Economy Turkey’s economy up 3.9% on last year but growth is slowing Turkey’s economy expanded 3.9 percent in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong. Gross domestic product (GDP) contracted 0.1 percent from the previous quarter on a […] December 1, 2022
Economy Egypt’s net foreign assets continued to decline in October Egypt’s net foreign assets (NFAs) fell by EGP 109.9 billion ($4.47 billion) in October, extending a decline that began in September 2021, central bank data showed. The decrease works out to about $228 million after calculating for devaluations during October. Russia’s invasion of Ukraine in February sparked a currency crisis that led to Egypt to […] December 1, 2022
Economy Jordan’s draft budget forecasts lower deficit Jordan’s finance minister Mohamad Al Ississ said on Wednesday that their draft budget for 2023 forecasts 11.4 billion dinars ($16 billion) in state expenditure as the economy’s recovery gathers pace. Al Ississ said in a statement the budget deficit was expected to fall to 2.9 percent of GDP next year from 3.4 percent this year […] December 1, 2022
Economy Syria steps up fuel rationing as shortages hit mobile network Syria announced on Tuesday it would cut the amount of fuel it provides to government employees to help address shortages that have knocked out a number of mobile phone towers. Prime Minister Hussein Arnous ordered a 40 percent cut in the amount of fuel provided to government employees and restrictions on official travel for non-urgent […] November 30, 2022
Economy Turkish trade deficit surges 422% in October 2022 Turkey’s foreign trade deficit surged 421.7 percent year-on-year to $7.87 billion in October, with imports climbing 31.4 percent, data from the Turkish Statistical Institute showed on Tuesday. Imports stood at $29.2 billion, while exports rose three percent to $21.33 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […] November 30, 2022
Economy S&P lifts Oman’s credit rating on oil windfall and fiscal reforms The sultanate is now rated BB, with a stable outlook, by the S&P agency, thanks to the government's work to reduce sovereign debt November 29, 2022
Economy Qatar’s Q3 private sector exports surge 58% Qatar’s private sector exports reached QAR 9.38 billion ($2.58 billion) during the third quarter of 2022, a rise of 58 percent year-on-year, Qatar Chamber said in a quarterly report. The increase affirms the ongoing improvement of the private sector’s performance and a return to pre-pandemic levels, the report said. The total value of private sector […] November 28, 2022
Economy Egypt not out of the woods after IMF rescue deal Egypt’s finances remain in a precarious state despite two major currency devaluations this year and a brand new $3 billion International Monetary Fund (IMF) rescue package, economists say. With debt interest payments set to soak up over 40 percent of the government’s revenues next year and a lack of foreign currency still hurting the economy, […] November 27, 2022
Economy Lebanon’s economy contracting at slower pace, says World Bank Lebanon’s economy, hit by one of the world’s most severe crises, continues to contract although the pace of that contraction has somewhat slowed, the World Bank said in a report published Wednesday. Real Gross Domestic Product (GDP) – a measure of the total value of a country’s economy – in the tiny Mediterranean nation is […] November 25, 2022
Economy GCC and India agree to resume free trade talks India and the Gulf Cooperation Council (GCC) have agreed to resume talks on a free trade agreement, India’s trade minister Piyush Goyal said, as his nation seeks closer ties with one of its largest trading partners. The talks mark the third such attempt by India and the GCC to ink a trade pact, with negotiations […] November 25, 2022
Analysis Development ‘Second wave’ of wealthy Europeans moving to UAE An influx of wealthy Europeans are investing in and moving to the UAE as they face economic and political uncertainty at home, according to leading industry experts. “We’re seeing a new wave of wealthy entrepreneurs moving here,” Dubai-based Arnaud Leclercq, partner holding privé and head of new markets at Lombard Odier, told AGBI. Leclercq said […] November 24, 2022
Economy Turkish consumer confidence rises for fifth month in November 2022 Turkey’s consumer confidence index rose by 0.6 percent to 76.6 points in November, official data showed on Tuesday, continuing a rebound from a record low of 63.4 in June despite a continuing surge in inflation. The biggest improvement in confidence was seen in the general economic situation expectation over the next 12 months, which rose […] November 23, 2022
Economy Japan calls off Tokyo business forum after Saudis cancel trip A business forum of Japanese and Saudi government and business leaders set to take place in Tokyo next Monday has been called off after the Saudi delegation cancelled its trip, event organiser Japan External Trade Organisation (Jetro) said. Saudi minister of investment Khalid Al-Falih was among the delegation that had been expected to attend the […] November 18, 2022
Economy Asia must not become arena for ‘big power contest’: China’s Xi The Asia-Pacific is no one’s backyard and should not become an arena of big power rivalry, China’s president Xi Jinping said on Thursday, warning against Cold War tensions in a region that is a flashpoint of competition between Beijing and Washington. Xi’s remarks ahead of an Asia-Pacific Economic Cooperation (APEC) summit in Bangkok were an […] November 18, 2022
Analysis Banking and Finance Oman banks ink deal as Mena mergers defy global headwinds HSBC Bank Oman and local rival Sohar International Bank have entered into a binding agreement to consolidate operations as merger and acquisition activity in the Middle East and North Africa (Mena) continues to defy global headwinds. The two lenders said on Wednesday that all assets and liabilities of HSBC Oman will be transferred to Sohar […] November 16, 2022
Economy Saudi inflation at 3% in October 2022 on higher food prices Saudi Arabia’s annual inflation rate eased to three percent in October from 3.1 percent in September, with higher food prices driving the latest price rise, the General Authority for Statistics reported on Tuesday. The consumer price index for October was 0.2 percent higher than a month before, it added. Food and beverage prices in October […] November 16, 2022
Economy IMF says Jordan’s economy growth quickens despite global turmoil Jordan’s growth has quickened in 2022 despite global economic turbulence, driven by strong progress in International Monetary Fund (IMF)-backed structural reforms that have cushioned the economy and strengthened macro-economic stability, the IMF said on Tuesday. Ali Abbas, who headed an IMF mission, told reporters that a post-covid recovery continued to build momentum with expected 2022 […] November 16, 2022
Economy US may skirt recession in 2023 but Europe not so lucky Britain and the euro zone economies are likely to tip into recession next year, Morgan Stanley said, but the US might make a narrow escape thanks to a resilient job market. At the same time, China’s expected reopening after almost three years of coronavirus curbs is set to lead a recovery in its own economy […] November 14, 2022
Economy Trade and security on agenda for Xi Jinping’s visit to Saudi Arabia Strengthening trade ties and regional security will be priorities in an upcoming visit by Chinese leader Xi Jinping to Saudi Arabia, Saudi minister of state for foreign affairs Adel Al-Jubeir said on Saturday. The visit, which two sources said was expected to take place in December, comes at a time when relations between Saudi Arabia […] November 13, 2022
Economy Egypt’s headline inflation jumps to 16.2% in October 2022 Egypt’s annual urban consumer inflation accelerated faster than expected in October, climbing to a four-year high of 16.2 percent, data from the statistics agency CAPMAS showed on Thursday. Year-on-year inflation increased to its highest since October 2018, when it hit 17.68 percent, from 15.0 percent in September. Core inflation rose to 19 percent in October […] November 11, 2022
Exclusive Saudi Arabia Vision 2030 Serco expects 50% of Middle East revenue to come from Saudi London-based public service provider Serco expects to draw 50 percent of its Middle East revenue from Saudi Arabia by 2026. Daniel McGregor, corporate development director at Serco Middle East, told AGBI that this ambitious plan is already in motion — and it is being formulated to capitalise on Saudi Arabia’s huge investment in public infrastructure, […] November 10, 2022
Opinion Economy Tunisia’s president must strike balance between unions and IMF Distrust in the Tunisian government and its commitment to reform has hampered negotiations with the IMF over the size of the requested loan November 8, 2022
