Economy S&P upgrades Oman’s credit rating on lower debt risk S&P Global Ratings has upgraded Oman’s credit ratings on the back of a continued positive outlook for the oil sector and fiscal and economic reforms momentum over 2023-2026. The ratings agency raised its long-term foreign and local currency sovereign credit ratings on Oman to “BB+” from “BB”. It also affirmed the sultanate’s short-term ratings at […] October 2, 2023
Finance S&P revises Turkey outlook to ‘stable’ on policy shift S&P Global Ratings on Friday revised its outlook on Turkey to “stable” from “negative,” citing policy shifts by the country, and affirmed its rating at “B”. Turkey’s new economic team is “enacting measures aimed at cooling the overheated economy and stabilising the exchange rate without undermining financial and fiscal stability”, the ratings agency said in […] October 1, 2023
Economy Morocco’s economy forecast to grow 3% Morocco’s economy is forecast to grow by 3.1 percent this year, boosted by an improved harvest and increased tourist numbers, according to the European Bank for Reconstruction and Development. However, the estimate does not take into account the earthquake that struck at the start of this month in the High Atlas Mountains near Marrakech, which […] September 29, 2023
Opinion Economy ESG factors will depress Middle East’s credit ratings Climate risks, social issues and governance standards will bear down on region's businesses September 28, 2023
Finance Cyprus’s cabinet prepares surplus-yielding budget Cyprus’s cabinet approved its 2024 draft budgetary plan on Wednesday which is expected to yield a surplus of 2.2 percent of national output, authorities said. Growth was expected to reach 2.9 percent, Cypriot President Nikos Christodoulides said. The budget, which requires parliamentary approval, is the first prepared by Christodoulides’s centrist administration after winning presidential elections […] September 28, 2023
Finance European bank ups Turkey’s GDP growth to 3.5% in 2023 The European Bank for Reconstruction and Development (EBRD) has raised its 2023 GDP growth forecast for Turkey to 3.5 percent, up from a previous estimation of 2.5 percent. The upward revision is driven by the fiscal stimulus in the run-up to the May elections and the shift in the economic policymaking post-election, according to the […] September 28, 2023
Finance Dubai public debt to fall by $8bn by end of 2023 Dubai’s public debt will drop by AED29 billion ($7.90 billion) by the end of the year, the emirate’s Public Debt Management Office (PDMO) said. The debt reduction includes a full redemption of sukuk worth AED3.3 billion, the repayment of bilateral and syndicated facilities worth AED5.2 billion and a partial settlement of AED20 billion from the […] September 27, 2023
Finance Moroccan pharma company gets $37m European funding The European Bank for Reconstruction and Development (EBRD) is to provide MAD380 million ($37.1 million) in funding to support Morocco’s pharmaceutical private sector. The loan will be given to Dislog Group, a distributor of consumer goods covering more than 70,000 retailers across the country, which is owned by Moroccan conglomerate H&S Holding. Founded in 2005, […] September 26, 2023
Analysis Industry More companies set up Saudi HQs as deadline nears Saudi Arabia has had limited success so far in its plan to tempt major companies to open regional headquarters in the kingdom, but more are obliging as the deadline to do so draws nearer. Among the companies relocating their main offices – or at least creating a presence in the kingdom – are international names […] September 26, 2023
Finance Fitch raises Oman’s credit rating on lower external debt Fitch Ratings has upgraded Oman’s credit rating to BB+ from BB with a stable outlook as lower external debt has reduced liquidity risks. The upgrade reflects the use of high oil revenues to pay down debt and spread its maturity, spending restraint reducing external risks, and an increase in oil price forecast, the ratings agency […] September 26, 2023
Economy Oman GDP falls after slowdown in oil activities Oman’s GDP recorded a fall of 9.5 percent in the second quarter of this year, largely as a result of a slowdown in oil-related activities. The sultanate’s GDP was OMR10.1 billion ($26.24 billion) in the second quarter, compared with OMR11.1 billion for the same period last year, according to the National Center for Statistics and […] September 25, 2023
Economy Egypt says IMF to merge two reviews of reform program Egypt said it had agreed with the International Monetary Fund (IMF) to merge the fund’s first and second reviews of its economic reform programme, after the first review was repeatedly delayed amid questions over Egypt’s progress in meeting the IMF’s terms. The IMF in December approved a $3 billion extended fund facility loan for Egypt, […] September 24, 2023
Economy Egypt’s economic outlook darkens as IMF postpones review Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024. Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […] September 22, 2023
Analysis Economy Saudi economy slips as government pushes oil cuts Analysts see the Saudi economy contracting in 2023 as a result of voluntary oil production cuts. Higher prices, however, will still ensure that state coffers are full enough to meet the kingdom’s number one priority – funding its mammoth Vision 2030 diversification projects. The International Monetary Fund said this month it saw a slowdown in […] September 22, 2023
Finance Egypt’s central bank keeps key interest rates steady Egypt’s central bank, as widely expected, left its key overnight interest rates unchanged on Thursday, saying both economic growth and core inflation were slowing. The bank kept its lending rate at 20.25 percent and its deposit rate at 19.25 percent. The median forecast in a poll of 17 analysts had been for the bank’s monetary […] September 22, 2023
Finance Turkey hikes rates to 30% to strengthen hawkish turn Turkey’s central bank raised its key interest rate by a lofty 500 basis points to 30 percent on Thursday, marking a second month of aggressive tightening after President Tayyip Erdogan set aside his long opposition to tight policy. The bank reiterated it is ready to raise rates further as needed to rein in inflation that […] September 22, 2023
Economy Fed interest rate pause will help GCC non-oil sector The decision by the US Federal Reserve to leave policy rates unchanged will have a positive impact on the non-oil sectors of Gulf Cooperation Council (GCC) countries, according to leading economists. The Fed has announced 11 rate hikes since March 2022, but on Wednesday decided to hold its benchmark rate steady, albeit at a 22-year […] September 21, 2023
Oil & Gas $100 a barrel oil raises global inflation fears Oil has risen to its highest level since November, reigniting fears over inflationary pressures on the global economy as it approaches $100 a barrel. Brent crude hit $95 barrel this week, before reducing gains, as the extension of Opec+ supply cuts tightened the markets. In a sign of a massive uptick in the energy markets, […] September 20, 2023
Sustainability IMF lends Morocco $1.3bn to fight climate change The International Monetary Fund is to lend Morocco $1.3 billion to help the country guard against climate-related risks. The staff-level agreement was confirmed by Kristalina Georgieva, managing director of the IMF, who said the funding would be used to build resilience against future climate disasters. “Climate change is already dramatically affecting us,” Georgieva said in […] September 20, 2023
Analysis Finance Morocco’s GDP forecast downgraded after quake Analysts have downgraded growth forecasts for Morocco in the wake of the deadly earthquake on September 8. More than 3,000 people were killed and many more are still missing. Homes and infrastructure in the Al Haouz province, southwest of the High Atlas mountains, were severely damaged. The disaster has prompted analysts at BMI, formerly Fitch […] September 19, 2023
Economy Tunisia repays 74% of debt to ease default fears Tunisia has repaid 74 percent of its cumulative external debt due this year, defying predictions that the country is heading towards a default. As of September 10, the amount of debt repaid was TND6.6 billion ($2 billion), compared with TND8.9 billion forecast for the year in the 2023 budget, as reported by Agence Tunis Afrique […] September 18, 2023
Finance UAE reports fiscal surplus in 2022 as revenue rises 32% The UAE’s revenues rose 31.8 percent in 2022, supporting an overall fiscal surplus last year, according to the country’s finance minister. Spending increased by 6.1 percent in 2022 year-on-year to stand at about AED427 billion ($116 billion), state-run Wam news agency said, citing finance minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. “Despite the […] September 18, 2023
