Economy Investcorp reveals massive expansion plans in India Bahrain-based Investcorp has vowed to grow the size of its business in India five-fold in the next five years. The alternative investments firm, which managed $50 billion in assets as of December 2022, only entered India in the first quarter of 2019, but has since completed 15 investments worth $1 billion. Speaking from the company’s […] February 2, 2023
Economy High inflation boosts demand for gold Demand for gold coins, bars and jewellery soared in the Middle East last year, according to the World Gold Council. In 2022 demand for gold coins and bars in the Mena region surged 42 percent year-on-year to 77.8 tonnes, the highest annual total since 2018. “Egypt, Qatar, Iraq, the UAE and Oman significantly boosted their […] February 1, 2023
Economy IMF cuts Saudi 2023 growth forecast to 2.6% The International Monetary Fund (IMF) has revised its 2023 growth forecast for Saudi Arabia, the world’s top oil exporter, significantly downwards on the back of lower expected output. Growth in the Arab world’s biggest economy is now forecast at 2.6 percent in 2023, underperforming the wider region, and 1.1 percentage points below the IMF’s October […] February 1, 2023
Economy Turkey’s tourism revenue up 53% in 2022 but trade deficit widens Turkey’s tourism revenue hit a record $46.3 billion in 2022 even as its trade deficit swelled to more than $109 billion, as a fallout from war in nearby Ukraine brought a surge of Russian arrivals but also drove up energy-import costs. The two milestones for the big emerging market economy came as President Tayyip Erdogan […] February 1, 2023
Economy Turkish economic confidence tips towards ‘optimistic’ outlook Turkey’s economic confidence index rose 1.3 percent month-on-month in January to 99.3 points, nearly tipping toward an optimistic outlook, data from the Turkish Statistical Institute showed on Monday. The index, which points to an optimistic outlook when above 100 and pessimistic when below, hit a record low in 2020 before recovering as coronavirus measures were […] January 31, 2023
Economy IMF sees slower growth in Asean despite China reopening International Monetary Fund (IMF) economists said on Tuesday that Singapore and other Southeast Asian economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China’s economic reopening. Chief economist Pierre-Olivier Gourinchas told a news briefing on the IMF’s latest global growth forecasts these forces prompted the […] January 31, 2023
Economy Sudan expects 2023 budget deficit at $1.47bn The Sudanese cabinet on Monday approved the 2023 budget which expected a total deficit of 1.4 percent of gross domestic product (GDP), ahead of final approval in a joint meeting with the Sovereign Council. The minister of finance and economic planning, Jibril Ibrahim, said that total expected public revenues in the budget amounted to 7.363 […] January 31, 2023
Economy China to set up Gulf free trade zone ‘as soon as possible’ China’s new foreign minister Qin Gang wants to build stronger ties with Saudi Arabia and set up a China-Gulf free trade zone “as soon as possible”, according to a ministry statement published late on Monday. Qin, who was just recently named to the position, made the suggestion in a telephone conversation with his Saudi Arabian […] January 31, 2023
Economy UAE and France expect ‘concrete outcomes’ from economic ties France and the United Arab Emirates (UAE) are working to strengthen their economic relationship with “concrete outcomes” expected in the near future, French finance minister Bruno Le Maire said on Monday during a visit to the Gulf state. He was speaking on the sidelines of the first meeting of the Franco-Emirati business council, set up […] January 31, 2023
Energy Beijing and Brussels ‘go head to head in fight for Mena oil and gas’ The Middle East and North Africa will be one of the main beneficiaries of China’s decision to drop its zero-Covid policy, as Beijing competes with Europe for limited energy resources, according to analysts at Bank of America. “From a macro-perspective, it’s very easy to be bullish on the Mena region,” said Jean-Michel Saliba, a director […] January 30, 2023
Turkey opens $500m facility to boost processing of gold reserves Turkey’s President Recep Tayyip Erdogan has opened the first phase of a $500 million gold mine facility that will process reserves found in the northwestern Bilecik province, Daily Sabah newspaper reported. Around 109 tons of gold was located in Bilecik’s Sogut district in December 2020 at an estimated value of around $6.38 billion. Erdogan said that the […] January 30, 2023
Economy Thailand holds 2023 GDP growth outlook on tourism rebound Thailand’s finance ministry on Friday maintained its economic growth outlook for 2023 at 3.8 percent, helped by a rebound in tourism and domestic demand, but an official said exports would slow down this year. For 2022, Southeast Asia’s second-largest economy is expected to have expanded three percent, down from a previous forecast of 3.4 percent, […] January 27, 2023
Economy Turkey’s central bank sticks to forecast for inflation plunge Turkey’s central bank stuck to its forecasts for a sharp drop in inflation on Thursday, saying the increasing predictability of the lira’s exchange rate plus financing support meant there was no longer the basis for large price rises. Presenting a quarterly economic report, the bank’s governor Sahap Kavcioglu stood by previous year-end annual inflation forecasts […] January 27, 2023
Economy UAE and Saudi economies to slip this year on lower oil demand Economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues take a hit from an expected mild global slowdown, according to the median view from a Reuters poll of economists. Crude oil prices, a major driver for Gulf economies, are down more than a […] January 25, 2023
Analysis Mena tech firms can plug skills gap by scooping up global talent Technology companies in the Middle East are in prime position to attract top talent from around the world as some of Silicon Valley’s biggest names make massive job cuts, according to recruitment consultants. Google’s parent company Alphabet, Microsoft and Amazon have all unveiled large-scale redundancy programmes since the start of January. About 40,000 jobs will […] January 24, 2023
Economy Swiss Group opens Zurich office to boost trade with UAE Swiss Group, the Dubai-based business consultancy, is opening an office in Zurich this month to help Swiss companies and entrepreneurs do business in the UAE. The UAE’s $8.74 billion of exports to Switzerland in 2021 make it the European country’s ninth largest import partner, according to data from the International Monetary Fund. The UAE is […] January 24, 2023
Banking and Finance UAE is in ‘first division’ of financial literacy The UAE is in the ‘first division’ when it comes to financial literacy, according to Alex Fraser, CEO of the London Institute Banking and Finance (LIBF). With just one third of adults worldwide being financially literate, according to Standard & Poor’s Ratings Services Global Financial Literacy Survey, the LIBF is involved in the global challenge […] January 22, 2023
Economy Lebanon sets new rate for withdrawals from dollar deposits Lebanon’s central bank said on Thursday it had set a new rate of 15,000 Lebanese pounds to the US dollar for withdrawals from bank deposits denominated in dollars, but which can now can be accessed largely in the local currency. The rate was previously set at 8,000 pounds under central bank Circular 151, which implied […] January 22, 2023
Economy Saudi capital developing fast with eye on Expo 2030 bid Saudi Arabia, which has bid to host the Expo 2030 world fair, is pushing ahead with plans to turn its capital Riyadh into a major global metropolis, a government official said. The kingdom has ambitions to double the size and population of its capital city with total investments of some $800 billion under its Vision […] January 20, 2023
Economy Egypt’s soaring prices drive home economic pain In better times, Om Mohamed’s family used to take holidays at resorts on Egypt’s Red Sea coast. Now there is no money for vacations. Om Mohamed, 61, and her husband, who live with two grown-up sons in an apartment near the Cairo ringroad, are cutting back on items like meat as they try to get […] January 20, 2023
Analysis Tourism Resurgence in Chinese travellers is boon for Gulf tourist traps Gulf markets closed lower on Wednesday over concerns that China’s 2022 economic growth slowed sharply to 3 percent, its second-worst performance since 1976, and its population fell for the first time since 1961. However, the recent easing of travel restrictions by Chinese authorities is expected to result in an influx of tourists from the country […] January 20, 2023
Economy UK-GCC trade talks based on ‘substance over speed’ Negotiations between the UK and GCC over a free trade agreement are focused on “substance over speed”, Simon Penney, Britain’s trade commissioner for the Middle East, says. The third round of talks are due to take place by the end of the first quarter, with previous rounds of discussions having concluded in September and December […] January 19, 2023
