Middle East & North Africa Economics Update Gulf markets weather fall in oil prices Equity markets in the Gulf have performed better than might have been expected this month, given the fresh fall in global oil prices. Meanwhile, Egyptian stocks,bonds and the currency have all fared... 28th July 2015 · 1 min read
Middle East & North Africa Economics Update Egypt’s gas sector reaches a turning point This week’s announcement that Italian energy group Eni has discovered gas reserves in the Nile Delta provides the first concrete evidence that the Egyptian government’s energy reforms are starting to... 23rd July 2015 · 1 min read
Middle East & North Africa Economics Update Growth in Saudi Arabia accelerates further on back of oil sector Our GDP Tracker suggests that growth in Saudi Arabia accelerated further, to around 5.5% y/y in May, supported by strong growth in the oil sector. But with Iranian oil likely to return to the market... 21st July 2015 · 1 min read
Middle East & North Africa Economics Update Revisiting the impact of Iran’s nuclear deal on the Middle East The long-awaited announcement that Iran has secured an agreement over its nuclear programme will have implications for the wider Middle East. In short, the economic impact is likely to be small... 14th July 2015 · 1 min read
Middle East & North Africa Economics Update Saudi debt issuance aimed at financial market development Saudi Arabia’s budget deficit is likely to reach an eye-watering 17.5% of GDP this year and the government has now turned to the bond market in order to help plug the gap. Some have argued that debt... 13th July 2015 · 1 min read
Middle East & North Africa Economics Update Eqyptian pound has further to fall The Central Bank of Egypt has loosened its grip onthe pound over the past week and we think the currency probably needs to fall by at least another 5% in order to restore external competiveness... 8th July 2015 · 1 min read
Middle East & North Africa Economics Update Saudi external position deteriorating even before drop in oil prices The plunge in oil prices over the past year has forced Saudi Arabia to dip into its foreign exchange reserves, but one point that is often overlooked is that the Kingdom’s external position had been... 2nd July 2015 · 1 min read
Middle East & North Africa Economics Update Muted reaction as Saudi stock market opens up The formal opening up of Saudi Arabia’s stock market earlier this month was adamp squib, as equities remained flat. Elsewhere, stocks in Egypt have been the worst-performers over the past month, while... 25th June 2015 · 1 min read
Middle East & North Africa Economics Update Muted reaction as Saudi stock market opens up The formal opening up of Saudi Arabia’s stock market earlier this month was adamp squib, as equities remained flat. Elsewhere, stocks in Egypt have been the worst-performers over the past month, while... 25th June 2015 · 1 min read
Middle East & North Africa Economics Update A primer on how Saudi Arabia uses its FX reserves There seems to be a lot of confusion as to exactly how Saudi Arabia is using its foreign exchange reservesto finance twin budget and current account deficits. In this Update, we shed some light on the... 25th June 2015 · 1 min read
Middle East & North Africa Economics Update Egypt’s government wavering on fiscal consolidation Egypt’s public finances are gradually improving, but the recent watering down of tax and spending measures combined with the relatively unambitious targets set out in a recent draft budget has raised... 24th June 2015 · 1 min read
Middle East & North Africa Economics Update Saudi growth picks up, but rebound likely to fizzle out Our GDP Tracker suggests that Saudi Arabia’s economy grew by 5.0% y/y in April, supported by a rebound in oil production and robust growth in the non-oil sector. But activity is likely to soften in... 17th June 2015 · 1 min read
Middle East & North Africa Economics Update Central Bank of Egypt holds rates as inflation remains high The Central Bank of Egypt left interest rates unchanged today, but we expect a rate cut later in the year, despite the recent pick-up in inflation. 11th June 2015 · 1 min read
Middle East & North Africa Economics Update Optimism over opening up of Saudi’s stock market seems overdone The move by Saudi Arabia to open up its stock market to foreign investors from next week is a step in the right direction. But, as we explain in this Watch, we think some of the optimism about its... 10th June 2015 · 1 min read
Middle East & North Africa Economics Update Gulf countries likely to stand firm at this week’s OPEC meeting This week’s OPEC meeting is likely to see the Gulf countries, led by Saudi Arabia, once again shrug off calls from some of the cartel’s smaller members to cut oil production in order to shore up oil... 4th June 2015 · 1 min read
Middle East & North Africa Economics Update Egypt: IMF still the best option, but a deal seems unlikely for now Reports in the Egyptian media that the government is set to open discussions on a $6bn financing package with the IMF are likely to prove premature. For now, the authorities seem content to undertake... 2nd June 2015 · 1 min read
