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
Opinion Economy Progress report on Vision 2030: so far, so good Saudi Arabia’s economic health is still reliant on global oil markets, but this dependency is reducing March 12, 2024
Economy Riyadh revises GDP but pins hopes on non-oil activity Saudi Arabia has revised its real GDP figure for 2023 to a contraction of 0.8 percent, from a contraction of 0.9 percent. Oil production cuts hit the Saudi economy last year, while analysts are predicting a slide in crude prices this year. Oil activities decreased by 9 percent in 2023, while non-oil activities increased by […] March 11, 2024
Economy Egypt’s inflation rate makes record jump in February Inflation in Egypt rose unexpectedly in February, authorities reported this week, just days after the pound plummeted more than a third against the US dollar. On Sunday, the Egyptian state statistics agency Central Agency for Public Mobilisation and Statistics (Capmas) announced that annual urban consumer price inflation rose to 35.6 percent last month, from 29.8 […] March 11, 2024
Economy Dubai’s non-oil economic growth at five-year high Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate. At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019. The number is well above the 50.0 mark which separates […] March 11, 2024
Finance Turkey’s rating upgraded on tighter monetary policies Ratings agency Fitch upgraded Turkey’s long-term foreign currency issuer default rating to “B+” from “B”, driven by greater-than-expected monetary policy tightening aimed at controlling inflation. “Upgrade reflects increased confidence in the durability and effectiveness of policies implemented since the pivot in June 2023,” Fitch said, revising the country’s outlook to “positive” from “stable.” Inflation expectations […] March 11, 2024
Economy Jordan’s economic growth to slow on lower tourist arrivals Jordan’s economic growth will ease to 2.1 percent in 2024 from 2.6 percent in 2023, as tourism arrivals are likely to be lower than record-breaking levels seen last year, S&P Global Ratings said in a report. “Our GDP growth forecast reflects fiscal drag and an expected increase in precautionary savings amid rising regional tensions,” it […] March 11, 2024
Economy Egypt to get $20bn loan from global funders says minister The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […] March 11, 2024
Banking and Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Finance Egypt outlook revised to positive after lending deals Moody’s has upgraded Egypt’s outlook from negative to positive following the expanded $8 billion funding from the International Monetary Fund (IMF). The credit-rating company also affirmed Egypt’s foreign currency ratings. The revision reflects the significant official and bilateral support announced and marked policy steps taken in the past week that will, if maintained, support macroeconomic […] March 8, 2024
Opinion Economy Egypt’s $8bn rescue package brings new challenges International Monetary Fund negotiations have been protracted – to say the least March 7, 2024
Economy Egypt secures expanded $8bn loan from IMF Egypt will receive an expanded $8 billion loan from the International Monetary Fund (IMF) after agreeing to implement a set of reforms and policies. The country is experiencing significant macroeconomic challenges due to the impact of the Gaza conflict on tourism and lower Suez Canal receipts, the IMF said in a statement. “The authorities are […] March 7, 2024
Markets Egyptian pound plunges 55% to match black market dollar The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate. The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces. At 2pm […] March 6, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Economy EU throws Tunisia a financial lifeline with $163m grant The European Union has handed Tunisia a €150 million ($163 million) grant to support economic reforms and fiscal stability as the North African country attempts to fend off a financial crisis. Almost $4 billion in external debts are due for repayment this year, up 40 percent on 2023. Although Tunisia managed to pay an €850 […] March 5, 2024
Finance Dubai Airport free zone operator’s profit rises 65% State-owned Dubai Integrated Economic Zones Authority (DIEZ) said operating profit rose 64.6 percent year on year in 2023, driven by an 8 percent annual rise in revenues. The market value of net assets surpassed AED20.8 billion ($5.7 billion), Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, said on the social messaging platform X. “These […] March 4, 2024
Opinion Finance Grey list removal is milestone for investor confidence Coming off the FATF list is testament to UAE's willingness to improve overall governance March 1, 2024
Manufacturing Turkish manufacturers buoyed by rise in PMI Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction. The […] March 1, 2024
Opinion People & Lifestyle Fun of the Fair – the wacky world of Art Dubai The annual culture blast is a good barometer of the emirate's economic fortunes March 1, 2024
Economy Lebanon pushed to the brink by the war next door Three years of deep recession and a full-scale war with Israel could halve Lebanon's economy February 28, 2024
Economy IMF expects bigger loan deal for Egypt within weeks The International Monetary Fund expects a financing package for Egypt to be finalised within weeks, its chief said on Tuesday – while also entertaining speculation that the loan could rise to $12 billion. Speaking on the sidelines of a G20 finance meeting in Brazil, IMF managing director Kristalina Georgieva told Reuters that issues delaying the […] February 28, 2024
Analysis Economy Abu Dhabi’s $35bn throws Egypt a liquidity lifeline A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […] February 27, 2024
