Economy DP World’s container volume rises to 19.5m TEUs in Q1 Dubai-based DP World Limited handled 19.5 million twenty-foot equivalent units (TEUs) across its global portfolio of container terminals in the first quarter of 2023. Gross container volumes rose 1.4 percent year-on-year on a reported basis and 3.7 percent on a like-for-like basis, the global ports operator said in a statement published by state-run WAM news […] April 27, 2023
Economy Iran growth forecasts cut but Gulf trade could rally Growth forecasts for Iran’s economy have been cut as analysts see US sanctions remaining in place “for the foreseeable future”, but expanding trade with the UAE and improved relations with Saudi Arabia may help to cushion the blow. Fitch sees growth slowing to 2.3 percent in 2023-24 from a previous forecast of 5.8 percent because […] April 27, 2023
Analysis Economy Middle East military spend shoots up after Saudi splurge A surprise hike in Saudi Arabia’s defence budget combined with higher spending by Qatar and the UAE contributed to an increase in total military spending in the Middle East in 2022, after years of contraction. Two specialist think tanks that made this observation believe the trend is set to persist as steady oil prices support […] April 27, 2023
Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023
Economy GCC economies to grow at much slower pace in 2023 The Gulf Cooperation Council (GCC) economies will grow at a much slower pace in 2023 than last year as expectations for muted gains in crude prices and oil production cuts take a toll on revenues, a Reuters poll found. Oil prices have spiked nearly 20 percent since they hit this year’s low of about $70 […] April 26, 2023
Analysis Banking and Finance Saudi banks face liquidity pressures as economy grows The Saudi central bank may step in to provide funding to local banks for the second time in a year to ease liquidity pressures and keep the economy growing, analysts have said. Last June central bank Sama placed about SR50 billion ($13 billion) as time deposits with commercial lenders in a bid to ease the […] April 25, 2023
Economy Turkey inflation to fall 46% by end-2023 despite rate hike Inflation in Turkey will dip to 46.4 percent by end-2023, a Reuters poll showed, while the policy rate is seen rising to 24 percent next quarter after upcoming elections that pose the greatest challenge to President Tayyip Erdogan’s 20-year rule. Turkey’s consumer price index surged in the wake of a currency crisis sparked by an […] April 25, 2023
Opinion Economy Iran rapprochement marks a return to Saudi pragmatism The biggest question mark is over the US's attitude on the new power balance April 24, 2023
Economy G7 support expansion of Black Sea grain deal The Group of Seven (G7) economic powers called on Sunday for the “extension, full implementation and expansion” of a critical deal to export Ukrainian grain through the Black Sea, the group’s agriculture ministers said in a communique. Brokered by the United Nations and Turkey, the deal was signed in Istanbul last July, allowing Ukraine to […] April 23, 2023
Analysis Employment Saudi unemployment tumbles as more women join workforce Unemployment in Saudi Arabia has fallen to 8 percent, its lowest level for six years, as the kingdom’s non-oil economy recorded strong growth in 2022. The rate dropped by 3 percentage points in 2022, according to the General Authority for Statistics and analysts expect it to fall further this year. “As we expect higher growth […] April 20, 2023
Opinion Energy IEA is wrong to blame Opec+ for global inflation The latest spat seems to boil down to divergent views on China April 18, 2023
Employment GCC consulting market to exceed $4 billion The GCC consulting market is expected to pass $4 billion in revenues this year, as the huge raft of giga-projects continue to transform the region. According to a report from UK research firm Source, the region’s consulting sector witnessed almost 16 percent growth in 2022 to reach $3.87 billion. Dane Albertelli, research analyst at Source, […] April 18, 2023
Iran invites Saudi king to visit Tehran Iran has invited Saudi Arabia’s king to visit the country after the regional rivals agreed to end years of hostility following a China-brokered agreement in March. King Salman bin Abdulaziz Al Saud was officially invited to Tehran, the Iranian Foreign Ministry said in a TV news conference, Reuters reported. The talks in Beijing followed by […] April 17, 2023
Economy Israel rebuff Moody’s outlook cut over judicial reforms Israel’s government on Saturday rebuffed an outlook downgrade on the country from credit ratings agency Moody’s, while tens of thousands of Israelis returned to the streets to protest against a planned overhaul of the country’s judiciary. Moody’s report issued on Friday marks the latest warning about a potential economic backlash to Prime Minister Benjamin Netanyahu’s […] April 16, 2023
Economy Mena inflation to remain ‘uncomfortably high’ Inflation in the Middle East and North Africa is to remain “uncomfortably high” for the foreseeable future, according to a leading banking expert. Headline inflation across the 16 Mena economies increased on average to 19.4 percent year-on-year between March and December last year, as reported by the World Bank in its most recent economic update. […] April 14, 2023
Economy Pakistan closer to IMF deal after UAE pledges $1bn The UAE has confirmed financial support of $1 billion to Pakistan, the South Asian nation’s finance minister said on Friday. The commitment removes a key hurdle to securing a much-awaited bailout tranche from the International Monetary Fund (IMF). The commitment is one of the lender’s last requirements before approving a staff-level pact to release a […] April 14, 2023
Economy Saudi launches 4 economic zones to attract global firms Saudi Arabia has launched four new special economic zones (SEZs) to bolster its position as a global investment destination. The new zones will come up in Riyadh, Jazan, Ras Al Khair and King Abdullah Economic City, state-run SPA news agency reported. Crown Prince and Prime Minister Mohammad bin Salman said the new economic zones will […] April 14, 2023
Economy Questions raised over Tunisia plan to tempt investors Tunisia’s latest move to reassure foreign investors is good news “on paper”, a leading analyst has said, but not enough to offset concerns about the North African country’s economy. James Swanston, Mena economist at Capital Economics, pointed to Tunisia’s recent membership talks with the African Trade Insurance Agency, which provides trade-credit and political risk insurance […] April 13, 2023
Economy Qatar and Bahrain to resume diplomatic ties Bahrain and Qatar have agreed to resume diplomatic relations following a meeting between leading officials in the Saudi capital Riyadh. Both state-run news agencies for the Gulf countries announced the news following a second meeting of the Bahraini-Qatari follow-up committee, held at the headquarters of the GCC General Secretariat. “It was decided to resume diplomatic […] April 13, 2023
Economy IMF tempers GCC economic growth forecast Economists believe the outlook remains “slightly optimistic” despite the International Monetary Fund downgrading its forecast for GCC economic growth and oil prices continuing to weigh heavily on future forecasts. Higher interest rates, rising inflation, increased uncertainty across the banking industry, the ongoing pressures caused by the war in Ukraine, and increased US-China tensions have combined […] April 12, 2023
Economy IMF warns of recession due to deeper financial turmoil The International Monetary Fund (IMF) on Tuesday trimmed its 2023 global growth outlook slightly as higher interest rates cool activity but warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. The IMF said in its latest World Economic Outlook report that banking system contagion risks were contained by […] April 12, 2023
Economy Erdogan begins campaign with pledge to slash inflation Turkish President Tayyip Erdogan launched his re-election campaign on Tuesday with a party pledge to slash inflation to single digits and boost growth, as he seeks to extend his two decades in power in a May 14 vote. Erdogan is facing the biggest political challenge since his AK Party (AKP) came to power in 2002, […] April 12, 2023
