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Economy

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Oil revenues help boost MENA economic growth

By TRENDS Desk
June 14, 2022 12:11 pm
  • Economic growth in the MENA region is forecast to accelerate to 5.3% in 2022 before slowing to 3.6% in 2023, according to the World Bank. Click for the country-wise breakup.
  • The global growth, meanwhile, is expected to slump from 5.7% in 2021 to 2.9% in 2022— significantly lower than 4.1% that was anticipated in January, it added.

Economic growth in the MENA region is forecast to accelerate to 5.3% in 2022 before slowing to 3.6% in 2023, according to the latest World Bank report.

The global growth, meanwhile, is expected to slump from 5.7% in 2021 to 2.9% in 2022— significantly lower than 4.1% that was anticipated in January, it added.

The current rebound in Mena is due mainly to strong growth in oil exporters boosted by rising oil revenues and a general waning of the pandemic’s adverse impacts in highly vaccinated countries, the World Bank’s latest Global Economic Prospects report has highlighted.

GCC economies are forecast to grow by 5.9% in 2022, 1.2 percentage points higher than forecast at the start of the year.

Here is the country-wise breakup of the economic growth in the region.

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