Economy Turkey’s interest rate hike to 25% sparks lira rally Turkey’s central bank hiked its key interest rate by a larger-than-expected 750 basis points (bps) to 25 percent on Thursday, sparking a rare lira rally and signalling a new determination to address rebounding inflation as part of a broader policy U-turn. The surprise move leaves the policy rate at its highest level since 2019, and […] August 25, 2023
Economy Oman’s inflation rate falls again in July Oman’s rate of inflation in July dropped to its lowest level since March 2021, driven by a decline in transport and communications costs, as well as falls in the price of fruit, vegetables and meat. Inflation in the sultanate, measured by the Consumer Price Index (CPI), fell to 0.41 percent last month, down from 0.69 […] August 24, 2023
Economy Kuwait recovering but facing ‘substantial’ risks says IMF Kuwait’s economy is recovering post-pandemic, but risks to the oil producer’s outlook “remain substantial”, the International Monetary Fund (IMF) said in a new report. In an assessment after annual bilateral discussions with the Kuwaiti government known as Article IV consultations, the fund estimated real gross domestic product (GDP) growth will slow to 0.1 percent in […] August 24, 2023
Opinion Economy With Saudi on side, the Brics can change the world The group gathering for its summit could be the architect and engineer of a different world order August 22, 2023
Construction Construction activity up in Turkey due to earthquakes The number of construction workers in Turkey increased by 28,000 in the second quarter of the year compared to Q1, as building activity continues at pace following February’s earthquakes. The latest figures from the Turkish Statistical Institute revealed the number of people employed in the country’s construction sector hit 1.973 million between April and June […] August 21, 2023
Opinion Economy What China’s economic challenges mean for the Gulf Reducing dependence would be a big macro-economic policy risk August 21, 2023
Economy Qatar’s CPI inflation hits highest level since April Qatar’s consumer price index increased 3 percent year on year in July 2023, reaching its highest level since April. The CPI inflation figure was up from the 2.5 percent reported in June, according to Qatar’s Planning and Statistics Authority (PSA). Communication was one of eight groups to record a price increase, with a rise of […] August 18, 2023
Opinion Economy Islamic economy is the last great untapped market Halal regulation schemes can attract more investment, stimulate trade and boost industry August 18, 2023
Economy Lebanon’s caretaker PM says economic stability at stake Lebanon’s failure to approve a string of crucial economic laws to pull the country back on to its feet threatens the country’s future economic stability, caretaker Prime Minister Najib Mikati said. A financial meltdown that started in 2019 has weakened the currency by more than 90 percent, paralysed the financial system and frozen depositors out […] August 18, 2023
Construction Dubai real estate market bats off interest rate hits International private credit funds could be ready to tap into the Dubai real estate market with competitive interest rates. The Central Bank of the UAE raised its borrowing rate in July after the US Federal Reserve pushed its interest rate to a 22-year high. Now Asian and European funds are looking at the market as […] August 17, 2023
Economy German decline scares off Middle East property investors Middle East investors are increasingly wary of buying German real estate due to the country’s stuttering economy and the allure of more profitable, less risky alternatives. This hesitance is exacerbating a slump in Germany’s property sector. Sales in the first half of 2023 totalled €14.9 billion, down 59 percent year on year and 53 percent […] August 17, 2023
Economy Israel’s economy sustains growth and beats forecast Israel’s economy sustained its solid growth in the second quarter, beating expectations with consumer spending bouncing back after a slow start to 2023, data from the Central Bureau of Statistics showed on Wednesday. While not as fast as in 2022, growth this year has been bolstered by a low 3.6 percent jobless rate, overcoming the […] August 17, 2023
Analysis Economy Saudi tourism revenue grows as budget surplus shrinks Tourism revenue is beginning to emerge as a serious component on Saudi Arabia’s balance of payments, tripling in a year, and experts see the sector as a “very important” offset to any decline in oil earnings. While the kingdom’s current account returned another surplus in the first quarter of 2023 of $17.7 billion, this was […] August 16, 2023
Finance Turkey’s budget surplus hits $1.8bn on higher taxes Turkey has reported a budget surplus of $1.8 billion in July 2023 following the government’s move to increase taxes on certain goods. The country’s deficit stood at $8.13 billion in June, seven times the deficit a year earlier, Daily Sabah reported, citing official data. The government raised taxes on petrol and increased value added taxes […] August 16, 2023
Economy Israel inflation eases to 16-month low at 3.3% The inflation rate in Israel eased to a 16-month month low of 3.3 percent in July from 4.2 percent in June, a drop that could continue to keep further Bank of Israel interest rate hikes at bay. The consumer price index (CPI) rose 0.3 percent in July from June, led by gains in fresh produce, […] August 16, 2023
Analysis Economy Algeria’s GDP growth to slow as oil production dips Algeria’s economic growth is expected to slow this year and in 2024 as oil production drops. Analysts at BMI, formerly Fitch Solutions, forecast that the country’s real GDP will be 2.1 percent in 2023 and 1.9 percent next year – down from 3.3 percent in 2022. Algeria’s hydrocarbon production – made up of one-third gas […] August 16, 2023
Video length: 03:16 Video Economy Inflation in Egypt hit hard by Russia Inflation in Egypt is going to be a “long-stretched affair”, according to a Mena market researcher in a video interview with AGBI. Egypt’s annual headline inflation increased to a record 36.5 percent in July driven by high food prices. Currency devaluation and the Russia-Ukraine war have been the main factors contributing to the inflated prices. […] August 16, 2023
Industry Saudi industrial production drops as inflation cools Saudi Arabia’s headline inflation rate dropped for the second month in succession to 2.3 percent in July from 2.7 percent in June, the slowest outturn since the middle of last year. The main drivers of price increases throughout the month were housing, water, electricity, gas and other fuels, which increased by 8.6 percent year on […] August 15, 2023
Energy Tunisia’s energy production drops as trade deficit widens Total energy production in Tunisia dropped by 8 percent at the end of June to 8,470 gigawatt hours as the country’s energy trade deficit increased. Production intended for the local market was also down 5 percent, according to a report released by the National Observatory of Energy and Mines. Electricity purchases from Algeria and Libya […] August 15, 2023
Finance Turkey to lower inflation after transition period Turkey aims to lower soaring inflation permanently after a transitional period where prices remain high, finance minister Mehmet Simsek said in an interview with the Yeni Safak newspaper. “Our goal is to bring down inflation permanently after a transitional period,” Simsek said. The sustained price pressure, driven by a drop in the lira currency and […] August 11, 2023
Finance Egypt’s inflation surges to record 36.5% in July Egypt’s annual headline inflation rose to a new all-time high of 36.5 percent in July, in line with analysts’ expectations, as food prices soared, data from the country’s statistics agency Capmas showed. Month-on-month, prices rose 1.9 percent in July, down from 2.08 percent in June. Core inflation, which strips out volatile items like food and […] August 11, 2023
Finance Saudi’s investment fund gets taste of halal food market Saudi Arabia’s Public Investment Fund aims to increase the kingdom’s share in the global halal food market, currently worth at least $2 trillion. Halal Products Development Company, a PIF subsidiary launched in October 2022, signed an agreement with the Saudi Exports Development Authority to support companies targeting the halal market, as well as encourage local […] August 9, 2023
