22% Pakistan’s central bank kept its key interest rate unchanged on Monday, as expected, and forecast inflation would ease in the months ahead after a sharp jump last month. The decision to keep its main policy rate at 22 percent comes ahead of a visit by a delegation of the International Monetary Fund (IMF) on Thursday […] October 31, 2023
Video length: 06:16 Opinion Finance Once off the grey list, UAE can really work on its image The UAE deserves credit for its rapid response to being placed on the financial crime watchdog's enhanced monitoring, but it has unfinished business October 30, 2023
Economy Emirates economy grows 3.7% in first half of year The UAE economy grew 3.7 percent in real terms in the first half of the year, buoyed by strong tourism revenues and increased activity in other non-oil sectors. “While this may seem modest, it represents a robust growth against a backdrop of global and regional uncertainty,” minister of economy Abdulla bin Touq Al Marri told […] October 30, 2023
Finance Turkey hikes rates sharply to 35% to tame rising inflation Turkey’s central bank raised its policy rate by 500 basis points to 35 percent as expected on Thursday, tightening aggressively for a third straight month as it steps up efforts to rein in the country’s inflation, which has soared for years. The bank’s policy committee repeated that it was ready to raise rates further as […] October 27, 2023
FII Trade Saudi Arabia to enforce 2024 regional HQ deadline The January 2024 deadline for global companies to move their regional headquarters to Saudi Arabia will be implemented without delay as scheduled, the kingdom’s finance minister has confirmed. Saudi Arabia announced in February 2021 that it will no longer sign contracts with foreign companies that do not have a regional headquarters in the country before […] October 26, 2023
FII Economy Egypt targets $35bn foreign investment in next five years Egypt expects foreign direct investment of $35 billion over the next five years as the government aims to boost economic growth. The government aims to attract around $12 billion in foreign direct investment in 2023/2024, with a projected annual increase of 15 percent and 20 percent, Egypt Today reported, citing General Authority of Free Zones […] October 26, 2023
Analysis Economy Egypt needs more dollars before devaluation, warn experts Egypt will devalue its currency further after December’s presidential election, as the country needs more time to increase its dollar reserves and give it a better chance of stabilising its ailing currency, analysts told AGBI. The Egyptian pound is linked to a basket of currencies in which the dollar is dominant. Policymakers have slashed the […] October 25, 2023
Finance Oman’s inflation accelerates on rising cost of living Oman’s inflation accelerated to 1.27 percent in September from 0.82 percent the previous month after a surge in the cost of living. Prices in the food and non-alcoholic beverages sector rose 3.41 percent last month as the cost of fish and seafood surged 11.26 percent, while cheese and eggs were 8.63 percent more expensive, fruits […] October 25, 2023
Finance S&P revises Israel’s outlook to ‘negative’ from ‘stable’ S&P Global revised Israel’s outlook to “negative” from “stable” on Tuesday, blaming risks that the Israel-Hamas war could spread more widely, with a more pronounced impact on the economy and security situation in the country. Last week another big credit ratings agency, Fitch, placed Israel’s sovereign debt rating of “A+” on rating watch negative and […] October 25, 2023
