Middle East & North Africa Economics Update Significant downside risks to the UAE's non-oil economy The UAE’s economy minister has suggested that GDP grew by 3.3% last year, only marginally above growth in 2010 and well below most expectations (CE 3.5%; Consensus 4.0%). We think that tight lending... 12th March 2012 · 1 min read
Middle East & North Africa Economics Update Inflationary pressures mounting in Saudi Arabia and Egypt In contrast to other regions, February’s inflation data from Saudi Arabia and Egypt show that price pressures are mounting. In Saudi, strong domestic demand and favourable base effects are largely to... 12th March 2012 · 1 min read
Middle East & North Africa Economics Update North Africa’s new parliaments at risk of losing sight of economy A lack of policy direction in North Africa is jeopardising the already-sluggish economic recovery. Unemployment has reached record highs in both Egypt and Tunisia, fiscal and external positions are... 8th March 2012 · 1 min read
Global Inflation Watch Sustained fall in inflation underway Inflation will climb further in most major economies over the coming months, reflecting both higher energy prices and higher food prices. The peaks should still be lower than those in 2008 as long as... 7th March 2012 · 1 min read
Middle East & North Africa Economics Update Egypt’s central bank is running out of ammunition At first glance, today’s data showing that the pace of decline in Egypt’s foreign currency reserves slowed last month is good news. Indeed, Egyptian markets have been buoyed by hopes that the economy... 5th March 2012 · 1 min read
Middle East & North Africa Data Response Saudi Arabia HSBC/Markit PMI (Feb.) February’s PMI data show that Saudi Arabia’s non-oil private sector continued to grow strongly on the back of robust domestic demand and an improvement in the external environment. 5th March 2012 · 1 min read
Middle East & North Africa Data Response UAE HSBC/Markit PMI (Feb.) PMI data show that activity in the UAE’s non-oil private sector slowed last month. Although external demand picked up sharply, this was offset by weaker domestic demand. 5th March 2012 · 1 min read
Middle East & North Africa Economics Update Dubai’s economy on slow recovery path Dubai’s equities soared by 26% since the beginning of the year on the back of fading concerns that government-related entities (GREs) will struggle to refinance their maturing debt this year and... 2nd March 2012 · 1 min read
Middle East & North Africa Economics Update Egypt’s confused policy will hamper its recovery Recent comments from Saudi Arabia that its promises of financial aid to Egypt have been held back by the latter are at odds with earlier remarks from the Egyptian Prime Minister which lambasted... 1st March 2012 · 1 min read
Middle East & North Africa Economics Update Saudi Arabia’s non-oil sector set for healthy growth After a stellar performance in 2011, Saudi Arabia’s private businesses are likely to see another year of healthy growth in 2012. We expect government spending to rise again this year, and bank lending... 28th February 2012 · 1 min read
Middle East & North Africa Chart Pack High oil prices to swell Gulf coffers The jump in oil prices over the past month has sharpened the divide between the relatively bright outlook for the Middle East’s resource-rich countries, and the less rosy outlook for its resource-poor... 23rd February 2012 · 1 min read
Middle East & North Africa Economics Update GCC: full political union a non-starter King Abdullah’s plan for a full political union in the Gulf Cooperation Council (GCC) is unlikely to materialise. Although each country within the GCC is similar both in terms of economic structure... 21st February 2012 · 1 min read
Middle East & North Africa Economic Outlook 'Arab Spring' puts the focus on near-term divergence It is becoming clear that one year on from the start of the ‘Arab Spring’ several countries in the Middle East and North Africa (MENA) region are facing difficult transitions. Most of these are in... 16th February 2012 · 1 min read
Global Economics Focus How well will growth in emerging economies hold up? Emerging Asia and Latin America should continue to grow relatively fast even if the euro-zone slides into prolonged recession, as long as the US avoids the same fate. The outlook for emerging Europe... 16th February 2012 · 1 min read
Middle East & North Africa Economics Update In spite of recent plans, IMF help is still needed in Egypt With the government committed to safeguarding the pound and foreign funding yet to materialise, Egypt looks set to turn to its expatriates to raise debt finance. But while this would help capital... 15th February 2012 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Jan.) Saudi Arabia’s headline inflation remained unchanged in January as a rise in housing (rent and utilities) inflation was offset by a moderation in food prices. 14th February 2012 · 1 min read
