Middle East & North Africa Economics Update

Saudi Arabia’s real estate boom not a concern (yet)

Saudi Arabia’s real estate sector is in the midst of a boom and affordability among Saudi citizens for housing is becoming increasingly stretched, which may tempt the authorities to loosen lending...

19th February 2025 · 4 mins read

Middle East & North Africa Chart Pack

Middle East & North Africa Chart Pack (Feb. '25)

Our Middle East & North Africa Chart Pack has been updated with the latest data and our analysis of recent developments. GDP growth in the Middle East and North Africa will accelerate in 2025 on the...

12th February 2025 · 1 min read

Middle East & North Africa Economics Update

Saudi’s economy set for a modest acceleration

Saudi Arabia’s economic growth will accelerate this year as the Kingdom starts to unwind oil production cuts from April. But while the Kingdom’s non-oil sector started the year on a strong footing...

11th February 2025 · 3 mins read

Middle East & North Africa Economics Weekly

MENA Weekly: Trump muddles the US’s relations with MENA

President Trump’s comments on Gaza risk straining relations with the Gulf and will work against his aim of expanding the Abraham Accords to include a normalisation of Saudi-Israel relations. Meanwhile...

6th February 2025 · 7 mins read

Climate Economics Update

Solar take-up in Saudi will be felt in global oil markets

The renewable rollout in Saudi Arabia is set to accelerate on the back of cheap solar panel imports from China. Given that Saudi Arabia is one of a few countries that directly burns crude oil for...

5th February 2025 · 3 mins read

Middle East & North Africa Rapid Response

Middle East & North Africa PMIs (Jan. 2025)

January’s batch of PMIs showed a mixed result as the region’s two largest economies, Saudi Arabia and Egypt, recorded their strongest outturns in several years, while surveys from Kuwait and Qatar...

4th February 2025 · 2 mins read

Middle East & North Africa Economics Weekly

MENA Weekly: OPEC+ and Trump, Egypt’s debt issuance

President Trump’s call for OPEC+ to “bring down the cost of oil” is unlikely to change the outcome of group’s meeting on Monday; it is likely to stick to plans to gradually raise oil output from April...

30th January 2025 · 7 mins read

Middle East & North Africa Rapid Response

Saudi Arabia GDP (Q4 2024, Flash Est.)

Saudi Arabia’s flash estimate of GDP showed that the economy grew by just 0.3% q/q in the final quarter of 2024, marking the slowest rate of expansion in a year. We think GDP growth will accelerate...

30th January 2025 · 2 mins read

Commodities Rapid Response

Trump leaves door open for Saudi to flood the market

The news from Davos that President Trump will “ask Saudi Arabia and Opec to bring down the cost of oil” is certainly in keeping with his desire for lower gasoline prices and his clear intention to use...

23rd January 2025 · 2 mins read

Middle East & North Africa Economics Weekly

MENA Weekly: Saudi-US relations already warming under Trump

Relations between Saudi Arabia and the US already appear to be on a stronger footing during Donald Trump’s first few days in office, adding to signs that it’s drift towards China is over. The Kingdom...

23rd January 2025 · 8 mins read

Middle East & North Africa Economics Update

How worrying is Saudi Arabia’s public debt trajectory?

Saudi Arabia’s government has been the largest EM issuer of hard currency debt over the past few years and this Update considers what will happen to the Kingdom’s public debt burden under different...

20th January 2025 · 4 mins read

Middle East & North Africa Chart Pack

Middle East & North Africa Chart Pack (Jan. '25)

Our Middle East & North Africa Chart Pack has b een updated with the latest data and our analysis of recent developments. GDP growth in the Middle East and North Africa will accelerate in 2025 on the...

15th January 2025 · 0 mins read

Middle East & North Africa Rapid Response

Saudi Arabia Consumer & Wholesale Prices (Dec. 2024)

Saudi Arabia’s headline inflation rate eased a touch from 2.0% y/y in November to 1.9% y/y in December and it is likely to hover around these rates over the first half of 2025 before slowing toward 1%...

15th January 2025 · 2 mins read

Emerging Markets Economics Update

FX bond issuance ramps up, but the outlook is cloudy

EM sovereign FX debt issuance surged over the past year and at the start of 2025, albeit with many sovereigns returning to global markets and issuing at high interest rates. Borrowing does not look...

14th January 2025 · 4 mins read

Commodities Update

Assessing the risks to energy prices

While upside risks to energy prices have garnered plenty of attention in recent months, there are several downside risks that are worth noting. Although we would characterise the downside risks –...

9th January 2025 · 4 mins read