Economy Oman to set up two new free zones in economic city Oman will establish two new free zones in Khazaen Economic City in the governorate of South Al Batinah, as part of the Gulf nation’s aim to attract industrial investments and boost economic growth. The free zones – one for light and medium industries and logistical activities, and the other for business and trade – will […] July 4, 2023
Manufacturing Turkish manufacturing faces stifling cost pressures Turkish manufacturing output grew by the end of the second quarter, but new order growth softened and price pressures mounted because of currency depreciation, the latest industry tracker showed. The headline Purchasing Managers’ Index (PMI) for manufacturing, from Istanbul Chamber of Industry and S&P Global, stood at 51.5 in June. This was the same as […] July 4, 2023
Economy Improving Japanese business mood signals steady recovery A central bank survey has found Japanese business sentiment improved in the second quarter as raw material costs peaked and removal of pandemic curbs lifted consumption, leading to hope of economic recovery. Companies expect to increase capital expenditure and project inflation to stay above the Bank of Japan’s (BoJ) two percent target five years ahead, […] July 3, 2023
Economy Pakistan and IMF reach $3bn stand-by loan deal The International Monetary Fund says it has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement. The South Asian nation is teetering on the brink of default. The deal is subject to approval by the IMF board in July. There was an eight-month delay on the decision but it offers some respite to Pakistan, […] June 30, 2023
Economy Lebanon’s economic crisis deepening, says IMF Lebanon’s financial crisis has been aggravated by vested interests resisting crucial reforms, the International Monetary Fund said on Thursday, warning that no action could lead the country “down an unpredictable road.” The four-year economic meltdown has cost the local currency 98 percent of its value, seen GDP contract by 40 percent, pushed inflation into triple […] June 30, 2023
Opinion Economy ‘Eidonomics’ explained While there appears to be a shutdown during Eid, many businesses still prosper June 30, 2023
Economy Vietnam Q2 GDP growth accelerates, but exports slow Vietnam has reported faster economic growth in the second quarter, driven by the services sector and despite a slump in exports. Gross domestic product in the second quarter grew 4.14 percent from a year earlier, the General Statistics Office (GSO) said in a report on Thursday. Vietnam, a regional manufacturing hub, has been trying to […] June 29, 2023
Economy Saudi exports fall by 25% in April on lower oil sales Saudi Arabia’s exports fell by 25.2 percent in the year to April, a state-owned statistical centre said. Total exports were worth SAR103 billion ($27.46 billion) in April this year, from SAR137.7 billion in April 2022. The decline was due to a fall in oil exports by 23.6 percent, the General Authority for Statistics data showed. […] June 29, 2023
Construction Construction leads non-oil boost to Abu Dhabi’s GDP Construction in Abu Dhabi grew by 14.4 percent in the first quarter of 2023 – the highest rate for nine years – contributing 8.5 percent to the emirate’s overall GDP. Completion rates of new buildings rose 37 percent year on year, according to Statistics Centre Abu Dhabi, pushed by interest from local and national investors. […] June 27, 2023
Economy UAE’s 2023 economic outlook remains ‘positive’ says IMF The UAE’s economic outlook remains ‘positive’, underpinned by strong domestic activity, the International Monetary Fund said on Monday. The country’s GDP is slated to grow at 3.6 percent in 2023, with non-hydrocarbon growth of 3.8 percent driven by continued tourism activity and higher capital expenditure, the Washington-based fund said in a statement. The outlook remains […] June 27, 2023
Economy Egypt pins hopes on FDI to offset domestic woes Egypt’s faltering privatisation drive was given a shot in the arm this week after the government announced that it had entered into a five-year partnership with the International Finance Corporation to sell off state assets. Under the partnership, the IFC – the private sector development arm of the World Bank – will help to structure […] June 26, 2023
Economy Egypt and India bilateral trade up 14% to $6bn in 2022 Bilateral trade between Egypt and India reached $6 billion in 2022, an increase of 13.7 percent year-on-year, the state-owned Central Agency for Public Mobilizations and Statistics (Capmas) reported. Indian Prime Minister Narendra Modi began his official two-day visit to Cairo on Saturday, the first visit by any Indian premier to Egypt since 1997. Egyptian exports […] June 25, 2023
Economy Pakistan revises budget to clinch IMF stalled funds Pakistan has changed its budget for the financial year starting on July 1, finance minister Ishaq Dar said on Saturday, including the latest fiscal tightening measures dictated by International Monetary Fund (IMF) in a final effort to clinch a stalled rescue package. “Pakistan and IMF had detailed negotiations for the last three days as a […] June 25, 2023
Opinion Economy Oman is on the up but not out of the woods The government must push ahead with reforms June 23, 2023
Analysis Economy Shining a light on the GCC’s $890bn shadow economy The Dubai Financial Services Authority this week imposed a penalty of $25,200 on a company for dealing in precious metals and stones from its base in the Dubai International Financial Centre. The DFSA said the company had not been registered to carry out such activity. While the authority did not allege that the company was […] June 23, 2023
Economy Tunisia tells IMF conditions risk civil unrest Tunisia’s President Kais Saied told the International Monetary Fund’s (IMF) managing director that the fund’s conditions to provide financial support to the North African country risks sparking civil unrest, the Tunisian presidency said. “The president of the Republic made it clear that the International Monetary Fund’s conditions for providing financial support to Tunisia are unacceptable […] June 23, 2023
Economy Turkey hikes interest rates in attempt to curb inflation Turkey raised its benchmark interest rate by 6.5 percentage points on Thursday in the first hike since March 2021 as the central bank sought to soothe markets by bringing official borrowing costs closer to inflation. Following its inaugural meeting under the helm of fledgling central bank governor Hafize Gaye Erkan the monetary policy committee announced […] June 22, 2023
Markets Suez Canal Authority to offload 20% of subsidiary Egypt’s Suez Canal Authority (SCA) is offering a 20 percent stake in a subsidiary company in line with a government drive to boost the private sector, but selling or leasing the canal is “out of the question”, SCA head Osama Rabie said. Rabie said the sale of the 20 percent stake in the Canal Company […] June 22, 2023
Economy Egypt to increase minimum private sector wage to $97 per month The Egyptian government has approved increasing the minimum wage for workers in the private sector by EGP300 ($9.72) to EGP3,000 a month as of July. The National Wages Council’s decision to raise the minimum wage to EGP3,000 is in line with the council’s policy of achieving a balance between workers and business owners amid the […] June 21, 2023
Economy Costs rise, but no fears of a crash for Dubai’s super-rich Dubai has surged up global cost of living rankings for the super-rich, but a leading Swiss wealth management group has no concerns the emirate could be headed for another economic crash. Dubai is the seventh most expensive city in the world for high net worth individuals (HNWIs) to live – ahead of European cities Paris […] June 20, 2023
Economy Oman’s economy to slow in 2023 but inflation is tamed Oman’s real gross domestic product (GDP) growth is anticipated to slow down to 1.3 percent in 2023 but rebound to 2.7 percent in 2024, the International Monetary Fund (IMF) said in a statement. The projections are based on oil production cuts by Opec+, moderate growth in the non-hydrocarbon sector due to recovering but still subdued […] June 20, 2023
Analysis Economy Turkish interest rates set to rise in quest to soothe markets Turkish policymakers are likely to raise interest rates on Thursday at their first meeting since veteran leader Recep Tayyip Erdoğan was re-elected as president. The hike will help to ease inflation and support the ailing lira but could cause banks major headaches. Following Erdoğan’s surprise electoral triumph on May 28, he appointed Mehmet Şimşek as […] June 20, 2023
