Economy Qatar woos foreign talent with 5-year residency permit Qatar has launched a residency permit aimed at attracting talented individuals and entrepreneurs. The permit programme, which is expected to open in the next few months, offers five-year renewable residencies to people with expertise in specific fields including the arts and scientific research. Applicants must either have a job offer in Qatar or demonstrate financial […] March 27, 2024
Finance Oman launches $5bn fund for major projects Oman Investment Authority plans to deploy about $1 billion per year over the next five years as part of a new fund launched on Wednesday that will primarily focus on large-scale projects in the sultanate. The OIA officially announced the launch of the Future Fund Oman with $5.2 billion of capital, 90 percent of which will […] March 27, 2024
Opinion Economy Oman’s blame game threatens economic progress Instead of waiting for contract awards, businesses must seek opportunities and be more innovative March 26, 2024
Analysis Economy What Egypt needs to do to please its $60bn backers A fast-paced four weeks may have transformed Egypt’s short-term economic prospects – but only if the country abides by the programme agreed with the International Monetary Fund, observers say. Egypt’s international partners have pledged almost $60 billion in loans, grants and investment. The central bank has allowed the pound to slide for the first time […] March 24, 2024
Opinion Economy Egypt and Turkey turn a corner but Lebanon flounders The phrase 'two out of three ain't bad' offers no solace for a struggling nation March 22, 2024
Economy Turkey raises interest rate to 50% amid soaring inflation Turkey’s central bank has raised its key interest rate by 500 basis points to 50 percent from 45 percent following a deteriorating inflation outlook. The move comes after monthly inflation was higher than expected in February, driven by services inflation, the monetary policy committee (MPC) said in a statement. “Stickiness in services inflation, inflation expectations, […] March 22, 2024
Analysis Tourism Abu Dhabi’s futuristic vision of an Egyptian metropolis By 2052, Egypt’s Ras El Hekma will be “competing with the most important cities of the world,” according to the new project’s promotional video. Published on February 23, the day the Abu Dhabi sovereign wealth fund ADQ bought development rights to this stretch of coastline as part of a $35 billion deal, the video shows […] March 22, 2024
Opinion Economy Egypt must deal with its fundamental challenges Abu Dhabi's cash injection offers short-term relief but serious budgetary issues remain March 21, 2024
Economy Qatar’s gas expansion plans to drive budget surplus until 2030 Qatar is expected to retain budget surpluses until 2030, driven by an increase in gas production at the North Field Expansion (NFE) project, Fitch Ratings has said. The budget surplus is forecast at 8.6 percent of GDP in 2024, compared to 9.3 percent percent in 2023, the rating agency said in a report. “Oil and […] March 21, 2024
Economy Egypt central bank cancels meeting after interest rate hike Egypt’s central bank has called off the meeting of its monetary policy committee (MPC) on March 28, citing the “sufficiency” of the special meeting held on March 6, during which it raised interest rates by 600 basis points. The overnight lending and overnight deposit rates were set at 28.25 percent and 27.25 percent at the […] March 21, 2024
Tourism Lebanon reports visitor increase despite border conflict Visitor numbers to Lebanon increased to their highest levels last year since the 2019 economic crisis, despite conflict on the southern border dampening tourism since October. Figures released by the Ministry for Tourism showed the number of visitors to Lebanon in 2023 reached 1.67 million, a 13.7 percent year-on-year increase. Lebanon registered 1.94 million inbound […] March 20, 2024
Analysis Banking and Finance Liquidity strain set to push Saudi banks to seek more funds Saudi Arabian banks’ loan books are set to expand faster than their deposits again in 2024, raising costs and pushing lenders to seek additional funding sources. However, the kingdom’s banks are expected to increase their annual profits this year as government-led infrastructure projects and likely cuts to benchmark interest rates boost margins for its two […] March 20, 2024
Economy Oman posts $220m budget surplus in January Oman’s budget surplus reached nearly a quarter of a billion dollars in January, helped by public income from state investments, according to its state-owned news agency. The surplus was OR85 million ($220 million) by the end of January, down just over 40 percent on the OR145 million surplus registered in the same month of 2023, […] March 18, 2024
Economy Saudi Arabia gives $800m in Ramadan social security aid Saudi Arabia has disbursed SAR3 billion ($800 million) to around 500,000 Saudis as a one-off social security payment during the fasting month of Ramadan. The amounts were deposited directly into bank accounts of beneficiaries of social security by the Ministry of Human Resources and Social Development, on the basis of SAR1,000 ($270) per head of […] March 18, 2024
Economy EU agrees $8bn funding package with Egypt The European Union has agreed a €7.4 billion ($8 billion) funding package and upgraded its relationship with Egypt after a meeting in Cairo on Sunday between the European Commission president, Ursula von der Leyen, and Egypt’s president, Abdel Fattah El Sisi. The deal consists of €5 billion in concessional loans, €1.8 billion of investments and […] March 18, 2024
Finance S&P affirms Saudi credit ratings amid reform drive Global rating agency S&P has affirmed its “A/A-1” long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia, maintaining a stable outlook. The economic and social reforms will continue to improve the kingdom’s financial resilience and wealth levels, as the government’s liquid assets are expected to remain strong at about 70 percent of […] March 17, 2024
Opinion Economy The stars are aligned for Oman’s economic resurgence The sultanate could command a healthy share of the Gulf's IPO surge in the next two years March 15, 2024
Economy Saudi Arabia’s inflation up to 1.8% and ‘likely’ to keep rising Saudi Arabia’s annual inflation rate rose more than expected in February to 1.8 percent, driven by the housing market, as the country emerges from last year’s economic slowdown. “Actual rents for housing increased by 10 percent in February 2024, reflecting the increase in rents for villas by 9.1 percent,” the General Authority for Statistics said. […] March 14, 2024
Economy UAE government surplus hit $6.8bn in last quarter UAE government revenues reached AED156 billion ($42 billion) for the fourth quarter in 2023, resulting in the Gulf state recording a federal surplus of AED25 billion ($6.8 billion) over the period, according to data from the Ministry of Finance. Expenditure over the three-month period hit AED131 billion. It was made up of investment in non-financial […] March 14, 2024
Video length: 09:01 Analysis Economy Currency bond traders flow into Egypt after bailout deals JPMorgan Chase & Co has issued a circular urging its clients to buy up Egyptian sovereign debt, less than two months after it removed Egypt from local-currency bond indexes. “The Egypt carry trade is back in focus, and this time should be different,” the New York bank’s Gbolahan Taiwao wrote in a note on March […] March 14, 2024
Industry Golden licences bring $2bn into Bahrain A total of $2.4 billion in investment in nine major projects has flowed into Bahrain after the introduction of its golden licence initiative last year. The projects, which could generate 3,000 jobs, include the setting up of Bahrain Titanium by Interlink Metals & Chemicals of Switzerland and the urban waterfront development Bahrain Marina. “Bahrain has […] March 14, 2024
Economy Germany commits $282m in low-cost funding to Egypt Germany has pledged to commit €258 million ($282 million) to Egypt in the form of debt swaps, grants and concessional financing, Egyptian minister of international cooperation Rania Al Mashat said. The government has approved €54 million from Germany to finance the smart energy project within the national platform of the Nexus of Water, Food and […] March 14, 2024
