Economy Economic activity in Lebanon remains sluggish Lebanon’s economic activity appears to have contracted in August following a summer business lull according to a purchasing managers’ index published on Tuesday. The PMI is a monthly report based on survey responses from businesses regarding five subdivided performance indicators including new orders, output and employment. The report, compiled by BLOMInvest Bank and the ratings […] September 7, 2023
Finance Turkey plans big interest rate hikes as inflation to hit 65% Turkey jacked up its inflation forecasts and cut those of economic growth on Wednesday, as President Tayyip Erdoğan appeared to endorse the big interest rate hikes that are driving a turnaround toward more orthodox policies. Since the policy U-turn began in June, analysts have applauded what they said was a more realistic effort to address […] September 7, 2023
Economy Saudi Arabia to report fiscal deficits in 2023 and 2024 says IMF Saudi Arabia, the world’s largest oil exporter, is forecast to report a fiscal deficit of 1.2 percent of GDP in 2023, from a surplus of 2.5 percent in 2022, the International Monetary Fund (IMF) said in its latest report. The fiscal deficit is projected to rise further to 1.6 percent of GDP next year. Riyadh […] September 7, 2023
Economy Morocco’s economic outlook improving, say experts Morocco’s economic outlook is set to brighten and it could take on more foreign debt as long as it accelerates reforms and reins in existing subsidies, according to industry experts. Moroccan GDP contracted sharply in the Covid pandemic, while the subsequent war in Ukraine and a severe drought – its worst in 40 years – […] September 6, 2023
Economy Exports support Australian economy to beat estimates Australia’s economy expanded by more than expected in the second quarter, driven by exports and public investment, while household consumption remained weak as decade-high interest rates worked to cool demand. Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4 percent in the second quarter, slightly beating forecasts […] September 6, 2023
Sustainability UAE companies pledge $450m to buy African carbon credits The UAE Carbon Alliance, a coalition of UAE companies aiming to develop a carbon market in the emirates, has pledged to buy $450 million of African carbon credits by 2030. The alliance signed a non-binding agreement with the Africa Carbon Markets Initiative (ACMI), which was launched last year at Cop27 in Egypt to harness potential […] September 5, 2023
Finance Erdoğan says Black Sea grain deal can be restored soon Turkish President Tayyip Erdoğan said after talks with Russia’s Vladimir Putin that it would soon be possible to revive the grain deal that the United Nations says helped to ease a food crisis by getting Ukrainian grain to market. Russia quit the deal in July – a year after it was brokered by the UN […] September 5, 2023
Video length: 03:33 VIDEO Tech AI ‘can solve the problems’ for Middle East digital growth The Middle East’s digital penetration stands at 4.1 percent of its overall economy – where “China was 15 years ago”, according to a strategist at Swiss bank UBS. A recent technology report published by UBS highlights how the Middle East could be the next digital frontier, and why artificial intelligence could play a pivotal role. […] September 5, 2023
Economy Saudi defence spending to rise further despite Iran detente Saudi Arabia is set to maintain one of the highest defence expenditures relative to the GDP in the world, according to a leading data analysis firm, despite the current trend towards de-escalation with Iran. Defence spending will grow 4.5 percent a year to $86.4 billion in 2028, from $65.3 billion in 2022 and a defence […] September 4, 2023
Economy Bank of Israel to hold rates as inflation eases Israel’s central bank is expected to leave short-term interest rates unchanged this week, as it did in July with inflation easing, but the rate hike cycle may not be over with the shekel hovering around a 3 1/2 year low. Of the 16 economists polled by Reuters, 15 projected the Bank of Israel would hold […] September 4, 2023
Finance Egypt net foreign assets deficit narrows in July Egypt’s net foreign assets deficit narrowed by EGP24.9 billion ($808 million) in July to a negative EGP812.4 billion, its first decline since March, according to central bank data. A persistent shortage of foreign currency accompanied by a sharp expansion in money supply over the last three years have squeezed Egypt’s finances. The drawdown on net […] September 4, 2023
Economy Turkish factory activity slows as new order growth weakens Turkish factory activity contracted for a second month in August due to a slowdown in new orders as firms faced challenges securing business, a survey showed on Friday. The purchasing managers’ index (PMI) for manufacturing fell to 49.0 in August from 49.9 in July, according to the survey by the Istanbul Chamber of Industry and […] September 4, 2023
Opinion Finance Iran seeks relief from inflation and FX shortages The transfer of $6 billion in funds frozen by the US cannot come soon enough for Iran’s hard-pressed citizens. As part of an agreement last month for the release of American-Iranian prisoners, President Biden’s administration has agreed to the release of the foreign exchange which had been blocked in South Korea. Rising prices are at […] September 1, 2023
Finance Qatar’s budget surplus nears $3bn despite higher capex Qatar reported a budget surplus of 10 billion riyals ($2.74 billion) in the second quarter of 2023, as oil prices remained higher than estimated, the finance ministry said. The Gulf nation has surpassed its 2023 surplus forecast of 29 billion riyals for the year. The first quarter reported a fiscal surplus of 19.7 billion riyals, […] September 1, 2023
Finance Turkey’s economy grow 3.8% on strong household spend Turkey’s economy grew by a more-than-expected 3.8 percent in the second quarter due to strong household spending, data showed on Thursday, but activity should slow through year-end as election-related stimulus fades and big rate hikes weigh. On a quarterly basis, gross domestic product (GDP) expanded 3.5 percent on a seasonally and calendar-adjusted basis, also outstripping […] September 1, 2023
Trade Turkish deals help UAE hit non-oil foreign trade record Bilateral trade between the UAE and Turkey recorded one of the highest growth rates in the first half of 2023, rising 87.4 percent annually. The massive growth helped the UAE’s non-oil foreign trade reach a record high of AED1.239 trillion ($337.33 billion) in H1 2023, an increase of 14.4 percent year on year, the Ministry […] August 31, 2023
Video length: 03:36 VIDEO Economy Brics expansion could hasten move away from dollar The addition of six new countries to the Brics bloc – including some of the world’s largest oil exporters – is likely to expedite the decline in the US dollar’s prominence in global trade, according to a Dubai financial analyst. Saudi Arabia, the UAE, Egypt, Iran, Argentina and Ethiopia have all been accepted as members […] August 29, 2023
Opinion Economy Tangled web leaves Tunisia’s IMF deal hanging in balance For President Saied, the lifting of subsidies appears to be a red line August 29, 2023
Analysis Finance Bahrain adds ‘smart factories’ to strategy to lift private sector Bahrain plans to develop 300 “smart factories” by 2026 as it seeks to boost private sector activity and tackle its sluggish growth rate. The iFactories initiative aims to support the manufacturing sector’s move to digitalisation, reduce dependence on unskilled work and strengthen national industries, said Abdulla bin Adel Fakhro, the kingdom’s industry and commerce minister, […] August 28, 2023
Economy Lebanon’s central bank refuses to cover state deficit Lebanon’s central bank will not print money to lend the state or cover the crisis-hit economy’s projected deficit, acting central bank governor Wassim Mansouri said on Friday, calling on leaders to undertake urgent financial reforms. Mansouri told a press conference at the central bank the draft budget for 2023 included a state deficit of 24 […] August 27, 2023
Economy Turkish minister to meet US investors next month Turkish finance minister Mehmet Simsek, who is leading the country’s economic U-turn toward orthodox policies, will hold his first meeting abroad with foreign investors on September 19 in New York, according to an invitation to the event. Simsek will give a speech and answer investors’ questions at Goldman Sachs headquarters, marking the first such overseas […] August 27, 2023
Economy Egypt expects Brics entry will lure foreign investment Egypt hopes its imminent inclusion in the Brics bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear. The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to […] August 27, 2023
