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
Economy Egypt’s inflation accelerates to 21.3% beating expectations Egyptian annual urban consumer inflation in December rose to 21.3 percent from 18.7 percent in November, exceeding analyst expectations, data from the statistics agency CAPMAS showed on Tuesday. The inflation figure was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency devaluation in October and continued restrictions on […] January 10, 2023
Economy Morocco expects economic growth at 3.4% in Q1 2023 Morocco’s economic growth is likely to hit 3.4 percent in the first quarter of 2023, Morroco World News reported, citing data from Higher Commission for Planning (HCP). After the sharp decline in growth in 2022, Morocco’s economy is expected to show moderate recovery, the commission said, attributing the growth to post-Covid economic recovery and easing […] January 9, 2023
Economy Oman registers 10.4% jump in foreign investments The volume of foreign direct investments (FDIs) in Oman reached OMR 18.14 billion up to the third quarter of 2022, an increase of 10.4 percent year-on-year, Oman Daily Observer reported, citing the ministry of commerce, industry and investment promotion. The value of direct foreign investments in the manufacturing sector amounted to OMR 1.72 million up […] January 8, 2023
Economy Turkish factory activity shrinks for first time since 2020 Turkey’s industrial production index is expected to have shrunk year-on-year for the first time since 2020 in November, a Reuters poll showed on Friday, as a slowdown in some of Turkey’s main trade partners hit factory activity. Industrial activity had bounced back strongly after the initial coronavirus wave in April 2020 and has been expanding […] January 8, 2023
Analysis Economy Gold set to sparkle as global recession looms Gold may have underperformed last year but it is expected to shine in 2023 and could rise as high as $3,000, analysts have said. The World Gold Council said in its 2023 market outlook that the precious metal is set to record a stable performance next year despite a mix of competing challenges. “Economists and […] January 8, 2023
Economy Mubadala and Alpha Dhabi to capitalise on discounted assets The move by Alpha Dhabi and Mubadala to join forces and co-invest in credit opportunities does not pose a significant threat to traditional banking structures. Instead, according to Rachel Ziemba, founder of geo-economic advisory firm Ziemba Insights, it will act as a valuable tool to “look for early-stage investments and perhaps pick up assets at […] January 6, 2023
Analysis Economy Dubai’s $8.7trn plan hailed as ‘latest step in economic evolution’ The ruler of Dubai on Wednesday launched a strategy to double foreign trade and investment over the next decade and boost the emirate’s position among global financial centres. The AED32 trillion ($8.7 trillion) Dubai Economic Agenda, known as D33, includes 100 “transformative” projects to increase foreign trade to AED25.6 trillion by 2033, from AED14.2 trillion […] January 5, 2023
Economy Pakistan and UAE begin free trade deal talks Negotiations have begun on a comprehensive economic partnership agreement between Pakistan and the UAE as both countries aim to build on the $10.6 billion bilateral trade registered during the past year. Faisal Niaz Tirmizi, Pakistan’s ambassador to the UAE, described the talks as “very important”, adding that he hoped there would be “significant progress” by […] January 4, 2023
Economy Qatar World Cup fuels spike in private sector optimism Optimism among non-oil private sector companies in Qatar has risen to a 29-month high following the impact of the Fifa World Cup on the country’s economy. Post-tournament business opportunities and an expected permanent boost to tourism were cited by companies polled in the latest purchasing managers’ index (PMI) survey data from Qatar Financial Centre. The […] January 4, 2023
Analysis Economy Chinese investors target Middle East for growth More than three-quarters of Chinese businesses are looking to expand their presence in Middle East markets or enter them. The UAE and Saudi Arabia were named as the top two destinations for Chinese investment over the next three to five years. According to a new survey – part of the Report on Chinese Investors’ Confidence […] January 4, 2023
Economy UK fresh food prices surge 15% in year to December Fresh food prices at British supermarkets in early December were 15 percent higher than a year earlier, the biggest annual increase since at least 2005 when records started, figures from the British Retail Consortium (BRC) showed on Wednesday. British households were hit hard by a soaring cost of living in 2022, and the Bank of […] January 4, 2023
Economy Egypt private sector activity continues to shrink in December Activity in Egypt’s non-oil private sector contracted in December for the 25th straight month as inflation, a weaker currency and continued import controls dampened business, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) rose to 47.2 in December from 45.4 in November, but was still below the 50.0 threshold that […] January 4, 2023
Economy Turkey’s inflation falls to 64.27% in December Turkish annual inflation slid to 64.27 percent in December, according to official data, below forecast, dropping because of a favourable base effect after hitting a 24-year high in October. President Tayyip Erdogan’s unorthodox low interest-rate monetary policy and a resulting currency crisis pushed inflation to a peak of 85.5 percent in October before dipping slightly […] January 4, 2023
Economy Israel rates set to peak around 4% and curb inflation The Bank of Israel is near the end of an aggressive interest rate hike cycle that should be enough to bring inflation back into its target range, deputy governor Andrew Abir said. On Monday, the central bank raised its benchmark interest rate by a half-point to a 14-year high of 3.75 percent, the seventh increase […] January 4, 2023
Economy Job creation hits five-year high in Saudi non-oil sector Employment at non-oil companies in Saudi Arabia reached its strongest level for five years in December, as business activity and demand from overseas increased. The latest Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), published on Tuesday, recorded a headline figure of 56.9 for December. Although this was down from 58.5 in November, companies said […] January 3, 2023
Economy Singapore’s economy beats 2022 forecasts but new risks growing Singapore’s economy grew faster than official forecasts in 2022 but slower activity in the fourth quarter points to significant risks ahead for the city-state in the new year as global demand weakens and inflationary pressures weigh. Singapore’s economy grew 3.8 percent in 2022, preliminary data from the Ministry of Trade and Industry showed on Tuesday, […] January 3, 2023
Economy Turkey’s Erdogan says exports hit record $254bn in 2022 Turkey’s exports rose 12.9 percent to $254.2 billion last year, the country’s highest level ever, President Tayyip Erdogan said on Monday. Speaking at an event, Erdogan said exports to the European Union increased by 12 percent in 2022, while some 10,000 companies completed their first exports in the same period. Separately, the Turkish trade deficit […] January 3, 2023
Economy IMF says global economy faces tougher year in 2023 For much of the global economy, 2023 is going to be a tough year as the main engines of global growth – the United States, Europe and China – all experience weakening activity, the head of the International Monetary Fund (IMF) has said. The new year is going to be “tougher than the year we […] January 2, 2023
Economy Oman approves 2023 budget with $3.4bn expenditure Oman’s Sultan ratified a 2023 budget with a deficit of OMR1.3 billion ($3.38 billion) or three percent of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of OMR1.146 billion. The 2023 budget sees revenues of OMR10.05 billion, five percent lower than 2022, and expenditures of OMR11.35 billion, 6.4 […] January 2, 2023
Economy France’s Macron says 2023 will be the year of pension reform The coming year will be one of much-delayed pension reform, President Emmanuel Macron told the French in a New Year’s eve speech on Saturday. Reforming France’s costly and complicated pension system was a key plank of Macron’s election platform when he came to power in 2017. But his initial proposals provoked weeks of protests and […] January 1, 2023
Opinion Economy Dubai SMEs will thrive in the digital economy Dubai is going from strength to strength, and startups and SMEs are at the heart of government strategies to diversify its economy and expand non-oil sectors December 30, 2022
