Trade Turkey’s exports hit all-time high of $256bn in 2023 Turkey registered exports of $255.81 billion, hitting an all-time high despite the impact of the devastating earthquakes in early 2023. Exports rose marginally by 0.6 percent from $254 billion in 2022, beating the government’s medium-term programme unveiled last September. Ankara’s exports fell to $169.5 billion in 2020. “We have observed a persistent decrease in the […] January 3, 2024
Banking and Finance Giga-projects squeeze liquidity for Saudi banks Banks in Saudi Arabia are being pushed to finance the kingdom’s colossal Vision 2030 projects, triggering a liquidity squeeze in the mid-market sector and creating demand for private credit, a senior executive at Rothschild & Co told a conference in Abu Dhabi Private credit refers to non-bank lending, where investors provide debt financing directly to […] January 3, 2024
Employment ‘No loopholes for companies’ to be found in Saudi HQ rules Multinational companies looking for loopholes in Saudi Arabia’s regional headquarters rules will not find them, although the exceptions set out in the small print could affect negotiations, business relocation experts have told AGBI. As of Monday, foreign companies looking to gain access to billions of dollars worth of government contracts must have their regional headquarters […] January 3, 2024
Trade UAE finalises trade deal terms with Congo The UAE and the Republic of Congo have finalised the terms of a comprehensive economic partnership agreement – and are looking to the Cepa to build on their growing trade relationship. Bilateral non-oil trade increased 134 percent year on year during the first six months of 2023, to reach $2.1 billion. The two countries also […] January 2, 2024
Retail UAE enforces new rules for buy-now-pay-later operators Updated regulations for buy-now-pay-later service providers and other finance companies providing short-term credit facilities have been introduced by the Central Bank of the UAE. Buy-now-pay-later (BNPL), a business model that allows consumers to make immediate online purchases and spread their payments over interest-free instalments, has grown in popularity in the Gulf post Covid-19. Last month, […] January 2, 2024
Manufacturing Turkey’s manufacturing sector weakens for sixth month Turkey’s manufacturing sector deteriorated for a sixth straight month in December although the industry fared slightly better than in November, data published on Tuesday showed. The Istanbul Chamber of Industry’s Turkey PMI Manufacturing Index registered 47.4 in December, up from 47.2 a month earlier. A figure below 50 indicates the sector is contracting, while above […] January 2, 2024
Opinion Oil & Gas Five outrageous Middle East predictions for 2024 Pure madness or real possibilities? You decide January 2, 2024
Finance Value of Saudi bourse rises 14% to $3 trillion in 2023 The total market capitalisation of the Saudi stock exchange rose 14 percent year on year to SAR 11.26 trillion ($3 trillion) in 2023 on higher turnover value, the Saudi Exchange (Tadawul), the operator of the bourse, said in a report. The number of trades executed during the year rose 6.96 percent to 94.02 million from […] January 2, 2024
Economy Oman forecasts 2024 budget deficit despite higher revenue Oman expects a budget deficit of OMR640 million ($1.66 billion) in 2024, 1.5 percent of the country’s gross domestic product (GDP). Total revenues are projected at OMR11.01 billion, up 9.5 percent from 2023 estimates, with non-oil revenues estimated at OMR520 million, the state-run Oman News Agency reported, citing the finance ministry statement. Oil revenues are […] January 2, 2024
Finance New investors joining DFM rise 13% in 2023 The number of new investors at the Dubai Financial Market (DFM) increased 12.5 percent year on year to 57,054 in 2023. The growth was driven by several factors, including the strong momentum in the market following the listing of government and semi-government companies and the increasing popularity of online trading, the UAE state-run Wam news […] January 2, 2024
Banking and Finance Investment funds circle distressed companies Investment funds that bet on troubled companies are predicting a rise in Gulf businesses falling into distressed debt as global economic strains intensify. Pockets of financial distress are beginning to emerge in the region, driven by high interest rates, sluggish growth and escalating inflation, industry experts say. Blantyre Capital, a UK-based asset manager that focuses […] January 2, 2024
Finance PIF top spender among sovereign funds in 2023 Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), was the top spender worldwide among state-owned investors, the 2024 Global Sovereign Wealth Fund report has revealed, underlining the kingdom’s determination to reallocate its hydrocarbon revenues to diversify and expand its domestic economy. State-owned investors include sovereign wealth funds (SWFs), public pension funds and central banks, […] January 1, 2024
Finance Market cap of Egyptian bourse rises 79% in 2023 The market capitalisation of the Egyptian stock exchange surged 79 percent in 2023, hitting EGP1.72 trillion ($55.47 billion) from EGP961.2 billion in 2022. The benchmark EGX30 index closed at 24,894.26 points in 2023, compared to 14,598.53 points in 2022, Egypt Today newspaper reported. This was a rise of 71 percent. Investor concerns over rising inflation […] January 1, 2024
Finance eXtra to seek approval for consumer finance unit IPO Saudi retailer United Electronics Company (eXtra) plans to launch an initial public offering (IPO) of its Shariah-compliant consumer finance business. United Company for Financial Services (Tasheel), which provides non-banking financial services to its clients, is owned by eXtra’s subsidiary, United International Holding Company. The IPO will be a “significant transaction” subject to the shareholders’ approval, […] January 1, 2024
Economy Abu Dhabi’s non-oil economy grows 7.7% in Q3 Abu Dhabi’s non-oil economy grew 7.7 percent in the third quarter of 2023, driven by the emirate’s proactive efforts to diversify away from hydrocarbons. The emirate’s economy reached its highest quarterly value at AED290.5 billion ($79.09 billion), rising one percent year on year in real gross domestic product (GDP) in the third quarter, despite the […] January 1, 2024
ANALYSIS Economy From sports to oil cuts: Saudi Arabia’s year in review As the curtain comes down on 2023 and Saudi Arabia moves closer to its Vision 2030 deadline, AGBI looks back at the highlights and notable events of the past twelve months in the kingdom. Saudi Arabia wins hosting rights for major events Saudi Arabia’s drive to draw global attention to its development efforts scored important […] January 1, 2024
Finance Saudi Arabia and UAE among five new Brics members The membership of the Brics bloc will double with Saudi Arabia, the UAE, Egypt, Ethiopia and Iran set to formally join on January 1, Bloomberg reported, citing South Africa’s envoy to the bloc Anil Sooklal. The founding members Brazil, Russia, India, China and South Africa invited six other nations to become part of their group […] December 31, 2023
Analysis Transport Turkey’s EV production finally gets into gear Turkey has long been a manufacturing base for the global auto industry, producing vehicles for more than a dozen industry giants such as Ford, Toyota and Renault. Its transition into electric vehicle (EV) manufacturing has been slow to materialise, but the country is now making up for lost time. First announced in 2017, 2023 saw […] December 29, 2023
Finance Turkey’s minimum wage hike may elevate inflation further Turkey’s larger-than-expected minimum wage hike, which impacts some seven million workers, is expected to push already elevated inflation even higher in the coming months, economists and sector officials said. Labour Minister Vedat Isikhan said on Wednesday the monthly minimum wage will be TL17,002 ($578) in 2024, a 49 percent increase from the level determined in […] December 29, 2023
Trade GCC and South Korea sign free trade agreement South Korea and the GCC have signed a free trade agreement as the region continues to pivot eastwards for growth. The agreement will cover trade in goods, services and government procurement, as well as cooperation among small and medium-sized enterprises, customs procedures and intellectual property, among other areas, according to a statement. Trade between the […] December 28, 2023
Finance UK dominates $60bn foreign direct investment into Oman Foreign direct investment in Oman hit almost OMR23 billion ($59 billion) by the end of the third quarter of 2023, with the UK accounting for the half of it, preliminary data issued by the National Centre for Statistics and Information has revealed. Nearly 77 percent (OMR17.67 billion) of the total foreign direct investment focused on […] December 28, 2023
Finance Turkey hikes monthly minimum wage by 49% Turkey is increasing its monthly minimum wage by just under half, to TL17,002 ($578) from January 1 2024. The increase is likely to boost purchasing power among workers, more than a third of whom earn the minimum wage. The announcement came after the country’s labour and social security minister, Vedat Işıkhan, discussed the issue with […] December 28, 2023
