Economy France sees slight economic growth in Q2 2023 The French economy is set to grow slightly in the second quarter when compared to the previous one, the country’s central bank said on Wednesday, as activity across sectors picked up steam. The Bank of France said companies polled in its monthly business sentiment survey reported activity in April was stronger than in March in […] May 11, 2023
Economy Egypt’s headline inflation slows to 30.6% in April Egypt’s annual urban consumer inflation in April slowed to 30.6 percent from 32.7 percent in March, data from the state statistics agency Capmas showed on Wednesday, lower than analysts had expected. Month-on-month, urban inflation slowed to 1.7 percent from 2.7 percent in March and 6.5 percent in February. Inflation had steadily crept up over the […] May 11, 2023
Video length: 01:46 Video Economy Recession is not ‘top of mind’ for CEOs in the Gulf Long term growth is the name of the game for CEOs in the GCC, while some of their counterparts in the US and Europe prepare for a recession. The IMF expects 2023 to be the weakest year for global growth since 2009, outside of the coronavirus pandemic year of 2020. However, the outlook is divergent, […] May 10, 2023
Economy UAE cancels $880m Airbus H225M helicopter deal The UAE has cancelled an €800 million ($880.6 million) contract to procure 12 H225M caracal multirole helicopters. “We recently terminated a contract with Airbus Helicopters to purchase H225 helicopters,” Muammar Abdulla Abushehab, sector chief, defence and security industrial affairs of Tawazun Council, UAE’s defence and security acquisitions authority told Breaking Defense magazine. The official said the cancellation was based on […] May 10, 2023
Economy UAE and Thailand to launch Cepa talks this month The UAE and Thailand are to launch negotiations to establish a comprehensive economic partnership agreement (Cepa), with the first round of negotiations starting on May 16 in the Emirates. UAE minister of state for foreign trade Thani bin Ahmed Al Zeyoudi said the negotiations are a natural progression following the launch of the first UAE-Thai […] May 10, 2023
Economy Oman’s Q1 budget surplus at $1.2bn on higher oil revenue Oman reported a budget surplus of OMR450 million ($1.17 billion) in the first quarter of 2023, driven by a nine percent rise in net oil revenue amid higher oil prices and increased production. Net oil revenue reached OMR1.71 billion in Q1 2023, based on an average price of $85 per barrel, from OMR1.57 billion in […] May 10, 2023
Economy Sharjah’s economy increased to $37bn in 2022 Sharjah’s economy grew by 5.2 percent to AED136.9 billion ($37.28 billion) in 2022, compared to AED130.1 billion in 2021, according to preliminary estimates by the Department of Statistics and Community Development. The emirate’s non-oil sector rose 5.2 percent to AED133.4 billion last year, compared to AED126.8 billion in 2021. Preliminary estimates are based on comprehensive […] May 9, 2023
Economy Egyptian inflation tipped to ease in April Egypt’s headline inflation rate is likely to edge down in April from a five-and-a-half-year high the month before, a Reuters poll showed, helped by a favourable base effect, a steady currency and weaker commodity prices. The median forecast of 13 analysts polled showed annual urban consumer inflation slipping to 31 percent in April from 32.7 […] May 9, 2023
Economy Turkey’s opposition vows to roll back Erdogan’s policies Turkey’s opposition alliance has vowed to reverse many of President Tayyip Erdogan’s policies if elected in a May 14 election, including a return to a parliamentary democracy and economic orthodoxy and a major shift in foreign policy. Last month Kemal Kilicdaroglu, presidential candidate of the six-party Nation Alliance, unveiled the opposition’s programme for its first […] May 7, 2023
Economy DMCC ‘well placed’ for more trade with Ukraine and Iran Trade and enterprise freezone the Dubai Multi Commodities Centre is looking to forge closer trade ties with both Ukraine and Iran to take advantage of the countries’ growing trade appetite. “Dubai is well placed to benefit from Saudi and Iran’s recent decision to resume diplomatic relations given the large number of Iranians living in Dubai […] May 5, 2023
Economy Turkey sticks to inflation forecast of 22.3% for 2023 Turkey’s central bank is sticking to its inflation forecast of 22.3 percent for 2023, governor Sahap Kavcioglu said – less than half of market expectations – even though the decline in inflation has been slower so far than it previously envisioned. Unorthodox rate cuts sought by President Tayyip Erdogan sparked a currency crisis in late […] May 5, 2023
Economy Fed may pause rate hikes after latest increase The US Federal Reserve has hinted that it may be time to pause interest rate hikes after announcing its tenth consecutive increase since March 2022. As widely expected the Fed has raised its target interest rate by 25 basis points (bps), with the majority of Gulf central banks, whose currencies are pegged to the US […] May 4, 2023
Economy Turkish inflation slows to 44% ahead of landmark polls Turkish annual inflation slowed to 43.68 percent in April, according to official data, easing ahead of elections that polls show President Tayyip Erdogan risks losing largely due to a cost-of-living crisis. Unorthodox rate cuts sought by Erdogan sparked a currency crisis in late 2021, sending inflation to a 24-year peak of 85.51 percent last year. […] May 4, 2023
Opinion Economy Tricky year ahead for Middle East as oil cuts bite, says IMF Opec+ cuts are the main factor in the reduced GDP growth rate this year May 3, 2023
Economy IMF urges Egypt to embrace flexible exchange rate The IMF chief responsible for the Middle East and Central Asia called on Egypt on Wednesday to liberalise its exchange rate fully, amid stasis in Cairo over a series of reforms demanded by the international community. Speaking at an event in the Dubai International Financial Centre, Jihad Azour said that the Fund was in discussion […] May 3, 2023
Economy UAE businesses buoyed by rising demand in April The UAE witnessed its fastest growth in new business for 18 months in April spurring a rise in non-oil business activity across the country. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) for April hit 56.6, up from 55.9 the previous month, the highest in six months and just short of the post-pandemic peak of […] May 3, 2023
Economy Saudi private sector activity makes up for exports dip New orders for non-oil private sector companies in Saudi Arabia rose at their fastest rate for over eight years in April. The latest data from the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) showed stronger domestic demand more than offset a slight drop in export sales, which fell last month for the first time […] May 3, 2023
Economy Thailand’s inflation drops to its lowest in 16 months Thailand’s headline inflation dropped to its lowest in 16 months in April, coming in close to expectations owing to lower energy and food prices and a high base in 2022, the commerce ministry said on Wednesday. The headline consumer price index (CPI) rose 2.67 percent in April from a year earlier, compared with a forecast […] May 3, 2023
Economy Egypt non-oil activity shrinks for 29th consecutive month Egypt’s non-oil private sector activity shrank for the 29th month in a row in April as continuing import and currency restrictions and surging prices caused business confidence to hit an all-time low, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) improved to 47.3 in April from 46.7 in March, but […] May 3, 2023
Economy World Bank says Palestinian economic growth to slow The Palestinian economy is expected to grow about three percent in 2023 after a four percent post-Covid rebound in 2022, as tensions with Israel and the impact of the war in Ukraine pose serious downside risks, the World Bank said. The World Bank said it will present its outlook in Brussels this week at a […] May 3, 2023
Israel’s judicial proposals prompt startups to relocate The government’s plan to overhaul the judicial system is harming investor confidence and pushing high-tech firms to relocate abroad, Israel’s state-backed agency that supports high-tech companies said. A survey by the Israel Innovation Authority found 80 percent of startups established so far this year were opened outside Israel and that companies also intend to register […] May 2, 2023
Economy Australia’s budget set to help offset high living costs Australia’s Labor government is set to reveal a vast improvement in the budget bottom line next week as its coffers bulge with tax windfalls, yet the outlook will be a sober one as fiscal challenges loom large. Treasurer Jim Chalmers has spent weeks using “restraint” and “responsible” to describe his second budget since coming to […] May 1, 2023
