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Turkey’s inflation surges to 70%, putting Erdogan in bind

Turkey’s annual inflation jumped to a two-decade high of 69.97 percent in April, according to data on Thursday, fuelled by the Russia-Ukraine conflict and rising energy and commodity prices after last year’s lira crash. The surge in prices has badly strained households just over a year before presidential and parliamentary elections that could bring the […]

Egyptian non-oil sector continues contraction at slower pace

Egypt’s non-oil private sector activity shrank again in July, but at a slower pace than June’s two-year low, as demand remains weakened by inflation and shortages continue to put pressure on supply, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened slightly to 46.4 from June’s 45.2, remaining below the […]

Kuwait dissolves parliament, delays budget approval

Kuwait formally dissolved parliament in a decree issued on Tuesday, state news agency KUNA said, as the Gulf Arab state’s crown prince moved to resolve a standoff between the government and elected parliament that has hindered fiscal reform. Last month Crown Prince Sheikh Meshal al-Ahmad al-Sabah, who took over most of the ruling emir’s duties, […]

Saudi non-oil private sector growth slows in July

Saudi Arabia’s non-oil private sector kept up a steady pace of growth in July, albeit slowing slightly from June, helped by increases in customer numbers, purchasing and output, a business survey showed on Wednesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy fell to 56.3 in July […]

Person, Human, Building

Turkish manufacturing activity contracts for fifth straight month

The Turkish manufacturing sector contracted for a fifth consecutive month in July as weakening demand, market uncertainty and price pressures all played a role in moderating output, a business survey showed on Monday. Turkey’s Purchasing Managers’ Index (PMI) for manufacturing stood at 46.9 in July, down from 48.1 in June, according to the survey by […]

Riyadh Skyline

Saudi GDP surges 11.8%, its fastest quarterly rise since 2011

Saudi Arabia’s gross domestic product is growing at the fastest rate for more than a decade, rising 11.8 percent in the second quarter, according to a flash estimate from the kingdom’s General Authority for Statistics. GASTAT said the year-on-year increase – the most rapid acceleration since the third quarter of 2011 – was driven by […]

Tie, Accessories, Accessory

UAE to discuss first African bilateral trade deal with Kenya

The United Arab Emirates has signed an agreement with Kenya to begin talks on a comprehensive economic partnership, the first of its kind between the emirates and an African country. Dr Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, and Betty Maina, cabinet secretary, ministry of industrialisation, trade and enterprise development of […]

Turkish central bank hikes inflation view to 60%

Turkey’s central bank raised its annual inflation forecast to 60.4 percent for the year-end from 42.8 percent three months ago, continuing a trend of playing catch up with extreme price rises, according to a presentation by Governor Sahap Kavcioglu on Thursday. A Reuters poll showed economists expect inflation of 70 percent at the end of […]

Inflation raises old debate on currencies being pegged to dollar

The Gulf’s currencies have been linked to the US dollar for decades: the Omani riyal since the 1970s, the Qatari riyal since mid-2001 and the Bahraini dinar and the UAE dirham officially since early 2002. The latter three have effectively been linked to the American greenback since the 1980s, as has the Saudi riyal. The […]

Gulf set for more belt tightening as interest rates keep rising

The Gulf’s business owners and consumers are set for tougher times ahead as the region’s central banks followed the US Federal Reserve and increased interest rates on Wednesday. While experts predict that rate hikes are set to continue even further, many analysts believe that the combination of strong GDP growth and high oil prices will […]

GCC embraces public-private partnerships to drive projects

Public-private partnerships will become more important across a wider range of sectors in the Gulf region as countries continue to diversify their economies, say experts. With the total value of planned and unawarded projects in the GCC countries expected to reach $2 trillion, governments are seeking more private sector support in infrastructure projects delivery. “Both […]

President of Egypt Abdel Fattah al-Sisi

Egypt and IMF working out ‘remaining points’ on loan

Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, finance minister Mohamed Maait told Al-Arabiya on Wednesday. Asked if there were differences between Egypt and the IMF, Maait said: “In talks with anyone you go from one point of view to another. The talks are ongoing, […]

Person, Human, Office Building

Gulf central banks lift rates as Fed makes second 75-bps hike

Most Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the US Federal Reserve as their currencies are pegged to the dollar. The Central Bank of Kuwait, the only one of the six Gulf Cooperation Council (GCC) countries that ties its currency to a basket […]

Wealthy families from the Gulf still like the idea of a second home in London

Britain’s plunging pound rattles Middle Eastern investors

As Britain battles multiple headwinds of an unstable parliament, spiking inflation and a weakened sterling, global investors have taken note. The pound fell to two-year lows against the dollar this month – trading below $1.19 at one point – and Middle Eastern investors are now looking to spread their UK risk, a senior executive at the […]

Word, Symbol, Wall

IMF cuts global growth forecast, warns of recession from inflation

The International Monetary Fund have cut global growth forecasts again, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2 percent in 2022 from a forecast of 3.6 percent issued […]

Urban, Building, Slum

Egypt adds 1m more people to social support programme

Egypt will add one million families to a social safety net programme that provides cash transfers, bringing the total number of beneficiaries to more than 20 million, the presidency said in a statement on Tuesday. The “Solidarity and Dignity” programme began in 2015 with World Bank funding. Payments to families start at 350 Egyptian pounds […]

Fears for Tunisian democracy as Saied holds referendum

Tunisians began voting on Monday in a referendum on a new constitution that critics of President Kais Saied fear will dismantle the democracy that emerged from a 2011 revolution by handing him nearly total power. The vote is being held on the first anniversary of Saied’s ousting of an elected parliament, when he established emergency […]

Person, Human, Crowd

FACTBOX: Signs of a Tunisian economy in trouble

Public finances are under strain and prices are soaring in Tunisia, presenting big economic challenges to President Kais Saied as he plans to overhaul the political system in a constitutional referendum on Monday. Here are some of the troubles affecting the economy, which was hit particularly hard by the COVID-19 pandemic due to its reliance […]

Person, Human, Clothing

Saudi crown prince to visit Greece to sign energy, telecoms deals

Saudi Crown Prince Mohammed bin Salman will visit Greece on Tuesday, July 26 to meet Prime Minister Kyriakos Mitsotakis, the Greek foreign ministry has confirmed. The ministry said the pair were due to sign bilateral deals, without giving details. A Greek diplomatic source told Reuters the deals were in the fields of energy, military cooperation, […]

dubai business

Dubai welcomes 45,000 new businesses in 2022 … so far

Dubai has seen a 25 percent rise in the number of new company licences issued in the first six months of 2022, highlighting the impact of the government’s new business incentive initiatives. “As a corporate services provider, I have seen first-hand a significant rise in foreign direct investment into the UAE from several geographies directly […]

golden visa Esaad card

Mixed reception for UAE’s Golden Visa discount programme

Some experts accuse initiative of being mere ‘window dressing,’ while others praise its ingenuity Dubai has bolstered its Golden Visa scheme with associated discounts to help attract high-level entrepreneurs, doctors, academics and creatives to its shores. The government announced this week that it would provide its Esaad privilege card – originally only for public sector employees […]