Economy Egypt poised to receive more EU funding this year Egypt is expected to sign a memorandum of understanding with the European Union (EU) on previously agreed financing worth €4 billion ($4.3 billion) in the second half of the year, planning minister Rania Al-Mashat said on Wednesday. The financing is part of a €7.4 billion funding package agreed between Egypt and the EU in March […] March 27, 2025
Analysis Economy Cheque ban and banking changes endanger Tunisian growth Reforms aimed at reducing Tunisians’ usage of cheques and thereby cutting consumer debt are having a negative impact on the country’s overall economic growth, according to economists. Cheques had until recently been an important tool for both payments and credit in Tunisia, but in February new laws aimed at strengthening the ailing Tunisian economy and […] March 26, 2025
Economy Egypt’s deficit stretched by high imports and regional tension Egypt’s current account deficit more than doubled in the first quarter of the current fiscal year and the gap is expected to widen further, a Kuwaiti bank says. Key factors for the massive deficit include a surge in imports and lower Suez Canal revenues due to regional tensions, National Bank of Kuwait (NBK) said in […] March 26, 2025
Economy Kuwait endorses 2025-26 budget with bigger deficit Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […] March 25, 2025
Economy Regulators take action to stabilise Turkish markets after arrests Efforts by Turkish regulators to stabilise the country’s money markets, which were thrown into turmoil by the arrest of the mayor of Istanbul last week, appear to be having some effect, with losses on the country’s stock market narrowing. Markets were rocked and political unrest ensued after the arrest and detention of Ekrem İmamoğlu, a […] March 24, 2025
Finance UAE commits to $1.4trn investment framework in US The United Arab Emirates has committed to a 10-year, $1.4 trillion investment framework in the United States after top UAE officials met President Donald Trump this week, a White House official said on Friday. The new framework will “substantially increase the UAE’s existing investments in the US economy” in AI infrastructure, semiconductors, energy and American manufacturing, the […] March 21, 2025
Economy Prime minister of Tunisia sacked by president The president of Tunisia, Kais Saied, has sacked his prime minister, Kamel Maddouri, less than a year after Maddouri’s appointment, as the country’s economy falters and it tries to cope with a worsening flood of migrants from sub-Saharan Africa. Saied named Sara Zaafarani, the minister of equipment and housing since 2021, as Maddouri’s replacement. Zaafarani, […] March 21, 2025
Economy Turkish political uncertainty casts economic cloud The detention of a leading opposition figure in Turkey just days before he was to be named as a candidate in presidential elections is likely to set back the country’s campaign against sky-high interest rates and persistent inflation, analysts have warned. Ekram İmamoğlu, the mayor of İstanbul and leading member of the opposition Republican People’s […] March 20, 2025
Oil & Gas Lower oil income takes $8bn off Kuwait’s trade surplus A fall in oil export revenues caused by lower output and a drop in prices pushed Kuwait’s trade surplus down by nearly $8.5 billion in 2024, official data shows. The surplus plunged by more than 18 percent year on year to reflect the country’s heavy reliance on crude sales in its national income and commercial […] March 20, 2025
Opinion Economy Saudi Arabia’s $1 trillion Trump bet and its possible returns Recognition and security guarantees are among what the kingdom might be expecting March 20, 2025
Economy UAE and US leaders discuss economy and tech tie-ups Sheikh Tahnoon bin Zayed Al Nahyan, Abu Dhabi’s deputy ruler and UAE national security advisor, met US President Donald Trump at the White House on Tuesday, holding talks on economic and technological cooperation. “Discussions included ways for our countries to increase our partnership for advancing our economic and technological futures,” Trump said in a Truth Social […] March 19, 2025
Economy Kuwait gets closer to tapping debt markets to fund infrastructure Kuwait has moved a step closer to selling debt on the international markets again after the cabinet approved a draft decree that should help the country fund multibillion-dollar infrastructure projects. Historically the country has had little need to borrow thanks to its oil revenue and relatively unambitious spending plans. Kuwait last sold dollar-denominated bonds in […] March 17, 2025
Economy Economy in Lebanon remains severely depressed, IMF says The Lebanese economy remains severely depressed, its condition exacerbated by a two-month war last year between the Iranian-backed Lebanese Hezbollah group and Israel, in which infrastructure and homes were destroyed, the International Monetary Fund has said. An IMF team visited the country last week and met the new government led by President Joseph Aoun and […] March 17, 2025
Opinion Economy Economic reform in Kuwait: a step forward, but governance is the problem It would be naïve to imagine the country is putting behind it the procrastinations of the past March 17, 2025
Economy S&P raises Saudi Arabia’s rating over ongoing reforms S&P Global Ratings has upgraded Saudi Arabia’s rating to “A+” from “A” with a stable outlook, citing socioeconomic and capital market reforms. Strong non-oil growth and rising oil volumes from 2025 will support medium-term growth prospects, it said. Saudi Arabia’s National Debt Management Centre welcomed the upgrade, saying it would allow the kingdom to issue […] March 17, 2025
Opinion Economy Trade wars and oil woes fuel market uncertainty Two years of unusual stability, post-Covid and Russia’s war on Ukraine are at an end March 14, 2025
Finance Gulf investments grow in Cyprus both onshore and off Sovereign wealth funds are eyeing up real estate while energy companies have set their sights on the sea March 14, 2025
Economy Jordan most active gold trader as Mena states adjust holdings Middle Eastern states are upping their trade in gold as price shifts create opportunity. Qatar, Egypt and Jordan have all bought sizeable amounts of gold in recent months, according to data from the World Gold Council and official announcements. Qatar and Egypt increased their holdings by 1.2 and 0.5 tonnes respectively, March data from the […] March 14, 2025
Editor's Insight Economy The Gulf is not immune to global economic fluctuations It has been a torrid week in the US markets. The S&P 500 has fallen 8 percent over the past month – close to correction territory – while the Dow Jones Industrial Average has lost 6 percent. The dollar, too, has been hurt, which is of consequence to the Gulf’s dollar-pegged economies. The greenback has […] March 14, 2025
Economy Turks turn to credit cards for foreign purchases Turks are increasingly using credit cards to buy goods and services abroad, as inflation and taxes eat away at their buying power at home. Turkish people used their credit cards more than 380 million times for overseas purchases last year, spending $11.5 billion, according to a new report by the central bank’s Bankalarası Kart Merkezi […] March 14, 2025
Economy IMF releases fourth tranche of loan to Egypt The International Monetary Fund (IMF) has approved the release of funds to Egypt following the fourth review of an emergency loan progamme but has warned the government that “more decisive implementation of reforms will be critical”. This disbursement of $1.2 billion brings Egypt’s total loan to about $3.2 billion under an extended fund facility (EEF) worth $8bn, […] March 12, 2025
Economy Egypt’s headline inflation nearly halves in February Egypt’s annual urban consumer price inflation plunged to 12.8 percent in February from 24 percent in January, decelerating even faster than analysts had expected, official data showed on Monday. The drop was amplified by a statistical base effect, as exceptionally fast price increases of the past two years were no longer reflected in the statistics, […] March 11, 2025
