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
Banking and Finance Dubai regulator upholds nearly $136m fine on Abraaj founder Dubai’s financial regulator said on Tuesday it upheld a $135.6 million fine on collapsed private equity firm Abraaj Group’s founder and former CEO Arif Naqvi “for his serious failings” in respect of the company. Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed in 2018 after investors […] January 4, 2023
Banking and Finance Emirates NBD to issue 3-year dirham-denominated bond Dubai’s biggest lender Emirates NBD has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed. The senior, unsecured bond, under the bank’s $20 billion medium-term notes programme, will be issued subject to market conditions following a series of investor calls, which were scheduled to begin on Tuesday. […] 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
Analysis Food & Drink Dubai’s alcohol tax cut met with some cheers but more booze Dubai’s move to suspend the 30 percent tax on alcohol has triggered differing views about its impact on retail and hospitality businesses and their customers. Some experts say it will result in a short term boost in sales and will deter residents from travelling to other emirates to buy cheap liquor. But industry insiders disagree […] January 3, 2023
Analysis Banking and Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 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
Banking and Finance UK announces cash support for low-income households Millions of low-income households in Britain will receive cost-of-living support from the government of up to £900 ($1,084) over the financial year, the country’s Department of Work and Pensions said on Tuesday. The money will directly go to claimants’ bank accounts in three payments over the financial year, the department said in a statement. The […] 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
Banking and Finance Bank of Israel raises key rate and seeks fiscal restraint The Bank of Israel raised its benchmark interest rate by half a point on Monday, and will likely continue its increases a bit more in coming months, saying it seeks to curb inflation running above five percent. The central bank as expected lifted its key rate to a 14-year high of 3.75 percent from 3.25 […] January 3, 2023
Exclusive Banking and Finance UK fintech Total Processing to expand to Saudi and Egypt Online payments firm Total Processing plans to start operating in Saudi Arabia by the middle of 2023 and then in Egypt, after achieving 30 percent month-on-month revenue growth since it launched in Dubai in 2021. The company, headquartered in the UK, has witnessed strong growth in the Mena e-payments sector as e-commerce booms and governments […] January 3, 2023
Banking and Finance Mena professionals vow to build up their savings in 2023 Saving money is the top new year’s resolution for Mena professionals, a survey has found. In the poll by jobs site Bayt.com, almost two-thirds (63 percent) of the 2,988 respondents said building a nest egg was their No 1 priority for 2023. Keren Bobker, a Dubai-based independent financial adviser and senior partner at Holborn Assets, […] January 2, 2023
Banking and Finance Egyptian sovereign fund attracts investments worth $1.5bn The Sovereign Fund of Egypt has attracted 43 percent of total foreign direct investment, or EGP37 billion ($1.49 billion), since 2018, Ahram Online newspaper reported, citing a statement by Egyptian presidential spokesman Bassam Rady. The money has been invested in 14 projects across several economic sectors, including green hydrogen, water desalination and education. “This will […] January 2, 2023
Banking and Finance Qatar Financial Centre manages assets worth $28bn Assets managed by the Qatar Financial Centre (QFC) have reached $28.3 billion, with over 1,500 local and global enterprises operating in the financial and non-financial sectors, the centre’s CEO Yousuf Mohamed Al Jaida told Qatar News Agency. In 2018, the centre announced its objectives for growth by 2022, including registering more than 1,000 companies on […] January 2, 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
Banking and Finance Israeli bank freezes mortgage rates for hard-hit homeowners Israel’s Bank Hapoalim will not pass on to customers the central bank’s next increase to interest rates, citing the struggles of homeowners faced with higher mortgage payments amid a broad spike in the cost of living. The Bank of Israel has raised its benchmark interest rate to 3.25 percent from 0.1 percent since April, resulting […] 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
Economy US dollar eyes best year since 2015 on Fed’s monetary stance The US dollar was on track for its best performance in seven years on Friday, having been buoyed by the Federal Reserve’s aggressive monetary policy tightening and concerns about the global growth outlook. The US dollar index, which measures the greenback against a basket of currencies, has surged more than eight percent this year, the […] December 30, 2022
Economy Egypt lifts import curbs, backs bigger private sector role Egypt has lifted a key restriction on imports and approved a list of economic activities the government would leave to the private sector, in an effort to meet two key conditions attached to the International Monetary Fund’s (IMF) $3 billion support package. In a statement, the central bank said it dropped a requirement for importers […] December 30, 2022
