MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
Oil under $65 a boon for consumers, but a burden on producers
London, United Kingdom -- US President Donald Trump's tariffs, his call to "drill baby drill" and especially a decision by...
Business
Geostrategy
Tunisia’s main workers union criticizes IMF loan talks
TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on...
- Despite an agreement in principle on the loan, talks with the IMF have stalled for months over Tunisian President not committing to restructure public bodies.
- The IMF has called for legislation to restructure over 100 state-owned firms, which hold monopolies over many parts of the economy.
Business
Over 3.8m passengers transit through Sharjah Airport in Q1 of 2023
SHARJAH, UAE -Â Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01...
- The aircraft movement in Q1 of 2023 rose by 9.02 per cent, with 23,261 flights compared to 21,336 flights during the same period in 2022.
- There have been continued efforts by Sharjah Airport Authority to increase passenger numbers and aircraft movements.
Business
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.
- The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
- The buyback will capitalize on the current share price discount compared to the company’s book value.
Business
AD Ports Group purchases bulk carriers, crude oil tankers
ABU DHABI, UAE - AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and...
- These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives.
- The five bulk carriers, to be purchased for AED459 million, form part of the long-term agreement with Saif Powertec, signed in April 2022.
Economy
Qatar’s industry PPI down by 2.56 percent in March
The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed...
- The PPI include four main industry sectors-- mining (82.46 percent), manufacturing (15.85 percent), electricity (1.15 percent) and Water (0.52 percent).
- The prices decrease is seen in refined petroleum products by 2.39 percent, followed chemicals and chemical products by 0.95 percent
Business
US regulators seize First Republic Bank, sell to JPMorgan Chase
With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank...
- JPMorgan will assume "all deposits, including those uninsured, and a majority of the assets," California's Department of Financial Protection and Innovation said
- First Republic had failed to come up with a workable rescue plan and last week disclosed that it had lost more than $100 billion in deposits in the first quarter
Business
Japan’s investment in Egypt soars, but bilateral trade contracts
Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments...
- In 2022, Egypt sent exports worth $261 million to Japan, including fuel, minerals, fruit, iron and steel products, carpets, and animal feed
- Japan exported goods worth $889 million to Egypt in 2022, including boilers, machinery, equipment, cars, tractors, bicycles and pharmaceutical products
Economy
Saudi CMA cancels its share in sukuk, bonds trading commission
Riyadh, Saudi Arabia--The Capital Market Authority (CMA) has announced the cancelation of its share in sukuk and bonds trading commission...
- It is designed to lower costs for participants in the market, boost liquidity and expand domestic investors' based in government debt issues
- With this step, the CMA hopes to develop a diversified financial sector and create an advanced capital market in line with the Vision 2030 objectives
Economy
Iran-Turkey trade hits $1.3bn in 3 months
Tehran, Iran - Iran and Turkey have traded $1.379 billion worth of goods in the first quarter of 2023, according...
- Eurostat also reported a 17 percent decrease in Iranian gas exports to Turkey, totaling 1.567 billion cubic meters in the same period
- The two nations have set a target of $30 billion in annual trade and to achieve this, both governments have been working to remove trade barriers
Economy
UAE to deepen economic ties with Morocco in several sectors
Rabat, Morocco-- Seeking to deepen its investments in Morocco, which stood at US$14 billion at the end of 2021, the...
- Having invested US$14 billion at the end of 2021, the UAE is the largest Arab investor in Morocco and second in the world
- The UAE and Morocco will double the volume of trade and investment during the next few years and also ramp up cooperation in many sectors
MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
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Russian oil price cap partially successful
Geostrategy
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Tawzea, NWC ink pacts
Business
WEF24: Corruption puts institutions, growth at risk
Despite existing laws, global corruption has not decreased due to lack of enforcement and judicial independence, Francois Valerian of Transparency...
Interview
UAE healthcare spending set to reach $30.6bn by 2027
The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a...
Economy
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
Business
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Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
- The ministerial meeting (MC13) will convene representatives of 164 nations and trading blocs.
- MC13 will seek key reforms to the global trading system, including expanding WTO membership .
Economy
GCC central banks mimic Fed, hold interest rates steady
Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...
- CBUAE has kept the base rate applicable to the overnight deposit facility (ODF) at an unchanged level of 5.40%
- The US Federal Reserve held its key interest rate steady and hinted at the possibility of rate cuts in the future
Economy
Egypt grapples with dollar crunch as debt explodes
With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the...
- Egypt has seen remittances from overseas workers drop 30% in July-September 2023 alone
- Its external debt rose to $164.7bn and the cost of servicing that debt this year will be $42bn