Economy Middle East

Economy

Inaugural Global Media Congress kicks off next week with wide global participation  
Economy

Inaugural Global Media Congress kicks off next week with wide global participation  

The first edition is expected to see over 170 exhibiting brands

Oman achieves budget surplus in first 9 months of 2022
Economy

Oman achieves budget surplus in first 9 months of 2022

Supported by increased oil revenues

UAE Ministry of Economy imposes AED 2.25 mn in fines on 3 firms
Economy

UAE Ministry of Economy imposes AED 2.25 mn in fines on 3 firms

To create a safe fiscal crime-free business environment in the country

Plan to reduce official Lebanese Lira exchange rate needs political consensus
Economy

Plan to reduce official Lebanese Lira exchange rate needs political consensus

The customs dollar comes into effect in a few days.. Unless

BoE raises benchmark interest rate by 75 basis points
Economy

BoE raises benchmark interest rate by 75 basis points

The increase raises the bank interest rate to 3 percent

Turkish inflation reaches a 24-year high of 85.5%
Economy

Turkish inflation reaches a 24-year high of 85.5%

Consumer prices increased 3.54 percent month on month

Bank of England preparing for biggest interest rate increase in 33 years
Economy

Bank of England preparing for biggest interest rate increase in 33 years

Goldman Sachs lowers its UK growth forecast for 2023

Fed hikes interest rates by 75 basis points, hints at smaller future increases
Economy

Fed hikes interest rates by 75 basis points, hints at smaller future increases

Most Gulf central banks follow Fed lead

Kuwait’s parliament approves budget with lowest deficit in 9 years
Economy

Kuwait’s parliament approves budget with lowest deficit in 9 years

Kuwait to record first fiscal surplus in 8 years

Saudi records budget surplus of $39.7 billion in first 9 months of 2022
Economy

Saudi records budget surplus of $39.7 billion in first 9 months of 2022

Surplus is supported by an increase in crude oil revenues

“FED” to increase rates by 75 basis points
Economy

“FED” to increase rates by 75 basis points

Wall Street ended its sessions with a decline following a month of gains

Dubai retains position as world’s top FDI destination in H1
Economy

Dubai retains position as world’s top FDI destination in H1

The emirate witnessed FDI inflows of $3.73 bn in H1

Eurozone inflation climbs to record high of 10.7% as growth slows
Economy

Eurozone inflation climbs to record high of 10.7% as growth slows

Energy costs expected to have had the highest annual rise

IMF sees $1 trn from oil revenue in region by 2026
Economy

IMF sees $1 trn from oil revenue in region by 2026

GCC's economic expansion expected to more than double from 2021

Saudi economy grows by 8.6% in Q3
Economy

Saudi economy grows by 8.6% in Q3

Growth primarily driven by a 14.5% increase in oil activities

ECB raises interest rates and adjusts bank lending conditions
Economy

ECB raises interest rates and adjusts bank lending conditions

The bank's budget is large, close to 9 trillion euros

Egypt reaches $3 bn IMF deal
Economy

Egypt reaches $3 bn IMF deal

Prior to the agreement, Egypt hiked key interest rates by 2%

Saudi signs major investment deals at FII
Economy

Saudi signs major investment deals at FII

Deals aim to improve quality of life, increase investor interest

Egyptian pound at lowest level after 200 basis-points rate hike
Economy

Egyptian pound at lowest level after 200 basis-points rate hike

Overnight lending rate at 14.25% and deposit rate at 13.25%

Egypt raises public employees minimum wage to $153
Economy

Egypt raises public employees minimum wage to $153

And maintains electricity prices through June 2023

Egypt’s sovereign fund raises its capital to $20.3 bn
Economy

Egypt’s sovereign fund raises its capital to $20.3 bn

UAE investments in Egypt valued at $4.9 bn in 9 months

Saudi’s PIF plans to invest SAR 90 bn in key sectors
Economy

Saudi’s PIF plans to invest SAR 90 bn in key sectors

This brings the total number of companies to 6

70 new global companies to relocate regional headquarters to Saudi
Economy

70 new global companies to relocate regional headquarters to Saudi

New investment licenses issued in Q3 2022 amounted to 1,163

ECB prepares for significant interest increase to “tame inflation monster”
Economy

ECB prepares for significant interest increase to “tame inflation monster”

IHS Market: Eurozone economy on verge of contraction in Q4