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An Ooredoo shop in Tunis. Tunisia is one of the countries where the company intends to improve connectivity

Ooredoo to spend $1bn upgrading overseas networks

Qatari telecoms group Ooredoo is to spend $1.1 billion upgrading its mobile coverage and quality of servies in a number of key overseas markets. Over the period 2024-26, the company will allocate substantial sums to improve connectivity in Algeria, Tunisia, Gaza and the West Bank, Iraq and the Maldives.  Ooredoo’s operations in Gaza have been […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]

KFC, Pizza Hut and Hardee's at Americana Plaza Mall in Cairo. All three fast food brands experienced a regional drop-off in Q4 2023

UAE diners eat local as global fast food faces boycott

Homegrown restaurants in the UAE are reporting a lift in sales since the start of the Israel-Gaza conflict, as diners opt for local brands over international fast-food outlets. Steve Flawith, founder of UAE-based Yolk Brands that operates the Pickl and BonBird chains, said its sales have increased by 15 to 20 percent since the start […]

Stunted GDP growth 'is largely due to short-term cuts in oil production' said IMF chief Kristalina Georgieva

IMF chief says oil cuts weigh on Mena GDP growth  

Gross domestic product (GDP) growth for the Middle East and North Africa (Mena) is expected to reach 2.9 percent in 2024, which is higher than last year, but still below October 2023 projections, International Monetary Fund (IMF) managing director Kristalina Georgieva said. “This is largely due to short-term cuts in oil production, the Gaza-Israel conflict, […]

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud. Saudi Aramco has been instructed to maintain output at 12m bpd

Business as usual at next Opec+ meeting say experts

Opec+ is unlikely to make any drastic policy changes when it holds its ministerial panel on Thursday, according to industry experts. It is thought the organisation, which consists of the Saudi-led Opec bloc and the Russian-led non-Opec group with 10 participants, will probably focus on verifying members’ compliance with agreed output levels and their commitment […]

Children on a street in Bourj Hammoud, northeast of Beirut. Lebanon has been hit hard by food price inflation

Gaza war proves ‘another large shock’ for fragile Lebanon

Hopes that Lebanon’s economy could register its first annual growth in five years have been dashed by the impact of the Israel-Gaza conflict, according to the World Bank. Its latest Lebanon Economic Monitor said the fighting and fears of an escalation were “another large shock” to the country’s precarious economy. Before the outbreak of violence […]

An investor walks through the Dubai Financial Market. The emirate's stock exchange is expected to outperform in 2024

Dubai and Saudi markets likely to perform best in 2024

Dubai and Saudi Arabia have been the top performers in a mixed year for Gulf stock markets and it is likely the duo will again outpace their regional rivals in 2024, analysts predict. As of December 18, Dubai’s index had gained about 19.7 percent and Saudi Arabia was up 8 percent. Yet Abu Dhabi – […]

Weak global growth in 2024 could prompt further Opec+ cuts if the oil market shifts decisively into surplus, said Fitch Ratings

Oil markets stand by ahead of Opec+ meeting

Oil prices rebounded slightly on Wednesday but uncertainty reigned ahead of Thursday’s Opec+ meeting where the question of temporary cuts is likely to dominate. Brent traded at $82.34 at 15.11 GST, while WTI climbed 1 percent to $77.36, supported by a supply disruption caused in the Black Sea, a weakening dollar, and reduced geopolitical risk […]