Opinion Energy IEA is wrong to blame Opec+ for global inflation The latest spat seems to boil down to divergent views on China April 18, 2023
Employment GCC consulting market to exceed $4 billion The GCC consulting market is expected to pass $4 billion in revenues this year, as the huge raft of giga-projects continue to transform the region. According to a report from UK research firm Source, the region’s consulting sector witnessed almost 16 percent growth in 2022 to reach $3.87 billion. Dane Albertelli, research analyst at Source, […] April 18, 2023
Iran invites Saudi king to visit Tehran Iran has invited Saudi Arabia’s king to visit the country after the regional rivals agreed to end years of hostility following a China-brokered agreement in March. King Salman bin Abdulaziz Al Saud was officially invited to Tehran, the Iranian Foreign Ministry said in a TV news conference, Reuters reported. The talks in Beijing followed by […] April 17, 2023
Economy Israel rebuff Moody’s outlook cut over judicial reforms Israel’s government on Saturday rebuffed an outlook downgrade on the country from credit ratings agency Moody’s, while tens of thousands of Israelis returned to the streets to protest against a planned overhaul of the country’s judiciary. Moody’s report issued on Friday marks the latest warning about a potential economic backlash to Prime Minister Benjamin Netanyahu’s […] April 16, 2023
Economy Mena inflation to remain ‘uncomfortably high’ Inflation in the Middle East and North Africa is to remain “uncomfortably high” for the foreseeable future, according to a leading banking expert. Headline inflation across the 16 Mena economies increased on average to 19.4 percent year-on-year between March and December last year, as reported by the World Bank in its most recent economic update. […] April 14, 2023
Economy Pakistan closer to IMF deal after UAE pledges $1bn The UAE has confirmed financial support of $1 billion to Pakistan, the South Asian nation’s finance minister said on Friday. The commitment removes a key hurdle to securing a much-awaited bailout tranche from the International Monetary Fund (IMF). The commitment is one of the lender’s last requirements before approving a staff-level pact to release a […] April 14, 2023
Economy Saudi launches 4 economic zones to attract global firms Saudi Arabia has launched four new special economic zones (SEZs) to bolster its position as a global investment destination. The new zones will come up in Riyadh, Jazan, Ras Al Khair and King Abdullah Economic City, state-run SPA news agency reported. Crown Prince and Prime Minister Mohammad bin Salman said the new economic zones will […] April 14, 2023
Economy Questions raised over Tunisia plan to tempt investors Tunisia’s latest move to reassure foreign investors is good news “on paper”, a leading analyst has said, but not enough to offset concerns about the North African country’s economy. James Swanston, Mena economist at Capital Economics, pointed to Tunisia’s recent membership talks with the African Trade Insurance Agency, which provides trade-credit and political risk insurance […] April 13, 2023
Economy Qatar and Bahrain to resume diplomatic ties Bahrain and Qatar have agreed to resume diplomatic relations following a meeting between leading officials in the Saudi capital Riyadh. Both state-run news agencies for the Gulf countries announced the news following a second meeting of the Bahraini-Qatari follow-up committee, held at the headquarters of the GCC General Secretariat. “It was decided to resume diplomatic […] April 13, 2023
Economy IMF tempers GCC economic growth forecast Economists believe the outlook remains “slightly optimistic” despite the International Monetary Fund downgrading its forecast for GCC economic growth and oil prices continuing to weigh heavily on future forecasts. Higher interest rates, rising inflation, increased uncertainty across the banking industry, the ongoing pressures caused by the war in Ukraine, and increased US-China tensions have combined […] April 12, 2023
Economy IMF warns of recession due to deeper financial turmoil The International Monetary Fund (IMF) on Tuesday trimmed its 2023 global growth outlook slightly as higher interest rates cool activity but warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. The IMF said in its latest World Economic Outlook report that banking system contagion risks were contained by […] April 12, 2023
Economy Erdogan begins campaign with pledge to slash inflation Turkish President Tayyip Erdogan launched his re-election campaign on Tuesday with a party pledge to slash inflation to single digits and boost growth, as he seeks to extend his two decades in power in a May 14 vote. Erdogan is facing the biggest political challenge since his AK Party (AKP) came to power in 2002, […] April 12, 2023
Economy Dubai’s ‘continuous growth’ lifts education market Dubai’s primary and secondary education sector is thriving, according to an industry expert, providing opportunities for landlords, operators and international investors. At the start of this academic year the number of students from kindergarten to twelfth grade, known as K-12, enrolled in the emirate’s 216 private schools stood at 326,000 – a 4.5 percent increase […] April 12, 2023
Economy Food prices drive latest hike in Egyptian inflation Egypt’s inflation hit some of the highest levels on record in March, the state statistics agency Capmas said on Monday. Year-on-year headline inflation increased to 32.7 percent while core inflation, which strips out energy and some food prices, slipped from an all-time high of 40.3 percent in February to 39.5 percent in March. The month-on-month […] April 11, 2023
Economy Egypt’s inflation hits 32.7% in March on higher food prices Egypt’s annual urban consumer inflation rate in March climbed to 32.7 percent year on year, just shy of an all-time record, from 31.9 percent in February, data from the country’s statistics agency Capmas showed. Month on month, urban inflation slowed to 2.7 percent in March from 6.5 percent in February and 4.7 percent in January. […] April 11, 2023
Economy Philippines may pause rate rises if inflation slows The Philippine central bank may consider pausing its monetary tightening next month if April inflation does not accelerate, the bank’s governor said. Bangko Sentral ng Pilipinas governor Felipe Medalla said in a telephone message to Reuters that a pause in interest rate increases was possible “if the April CPI (consumer price index) is not higher […] April 10, 2023
Opinion Economy Opec+’s cuts will be viewed dimly by the US The cuts are here to stay, and the global economy will need to adjust April 7, 2023
Economy Egyptian interest rates nearing a 30-year high Interest rates in Egypt could soon reach a 30-year high, according to economists, amid fears that core inflation, already at a record 40.3 percent, will rise further. Last week, the Central Bank of Egypt (CBE) increased its overnight deposit rate and lending rate by 200 basis points (bps) to 18.25 percent and 19.25 percent respectively. […] April 7, 2023
Economy World Bank lowers GCC growth forecast to 3.2% in 2023 The World Bank has lowered the economic growth projection for the Gulf Cooperation Council (GCC) to 3.2 percent for 2023 and 3.1 percent in 2024 in its latest update. It comes after GCC economies grew 7.3 percent in 2022. The fastest-growing economy within the GCC is forecast to be Oman at 4.3 percent growth. Saudi […] April 7, 2023
Economy World Cup boosts Qatar’s GDP growth to seven-year high A surge in economic activity in the last quarter of 2022 lifted Qatar’s annual GDP growth to 4.8 percent – a level of growth unseen since the middle of the last decade, according to new data from S&P Global Market Intelligence. The Gulf state’s real GDP grew by a robust 8 percent year on year […] April 6, 2023
Economy Iranian and Saudi envoys meet in China as ties resume The foreign ministers of Iran and Saudi Arabia met in Beijing on Thursday for the first formal gathering of their top diplomats in more than seven years. The meeting was ahead of moves to resume travel, official and economic ties between the Middle East’s top powers. China brokered a deal last month to restore relations […] April 6, 2023
Analysis Economy The rise and fall of millionaires in Morocco and Egypt The number of millionaires living in Morocco has increased by 28 percent over the last 10 years, but fallen by 25 percent in Egypt. While Morocco was awarded a $5 billion credit line from the International Monetary Fund (IMF) this week to shield it from the impact of the pandemic, droughts and the Ukraine war, […] April 6, 2023
