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EGYPT-TOURISM

Egypt’s credit outlook upgraded to positive by S&P amidst foreign investments

Egypt’s commitment to exchange rate liberalisation combined with budgetary consolidation targets are crucial for boosting international confidence

Egypt raises minimum wage by 50% as part of ‘urgent’ package

How big are Egypt’s economic challenges?

As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line

Egypt signs expanded $8bn loan deal with IMF

Egypt secures IMF deal after pound plunge, bumper rate hike

The central bank raised the overnight lending rate to 28.25 per cent and its overnight deposit rate to 27.25 per cent

IMF

IMF forecasts 2.9% growth for MENA in 2024

IMF revised its GDP growth forecast for the Middle East and North Africa region downwards to 2.9 per cent this year

Egypt raises $800m from hotels in divestment drive

Egypt raises $800m from hotels in divestment drive

The hotels, among Egypt’s grandest, include the Cataract in Aswan, the Winter Palace in Luxor, the Mena House in Cairo and the Cecil in Alexandria

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How deep are Egypt’s economic troubles?

An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition

IMF

IMF chief demands end to ‘business as usual’ ahead of COP28

The IMF was working with seven countries on debt restructurings, while a couple more would need help to reduce their debt burden

Qatar growth ‘normalising’ after World Cup boom — IMF

Economic expansion in Qatar is starting to normalise after the 2022 World Cup, according to a team from the International Monetary Fund.

IMF

Israel-Hamas conflict is ‘new cloud’ darkening economic outlook: IMF chief

The IMF and the World Bank, which are holding their annual annual meet in Morocco said the ongoing violence in Israel threatened to darken the already tepid global economic outlook

IMF on Saudi Arabia economy

IMF cuts Saudi Arabia’s growth forecast for 2023

It has gradually lowered its overall growth forecasts for Saudi Arabia, the world’s biggest oil exporter, over the course of this year

IMF on Saudi Arabia economy

Saudi economy enters trillion dollar club: report

According to the IMF, the Saudi economy was the fastest growing among the Group of Twenty (G20) member states in 2022

arab monetary fund extends loan to Egypt

Egypt gets $616m loan from Arab Monetary Fund

The agreement is aimed at bettering the payment-systems infrastructure, financial inclusion and regulatory framework in Egypt

Saudi Arabia economic outlook

Saudi Arabia’s oil production cuts to slowdown growth, says IMF outlook

The impact of a slowdown in Saudi Arabia will be felt across the Middle East and Central Asia

Investment perspective

Global investment perspective 2023: The way ahead

The IMF sees the global GDP slipping to the 2.8 per cent range for this year, below the 2022 advance estimates of 3.4 per cent

UAE economy

UAE economy primed for stronger growth in H2 2023

The World Bank has forecasted a 2.8 per cent growth in the UAE’s real GDP for this year

IMF trims Saudi Arabia growth forecast

IMF trims Saudi Arabia growth forecast to 2.1% in 2023

The fund projected that Saudi Arabia would swing to a deficit in 2023 on lower oil revenue

israel gaza crisis global financial markets

Global growth to fall from last year: IMF

The latest IMF World Economic Outlook update found that recession concerns have gained prominence, while worries about stubbornly high inflation persist

Emirates NBD arranges Egypt sukuk

Emirates NBD arranges Egypt’s $1.5bn sukuk

Emirates NBD said that the sukuk received strong appetite from regional and global emerging market investors

Saudi Arabia

Saudi Arabia’s economy grows by 8.7% in 2022

The kingdom’s real GDP grew by 5.4 per cent during the fourth quarter of 2022

IMF

UAE economy survived economic impact of Covid-19: IMF official

According to the latest IMF report, UAE GDP growth is projected to reach above 6 per cent in 2022, up from 3.8 per cent last year

US Federal Reserve

US Federal Reserve hike leads GCC to follow, but rate paths diverge again

Saudi Arabia, Bahrain and the UAE moved in lockstep with the US central bank, raising their benchmarks by 75 basis points

IMF cuts World GDP outlook a third time as inflation, rates jump

Global economic expansion will likely slow to 3.2 per cent this year, less than the 3.6 per cent forecast by the fund in April

IMF Sri Lanka

Sri Lanka talks to move quickly when new leaders set: IMF

The IMF signalled just days ago that higher authorities needed to be in place in Sri Lanka in order for restructuring talks to resume

Oil exporters bagging $818bn windfall are cautioned by IMF

The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total

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Lebanon strikes $3bn IMF deal in step to addressing crisis

The IMF loan will be disbursed over four years in return for the phased implementation of an economic recovery plan

UAE’s Gulf Capital accelerates investment pace in Egypt and Africa

Gulf Capital has already invested over $300m in Egypt in sectors such as technology, infrastructure, manufacturing, petrochemicals and healthcare

IMF upbeat about MENA growth, warns about uneven recovery

The fund raised its economic growth projection for MENA to 4.1 per cent this year from an earlier estimate of 4 per cent

Manama Bahrain

IMF says Bahrain needs ‘urgent fiscal adjustment’ after virus

The fund projects Bahrain’s economy will grow 3.3 per cent this year

GCC states, World Bank say ready to support Lebanon after blast

Offers for help flow from all over the world, GCC countries lead response

Egypt asks IMF for financial aid amid coronavirus fight

Egypt has reported 4,319 cases of the coronavirus, including 307 deaths