Finance Egypt explores new mega deals like Ras El-Hekma Egypt is planning new developments along the Red Sea coast, with at least five new areas identified for deals similar to Ras El-Hekma, prime minister Mostafa Madbouly has said. The UAE sovereign fund ADQ unveiled plans in February to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive […] September 20, 2024
Employment UAE company boards must appoint at least one woman Private joint-stock companies in the UAE will have to appoint at least one woman to their board of directors starting from January next year, the Ministry of Economy has announced. The decision is part of the UAE’s efforts to enhance diversity in the corporate sector and increase women’s representation in leadership and decision-making roles. Abdulla […] September 19, 2024
Economy Gulf central banks mirror US Federal Reserve rate cut Gulf central banks lowered their key interest rates after the US Federal Reserve cut its benchmark rate by 50 basis points (bps) on Wednesday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 50 bps from 5.40 to 4.90 percent, effective Thursday. Saudi Arabia mirrored the US move, […] September 19, 2024
Analysis Economy Oman edging closer to investment grade rating Oman has been putting its fiscal house in order over the past three years and, in the eyes of many analysts, has realistic hopes of regaining its investment grade rating. But the sultanate has significantly upped spending on energy and social subsidies, while a drop in gas prices has lowered revenues in the seven months […] September 19, 2024
Tech Shortage of IT specialists slows Turkish business growth A shortage of trained IT specialists is slowing Turkish companies’ growth and their development of artificial intelligence applications, according to a new report. The report, issued by Turkey’s state statistics agency Turkstat, found some sectors had a strong uptake of ecommerce sales and services. Almost half of all accommodation and food service providers took advantage […] September 17, 2024
Economy Moroccan company gets $108m to tackle water scarcity A new €100 million ($108 million) loan from a World Bank unit will help Morocco tackle water scarcity, which has been hindering economic growth. The loan is being provided through the International Facility Corporation (IFC) to Casablanca-based OCP Group, a producer of plant nutrition solutions and phosphate-based fertilisers. It will fund the construction of a […] September 17, 2024
Finance PIF to initiate $5bn investment in Egypt Saudi Arabia’s Public Investment Fund (PIF) will pump $5 billion into Egypt in a first investment phase. The directive was given by crown prince Mohammed bin Salman during his meeting with Egyptian prime minister Mostafa Madbouly, the Egyptian cabinet said in a statement. No other details were given on the planned investment. In August, Saudi […] September 17, 2024
Analysis Economy Hard-pressed Turks must wait longer for inflation to drop Turkey’s main inflation rate may have fallen from the 75 percent-plus high seen earlier this year, but the latest forecasts suggest Turks will have to live with a rising cost of living for some time to come, maintaining pressure on consumers and producers alike. On September 5, the Turkish government released revised medium-term economic projections, […] September 16, 2024
Opinion Oil & Gas US Fed cuts will not prevent an oil-price crash in 2025 A range of factors are conspiring to cause a crude catastrophe September 16, 2024
Economy Saudi Vision 2030 projects ‘to pick up’ on growth optimism Saudi Arabia is expected to see a pick up in construction for its Vision 2030 projects and the services sector, driven by rising consumer demand and a growing workforce, S&P said in a report. However, the vast scale and size of projects – estimated to be in excess of $1 trillion – suggest large funding […] September 16, 2024
Economy Erdoğan to meet US business leaders to draw investment to Turkey The president of Turkey, Tayyip Erdoğan is due to meet top US business leaders in New York this month, in an attempt to attract new investment. A high-level delegation led by the president will engage with investors and corporate executives at four events scheduled alongside the UN General Assembly in the final week of September, […] September 16, 2024
Economy Mena economic data The latest indicators for the largest Middle East and North Africa economies outside the GCC, including Egypt, Iran and Turkey September 15, 2024
Trade Turkish exports to the UK hit all-time high Turkey’s exports to the United Kingdom reached a record high in the first eight months of 2024, according to official data. Exports rose 11 percent year on year to $8.3 billion between January and August, Anadolu Agency reported, citing data from the Turkish Exporters Assembly. The automotive sector led the way, with exports reaching $2.7 […] September 13, 2024
Economy Tax reforms launched by Egypt to entice more investors A range of measures to make the Egyptian tax system more transparent and attract further investors to the country has been unveiled by finance minister Ahmed Kouchouk. The reforms will boost the country’s competitiveness and make it easier for foreign investors to work there, Kouchouk said in a press conference on Wednesday. “It’s evident that […] September 12, 2024
Economy Analysts predict growth despite Saudi GDP fall Saudi Arabia’s year-on-year GDP fell again in the second quarter, according to adjusted government figures released this week, but analysts have said the quarterly increase shows the economy is nearing the end of its negative run. GDP was down 0.3 percent year on year in the second quarter, but has risen by 1.4 percent since […] September 10, 2024
Economy UAE non-oil GDP grows on back of financial sector The UAE’s non-oil GDP grew by 4 percent year on year in the first quarter of 2024, driven by increased financial and insurance activities in the private sector. This growth in the financial and insurance sector was supported by the significant increase in the local credit granted to the private sector, resulting in a 6 […] September 10, 2024
Opinion Oil & Gas Vision 2030 on track but oil remains the key Saudi Arabia's economy is strong but Opec's decision to delay its oil output hike could have reverberations September 9, 2024
Analysis Economy One year on, Atlas earthquake still highlights Morocco’s divide Last Sunday marked one year since a devastating earthquake hit Morocco, flattening entire villages in the Atlas Mountains and killing around three thousand people. Within a week of the disaster, the country’s deadliest earthquake in 63 years, King Mohammed VI pledged MAD120 billion ($11.6 billion) over five years for reconstruction of the area. That included […] September 9, 2024
Economy Jordan’s growth to moderate this year but pick up by 2026 Jordan’s economic growth is expected to moderate to 2.3 percent this year due to the indirect impacts of the increase in regional tensions, which have hit investment and tourism numbers. However, the growth is expected to rebound toward 3 percent by 2026-2027 as the economy adapts to the initial shock of regional instability. “Authorities’ efforts […] September 9, 2024
Analysis Real Estate Saudi Arabia woos US investors to bolster housing sector As growth in mortgage lending in Saudi Arabia runs up against local liquidity constraints, several US investment giants are looking to step in. After a visit by Saudi officials to the US at the end of August, household names such as BlackRock and King Street Capital signed preliminary agreements with the Saudi Real Estate Refinance […] September 9, 2024
Economy Egypt holds key policy rates steady as inflation eases Egypt’s central bank left its key policy rates unchanged as inflation continued to subside amid softening growth. The lending and deposit rates were kept intact at 28.25 percent and 27.25 percent. Inflationary pressure has continued to subside with the gradual easing of previous shocks, the central bank said in a statement. Annual headline and core […] September 6, 2024
Opinion Finance Home is where the heart is for GCC wealth funds The Gulf's SWFs are stepping up domestic investment September 5, 2024
