Industry Egypt to localise 23 industrial sectors Egypt aims to localise 23 high-priority sectors to spur industrial development and reduce reliance on imports, according to a local media report. These industries are critical to the country’s economic growth and leverage locally available raw materials, Egypt Daily reported, citing deputy prime minister for industrial development and minister of industry and transport Kamel El-Wazir […] December 16, 2024
Analysis Banking and Finance The ‘race is on’ to set up bitcoin national reserves The concept of national bitcoin reserves is moving from theoretical discussion to geopolitical reality. A member of Russia’s parliament has called on its central bank to consider bitcoin as a reserve asset, it was reported last week. Thirteen nations already hold the cryptocurrency, according to a report released this month by bitcoin exchange River. The […] December 16, 2024
editor's insight Economy Syria’s first needs: energy and investment It can get mighty cold in Damascus and Aleppo. Unfortunately, it may be about to feel a lot colder for Syria’s hard-pressed population as supplies of oil and gas dwindle. As our columnist Frank Kane wrote this week, after nearly 14 years of civil war Syrian oil production is not enough to move the dial […] December 13, 2024
Economy Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme. The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding that […] December 13, 2024
Analysis Economy The pros and cons for Turkey of a Syrian exodus The end of the civil war in Syria will, at least in time, offer strong economic opportunities for neighbouring Turkey, though there could also be a few unwanted costs coming as part of any peace dividend. On December 10 Turkish officials said they were developing plans to support up to 2 million of the 3.2 […] December 12, 2024
Opinion Economy Syria after Assad: a long road to recovery The failed state needs a government of technocrats, not warlords December 11, 2024
Tourism PIF sets up company to develop Saudi hotel brands Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched Adeera, a hotel management company. The aim is to develop homegrown Saudi hotel brands and help the kingdom achieve its goal of attracting 150 million annual tourists. Adeera has been described as “a national champion” that will build new world-class Saudi hotel brands […] December 11, 2024
Tourism Morocco reports 20% rise in tourists this year Morocco has reported a 20 percent year-on-year increase in tourists through to the end of November, welcoming close to 16 million visitors. Fatim-Zahra Ammor, Morocco’s minister of tourism, described the numbers as an “historic achievement”. “This achievement isn’t just a number, it’s a testament to the success of our roadmap and confirms we’re on track […] December 11, 2024
Banking and Finance UAE stablecoin gets green light from Central Bank UAE businesses could soon be able to accept AE Coin, the first regulated cryptocurrency in the Emirates. The AE Coin, which has just received regulatory approval from the Central Bank of the UAE, is pegged to the dirham, making it less volatile than other cryptocurrencies. Cryptos tied to a fiat, or government-issued, currency are known as […] December 11, 2024
Trade UK company to open ‘miracle material’ factory in Saudi Arabia The world’s first commercial production facility for graphene-enriched carbon fibre is to be built in Saudi Arabia, its backers have announced. Graphene Innovations Manchester (GIM) – a UK company that is developing the “miracle material” said to be stronger than diamond, more conductive than copper and more flexible than rubber – has signed an agreement […] December 10, 2024
Analysis Economy Saudi penal code expected to be finalised next year A new Saudi penal code is taking longer than expected to complete as interested parties debate points relating to the death penalty and Islamic punishments. The proposed new legislation comes after the government introduced a new commercial code for businesses, revised family law and introduced a new law of evidence. These are seen to complement […] December 10, 2024
Construction Turkish builders sense opportunity in Syria Turkey’s construction sector is hoping to build on the rubble of the collapsed Assad regime in Syria. There are high expectations that Turkish companies will be in the running to win valuable contracts to replace damaged housing and infrastructure. There were sharp rises in building shares on the Istanbul Stock Exchange on December 9, the […] December 10, 2024
Economy Kuwait faces recession but will recover over medium term The Kuwaiti economy is expected to remain in recession through 2024, but is projected to recover over the medium term, the International Monetary Fund (IMF) said. Real GDP will shrink by 2.8 percent in 2024, primarily due to additional Opec+ production cuts. However, economic activity will rebound in 2025, with a projected growth of 2.6 […] December 10, 2024
Tax UAE to introduce 15% tax on large multinationals The UAE is to increase corporate tax on large multinational enterprises (MNEs) to 15 percent from January 1 2025, the Ministry of Finance has announced. MNEs currently pay 9 percent of their profits in the Emirates. The domestic minimum top-up tax (DMTT) will apply to multinational enterprises with consolidated global revenues of €750 million ($793 […] December 9, 2024
Finance US senior official in Jordan to discuss bilateral issues US undersecretary of state John Bass will arrive in Jordan on Monday to discuss a range of bilateral issues and this week’s $845 million cash transfer to support the Arab state. During meetings with senior Jordanian government officials Bass will also discuss efforts to de-escalate regional conflicts, the US Department of State said in a […] December 9, 2024
Economy Non-oil economy drives growth as Saudi GDP rises 2.8% Saudi Arabia has reported a 2.8 percent increase in real GDP for the third quarter of 2024, with non-oil activities driving the year-on-year growth. Seasonally adjusted real GDP was up 0.9 percent on the second quarter, according to Riyadh’s General Authority for Statistics. Non-oil GDP was 4.3 percent higher year on year and 0.7 percent […] December 9, 2024
Education Mergers and acquisitions to fuel Saudi education growth Mergers and acquisitions will play a vital role in the future of Saudi Arabia’s lucrative education sector, which could offer returns in the region of high double-digits, according to an industry expert. There has been a flurry of M&A activity in education in recent weeks. Maarif, one of the largest education companies in the country, […] December 9, 2024
Analysis Oil & Gas Fear of oil-price collapse lurks behind Opec+ cuts decision An Opec+ decision to delay raising oil output for another three months and extend the gradual phase-out of production cuts to the end of 2026 could crimp Saudi hopes for a major GDP boost – but shows how fearful oil states are of a price collapse. Cuts were scheduled to begin unwinding from October 2024 […] December 6, 2024
Analysis People & Lifestyle Egypt’s historic rent controls are a problem to be solved Ahmed lives in a four-bedroom apartment in a concrete tenement with his ailing mother. The flat has been in the family since his father, who died several years ago, began renting it when he graduated from university in the 1960s. It is in Manial, a bustling, lower-middle-class area of Cairo, the kind of place where […] December 6, 2024
Economy PIF secures $10bn from French export credit agency Saudi Arabia’s Public Investment Fund has signed an agreement with Bpifrance Assurance Export, a French export credit agency, to seek funding for up to $10 billion. The five-year pact will focus on projects supporting Vision 2030 and is aligned with the fund’s strategy to grow build long-term global partnerships. The agreement will unlock new opportunities for French […] December 6, 2024
Economy Saudi Arabia extends $3bn loan to Pakistan Saudi Arabia has renewed its $3 billion deposit with Pakistan’s central bank for another year. The deposit renewal with the State Bank of Pakistan will boost Pakistan’s foreign exchange reserves and strengthen its economy, the Saudi Fund for Development (SFD) said. The initial agreement was signed in 2021 and rolled over in 2022 and […] December 6, 2024
Economy Libya in talks to print $6.25bn new bank notes The Central Bank of Libya has engaged British currency printer De La Rue to print 30 billion dinars ($6.25 billion) to resolve the country’s cash liquidity crisis. Governor Naji Issa met De La Rue CEO Clive Vacher on Wednesday to discuss the contract related to printing various denominations of Libyan currency, the bank said in a statement. […] December 6, 2024
