Markets Most Gulf bourses in black as investors absorb Fed minutes Most bourses in the Gulf rebounded on Thursday, enjoying a respite from their recent sell-off, as investors digest the U.S. Federal Reserve’s firm hawkish stance on taming inflationary pressures. The Fed’s June meeting minutes showed officials rallied around an outsized rate hike, justifying the 0.75-percentage-point increase as near-term inflation outlook had deteriorated since their meeting […] July 8, 2022
Opinion Energy RIP Mohammad Barkindo: a pioneer full of energy The OPEC secretary general cared deeply about climate change and was instrumental in the transition to a decarbonised world July 7, 2022
Markets Egypt’s blue-chip stock index trading at near 6-year lows Egypt’s blue-chip index hit a new near six-year low on Wednesday before recovering slightly in later trading, a day before the release of June inflation data. The index is down 27.44 percent so far this year, having tumbled 3.6 percent to 8,642 on Monday, its lowest since November 2016. In morning trading on Wednesday the […] July 7, 2022
Economy Cost-of-living crisis driving surge in extreme poverty, says UN The global cost-of-living crisis is pushing an additional 71 million people in the world’s poorest countries into extreme poverty, a new report published by the UN Development Programme (UNDP) on Thursday has warned. Achim Steiner, UNDP administrator, said an analysis of 159 developing countries showed that the surge in key commodity prices this year was […] July 7, 2022
Markets Dubai leads most Gulf bourses lower on recession fears Most stock markets in the Gulf ended lower on Wednesday, with the Dubai index falling most, hit by concern over a possible global recession. Dubai’s main share index lost 1.9 percent, dragged down by a 2.8 percent fall for blue-chip developer Emaar Properties and a 2.7 percent decline for sharia-compliant lender Dubai Islamic Bank. Separately, […] July 7, 2022
Economy Egypt non-oil business drops to lowest level for two years Non-oil private sector activity in Egypt dropped in June to its lowest level in two years as inflation, a weaker currency and shortages of materials bit into demand, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) weakened to 45.2 from May’s 47.0, well below the 50.0 threshold that separates growth […] July 6, 2022
Markets Dubai stocks sink again, wiping out 2022 gains The Saudi stock market extended losses for a third session on Tuesday amid mixed responses from Middle East stock markets to rising investor concerns of a possible global recession. Saudi Arabia’s benchmark index eased 0.1 percent, hit by a 4.6 percent slide in Sahara International Petrochemical. The kingdom and the United Arab Emirates are boosting […] July 6, 2022
Opinion Employment Five ways to empower MENA women in the workplace Taking these action points will improve women's careers and help economies grow July 6, 2022
Markets Most Gulf bourses fall as investors fear global recession Most stock markets in the Gulf ended lower on Monday, extending losses as investors remained worried about a global recession. Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. US consumer sentiment hit a record low in […] July 5, 2022
Tourism Egypt shuts Red Sea beaches after tourist killed in shark attack Egypt’s Red Sea Governorate issued an order to shut down several Red Sea beaches on Friday after a 68-year-old Austrian woman was killed in a shark attack earlier that day, off the coast of Sahl Hasheesh, according to two security sources. The victim was transferred to a local private hospital right after the attack, a […] July 4, 2022
Opinion New port plans for Sudan need wider consultation The UAE's plan to invest $6bn in a second port in Sudan has been met with some resistance July 1, 2022
Markets Gulf markets fall on fears of another sharp slowdown Most stock markets in the Gulf ended lower on Thursday, as central banks’ aggressive rate-hike approach to tame inflation stokes fears of a rapid economic slowdown. On Wednesday, central bank chiefs from the US Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control […] July 1, 2022
Banking & Finance Egyptian microfinance firm closes $150m bond issuance Egyptian microfinance lending and payments company MNT-Halan said on Monday it had closed a securitised bond issuance of approximately $150 million, as part of a $600 million program with Commercial International Bank (CIB). “The proceeds will fuel the company’s accelerated growth across multiple lending business lines,” the company said. “We expect our loan book to […] June 29, 2022
Markets Most Gulf stocks track oil prices higher, with Aramco up 3.3% Most stock markets in the Gulf ended higher on Tuesday, tracking oil prices and global shares as China eased some quarantine requirements for international arrivals which raised hopes for stronger growth and a revival in demand for commodities. China slashed the quarantine time for inbound travellers by half in a major easing of one of […] June 29, 2022
Banking & Finance Egypt can no longer depend on foreign money, says minister Egypt’s finance minister said on Monday the government could no longer depend on foreign purchases of treasuries to finance its budget, but must work to boost foreign direct investment (FDI) instead. “The lesson we have learned (is that) you cannot depend on this type of investment. It is coming just to get high yields, and […] June 28, 2022
Markets Drop in commodity prices puts Gulf markets in the black Most Gulf markets extended gains on Monday, tracking global shares as a drop in commodity prices allayed fears of accelerating inflation and aggressive interest rate hikes. Dubai’s main share index gained 0.5 percent, led by a 2.7 percent rise in top lender Emirates NBD. Dubai business park operator TECOM Group said on Monday it had […] June 28, 2022
Dubai takes roadshow to Africa, India and Europe to court startups Dubai Chamber for Digital Economy has launched a new roadshow series in Africa to attract global startups to the city, with plans to expand the initiative to India and Europe. The first roadshow took place in Ethiopia and Kenya where a delegation from the Chamber met with 20 promising African scaleups specialising in advanced technologies […] June 27, 2022
Egypt says rising inflation will be ‘temporarily tolerated’ Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying that for the next six months it would tolerate elevated inflation, caused mainly by the Ukrainian conflict, as the economy grows more slowly than expected. The Central Bank of Egypt (CBE) held its lending rate steady at 12.25 percent and its deposit rate […] June 24, 2022
Markets Qatar shares suffer biggest weekly drop in two years June 23 (Reuters) – Qatari shares led declines in the Gulf on Thursday to post their biggest weekly decline in more than two years, as investors worried that further rises in interest rates to quell decades-high inflation would tip economies into a recession. US Federal Reserve Chair Jerome Powell said on Wednesday the central bank […] June 23, 2022
Court challenge puts spotlight on sharia law in Nigeria A Nigerian court on Thursday will hear a challenge against sharia law in the mostly Muslim northern state of Kano, in a case that is set to reignite debate on the place of religious laws in a country whose constitution is neutral on religion. Nigeria is divided between the largely Christian south and mostly Muslim […] June 23, 2022
Egypt approves 2022-23 budget, expenditure to rise 15% Egypt’s parliament on Tuesday approved the state budget for the financial year that begins on July 1, with expenditure rising by 15 percent and the deficit by 14.5 percent. The budget reflects the government’s desire to continue Egypt’s development and improve the lives of its citizens despite recent economic shocks, Minister of Finance Mohamed al-Maait […] June 22, 2022
Jordan hopes for $3bn in deals from Saudi crown prince visit Saudi Crown Prince Mohammed bin Salman met with Jordan’s King Abdullah on Tuesday amid a thaw in relations after years of tension due to divergent views on regional conflicts and unfulfilled pledges of aid. The first visit to Jordan in years by the de facto ruler of Saudi Arabia comes at a time, officials say, […] June 22, 2022
