Economy Oman GDP falls after slowdown in oil activities Oman’s GDP recorded a fall of 9.5 percent in the second quarter of this year, largely as a result of a slowdown in oil-related activities. The sultanate’s GDP was OMR10.1 billion ($26.24 billion) in the second quarter, compared with OMR11.1 billion for the same period last year, according to the National Center for Statistics and […] September 25, 2023
Economy Egypt says IMF to merge two reviews of reform program Egypt said it had agreed with the International Monetary Fund (IMF) to merge the fund’s first and second reviews of its economic reform programme, after the first review was repeatedly delayed amid questions over Egypt’s progress in meeting the IMF’s terms. The IMF in December approved a $3 billion extended fund facility loan for Egypt, […] September 24, 2023
Economy Egypt’s economic outlook darkens as IMF postpones review Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024. Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […] September 22, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Finance Egypt’s central bank keeps key interest rates steady Egypt’s central bank, as widely expected, left its key overnight interest rates unchanged on Thursday, saying both economic growth and core inflation were slowing. The bank kept its lending rate at 20.25 percent and its deposit rate at 19.25 percent. The median forecast in a poll of 17 analysts had been for the bank’s monetary […] September 22, 2023
Finance Turkey hikes rates to 30% to strengthen hawkish turn Turkey’s central bank raised its key interest rate by a lofty 500 basis points to 30 percent on Thursday, marking a second month of aggressive tightening after President Tayyip Erdogan set aside his long opposition to tight policy. The bank reiterated it is ready to raise rates further as needed to rein in inflation that […] September 22, 2023
Economy Fed interest rate pause will help GCC non-oil sector The decision by the US Federal Reserve to leave policy rates unchanged will have a positive impact on the non-oil sectors of Gulf Cooperation Council (GCC) countries, according to leading economists. The Fed has announced 11 rate hikes since March 2022, but on Wednesday decided to hold its benchmark rate steady, albeit at a 22-year […] September 21, 2023
Oil & Gas $100 a barrel oil raises global inflation fears Oil has risen to its highest level since November, reigniting fears over inflationary pressures on the global economy as it approaches $100 a barrel. Brent crude hit $95 barrel this week, before reducing gains, as the extension of Opec+ supply cuts tightened the markets. In a sign of a massive uptick in the energy markets, […] September 20, 2023
Sustainability IMF lends Morocco $1.3bn to fight climate change The International Monetary Fund is to lend Morocco $1.3 billion to help the country guard against climate-related risks. The staff-level agreement was confirmed by Kristalina Georgieva, managing director of the IMF, who said the funding would be used to build resilience against future climate disasters. “Climate change is already dramatically affecting us,” Georgieva said in […] September 20, 2023
Analysis Finance Morocco’s GDP forecast downgraded after quake Analysts have downgraded growth forecasts for Morocco in the wake of the deadly earthquake on September 8. More than 3,000 people were killed and many more are still missing. Homes and infrastructure in the Al Haouz province, southwest of the High Atlas mountains, were severely damaged. The disaster has prompted analysts at BMI, formerly Fitch […] September 19, 2023
Economy Tunisia repays 74% of debt to ease default fears Tunisia has repaid 74 percent of its cumulative external debt due this year, defying predictions that the country is heading towards a default. As of September 10, the amount of debt repaid was TND6.6 billion ($2 billion), compared with TND8.9 billion forecast for the year in the 2023 budget, as reported by Agence Tunis Afrique […] September 18, 2023
Finance UAE reports fiscal surplus in 2022 as revenue rises 32% The UAE’s revenues rose 31.8 percent in 2022, supporting an overall fiscal surplus last year, according to the country’s finance minister. Spending increased by 6.1 percent in 2022 year-on-year to stand at about AED427 billion ($116 billion), state-run Wam news agency said, citing finance minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. “Despite the […] September 18, 2023
Finance Singapore’s non-oil exports fall for 11th straight month Singapore’s annual exports fell for an 11th straight month in August as the trade-reliant economy continues to grapple with global headwinds on inflation and declining demand. Singapore’s non-oil domestic exports fell 20.1 percent year on year in August, official data showed on Monday, as both electronics and non-electronics exports to the US, Europe and China […] September 18, 2023
Finance S&P retains Saudi credit ratings on sustained reforms Standard & Poor’s (S&P) has affirmed the credit rating of Saudi Arabia’s domestic and foreign currency at “A/A-1” with a stable outlook, underpinned by the government’s sustained reform momentum in recent years. The reforms include measures to foster non-oil economic growth, supported by sovereign wealth fund-led non-oil investments. A widening of the non-oil tax base […] September 18, 2023
Finance Lebanon needs deep reforms on unstable outlook says IMF The International Monetary Fund (IMF) has welcomed new policies enacted by Lebanon’s central bank, but said deep reforms were still necessary as the crisis-stricken country’s “outlook remains difficult and unstable”. Lebanon’s nearly four-year economic meltdown has cost the local currency roughly 98 percent of its value and impoverished thousands, but authorities have been slow to […] September 17, 2023
Finance Erdogan says Turkey could ‘part ways’ with EU Turkish President Tayyip Erdogan said on Saturday that Ankara could “part ways” with the European Union (EU) if necessary when asked about the contents of a European Parliament report on Turkey. The report, adopted earlier this week, said Turkey’s accession process with the 27-member bloc cannot resume under current circumstances and called for the EU […] September 17, 2023
Economy Egypt urged to devalue pound to progress IMF talks Financial analysts have called on Egypt to devalue the country’s pound to ensure progress in negotiations with the International Monetary Fund and stabilise the economy. In a call on Wednesday, Capital Economics’ Middle East and North Africa economist, James Swanston, said that a further devaluation is “simply needed”, suggesting that the Central Bank of Egypt […] September 15, 2023
Finance World Bank says Turkey’s economy on the right path The World Bank’s Turkey director said on Thursday that the economy was heading in the right direction but there was more to do, a week after the bank said it would double its exposure to Turkey to $35 billion over three years. In an interview with Reuters, Humberto Lopez said that of the additional $18 […] September 15, 2023
Video length: 06:36 VIDEO Trade Abraham Accords – 3 years on, $3 billion in trade An Israeli politician has described how the Abraham Accords, signed three years ago today, have “opened a floodgate to, hopefully, a new Middle East”. Fleur Hassan-Nahoum, deputy mayor of Jerusalem, tells AGBI in an exclusive video interview that the agreement signed at the White House on September 15 2020, is transforming Israel’s relations with the […] September 15, 2023
Economy Saudi inflation continues downward trend to hit 2% Saudi Arabia’s annual inflation eased to 2 percent in August from 2.3 percent the previous month, continuing a downward trend since a high of 3.4 percent in January. The main driver of inflation during August was housing and an increase in rents of 10.8 percent, including 22.5 percent for apartments, the General Authority for Statistics […] September 14, 2023
Economy Lebanon passes 2024 budget but debate rages on taxes and ‘dollarisation’ Lebanon’s caretaker cabinet passed a draft budget for 2024 on Tuesday with a focus on raising tax revenue and a move towards collecting fees and taxes in dollars. It was the first time since 2002 that a budget was approved within the constitutionally delineated time period of 31 October, which caretaker prime minister Najib Mikati […] September 13, 2023
Economy Floods wipe out quarter of Libyan city as death toll passes 5,000 Thousands of people were killed and at least 10,000 were missing in Libya in floods caused by a huge Mediterranean storm that burst dams, swept away buildings and wiped out as much as a quarter of the eastern coastal city of Derna. A senior medic in Derna told Reuters that more than 2,000 people were dead, while […] September 13, 2023
