Egypt’s central bank leaves overnight interest rates steady

Egypt’s central bank leaves overnight interest rates steady

The central bank said that the lending rate remained at 28.25 per cent, while the deposit rate stood at 27.25 per cent

Egypt counts on foreign funds to buy gas as power crisis worsens

Egypt counts on foreign funds to buy gas as power crisis worsens

The country’s domestic gas output plummeted to a six-year low in May, down around 25 per cent from its 2021 peak

Bahrain to impose 15% minimum tax on large multinationals

Bahrain to impose 15% minimum tax on large multinationals

The government urged eligible businesses to register with the National Bureau for Revenue before the deadline

Egypt’s net foreign assets positive for third straight month in July

Egypt’s net foreign assets positive for third straight month in July

The North African country has been using its net foreign assets to help prop up its currency since at least September 2021

Central Bank of Egypt expands lending to government

Egypt central bank expands lending to government, but inflation slows

Economists say central bank lending risks undermining the economy by expanding the money supply and fuelling inflation

Turkey commits to agricultural support for 2025/27

Turkey announces agricultural support payments for 2025-2027

Turkish farmers have long complained of sharp hikes in the prices of fertilisers and fuel due to the sharp depreciation in the lira

Egypt eyes shift from commodity subsidies to cash payments by July 2025, PM says

Egypt eyes shift from commodity subsidies to cash payments by July 2025, PM says

Over 60 million people have access to discounted prices on staples such as pasta, vegetable oil and sugar through state-run outlets

Pakistan eyes $4bn from Middle East banks to plug financing gap

Pakistan eyes $4bn from Middle East banks to plug financing gap, says central bank chief

Pakistan has relied on long-time allies such as China, Saudi Arabia, and the UAE to ‘roll over’ debt rather than force a repayment crunch

UAE women's day

How ECA’s parent-friendly label programme supports women

On UAE Women’s Day, a look at how Laila Yousef Al Hassan and the ECA’s Parent-Friendly Label Programme are transforming workplace practices to support female participation and work-life balance

Egypt

IMF softens some conditions on Egypt’s $8bn finance package

The latest review, approved in late July but released only on Monday, was Egypt’s third and followed the expansion of the package size in March

UAE’s non-oil foreign trade hits record Dhs1.4tn in H1 2024

UAE’s non-oil foreign trade tops Dhs1.4tn in H1 2024

The UAE’s non-oil exports to its top 10 trade partners rose by 28.7 per cent, while trade with all other nations increased by 12.6 per cent

Jerome Powell, chairman of the US Fed arrives to a dinner at the Jackson Lake Lodge during the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium in Moran, Wyoming, US, on Thursday, Aug. 22, 2024. With the central bank on the cusp of lowering interest rates from a more than two-decade high, the Federal Reserve chair's comments on Friday will be closely parsed for any hints on how the Fed chief is viewing the economy in the wake of a weaker-than-expected jobs report and further easing in inflation. Photographer: Natalie Behring/Bloomberg Jerome Powell, chairman of the US Federal Reserve, arrives to a dinner at the Jackson Lake Lodge during the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium in Moran, Wyoming, US, on Thursday, Aug. 22, 2024. With the central bank on the cusp of lowering interest rates from a more than two-decade high, the Federal Reserve chair's comments on Friday will be closely parsed for any hints on how the Fed chief is viewing the economy in the wake of a weaker-than-expected jobs report and further easing in inflation. Photographer: Natalie Behring/Bloomberg

US Fed’s Jerome Powell says ‘time has come’ to cut rates

Fed chief says timing, pace of rate cuts depends on data

US Fed Jackson Hole Economic Symposium

What to look for at US Fed’s Jackson Hole global symposium

The guest list of about 120 includes most of the US Fed’s 19 policymakers, a few dozen central bankers from Europe, Asia, Africa, the Americas, and a group of select journalists

Qatar on track to double economy by 2031: Here's what's driving growth

Qatar on track to double economy by 2031: Here’s what’s driving growth

Key growth sectors include real estate, construction, financial services, trade, manufacturing, logistics and tourism, the Standard Chartered report shared

Egypt’s foreign debt drops $7.4bn in Q1 2024

Egypt’s foreign debt drops $7.4bn in first quarter

The country’s finances were boosted in February when it sold the development rights to Ras El-Hekma to the UAE for $35bn

dirham

India’s RBI asks banks to push direct rupee-dirham settlement: Reports

The RBI has not instructed banks to shift all dirham payments to this channel but instead is taking steps to encourage the development of an rupee-dirham market

DWTCA sees strong growth in H1

DWTCA sees registered companies grow by 19 per cent in H1

According to the latest figures, the DWTCA Free Zone saw a substantial 21 per cent rise in the number of tenants, reaching 2,735 in H1

Saudi Arabia posts 2023 budget deficit of $22bn - capex

Saudi Arabia’s ‘capex super-cycle’ pivot to non-oil sectors: Goldman Sachs

Sectors such as clean energy, metals and minerals, transport and logistics, and digitalisation are expected to see significant funding as part of the kingdom’s economic diversification efforts

US-ECONOMY-INFLATION-DATA

Dubai inflation numbers down in July: Is a rate cut on the horizon?

Dubai’s CPI moved down marginally to 111.56 points in July from 111.65 points in June, according to Dubai government data

Empowering local talent to build Dubai's future amis properties _Getty Images

Insights: Empowering local talent to shape Dubai’s economy

We need more domestic craftsmanship and innovation to shape Dubai’s economic, cultural and aesthetic future

dirham

UAE economy to grow robustly on back of real estate, tourism: OPEC

OPEC highlighted the steady expansion of the UAE’s economy, supported by strong domestic and international economic activities

Egypt gets over 100 offers in massive wheat tender

Egypt receives over 100 offers in massive wheat tender

Olam presented the lowest offer for 60,000 metric tonnes for an October 1-15 shipping period

Breaking the Middle-Income Barrier: Strategies for emerging economies

Breaking the Middle-Income Barrier: Strategies for emerging economies

More than 100 countries, such as China, India, Brazil, and South Africa, face serious obstacles that could hinder their efforts to become high-income countries in the next few decades, reveals World Bank’s recent report

UAE visa

Everything you need to know about Dubai’s tourist visa options

Getting a visa to visit Dubai, Abu Dhabi or any other city in the UAE is a breeze, thanks to multiple application avenues

Türkiye cenbank head maintains inflation forecasts

Türkiye cenbank inflation forecasts unchanged, vows tight policy

The bank has raised its policy rate by 4,150 basis points since June last year but has kept it unchanged at 50 per cent since March

Egypt’s inflation slows to 25.7% in July

Egypt’s headline inflation slowed to 25.7% in July

The central bank hiked interest rates by 600 basis points (bps) on March 6, bringing total increases in 2024 to 800 bps

Egypt’s GASC issues tender for 3.8 million metric of wheat

Egypt bets big with historic 3.8 million metric tonne wheat tender

The country has been one of the world’s largest wheat importers, mainly to provide subsidised bread for tens of millions of its people

Lebanon-Beirut

Middle East: As tensions mount, a look at Lebanon’s myriad crises

Lebanon’s multiple crises include a contracting economy, lack of governance and tensions in the region causing an influx of refugees

Bahrain’s Q1 2024 GDP expands by 3.3% YoY

Bahrain’s Q1 GDP up 3.3% fueled by non-oil sector growth

Non-oil economy increased 3.3 per cent in the January-March period, contributing almost 85.9 per cent to overall GDP

Egypt net foreign assets slid to $13.05bn at end-June

Egypt’s net foreign assets positive for second month in June

The North African country has been using its net foreign assets to help prop up its currency since at least September 2021