Economy Turkey considers easing ban on short selling Turkey may partly lift a ban on short selling domestic stocks, a policy initiated almost two years ago, in an attempt to woo foreign investors back to the nation’s share market and reverse a capital exodus. Speaking at the Brookings Institution in Washington DC on October 25, Turkish treasury and finance minister Mehmet Şimşek said […] October 28, 2024
Banking & Finance Rate cuts will put pressure on Gulf banks’ margins September’s benchmark interest rate reductions came too late to affect Gulf banks’ third-quarter earnings to a meaningful extent, although the longer-term impact on lenders’ net interest margins will be negative. In mid-September the Federal Reserve cut the benchmark US interest rate by 50 basis points to 5 percent, its first reduction since late 2018. The […] October 25, 2024
Analysis Giga-projects Saudi Arabia pins branding hopes on Riyadh Air launch Saudi Arabia still hasn’t found the magic sauce for branding its social and economic reforms. Hopes are high that the launch of Riyadh Air will do for the kingdom what Emirates airline did for Dubai, industry experts say. “We saw the journey of the UAE, how brands started there then became iconic on a global […] October 25, 2024
Economy New Saudi methodology doubles 2023 FDI inflow Saudi Arabia revised upward its foreign direct investment numbers this week, doubling the FDI inflow figure for 2023 to $25.5 billion according to a new government methodology. The kingdom has a target of $100 billion in annual FDI inflows by 2030 but low numbers have put extra pressure on the Public Investment Fund to fund […] October 24, 2024
Opinion Economy Lebanon’s startups face a battle to survive Many Lebanese startups have paused operations, closed down or relocated – mostly to the GCC October 24, 2024
Economy Turkish businesses face rising insolvency rates The Turkish economy is set to be hit by a rising tide of business insolvencies, with near-record numbers of companies going to the wall, which in turn could result in a domino effect along the business supply chain. While many countries will experience a rise in insolvencies, Turkey will be among the hardest hit this […] October 24, 2024
Finance IMF lowers 2024 Saudi GDP forecast on oil output The International Monetary Fund has lowered its GDP growth prediction for Saudi Arabia this year and next because of oil output cuts continuing to the end of this year. The Saudi economy is expected to expand 1.5 percent this year, down 0.2 percent from the IMF’s last review in July, and 4.6 percent in 2025, […] October 23, 2024
Industry Morocco plans to increase its military spending in budget Morocco is planning to increase its military spending by 6 percent next year, as it looks to improve national security and modernise its local capabilities. The defence budget in Morocco’s 2025 Finance Law will be MAD133 billion ($13.4 billion), an increase on the MAD124 billion in the current year’s budget. The Minister of Economy and […] October 23, 2024
Economy Manufacturing and agriculture drive Oman GDP growth Oman’s economy is continuing to expand off the back of strong non-oil sector growth. In the second quarter of 2024, Omani GDP at current prices rose 2.6 percent, while real GDP grew by 1.9 percent. Much of this growth was driven by the country’s non-oil sector, which rose by 4.2 percent, according to statistics released […] October 22, 2024
Economy Egypt plans bonds drive and may review IMF measures Egypt plans to issue new sukuks and green bonds worth between EGP5 billion ($102.9 million) and EGP10 billion ($205.8 million) before June 2025, the end of its current financial year. The country’s finance minister Ahmed Kouchouk told reporters on Saturday of the ministry’s intentions to issue the new bonds. Earlier in the year Kouchouk spoke […] October 21, 2024
Economy IMF changes debt charges to save Egypt $190m a year Egypt looks set to save up to $190 million a year following changes the International Monetary Fund has made to the charges paid by debtors, an expert has told AGBI. The benefits of this extra cash are likely to be tempered, though, as Egypt faces a significant debt burden and persistent inflation. The IMF announced […] October 17, 2024
EXCLUSIVE Tech Dubai prepares laws to support digital businesses Dubai is preparing to roll out a wave of regulations aimed at supporting small and digital businesses, a government official has confirmed. “We need to recognise that digital business are different from traditional businesses, and we need to treat them as such,” Ahmad Bin Byat, vice chairman of Dubai Chamber of Digital Economy, told AGBI. […] October 17, 2024
Finance High interest rates cause slump in Turkish VC startup funding Turkey has recorded a sharp drop off in venture capital activity so far in 2024, and a leading analyst says investors are exercising patience and being selective in the startups they buy into. There has been a general slowing of funding for new projects and deals being done in emerging markets in the region, Dubai-based […] October 17, 2024
Opinion Economy The WEF shows its more pessimistic face in Dubai Founder of the Forum tells opening session that 'for the first time, humanity could destroy itself' October 16, 2024
Finance Kenya in loan talks with UAE to reduce debt Kenya and the UAE are discussing a commercial loan worth $1.5 billion, according to the Kenyan minister of finance. The loan would have an 8.25 percent interest rate and a seven-year tenor, John Mbadi told a press conference on Wednesday. “This loan is cheaper than the Eurobond we borrowed at 10.7 percent,” Mbadi told the […] October 16, 2024
Opinion Economy Reconstructing battered Libya is a work in progress Physical rebuilding is ongoing but restoring the country's reputation will take longer October 16, 2024
Tourism US and European visitors behind Qatar tourism surge Qatar has reported a 25 percent year-on-year rise in visitors during August, a figure largely attributed to a significant increase in travellers from the US, Europe and Africa. The country welcomed 328,000 visitors, with 41 percent of those coming from GCC countries, an 18 percent increase on 2023, according to data from the National Planning […] October 15, 2024
Economy Turkey ramps up taxes to spend on defence tech Turkey’s government has proposed a raft of taxes on everything from credit cards to watches in order to fund increased spending on defence research and development. The ruling Justice and Development Party tabled draft legislation for the levies with parliament’s finance committee on October 11. In recent years Turkey has made a priority of developing its […] October 15, 2024
Economy Turkey using AI in crackdown on corporate tax evaders Turkey is to unleash hundreds of auditors and artificial intelligence technology on the country’s leading companies to identify those that are avoiding paying tax on earnings or that are downplaying their revenue to escape higher payouts. Up to 500 inspectors will be deployed in the first stage of a long term programme to stamp out […] October 15, 2024
Economy Saudi Arabia to invest $2bn in Pakistan’s economy Saudi Arabia and Pakistan have signed 27 memorandums of understanding totalling $2 billion. The investments will target industry, agriculture, information technology, food, education, mining and minerals, health, petroleum and energy, Dawn newspaper reported. The MoUs were signed in the presence of Pakistan’s prime minister Shehbaz Sharif, chief of army staff general Asim Munir and Saudi […] October 14, 2024
Economy Kuwait needs to push reforms for economic growth, says IMF Kuwait must accelerate the introduction of fiscal and structural reforms that are needed to increase private sector-led growth and diversify its economy away from hydrocarbons, the International Monetary Fund said on Friday. Kuwait’s economy will contract by 3.2 percent this year because of an Opec+ oil production cut, but will grow by 2.8 percent in 2025 […] October 11, 2024
Economy IMF gives Jordan access to $131m as reforms continue The International Monetary Fund (IMF) will grant Jordan access to $131 million as the country’s economic reform programme remains strong despite it facing a challenging external environment. The release of the funds remains subject to approval by the IMF’s management and executive board. “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds […] October 11, 2024