Economy Rishi Sunak to be UK prime minister: What you need to know Rishi Sunak will be Britain’s next prime minister after his rivals quit the race, following one of the most turbulent periods in British political history. Politics Sunak, the 42-year-old former finance minister, will become Britain’s third prime minister in less than two months. His predecessor Liz Truss was brought down after just six weeks in […] October 24, 2022
Economy Saudi Crown Prince will not attend Arab summit in Algeria Saudi Crown Prince Mohammed bin Salman will not travel to Algeria next month to attend a summit of the Arab League on medical advice, the royal court confirmed in a statement on state media on Sunday. Doctors had advised Prince Mohammed, 37, to avoid long-haul flights that might affect his middle ear, said the royal […] October 24, 2022
Economy Sterling rallies as UK PM Liz Truss resigns over mini budget fiasco Sterling pared gains following the announcement that Liz Truss was resigning as prime minister of the UK. The country’s mid caps jumped as much as one percent as Truss, speaking outside the door of her Number 10 Downing Street office, said a leadership election would be completed within the next week. Truss appointment as UK […] October 20, 2022
Analysis Economy $35bn ‘locked’ in balance sheets of Middle East listed companies Listed businesses in the Middle East have experienced a rebound with revenues rising above pre-pandemic levels, but billions of dollars remain trapped on balance sheets due to working capital inefficiencies. The annual working capital study by PwC Middle East says the recovery has been driven by a strong response by the region’s governments to the […] October 20, 2022
Economy Pensions in demand as expats stay longer in the Gulf Expats are staying in the Gulf longer than the global average, leading to greater demand for pension services in the UAE and Saudi Arabia. “We have observed an increase in interest and discussion in the Middle East around offering pension type savings for expatriate employees,” said Robert Ansari, head of investment and retirement for India, […] October 20, 2022
Economy King Salman hails Saudi’s ‘renaissance’ in annual speech The king pointed to a $53.2bn infrastructure spend, praised 'unique' projects such as NEOM and discussed oil markets and the role of women October 18, 2022
Analysis Economy Egypt aims to double private sector to tackle economic woes Weakened by the consequences of the war in Ukraine, Egypt has been forced to negotiate a new loan from the International Monetary Fund and wants to double the private sector’s share in its economy. By 2025 Egypt’s government wants the country’s private sector’s investment contribution to more than double to 65 percent from the current […] October 17, 2022
Economy Saudi Arabia launches index to gauge private sector performance Saudi Arabia’s Ministry of Economy and Planning has launched an economic analysis index, MEPX, to monitor performance in the kingdom’s private sector. The index has been designed to track 10 factors in four categories: consumers, firms, the financial sector and the trade sector. The ministry said it would provide regular, in-depth analysis of private sector […] October 17, 2022
Economy China’s Xi talks up security, COVID stance as congress opens Chinese President Xi Jinping called for accelerating the building of a world-class military while touting the fight against COVID-19 as he kicked off a Communist Party Congress by focussing heavily on security and reiterating policy priorities. Xi, 69, is widely expected to win a third leadership term at the conclusion of the week-long congress that […] October 17, 2022
Economy Lebanon president accepts maritime border deal with Israel Lebanon’s president, Michel Aoun, announced on Thursday his country’s acceptance of the US-brokered maritime border deal with Israel, saying talks had come to “a positive end.” Aoun said the deal represented an “historic achievement” in which Lebanon regained 860 square kilometres (km) of disputed maritime territory but insisted it did not pave the way to […] October 14, 2022
Economy Inflation in Saudi Arabia rises to 3.1% on higher food prices Saudi Arabia’s inflation rose to 3.1 percent in September, driven mainly by higher food prices, rents, and the rising cost of utilities, the General Authority for Statistics said on Thursday. Compared to the previous month, the Consumer Price Index (CPI) for September was marginally higher, up 0.3 percent, it added. Food and beverage prices rose […] October 14, 2022
Economy IMF sees MENA 2022 growth at 5%, as GCC outperforms peers The International Monetary Fund (IMF) projects Middle East and North African GDP will grow by five percent this year, up from 4.1 percent in 2021, before slowing to 3.6 percent in 2023 as global conditions worsen, a senior official said on Thursday. Inflation in MENA was projected to average 14.2 percent in 2022 and to […] October 14, 2022
Economy US national security seeks to contain China’s rise The White House rolled out a long-delayed national security strategy on Wednesday that seeks to contain China’s rise while re-emphasising the importance of working with allies to tackle challenges confronting democratic nations. The 48-page document, which was delayed by Russia’s invasion of Ukraine, includes no major shifts in thinking and introduces no major new foreign […] October 13, 2022
EXCLUSIVE Energy Britain ‘just scratching the surface’ of Saudi trade potential More big ticket Saudi investments are likely in the UK as the two countries seek closer clean energy collaboration to feed into their net zero ambitions. The announcement by Saudi Arabia’s Alfanar Group that it will invest £1 billion in a sustainable aviation fuel project on Teesside in the north of the UK could act […] October 12, 2022
Economy Sri Lanka approves downgrade to ‘low income country’ Sri Lanka’s cabinet has approved a proposal to downgrade the island nation’s economic status to “low income country”, in order to get access to concessional funding from international organisations, the cabinet spokesman said on Tuesday. Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4 percent in the June quarter in one […] October 11, 2022
Economy Egypt’s inflation rate rises to near four-year high Egypt’s annual urban consumer inflation rose to a slightly faster-than-expected 15 percent in September, its highest in almost four years, data from the country’s statistics agency CAPMAS showed on Monday. The inflation rate sped up from August’s 14.6 percent year on year, according to CAPMAS data, to the highest level since November 2018, when it […] October 11, 2022
Economy Turkish unemployment rate falls on economic woes Turkey’s unemployment rate dropped 0.4 percentage points month-on-month to 9.6 percent in August, while a seasonally adjusted measure of labour under-utilisation fell to 19.8 percent, data showed on Monday. The labour under-utilisation measure, which stood at 22.4 percent in July, has been on a falling trend since peaking at 29.6 percent in January 2021 due […] October 11, 2022
Economy UAE approves 2023-2026 budget; spending up 4% to $69bn The United Arab Emirates government approved the federal budget for 2023 to 2026 on Monday, with a total expenditure of AED 252.3 billion ($68.69bn). Total revenue over the period is estimated at AED 255.7bn, marginally more than spending. In 2023, revenue is seen to grow 11 percent while spending will increase just under four percent. […] October 11, 2022
Economy Morocco’s economic growth slows as agriculture slumps Morocco’s economic growth is projected at 1.8 percent in the third quarter of 2022, compared to 2 percent in the previous year, Morocco World News has reported, citing the country’s Higher Commission for Planning. The agriculture sector’s contribution fell by 15.2 percent and is expected to decrease further by almost 16 percent at the end of 2022, […] October 10, 2022
Economy Qatar population rises 13.2% in World Cup hiring surge Qatar’s population has surged by 13.2 percent in a year, official data shows, as the tiny Gulf state recruits thousands of overseas workers ahead of hosting the World Cup in November and December. The wealthy gas producer’s population stood at 2.94 million after some 370,000 additional people moved to Qatar in the 12 months to […] October 10, 2022
LONG READ Banking and Finance Lebanon’s banking crisis can only be solved with political reforms Lebanon’s banking sector is in ruins, with little progress made in reforming the ailing industry, whose collapse has helped plunge four-fifths of the country’s population into poverty and forced many citizens to take up arms to withdraw their own savings from banks. Having imposed unofficial capital controls following an unravelling of the Lebanese pound’s longstanding […] October 10, 2022
Economy Israel’s central bank chief sees rates peaking to avoid recession Israel’s aggressive interest rate hiking cycle aimed at lowering inflation was at a “well advanced” stage, Bank of Israel Governor Amir Yaron said, with price pressures starting to ease and inflation hopefully moving back into its target range next year. Israel will likely avoid a recession, Yaron said, and growth will be stronger than the […] October 7, 2022
