Analysis Aviation Gulf air traffic rebounds but fares still high Air traffic in the Middle East and North Africa region has rebounded beyond pre-pandemic levels, with Saudi Arabia and the UAE marking the highest gains in volume. Traffic up to the second quarter of 2024 has also surpassed levels seen before 2020, according to a study by Airports Council International (ACI). Bahrain (+24 percent), Qatar […] November 5, 2024
Economy Egypt awaits $1.3bn loan from IMF as review begins The International Monetary Fund (IMF) will conduct its fourth review of Egypt’s loan programme on Tuesday, after which $1.3 billion is expected to be released, Egyptian prime minister Mostafa Madbouly has said. The IMF team will collaborate with officials from the Central Bank of Egypt (CBE) and various ministries, local media reported, citing Madbouly’s speech […] November 4, 2024
Food & Drink Americana opens more stores despite profit slump Quarterly profits at Americana Restaurants have shrunk again, but the Middle East franchise owner for KFC, Pizza Hut and Hardee’s continues to open new stores as its promotional drive spurs a recovery in daily sales. The fast-food brand operator reported a 54 percent drop in profit in the third quarter to $37.4 million, as the […] October 31, 2024
Development Saudi Arabia to invest $41bn in Africa over next decade Saudi Arabia is providing at least $41 billion in funding for low-income sub-Saharan countries in Africa, the government announced on Monday. Finance minister Mohammed bin Abdullah Al-Jadaan revealed a $1 billion development initiative for Africa, $5 billion for startups from the Saudi Development Fund over the next ten years, $10 billion in financing from the […] October 28, 2024
Opinion Trade Europe needs to revisit Gulf relations or lose out to Asia The recent EU-GCC summit could not have come at a more critical moment October 28, 2024
Banking and Finance Investment banks enjoy fee windfall from debt issuance Investment banking fees on bond and sukuk issuance in the Middle East and North Africa (Mena) have surged this year as governments, corporations and commercial banks raise increasing amounts of debt to meet their funding needs. Mena debt capital market underwriting fees in the first nine months of 2024 rose 74 percent year on year […] October 23, 2024
Industry Morocco plans to increase its military spending in budget Morocco is planning to increase its military spending by 6 percent next year, as it looks to improve national security and modernise its local capabilities. The defence budget in Morocco’s 2025 Finance Law will be MAD133 billion ($13.4 billion), an increase on the MAD124 billion in the current year’s budget. The Minister of Economy and […] October 23, 2024
Energy Egypt slashes renewables target to focus on natural gas Egypt has cut its renewable energy goal for 2040 from 58 percent down to 40 percent and will focus on natural gas in order to meet increasing energy demand, according to Karim Badawi, the minister for petroleum. Before hosting the Cop27 climate conference in 2022, the North African state announced a target of achieving a […] October 22, 2024
Analysis Tech Data centre projects struggle for funds despite soaring demand Data centre projects in the UAE are struggling to secure financing in their early stages despite an urgent need for more facilities to meet soaring demand, observers say. There are fears this financing gap threatens to slow development and exacerbate the region’s growing shortage of critical data infrastructure needed to fuel digital ambitions. Johan Nilerud […] October 22, 2024
Opinion Economy Reconstructing battered Libya is a work in progress Physical rebuilding is ongoing but restoring the country's reputation will take longer October 16, 2024
Opinion Agriculture Food is the hidden frontier in the Middle East conflict The impact of conflict on food production and trade will be felt around the world October 11, 2024
Analysis Renewable Energy Middle East on track to triple renewables capacity Middle East and North African countries are on track to triple their renewable capacity by 2030, mainly due to expansion of solar photovoltaic projects, the International Energy Agency has said. Renewables are forecast to increase from 53GW in 2023 to almost 150GW by the end of the decade, in which solar PV is expected to […] October 10, 2024
Analysis Leisure & Hospitality Infrastructure needed to support Egypt’s tourism ambitions Regional and international hotel operators are keen to expand in Egypt, but the country needs to improve infrastructure such as airports to support its tourism ambitions, industry sources have said. Egypt aims to emulate the high-end hospitality and entertainment development that the UAE and other Gulf countries have pioneered, at the same time bringing in […] October 9, 2024
Analysis Finance Tunisia’s tough decisions: to reform or face debt default As Tunisia’s president Kais Saied celebrates his re-election, the former lawyer must decide whether to implement unpopular reforms to receive a foreign bailout or risk the North African country making its first ever debt default. Tunisia was close to reneging on some of its borrowings late last year and again earlier this year, but averted […] October 9, 2024
Analysis Construction Middle East crisis further hinders late project delivery The escalating Middle East conflict involving Israel, Lebanon and Iran is further hindering already stretched construction timelines in the Gulf. Safe passage through the Strait of Hormuz is threatened, with concerns that Iran will close the waterway. This route is critical to GCC oil and gas exports. Building projects in the Middle East suffered some […] October 9, 2024
Economy UAE non-oil growth weakens while Gulf neighbours improve Growth in the UAE’s non-oil sector has slowed to its weakest point in three years, but activity in the Gulf countries continues to be the bright spot among survey results for economies in the Middle East. The UAE purchasing managers’ index (PMI) from S&P Global signalled the emirate’s slowest expansion in non-oil business activity for […] October 3, 2024
Economy Morocco’s economy slowed by agricultural slump Morocco’s economic growth is projected to slow to 2.8 percent in 2024 due to a 7 percent contraction in the agricultural sector, the country’s central bank has said. GDP growth will rebound to 4.4 percent in 2025 as the agricultural sector is expected to grow 8.6 percent, assuming an average cereal production of 55 million […] September 26, 2024
Tourism Morocco on course for record-breaking tourism year Morocco is on track to break its record for international visitors after reporting a 13 percent increase in the first seven months of the year. Overnight stays in the North African country passed 15.35 million from January through to July, which was up 8 percent year on year. International tourism accounted for 10.9 million of […] September 24, 2024
Real Estate Dubai’s Emaar pledges Egypt development worth $1 billion Property developer Emaar plans to invest $1 billion in Egypt in the next 12 months, according to a senior executive. Mohamed Alabbar, the Dubai-based company’s founder, shared the news in an interview with an Arabic-language news outlet, saying the new injection of funds by Egyptian affiliate Emaar Misr Development would build on about $20 billion […] September 23, 2024
Finance Egypt to sell United Bank stake next year Egypt’s central bank intends to list the state-run United Bank on the local stock exchange in the first quarter of 2025. The central bank is working to secure approvals from the Financial Regulatory Authority and the Egyptian stock exchange to launch the initial public offering (IPO), the UAE state-run Wam news agency reported. Details of […] September 23, 2024
Analysis Agriculture Legal cannabis offers Morocco a route into Europe The King of Morocco, Mohammed Vl, has taken the unprecedented step of pardoning more than 4,800 illegal cannabis farmers in the north of his country. Mohammed El Guerrouj, the head of the National Agency for the Regulation of Cannabis-Related Activities (Anrac), said the decision was made to encourage farmers to grow cannabis legally and to […] September 20, 2024
Oil & Gas Egypt plans to restore full gas output in 2025 Egypt plans to restore its natural gas production to normal levels by June 2025, the prime minister has said. The country has become a net importer of fuel amid declining domestic output and increasing energy demand. Falling output from Zohr – Egypt’s largest natural gas field developed by Eni of Italy – led to daily […] September 20, 2024
