Economy Egypt asks to join Brics to lessen dependency on dollar Egypt has submitted an application to join the Brics group of large emerging market countries to develop trade ties and potentially reduce dependency on the US dollar, according to the Russian ambassador in Cairo. Brics consists of Brazil, Russia, India, China, and South Africa. “Egypt has submitted its application to join the Brics group because […] June 16, 2023
Economy Qatar plans $5bn investment to fuel Iraqi economy Qatar will invest $5 billion in Iraq over the coming years, after the two countries signed several memorandums of understanding to expand cooperation on investment and energy projects. State-run Qatar News Agency reported the commitment, quoting Emir Sheikh Tamim bin Hamad Al Thani. The Qatari ruler oversaw the signing of the MoUs alongside Iraqi prime […] June 16, 2023
Video length: 4:45 EXCLUSIVE Finance Multi-billion dollar schemes fuel UAE’s industrial evolution Emirates Development Bank, the UAE’s state-owned lender for the industrial sector, reported an almost tenfold increase in the value of loans it allocated last year. It is forecasting equally strong growth this year after shifting its focus to supporting major manufacturing projects in the Emirates. “The first year that we transformed the bank to focus […] June 15, 2023
Economy Morocco reveals $990m plan to support farmers Morocco’s government has launched a 10 billion dirham ($990 million) plan to support the country’s farmers, designed to combat the impact of drought and global economic challenges. A report from the Higher Commission for Planning said 229,000 jobs had been lost in rural parts of the country, where agriculture employs over 30 percent of the […] June 14, 2023
Economy Analysts forecast bumper rate hikes in Turkey Analysts at leading investment banks expect Turkey’s new economic chiefs to start ramping up interest rates next week as part of a major reset of the country’s economic policies. President Recep Tayyip Erdogan, re-elected last month, has just appointed former US banker Hafize Gaye Erkan as the new central bank governor. She is his fifth […] June 14, 2023
Analysis Economy Wealth funds likely to increase African investments Sovereign investors from the UAE and wider GCC bloc are likely to ramp up investments across African countries, building on a 50 percent jump in capital flows from the Middle East over the past five years, say experts. Agriculture, energy and infrastructure are sectors likely to benefit from multi-billion dollar deals as the UAE accelerates […] June 13, 2023
Opinion Economy Roubles, risks and rewards There are pros and cons to maintaining economic links with Russia despite Western sanctions June 13, 2023
Economy Turkey’s economic U-turn is not enough to rebuild trust Turkey’s expected return to orthodox economic policies may not be enough to secure longer-lasting international investments, with a restoration of predictability and the rule of law still needed to build trust, analysts say. While higher interest rates should draw some foreign investors back to Turkish assets, analysts say only fundamental changes in legal compliance will […] June 13, 2023
Economy EU offers Tunisia $1bn loan – if it accepts IMF reforms The European Union has offered Tunisia a €1 billion ($1.07 billion) loan to prop up its economy and tighten border controls. Under the proposal, Tunis must agree to sweeping economic reforms, said European Commission president Ursula von der Leyen. The International Monetary Fund agreed a $1.9 billion bailout for Tunisia last September, but it has […] June 12, 2023
Analysis Economy Differing VAT rates complicate intra-GCC trade Differing rates of VAT across the GCC are complicating intra-regional trade and adding costs to exporters and importers, according to experts. The six-member bloc in 2016 signed an agreement to levy 5 percent VAT on the sale of goods and services within their respective countries. Saudi Arabia and the UAE were the first to implement […] June 12, 2023
Economy Iraq approves $153bn budget amid rising public wage bill Iraq’s parliament on Monday approved a 2023 budget of 198.9 trillion dinars ($153 billion) that sets out record spending on a growing public wage bill and development projects to improve services and rebuild infrastructure ruined by neglect and war. The budget deficit is estimated at a record 64.36 trillion Iraq dinars, more than double the […] June 12, 2023
Economy Turkey’s exports to Gulf rise 29% to $1.69bn in May Turkey’s exports to Gulf countries grew by 29 percent year-on-year to $1.69 billion in May 2023. The total exports rose 14.4 percent annually to $21.7 billion last month, Daily Sabah newspaper reported, citing data from the Turkish Exporters Assembly (TIM). Exports to Iraq reached $817.9 million, followed by the UAE at $360 million and Saudi […] June 12, 2023
Economy Egypt’s inflation rate accelerates to 32.7% in May Egypt’s annual urban consumer inflation rate in May accelerated to 32.7 percent from 30.6 percent in April, data from the country’s statistics agency Capmas showed on Saturday, approaching an all-time record and higher than analysts had expected. Month-on-month, urban inflation increased to 2.7 percent from 1.7 percent in April. Inflation has risen sharply over the […] June 11, 2023
Economy Oil drives Oman’s budget surplus higher to $1.4bn Oman registered a budget surplus of OMR520 million ($1.35 billion) year to date at the end of April compared to OMR468 million a year earlier, the finance ministry said in its latest fiscal performance bulletin. Total revenue during the period reached OMR4.4 billion, up four percent year-on-year, primarily due to a 53 growth in net […] June 9, 2023
Economy IMF seeks urgent reforms to avert crisis in Lebanon Lebanon must take urgent action on comprehensive economic reforms to avoid “irreversible consequences” for its economy, the International Monetary Fund (IMF) said. IMF spokesperson Julie Kozack told reporters that IMF staff concluded an Article 4 consultation with Lebanese authorities on June 1 and concluded that reforms were urgently needed to arrest the “severe and deepening […] June 9, 2023
Economy Tunisia likely to see slower economic growth The World Bank has forecast that Tunisia’s economy will grow by around 2.3 percent this year, slightly ahead of the 2.2 percent growth predicted for the wider Mena region. The Tunisian economy will grow by 3 percent in 2024 and remain at the same level the following year, according to its Global Economic Prospects report. […] June 8, 2023
Economy Musk and foreign CEOs keep silent during China visits A veritable parade of overseas CEOs including Tesla’s Elon Musk and Goldman Sachs’ David Solomon have made their way to a reopened China in the last few months. One notable common strand: they’ve not talked much in public about their trips which have mostly consisted of meetings with government officials, local staff and business partners. Media events […] June 8, 2023
Economy IMF trims Saudi growth forecast on oil output cuts Saudi Arabia’s real GDP will slow to 2.1 percent in 2023 following Opec+ production cuts declared in April, according to the International Monetary Fund. The IMF projected GDP growth at 3.1 percent last month after the Saudi economy grew strongly at 8.7 percent in 2022, as surging oil prices boosted revenue to drive the kingdom’s […] June 8, 2023
Opinion Economy Şimşek signals Turkey’s ‘return to rational ground’ New finance minister's in-tray will be dominated by tackling the country's domestic economic issues June 7, 2023
Economy Egypt inflation to climb in May on rising fuel prices Egypt’s urban consumer price inflation rate is likely to climb back towards record highs in May, as higher fuel prices and an increase in ration card and food prices take their toll, a Reuters poll suggested on Tuesday The median forecast of 13 analysts polled showed annual urban consumer inflation climbing to 31.4 percent in […] June 7, 2023
Banking and Finance Egypt finds it tough to raise capital after borrowing spree Egypt faces an increasingly tough task raising cash for foreign debt repayments after external borrowing quadrupled over the past eight years to help fund a new capital, build infrastructure, buy weapons and support an overvalued currency. Few of its grand projects are generating additional hard currency inflows, while foreign investors have added to its woes […] June 7, 2023
Analysis Economy Gem of a deal: how Accords unified UAE and Israel It is almost three years since the Abraham Accords brought together the UAE and Israel in a partnership in which trade was always central to the proposition. Amir Hayek, a former president of Israel’s hotel association, was appointed Israel’s ambassador to the UAE in a nod to the importance of economic diplomacy. A free trade agreement […] June 7, 2023
