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IMF Staff Country Report-Saudi Arabia: 2023 Article IV Consultation-Press Release; Staff Report; and Informational Annex
September 6, 2023--Summary:
Saudi Arabia's economy is booming, unemployment is at a record low, the output gap is closed, inflation is contained, and fiscal and external buffers have been rebuilt.
The continuation of Vision 2030 reforms has helped advance the country's economic diversification agenda, including through reduced reliance on oil.
Indxx Licenses US Healthcare Top 10 Index to Migdal Mutual Funds Ltd. for an Index Tracking Fund
September 5, 2023--Indxx is pleased to announce the licensing of their Indxx US Healthcare Top 10 Index to Migdal Mutual Funds Ltd. as the underlying benchmark for the MTF TR Indxx US Healthcare Top 10 Currency-Hedged (Tel Aviv: 5137112) which began trading today on the Tel Aviv Stock Exchange.
The Indxx US Healthcare Top 10 Index is designed to track the performance of the top 10 healthcare companies in the United States.
Indxx defines healthcare as companies involved in Pharmaceuticals, Drugstore Chains, Healthcare Provision & Services, Healthcare Equipment & Supplies, Biotechnology, Life Sciences Tools & Services, and All segments of Medical Devices.
A robust healthcare system is central to any nation's economy. The global healthcare services market grew from $7.54 trillion in 2022 to $7.97 trillion in 2023, at a compound annual growth rate (CAGR) of 6.3%.
IMF-Finance and Development Magazine-Time for Transformation
August 31, 2023--The Middle East and North Africa is at a crossroads as it balances longstanding challenges such as debt, inflation, and food insecurity with the opportunities presented by its young population, digitalization, and technological innovations.
This dynamic is the focus of F&D magazine's September edition, Time for Transformation. In this issue, diverse authors share their views on such topics as fintech's potential, the benefits of greater trade integration, the pros and cons of the pursuit of hydrogen, the perils of debt, and how the current geopolitical shifts can create new possibilities for prosperity.
ETFGI reports assets invested in ETFs and ETPs listed in Middle East and Africa have increased 16.7% year to date as of the end of July
August 15, 2023--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs ecosystem, reported today assets invested in ETFs and ETPs listed in Middle East and Africa have increased 16.7% year to date as of the end of July.
ETFs and ETPs listed in the Middle East and Africa gathered net inflows of US$713 million during July, bringing year-to-date net inflows to US$2.86 billion.
During the month, assets invested in the Middle East and Africa ETF/ETP industry increased by 6.1%, from US$37.97 billion at the end of June to US40.29 billion, according to ETFGI's July 2023 Middle East and Africa ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets of $40 Bn invested in ETFs and ETPs listed in the Middle East and Africa at end of July 2023.
Assets increased 16.7% YTD in 2023, going from $34.53 Bn at end of 2022 to $40.29 Bn.
Net inflows of $713 Mn invested during July.
YTD net inflows of $2.86 Mn in 2023 were the third highest on record, after YTD net inflows of $4.66 Bn in 2014 and YTD net inflows of $4.03 Bn in 2022.
6th month of consecutive net inflows.
UAE economy expands 3.8% in Q1 buoyed by non-oil sector
August 2, 2023--Economy Minister says GDP rose to $114bln on diversification push
The UAE's economy grew 3.8% on an annualised basis in Q1 2023 supported by its non-oil sector as the oil producer pursues a diversification strategy.
GDP in the three months to the end of March rose to 418.3 billion dirhams ($113.9 billion), adding AED15 billion from the same period last year, Abdulla bin Touq, Minister of Economy, said on Tuesday, quoting preliminary estimates from the Federal Centre for Competitiveness and Statistics.
Refiner Emirates Gold Is Working to Restore UAE Accreditation
July 17, 2023--Emirates Gold was removed from Good Delivery List of UAE
Suspension followed owners' alleged link to laundering
Refinery Emirates Gold DMCC said it's working to restore its accreditation in the United Arab Emirates following its suspension by authorities.
The precious metals refinery - which is among the biggest in the UAE- had its accreditation suspended by a government-chaired committee over concerns its owners had links to alleged money launders, Bloomberg reported on Friday.
Indxx Licenses US Airlines Top 10 Index to Migdal Mutual Funds Ltd. for an Index Tracking Fund
July 5, 2023--Indxx is pleased to announce the licensing of their Indxx US Airlines Top 10 Index to Migdal Mutual Funds Ltd. as the underlying benchmark for the MTF TR Indxx US Airlines Top 10 Currency Hedged (Tel Aviv: 5137104) which began trading today on the Tel Aviv Stock Exchange.
The Indxx US Airlines Top 10 Index is designed to track the performance of the top 10 airline companies in the United States.
Indxx defines airlines as companies involved in but not limited to transportation of goods, passengers and ticket booking facilities excluding aircraft manufacturing businesses. "Over the last few years, the aviation sector has witnessed a strong rebound in passenger air traffic, signaling a positive recovery from the COVID-19 pandemic's impact. The industry is now poised for significant additional growth due to the increasing demand for both passenger and freight services. A recent study by the Bureau of Transportation Statistics (BTS) highlights a substantial surge in air travel, with US airlines transporting 674 million passengers in 2021, reflecting an impressive 82.5% surge compared to the previous year.
Saudi Arabia's GDP growth set to slow to 2.4% this year due to lower oil production
June 27, 2023--However, non-oil growth will remain robust at 4.7%, says IIF
Saudi Arabia's overall GDP growth is expected to slow from 8.9% in 2022 to 2.4% in 2023, dragged down by an expected 3% decline in average oil production due to the impact of OPEC+ sponsored cuts to the kingdom's production targets, according to a report by the Institute of International Finance.
"However, we expect non-oil growth to remain robust at 4.7% in 2023," said Garbis Iradian, the IIF's chief economist for the MENA region.
The ongoing de-escalation of tensions in the region, following China's brokered rapprochement between Saudi Arabia and Iran, could encourage additional domestic and foreign investment, raising potential growth beyond the short term, he added.
IMF-United Arab Emirates: 2022 Article IV Consultation-Press Release; and Staff Report
June 26, 2023--Summary:
Economic growth is strong, driven by non-hydrocarbon activity, timely support measures, and the benefits of earlier reforms. Inflation has risen with global trends, while high oil prices support large surpluses in the fiscal and external balances.
Banks are adequately capitalized overall, but nonperforming loans remain elevated, albeit down from recent peaks, and real estate prices have risen sharply in some segments. Long-term vulnerabilities from global decarbonization efforts are being addressed through commitments to climate initiatives and a balanced approach to energy transition.
World Bank-MENA Macro Monitor
June 22, 2023--Exchange Rates and Central Bank FX Reserves.
Since the onset of the war in Ukraine, some MENA countries (especially the oil importers) have seen pressure on their exchange rates and FX reserves. Of the MENA countries without a pegged-like exchange rate regime, Lebanon, Egypt, Morocco, and Tunisia have
witnessed substantial declines in the value of their currencies vis-à-vis the dollar and the euro.
For Lebanon, the repercussions of the Ukraine war exacerbated an already dire situation, while, for Egypt, the large outflow of portfolio investments in the spring of 2022 was a main driver of the close to 50% deprecation of Egyptian pound against the dollar since January 2022. The Morocco dirham and Tunisian dinar, by contrast, track the euro more closely than the dollar, as the European Union is their main trading partner. Hence, despite depreciating by around 7% against the dollar since the start of the war in Ukraine, more than half of this change is due to the strengthening of the dollar vis-à-vis the euro, as the Morocco
dirham and Tunisian dinar have depreciated by less than 3% compared to euro. For Tunisia, this is surprising given concerns over its ability to secure foreign financing, leading to downgrades by rating agencies to default or close-to-default status.
