Analysis Trade Turkish exporters cautiously optimistic for rest of year Turkish exporters are predicting a strong second half of the year, with expectations of increased shipments to traditional markets and growth into the Middle East. There are lingering concerns that global risk factors will blow a chill wind over sales, however. Turkey’s exports accelerated 3.6 percent in the January to March quarter, with sales worth […] May 10, 2024
Tourism Tourists keep flocking to Egypt as conflict rumbles on Egypt’s visitor numbers rose 27 percent in the first four months of 2024, according to its vice minister of tourism and antiquities. The tourism ministry aims to increase inbound visitors by 25-30 percent this year, as it chases a target of 30 million visitors a year by 2030. Tourists from Arab countries accounted for the […] May 8, 2024
Food & Drink Americana profit tumbles as Gaza boycotts hit sales Americana Restaurants International’s revenue and profit fell again in the first quarter of this year as Mena diners continue to shun western brands in protest at the conflict in Gaza. Americana, which runs 2,456 fast-food outlets across the region, reported a 16.3 percent reduction in revenues year on year, to $493.5 million. Net profit fell […] May 7, 2024
Opinion Economy In times of conflict, spare a thought for the non-Gulf economies Confidence and growth have taken hits – but the tide is turning for some nations, if not all May 3, 2024
Real Estate Aldar’s Egyptian sales unhindered by war and economic risk Real estate developer Aldar says geopolitical and economic volatility is not affecting its expansion in Egypt. The Abu Dhabi-listed company acquired its Egyptian subsidiary Sodic in December 2021. Since then, sales have risen by more than 50 percent on a dollar-basis, Faisal Falaknaz, Aldar’s chief finance and sustainability officer, told reporters on Monday. “What has […] April 30, 2024
Video length: 02:46 Opinion Economy Davos really comes to the desert as the WEF arrives in Riyadh There were elephants – and camels – in the room at the World Economic Forum event April 29, 2024
Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Opinion Markets Middle East escalation would have severe market implications Energy market disruption would be substantial and global oil supply would contract by around 6% April 19, 2024
Tourism Beirut airport arrivals drop as Westerners stay away The daily arrival rate at Lebanon’s only functioning international airport is down by 4 percent year on year in the first quarter of this year, according to Marwan Haber, the head of Middle East Airline’s (MEA) commercial division. Speaking at the Horeca hospitality conference in Beirut on Tuesday Haber said 95 percent of arrivals were […] April 18, 2024
Trade Jordan’s exports rise 15% in Q1 despite regional unrest Jordan’s exports increased by more than 15 percent in the first quarter of the year despite the conflict between Israel and Hamas and the disruptions to maritime trade in the Red Sea. The country recorded “remarkable” growth in export value from January to March, according to the Amman Chamber of Industry. Export value rose to […] April 17, 2024
Logistics Transportation costs fall as Suez disruption eases Global transportation costs fell last month to their lowest level since December as the diminishing impact of Suez Canal disruption led container rates to decline. Latest data shows no discernible impact on supplies from either the Red Sea attacks or from reduced capacity on the Panama Canal, with businesses adjusting to longer delivery schedules. The […] April 16, 2024
Opinion Oil & Gas Iran, Israel and the one simple question for oil markets Geopolitical pressures are building on global energy markets April 15, 2024
Retail Boycott of western brands hurts GCC workers, Apparel chief warns Boycotts of western brands by Gulf consumers in protest against the Gaza conflict only hurts local workers in the region, the founder of the fashion and lifestyle retail conglomerate Apparel Group has warned. The company, which is based in the UAE and handles more than 80 brands from the US, Canada, Europe, Asia and Australia […] April 12, 2024
Economy Middle East exports to rebound as Red Sea fears ease Middle East goods export volumes, which include oil and gas, will expand 3.5 percent this year, the World Trade Organization predicts, adding that disruptions to Red Sea maritime trade are proving less severe than feared. The WTO’s Global Trade Outlook and Statistics report, published on Wednesday, says this expected increase contrasts with a 1.6 percent […] April 11, 2024
Oil & Gas Oil price to hit $100 if Opec+ cuts continue says Vitol chief Crude prices are likely to reach $100 per barrel in 2024 if Opec+ maintains its output cuts, a global commodity trader has said. The supply-constrained market has already reached an average price of $83 per barrel this year, S&P Global Commodity Insights reported, quoting Vitol CEO Russell Hardy’s speech on Tuesday at a summit in […] April 10, 2024
Opinion Oil & Gas Qatar’s role as LNG colossus will grow with North Field Geopolitics, high oil price and LNG demand are upsides for Qatar April 9, 2024
Trade Israel’s trade with Arab countries up 16% in 2023 Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […] April 5, 2024
Economy Lebanon PM to declare ‘agricultural disaster zone’ in south Lebanon’s caretaker prime minister Najib Mikati is to declare the south of the country an “agricultural disaster zone” as the conflict in Gaza batters Lebanon’s beleaguered economy. Speaking at a cabinet meeting on Thursday, Mikati called for “immediate assistance” from UN agencies and Lebanon’s international partners to help the country overcome the impact of a […] April 5, 2024
Oil & Gas Oil prices rise again ahead of Opec+ talks on Wednesday Crude oil prices consolidated on Monday, following a run of increases in the first quarter, fuelled by signs of recovery in China, tighter supplies by the Opec+ producers and geopolitical tensions. Brent was trading slightly higher at $87.28 a barrel in the morning, while West Texas Intermediate rose to $83.45. Brent has gained about 15 […] April 1, 2024
Tourism Lebanon reports visitor increase despite border conflict Visitor numbers to Lebanon increased to their highest levels last year since the 2019 economic crisis, despite conflict on the southern border dampening tourism since October. Figures released by the Ministry for Tourism showed the number of visitors to Lebanon in 2023 reached 1.67 million, a 13.7 percent year-on-year increase. Lebanon registered 1.94 million inbound […] March 20, 2024
Food & Drink Kuwait’s Alshaya lays off Mena Starbucks staff Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is cutting jobs at its Starbucks outlets. The coffee brand has suffered from calls for a boycott since the start of the Gaza conflict. “As a result of the continually challenging trading conditions over the last six months, we have taken the sad and very […] March 5, 2024
Infrastructure Egypt plans extension to make Suez Canal a ‘dual carriageway’ Egypt is to extend the “dual carriageway” segment of the Suez Canal, to allow northbound ships and southbound ships to travel the full length of the canal simultaneously. The canal’s first double-channel stretch opened in 2015. This extension will add 50km in the north and 30km in the south, the chairman of the Suez Canal […] March 5, 2024
