Economy IMF says China recovery could be ‘very quick’ China could see a sharp recovery in economic growth from the second quarter onwards based on current infection trends after the dismantling of most Covid-19 restrictions, IMF deputy managing director Gita Gopinath said. “We expect growth in China to come back, to rebound,” Gopinath told Reuters in an interview at the World Economic Forum in Davos. […] January 19, 2023
Economy Qatar says QIA gets budget surplus to invest for diversification Qatar has transferred its budget surplus to Qatar Investment Authority for investment as part of its diversification programme, finance minister Ali Al Kuwari told CNN’s Richard Quest at the World Economic Forum at Davos. “We have a very clear and very disciplined fiscal policy framework. This is already approved by the government. And this is […] January 19, 2023
Economy Israel public debt burden slides to 60.9% of GDP in 2022 Israel’s public debt fell in 2022 to 60.9 percent of gross domestic product from 68 percent in 2021, the finance ministry said, citing strong economic growth and a budget surplus. The ministry said economic growth of 6.3 percent and a decline of a billion shekels in government debt led to the large drop in the […] January 19, 2023
Economy Saudi Arabia changing no-strings aid policy, says minister Saudi Arabia’s finance minister has said the kingdom is changing the way it provides assistance to allies, shifting from previously giving direct grants and deposits unconditionally. The kingdom, the world’s top oil exporter and an Arab powerhouse, was encouraging countries in the region to enact economic reforms, Mohammed Al-Jadaan said at the World Economic Forum […] January 19, 2023
Economy Egypt sees high demand from investors after currency drop Egypt is seeing good investor appetite for stakes in its state-owned enterprises, the country’s planning minister said, as the government pursues partial privatisations to drum up funds after a sharp fall in the value of its currency. Egypt, faced with a currency crunch exacerbated by the war in Ukraine, recently started a $3 billion International […] January 19, 2023
Opinion Shifting sands: Three years of rapid change in the Middle East The region emerged stronger from the pandemic and 2023 promises even more January 18, 2023
Economy WEF says global recession and high inflation likely in 2023 Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting. Some 18 percent considered a world recession “extremely likely” – more than twice as many as in the previous survey conducted in September […] January 17, 2023
Opinion Economy Unravelling the Gulf’s energy conundrum The region gained wealth and political clout last year. Now, as the UAE prepares to host Cop28, it will be expected to find – and fund – climate solutions January 16, 2023
Economy Israeli manufacturers seeks steep cut in food tax Israel’s Manufacturers’ Association has proposed tax cuts on food along with a host of other measures aimed at strengthening Israeli economic competitiveness and dealing with the country’s high cost of living. The association’s economic plan, submitted to Israel’s prime minister and ministers of finance and economy, proposed cutting the value added tax (VAT) on food […] January 16, 2023
Economy Saudi inflation rises to 3.3% on higher housing rents Saudi Arabia’s annual inflation rate ticked up to 3.3 percent in December from 2.9 percent in November, government data showed, with price rises again driven mainly by housing costs. Prices rose 0.3 percent month on month in December, compared with a 0.1 percent monthly rise in November, Saudi Arabia’s General Authority for Statistics said. Housing, […] January 16, 2023
Economy Egyptian small businesses optimistic about 2023 The majority of Egyptian small business owners are optimistic about their growth prospects for 2023. YouGov and GoDaddy’s 2023 Small Business Survey found that 67 percent of Egyptian entrepreneurs are expecting growth this year, with the food and beverage, technology and e-commerce sectors perceived as having the most potential. Selina Bieber, commercial strategy senior director […] January 16, 2023
Economy Record deficit: Tunisia’s trade deals in numbers Tunisia posted a record 55 percent increase in its trade deficit in 2022, reaching TND 25.2 billion ($8.18 billion), according to figures released by the National Institute of Statistics. As the North African country battles an economic crisis, the deficit increase was attributed largely to the loss of trade with several key countries, including China, […] January 13, 2023
Economy Oman-UK trade dips but optimism remains UK trade with Oman saw a drop of 5.5 percent through the first 10 months of 2022, compared to the corresponding period the previous year, despite an overall uptick in the UK’s global trade. Latest figures available from UNComtrade, the UN Statistics Agency, up to October 2022 show total trade between the two countries reached […] January 13, 2023
Economy Jordan truckers’ strike exposes woes of impoverished south Striking Jordanian trucker Suleiman Abu Al-Zait spent several long nights on a national highway along his native city of Maan, manning a picket line that created havoc to overland trade. “Diesel is my lifeline,” said 54-year-old Abu Al-Zait, who has seen his livelihood thrown into jeopardy by high fuel price rises since Russia invaded Ukraine. […] January 13, 2023
Economy Egypt’s pound hits new lows after shift to more flexible forex regime Egypt’s pound weakened by more than 13 percent to a new low below 32 to the US dollar on Wednesday as the central bank moved to a more flexible exchange rate under the terms of an International Monetary Fund (IMF) financial support package. The pound’s decline prompted speculation as to how far the currency might […] January 12, 2023
Opinion Economy Maharashtra looks to Mena for investment and partnerships The Indian state is pledging to become a $1 trillion economy – and strengthening relationships with the Middle East is at the forefront of these plans January 12, 2023
Economy Israel to trim taxes, water and energy costs to fight inflation Israel will cancel or cut back recent hikes in property taxes, water and energy costs, Prime Minister Benjamin Netanyahu said on Wednesday, unveiling preliminary measures to ease inflation. Finance minister Bezalel Smotrich, speaking alongside Netanyahu at a televised news conference, said the government would maintain fiscal responsibility while pursuing the plan. “Our economy has entered […] January 12, 2023
Analysis Retail Strong Gulf consumer spending defies global concerns Consumer confidence among the Gulf’s shoppers remains strong, despite concerns about the impact of a global slowdown and rising prices. A survey by management consulting firm Kearney found that 88 percent of respondents in the UAE and 79 percent of those questioned in Saudi Arabia were concerned about global market volatility and rising inflation. At […] January 12, 2023
Analysis Economy Why the Middle East is now a ‘must’ for top UK companies The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […] January 11, 2023
Economy German exports to Iran rise despite diplomatic tensions German exports to Iran rose last year, according to data seen by Reuters, despite Western condemnation of Tehran’s months-long crackdown against protests. German exports to Iran climbed 12.7 percent year-on-year from January to November 2022 to around €1.5 billion ($1.6 billion), data from the federal statistics office showed. That exceeded the full-year volume for 2021 […] January 11, 2023
UAE sees surge in new Russian businesses The UAE has seen a surge in the number of Russian individuals and companies looking to set up businesses in the Emirates, industry experts said. Opportunities for Russian businesses have been limited since President Vladimir Putin invaded Ukraine last February and western governments including the US, UK and EU imposed sanctions on Moscow. The Henley […] January 11, 2023
Economy Saudi Arabia weighs boosting Pakistan investment to $10bn Saudi Arabia said it could increase its investments in the cash-strapped Pakistan economy to $10 billion, state-owned SPA news agency reported on Tuesday, as well as increase the ceiling on deposits into the Pakistan central bank to $5 billion. Crown Prince Mohammed bin Salman has directed a study to increase Saudi Arabian investments to $10 […] January 10, 2023
