Analysis Economy Jordan caught under Trump tariffs’ sword of Damocles The Middle East and North Africa is expected largely to avoid the direct impact of President Donald Trump’s new tariffs, with the possible exception of Jordan. The spectre of a 20 percent US tariff taking effect in July is “difficult to ignore,” according to Racha Helwa, a senior economist and director of the empowerME Initiative […] May 5, 2025
Oil & Gas Higher oil prices wipe out Oman’s 2024 budget deficit Higher-than-budgeted oil prices wiped out Oman’s OR640 million ($1.7 billion) deficit for 2024, according to the finance minister, although the IMF has warned that the Gulf state still faces economic challenges. Oman posted a surplus of $1.4 billion last year as it sold oil at an average price of $82 per barrel, a third higher […] May 5, 2025
Analysis Economy Oil price fall poses spending dilemma for Saudi Arabia Saudi Arabia has various assets it could sell as the drop in oil prices pushes up the country’s 2025 budget deficit, economists have said. The country could also opt to plug the gap by issuing more debt or altering its spending plans. Saudi Arabia’s debt-to-GDP ratio is only 29 percent, according to S&P Global Ratings, […] May 5, 2025
Economy Morocco reports fiscal surplus in first quarter An increase in revenues on the back of higher direct taxes turned a projected fiscal deficit in Morocco into a surplus in the first quarter of 2025, according to official data. Revenues swelled by a fifth after direct taxes increased by 40 percent and indirect taxes grew by 10 percent, the General Treasury said. A […] May 2, 2025
Economy Oil price slump hits Saudi Arabia’s economic growth Growth in Saudi Arabia slowed in the first quarter of 2025 amid depressed oil prices and fears of an escalating global trade war. Figures released by the General Authority for Statistics on Thursday showed that the non-oil economy grew by 4.2 percent, while real GDP grew by just 2.7 percent. Oil activities contracted by 1.4 […] May 1, 2025
Exclusive Economy IMF official urges Bahrain to cut debt and spending The International Monetary Fund is urging Bahrain, the Gulf’s most indebted country, to do more to reduce liabilities, bring government finances under control and spur economic growth. “It’s a no brainer,” Jihad Azour, IMF Middle East and Central Asia director, said in an interview with AGBI in Dubai. “They need to consolidate; they cannot avoid […] May 1, 2025
Opinion Economy Under pressure: Turkey’s inflation and cost-of-living crisis The deepening economic crisis presents significant challenges to stability and long-term prosperity May 1, 2025
Economy Rising gas exports to boost Gulf economies, says IMF Increased natural gas production in Saudi Arabia, Qatar, the UAE and Oman will boost their economic growth in the medium term, the International Monetary Fund has predicted. Qatar, the world’s third-largest exporter of liquefied natural gas, is due to nearly double its annual output to 142 million tonnes by 2030. Saudi Aramco said in March […] May 1, 2025
Economy Industrial investments in Qatar reach $13.8m in Q1 Qatar attracted QAR50 million ($13.8 million) worth of new industrial investments in the first quarter of 2025, with eight new factories beginning operations, according to its ministry of commerce and industry. Commercial registrations in the three months to March rose 32 percent year on year, the ministry said in a statement on Tuesday, after a […] April 30, 2025
Analysis Economy The start of Lebanon’s economic recovery may be in sight Lebanon may be weeks away from agreeing a landmark financing deal with the International Monetary Fund that its international partners have made a prerequisite for further support. Domestic political shifts within the country, and heightened efforts by countries to support the new government, have helped facilitate a number of measures on which an IMF deal […] April 30, 2025
Economy Eric Trump: the Gulf is dependent on a strong America The Gulf region is dependent on a strong United States and wants security so local economies can flourish, the US president’s son Eric Trump said in an interview with Reuters. In Dubai as an executive of the president’s family business, the Trump Organization – which launched a new tower in the city in partnership with […] April 30, 2025
Economy Risks for Turkey’s economy despite stable credit rating Turkey’s economic outlook has retained its “stable” rating, according to ratings agency S&P Global, despite heightened political and economic uncertainty since March, with more downside risk than upside opportunity. The agency had raised Ankara’s sovereign debt rating to its present BB-, just below investment grade, in November, the second increase in 2024. It affirmed that […] April 29, 2025
Economy IMF urges Egypt to accelerate sale of state assets The International Monetary Fund has urged Egypt to move faster in selling off state assets to spur growth and reduce debt. The country’s economic growth is forecast to increase from 2.4 percent in fiscal year 2024 to 4.3 percent in fiscal year 2026, according to Jihad Azour, director of the IMF’s Middle East and Central […] April 29, 2025
Economy Mena economic data The latest indicators for the largest Middle East and North Africa economies outside the GCC, including Egypt, Iran and Turkey April 29, 2025
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain – plus links to in-depth pages on each country April 29, 2025
Real Estate Owner plans to cut up and remove five-star hotel from Beirut UAE billionaire Khalaf Al-Habtoor is considering hiring a Chinese company to deconstruct his five-star hotel in Beirut and move it to another country, following a decision in January to end all investment in Lebanon. Al-Habtoor is considering dividing the 185-room Metropolitan Palace Hotel into pieces and shipping the parts by sea out of Lebanon, possibly […] April 29, 2025
Finance Saudi Vision 2030 exceeds PIF targets, but others lag Saudi Arabia’s Public Investment Fund (PIF) exceeded its 2024 target for assets under management by $60 billion, but the kingdom missed other annual goals in its Vision 2030 economic transformation and social development strategy. PIF now manages about $940 billion of assets, nearly 7 percent above its $880 billion target for the year, according to […] April 28, 2025
Economy Saudi Arabia and Qatar to settle Syria’s World Bank debt Saudi Arabia and Qatar have jointly agreed to cover Syria’s arrears of $15 million with the World Bank. “This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than fourteen years,” Saudi Arabia’s finance ministry said in a statement, according to UAE […] April 28, 2025
Finance Saudi Exim Bank’s credit doubling aids non-oil growth The Saudi Export-Import Bank (SEIB) doubled its credit facilities last year, helping to develop non-oil exports of the world’s second largest oil producer, the local Arab News reported. Credit facilities jumped 103 percent to SAR33.5 billion ($8.9 billion) compared with the year before, with export financing rising 70 percent to around SAR12 billion, the newspaper […] April 28, 2025
Video length: 3:09 VIDEO EXCLUSIVE Economy Egypt’s prosperity rests on private sector, says billionaire Sawiris Egypt’s second-richest man Naguib Sawiris has predicted a long-awaited turnaround in the country’s private sector. Sawiris told AGBI that it had taken the Egyptian government a long time to acknowledge the importance of the private sector, but that it now knows that the country’s economic future rests on it. “The private sector is the most […] April 25, 2025
Economy IMF praises GCC economic diversification efforts Senior International Monetary Fund officials commended Gulf states this week for their efforts to expand sources of economic growth and fiscal revenue beyond oil. They also urged more intra-GCC trade, as global commerce is roiled by steep and volatile US tariffs. “I have a lot of praise to offer because they have been pursuing reforms […] April 25, 2025
Economy UK lifts sanctions on Syria Britain said on Thursday it would support efforts to rebuild Syria’s financial system by removing sanctions to encourage investments in financial services, energy production and other sectors. London also lifted asset freezes on Syria’s Defence and Interior Ministries and a range of intelligence agencies, reversing penalties imposed during Bashar al-Assad’s presidency. The West is rethinking […] April 25, 2025