Economy UK-GCC trade talks set to enter third phase in Riyadh A third round of negotiations for a free trade agreement between the UK and the GCC is set to take place in the Saudi capital Riyadh early next year. The talks will follow a second round of negotiations that took place in London between December 5 and 9, the UK government has revealed in a […] December 20, 2022
Economy How governments are trying to ease impact of inflation? Pandemic-related disruptions to global supply chains and the effects of Russia’s war in Ukraine have driven up prices of energy, commodities and necessities. Here’s how governments are trying to help hard-hit consumers and companies: Middle East and Africa – Saudi Arabia and the United Arab Emirates in July raised social welfare spending. – Egypt has […] December 20, 2022
Economy Bank of Korea stresses highly uncertain inflation path South Korea’s central bank said on Tuesday the country’s consumer inflation would remain around five percent for some time and then gradually ease, but cautioned that domestic and global factors are raising uncertainty about how fast prices will slow. “Going forward, uncertainty is high with regard to the oil prices, foreign exchange rates, domestic public […] December 20, 2022
Economy UAE forecasts GDP growth at 7.6% in 2022 and 3.9% in 2023 The Central Bank of the United Arab Emirates expects real gross domestic product (GDP) growth of 7.6 percent this year, up from its previous expectation of 6.5 percent, state-owned WAM news agency reported. In its Q3 2022 review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including tourism, […] December 20, 2022
Economy Qatar expects a 16% revenue increase in 2023 budget Qatar approved its 2023 fiscal year budget on Monday with revenue projected to increase 16.3 percent next year, its finance minister said, thanks to lower oil prices. Total annual income is estimated at QAR 228 billion ($62.64 billion) and spending at QAR 199 billion, with a budget surplus of QAR 29 billion, state news agency […] December 20, 2022
Banking and Finance EBRD provides $80m to support Turkey’s hospital infrastructure The European Bank for Reconstruction and Development (EBRD) will provide a €75 million ($80 million) long-term convertible loan to a subsidiary of Turkey’s Ronesans Holding for investment in hospital infrastructure. Ronesans Saglik Yatirim, the unit of the conglomerate that runs hospitals, will undertake to complete the newly acquired hospital project in their portfolio, EBRD said. […] December 20, 2022
Economy IMF looks for Egyptian currency flexibility after December-end The International Monetary Fund (IMF) will be watching for a shift by Egypt to a flexible exchange rate after a requirement to finance imports through letters of credit is phased out at the end of this month, a senior IMF official said on Monday. The IMF’s executive board on Friday approved a 46-month, $3 billion […] December 20, 2022
Analysis ‘Primed for growth’: UAE and Indonesia cement trade ties When Kaesang Pangarep, the son of President Joko Widodo of Indonesia, married this month, the guests included Sheikh Khaled Bin Mohamed Al Nahyan, chairman of the Abu Dhabi Executive Office, representing the UAE’s president, his father Sheikh Mohamed. The invitation highlighted the growing relationship between the UAE and Indonesia, just weeks after the two countries […] December 19, 2022
Banking and Finance Turkey extends forex-protected lira deposit scheme for a year Turkey has extended by a year a scheme that it had adopted in the throes of a 2021 currency crisis, which protects lira deposits from depreciation versus hard currencies. A presidential decree published in Saturday’s official gazette amended the deadline for opening new so-called KKM accounts to December 31, 2023. President Tayyip Erdogan’s government introduced […] December 19, 2022
Economy Chinese business confidence falls to lowest in almost a decade China’s business confidence fell to its lowest since January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging Covid-19 cases on economic activity with the abrupt lifting of many pandemic control measures. The index fell to 48.1 in December from 51.8 in November, showed the World Economics’ survey of sales […] December 19, 2022
Banking and Finance Saudi’s Neom signs agreements to fund green hydrogen project Neom Green Hydrogen Company (NGHC) has signed facility agreements with local, regional and international banks and completed a commitment letter with the Saudi Industrial Development Fund (SIDF) for the $5 billion green hydrogen production facility in the Neom mega project. The financing for the world’s largest green hydrogen production facility is structured with significant participation […] December 19, 2022
Economy IMF approves $3bn financial support package for Egypt The International Monetary Fund (IMF) executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyse additional funding of about $14 billion, the fund said in a statement. The package, extended fund facility, includes a flexible exchange rate regime and enhanced social safety nets to protect the vulnerable, the […] December 18, 2022
Economy Tunisia looks to boost trade with African neighbours Tunisia is looking to increase trade with its African neighbours, particularly sub-Saharan countries, amid an expected slowdown in business with Europe. Geopolitical tensions arising from the Russian invasion of Ukraine have fuelled international inflation levels, which could impact levels of trade between Tunisia and its European partners, according to Mélanie Laloum, lead economist, global policy, […] December 17, 2022
Economy Egypt and Arab countries trade exchange hits $22bn The volume of trade exchange between Egypt and Arab countries reached $21.9 billion during the first nine months of 2022, compared to $18.4 billion in the previous year, Ahram Online newspaper reported, citing the Egyptian Central Agency for Public Mobilisation and Statistics. Egypt’s exports to Arab countries climbed to $8.8 billion during the period, up […] December 16, 2022
Economy Saudi inflation eases in November but housing rents rise 5.4% Saudi Arabia’s annual inflation rate eased to 2.9 percent in November from three percent in October, government data showed, with price rises driven mainly by housing costs. Consumer prices increased slightly by 0.1 percent compared to October, Saudi Arabia’s General Authority for Statistics said. Housing rents rose by 5.4 percent, pushing the overall increase in […] December 16, 2022
Banking and Finance Turkey’s central bank unlikely to change policy rate next week Turkey’s central bank is expected to keep its policy rate unchanged next week, a Reuters poll showed on Thursday, having decided to end the cycle after cutting it to nine percent in line with President Tayyip Erdogan’s call for single-digit rates. The central bank has lowered its one-week repo rate by 500 basis points in […] December 16, 2022
Banking and Finance Mubadala and Ardian in $2.1bn private equity partnership Paris-based private equity fund Ardian and Abu Dhabi state investor Mubadala’s asset management arm said on Thursday they were forming a $2.1 billion private equity partnership. Ardian would invest in a portfolio of private equity assets managed by Mubadala Capital, and make a primary commitment to its private equity funds, a joint statement said. As […] December 16, 2022
Opinion Banking and Finance Life insurance: the gift of financial stability for the family left behind The point of life insurance is not just about the money but about what it means to your dependents December 15, 2022
London-listed Centamin reports higher gold reserves in Egypt London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […] December 15, 2022
Economy EU leaders head for tussle over rescue plans for industry European Union (EU) leaders will argue on Thursday over how to prop up their countries’ industries, which have been whacked by soaring energy prices since the outbreak of war in Ukraine and now face the threat of subsidy-fuelled US competition. Poorer EU countries want a coordinated response to the US Inflation Reduction Act (IRA) – […] December 15, 2022
Markets Elon Musk sells 22m shares worth $3.58bn of Tesla Tesla Inc chief executive officer Elon Musk has sold 22 million shares worth $3.58 billion in the electric-vehicle maker this week, a US securities filing showed on Wednesday. The latest sale, Musk’s second since his $44 billion purchase of Twitter in October, brings the total Tesla stocks sold by the billionaire to nearly $40 billion over the past […] December 15, 2022
Banking and Finance Barclays weighs Saudi re-entry amid capital markets boom Barclays is exploring a return to Saudi Arabia in a bid to capture a slice of the country’s burgeoning capital markets, two people close to the matter told Reuters. The British bank is looking at securing a license in the kingdom to be able to manage deals including initial public offerings (IPOs), the people said, […] December 15, 2022
