Middle East & North Africa Economics Weekly

Ceasefire latest, CBE governor stays on, PIF annual report

The US government has pushed for a ceasefire agreement between Israel and Hamas this week, but an agreement seems some way off still. A deal would benefit Egypt, Jordan and Lebanon, whose economies...

22nd August 2024 · 6 mins read

Middle East & North Africa Economics Weekly

Reforms on the agenda in the Gulf, Morocco’s budget

Reports this week suggest that Kuwait’s government will pursue public finance reforms to diversify revenues away from oil, but the reported measures appear to be small in the grand scheme of things...

15th August 2024 · 6 mins read

Middle East & North Africa Economics Weekly

The global market turmoil and the impact on MENA

Financial markets in the Middle East weren’t spared from the global sell-off earlier in the week. There could be a macro impact on the Gulf economies through the fall in oil prices, either via lower...

8th August 2024 · 7 mins read

Middle East & North Africa Economics Weekly

Tensions ratcheting up, Egypt-IMF, Saudi Q2 data

Geopolitical tensions in the Middle East are on the brink of boiling over after Israel’s assassinations of high-ranking Hezbollah and Hamas officials this week. It remains to be seen what the response...

1st August 2024 · 8 mins read

Middle East & North Africa Economics Weekly

Egypt energy woes, UAE GDP, Tunisia elections

Blackouts continued in Egypt this week, and while there are some short-term fixes, the government will need to boost investments over the coming years to avoid repeats, particularly if it also wants...

25th July 2024 · 8 mins read

Middle East & North Africa Economics Weekly

Trump and Saudi-US relations, IMF growth downgrades

Donald Trump has laid out his intentions of restoring warm ties with Saudi Arabia if he wins re-election, with the intention of pulling Saudi back into the US’s orbit in a fracturing global economy...

18th July 2024 · 6 mins read

Middle East & North Africa Economics Weekly

Saudi pension changes, Saudi and Egypt Q1 BoP data

The increase in Saudi Arabia statutory retirement age could increase the size of the labour force by 10% by 2040 and, in turn, lift potential GDP growth by as much as 1%-pt per annum. Meanwhile, Q1’s...

11th July 2024 · 8 mins read

Middle East & North Africa Economics Weekly

Egypt’s cabinet reshuffle, PMIs, Oman income tax

Egypt’s cabinet reshuffle gave the government a facelift, but it doesn’t look like there will be any U-turns on policymaking – and particularly the fiscal consolidation path. Meanwhile, the batch of...

4th July 2024 · 8 mins read

Middle East & North Africa Economics Weekly

Egypt blackouts, Morocco rate cut, Iran election

Gas shortages in Egypt have led to blackouts and hotter summers are likely to raise demand for energy in the future. Absent further large gas finds, Egypt’s time as a natural gas net exporter is...

27th June 2024 · 6 mins read

Middle East & North Africa Economics Weekly

Lebanon on the brink, Hajj underway, Morocco rates

Tensions between Hezbollah and Israel have ratcheted up in recent weeks and now threatens to draw Lebanon directly into the war. The economy is already in the midst of one of the worst crises on...

20th June 2024 · 6 mins read

Middle East & North Africa Economics Weekly

Morocco’s EVs to fuel auto boom, Aramco issuance

The EU’s tariffs on EV imports from China may encourage Chinese firms to raise investments into Morocco, whose auto sector is growing rapidly on the back of expansion plans from both Chinese and...

13th June 2024 · 7 mins read

Middle East & North Africa Economics Weekly

UAE exceptionalism, Egypt reshuffle, Saudi mortgages

The decision by OPEC+ to roll over oil production cuts until October will reduce economic growth in the Gulf this year, but the UAE has emerged a clear winner. Higher oil output there will lead to a...

6th June 2024 · 7 mins read

Middle East & North Africa Economics Weekly

OPEC+ set for crunch talks and Egypt’s fiscal reforms

This weekend’s OPEC+ meeting could be a stick or twist moment with markets increasingly believing the group will roll over its quotas and voluntary cuts again. If quotas are extended, that risks...

30th May 2024 · 6 mins read

Middle East & North Africa Economics Weekly

Saudi-US pact nears, MENA bond issuances, Iran election

Reports that the US and Saudi Arabia are nearing to a grand deal on security and the Kingdom’s civilian nuclear program would, if confirmed, swing the Kingdom back towards the US’s sphere of influence...

23rd May 2024 · 6 mins read

Middle East & North Africa Economics Weekly

Saudi gigaproject dilemma, Ras el-Hekma boost, Tunisia

Comments from Saudi Arabia’s Finance Minister Mohammed Al-Jadaan this week add to the evidence that spending on gigaprojects may be curtailed. But his comments pinning this on concerns about...

16th May 2024 · 7 mins read