Economy Saudi Crown Prince unveils strategy for Northern Borders Crown Prince Mohammed bin Salman has unveiled a plan to drive economic expansion in Saudi’s Northern Borders region. The strategic office for the Northern Borders, announced on Monday, aims to increase development across the region, which is an emerging metals and chemicals hub, and take advantage of its location next to Jordan and Iraq. The […] February 20, 2023
Economy Turkey’s exports to Middle East rose 16.1% in January 2023 Turkey’s exports to Middle East countries rose 16.1 percent year-on-year in January 2023 to reach $1.43 billion, according to Turkish Exporters Assembly data. Overall exports in January hit $19.38 billion, a 10.4 percent increase year-on-year, the Daily Sabah newspaper reported, citing the data. Turkey’s exports to the UAE reached $223.1 million, driven by the jewellery […] February 20, 2023
Economy US and UK financial entities join talks at new debt roundtable US-based investment firm BlackRock is joining a new sovereign debt roundtable set up to accelerate progress on stalled relief efforts for distressed countries, with Britain’s Standard Chartered also joining, according to sources. The Global Sovereign Debt Roundtable, chaired by the International Monetary Fund (IMF), the World Bank and India – this year’s leader of the […] February 19, 2023
Economy Israel economy forecast to slow sharply in 2023 amid rate hikes Israel’s economy grew 6.5 percent in 2022 – slower than 2021’s 8.6 percent expansion but still much stronger than most Western countries – the Central Bureau of Statistics said, citing solid growth in consumer spending, exports and investment. The full-year reading exceeded the 6.3 percent projected by the Bank of Israel and the finance ministry […] February 17, 2023
Economy Tunisia’s economy grows 2.4% amid continued financial concerns Tunisia’s economy grew 2.4 percent in 2022, according to its National Institute of Statistics, down from the 4.3 percent growth registered in 2021. Growth in the fourth quarter was 1.6 percent year-on-year. Manufacturing was up 6.6 percent on 2021 and services 2.6 percent, although the latter slowed in comparison to previous quarterly growth of 3, […] February 16, 2023
Economy Turkey earthquake could mean loss of up to 1% of GDP in 2023 The devastating earthquake in Turkey could result in a loss of up to one percent of the country’s gross domestic product this year, the European Bank for Reconstruction and Development (EBRD) said in a report published on Thursday. The bank added this is a “reasonable estimate” due to the expected boost from reconstruction efforts later […] February 16, 2023
Economy Israel inflation hits highest since 2008 at 5.4% in January Israel’s inflation rate hit a 14-year high in January, rising to 5.4 percent over the prior 12 months, the Central Bureau of Statistics reported. The rate was expected to remain at 5.3 percent, according to a Reuters poll of economists. The consumer price index, in which the bureau slightly adjusted its basket weightings, rose 0.3 […] February 16, 2023
Economy Saudi inflation ticks up to 3.4% in January as housing costs rise Saudi Arabia’s annual inflation inched up to 3.4 percent in January 2023 from 3.3 percent a month earlier as higher housing expenses continued to drive up living costs, government data showed. Housing, water, electricity, gas and other fuels – with a 25.5 percent weight of the consumer basket, the largest category – rose 6.6 percent […] February 16, 2023
Economy Abu Dhabi flexes economic muscles with 10.5% growth spurt Abu Dhabi’s economy is “proving its superiority” after producing the highest growth in the Middle East and North Africa during the first nine months of 2022. Statistics Centre Abu Dhabi said on Tuesday that it estimates that growth in GDP touched 10.5 percent compared to the same period of 2021. Ahmed Jasim Al Zaabi, chairman […] February 14, 2023
Economy Housing weight rises to 26% in Israel’s consumer price basket Housing remains the highest household expense for Israelis and has risen as a proportion of total costs, the Central Bureau of Statistics said on Monday in an updated basket of the consumer price index. Starting with the January CPI that will be issued on Wednesday, housing will have a new weight of 26 percent in […] February 14, 2023
Economy Singapore downgrades growth in Q4, but sticks with 2023 forecast Singapore’s economy grew slightly less than estimated in the fourth quarter, official data has showed, but the government has kept its forecast for annual growth in 2023 at 0.5 to 2.5 percent. Gross domestic product grew 2.1 percent year-on-year in the fourth quarter, the Ministry of Trade and Industry said on Monday, slightly lower than […] February 13, 2023
Analysis Economy Lebanese businesses learning to live with dollarisation Lebanon’s pound, which has fallen 98 percent against the dollar on the black market, will depreciate further unless policymakers enact meaningful reforms and restructure the country’s moribund financial industry. Such actions seem unlikely, with Lebanon’s caretaker government seemingly unable to resolve an economic crisis the World Bank describes as among the worst since the 1850s. […] February 13, 2023
Economy Egypt’s inflation hits nearly five-year high at 25.8% in January Egypt’s annual urban consumer price inflation jumped to a higher-than-expected 25.8 percent in January, its fastest in more than five years, data from statistics agency CAPMAS showed. The rise from 21.3 percent in December followed a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting […] February 10, 2023
Economy Hong Kong eyes free trade deal with the UAE Hong Kong is planning a free trade agreement with the UAE, but a senior government official from the Asian city conceded there is currently “no time frame” for the completion of talks. Algernon Yau, secretary for commerce and economic development at the government of Hong Kong Special Administrative Region, told AGBI they planned to negotiate […] February 9, 2023
Economy New Saudi-China platform aims to boost investment and innovation The launch of the Saudi Arabia-China Entrepreneur Association (SCEA) in Riyadh will strive to promote cross-border investment and foster innovation, state-owned Saudi Press Agency (SPA) reported. SCEA is a non-profit organisation supported by the Ministry of Communications and Information Technology, Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), and operated by eWTP Arabia Capital (eWTPA). […] February 9, 2023
Analysis Real Estate In cultural capital Sharjah, selling homes is an art form Sharjah is investing big in culture, building up its education and arts offerings to tempt Emiratis and others to buy into a lifestyle said to be “unmatched” elsewhere in the UAE. The emirate “is referred to as the cultural capital of the Middle East”, said Professor Peter Barlow, executive director of the Sharjah Performing Arts […] February 8, 2023
Opinion Economy Hindenburg affair is chastening for both Adani and India Inc Lessons learned from how allegations of sharp practices can cause billions of dollars of losses February 8, 2023
Economy Egyptian inflation likely to accelerate further in January Egypt’s headline inflation is expected to accelerate further in January after surging to its highest in five years in December, a Reuters poll showed on Tuesday, as prices continued to rise after a series of devaluations over the past 10 months. The median forecast of 14 analysts showed annual inflation at 23.75 percent in January, up […] February 8, 2023
Economy Moody’s lowers Egypt rating to B3 but changes outlook to stable Ratings agency Moody’s lowered Egypt’s sovereign rating by one notch to B3 from B2 on Tuesday, citing the country’s reduced external buffers and shock absorption capacity. The agency changed its outlook for Egypt to stable from negative. “Moody’s does not expect Egypt’s liquidity and external positions to rebound quickly”, the agency said. Egypt has continued […] February 8, 2023
Economy UAE reveals record-breaking non-oil trade figures The UAE has cemented its position as a global trading hub, experts say, after reporting record-breaking non-oil foreign trade figures for 2022. The top-line figure for the year crossed AED2 trillion ($599 billion) for the first time, reaching AED2.233 trillion. This is a rise of 17 percent on 2021 and an increase of 37.5 percent […] February 7, 2023
Economy Qatar’s private sector activity slows after World Cup boost Business activity in Qatar’s private sector cooled in January after its World Cup bounce. The first Purchasing Managers’ Index (PMI) survey for 2023 posted a correction to 45.7 in January, from 49.6 in December, as activity and new work slowed following the tournament, which ran from November 20 to December 18 last year. It was […] February 6, 2023
Economy Egypt’s non-oil activity slides for 26th month as inflation bites A contraction in Egyptian non-oil private sector activity entered its 26th straight month as high inflation and a continued shortage of foreign currency weighed on business, a survey showed. The S&P Global Egypt Purchasing Managers’ Index (PMI) slipped to 45.5 in January from 47.2 in December, well below the 50.0 threshold that marks growth in […] February 6, 2023
