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IMF-Regional Economic Outlook: Middle East and Central Asia
October 19, 2020--The coronavirus disease (COVID-19) pandemic continues to sweep across the region, though countries are cautiously proceeding with reopening. The necessary public health response to the pandemic has greatly decreased mobility and has come at a steep economic cost. As a result, real GDP in the region is projected to fall by 4.1 percent in 2020.
This contraction is 1.3 percentage points larger than projected in April 2020. With global recovery subdued, downside risks continue to dominate the outlook as the pandemic continues to test countries. Ensuring adequate resources for health systems and correctly targeting support programs are still immediate priorities. In the near future, governments and policymakers need to continue to act decisively to secure jobs, provide liquidity to businesses and households, protect the poor, and put in place a carefully designed economic road map to recovery. Further actions will be necessary to address pressing vulnerabilities in countries with limited fiscal space to ensure a smooth recovery while maintaining macroeconomic sustainability.
view the IMF-Regional Economic Outlook: Middle East and Central Asia
MENA: Global Action is Urgently Needed to Reverse Damaging Jumps in Extreme Poverty
October 9, 2020--Extreme Poverty Rate in the Middle East and North Africa nearly doubled between 2015 and 2018
For the second time, the rate of extreme poverty in the Middle East and North Africa (MENA) region jumped again, nearly doubling between 2015 and 2018, according to a new World Bank report.
The World Bank's biennial Poverty and Shared Prosperity report finds that the rate of extreme poverty in the MENA region rose from 3.8% in 2015 to 7.2% in 2018- the latest year for which data is available. This followed another rise in poverty in the region from 2.3% to the levels in 2015. According to the report, the latest jump in poverty in MENA was driven largely by the effects of ongoing conflict in Syria and Yemen, but this does not fully account for the economic downturn in Lebanon.
view the World Bank Reversals Of Fortune Poverty and Shared Prosperity report
Dubai's DFM says to launch equity derivatives platform
September 29, 2020--The Dubai Financial Market DFM.DU said on Tuesday it plans to launch an equity derivatives platform as part of its diversification strategy. The platform will be launched in October 2020 with futures contracts on five listed equities, the listed stock exchange said in a statement.
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Saudi economy to bounce back in 2021; S&P affirms A-/A-2 ratings
September 27, 2020--'Relatively strong' government, external balance sheets to support ratings
Ratings agency S&P has affirmed Saudi Arabia's sovereign ratings at A-/A-2 with a stable outlook, as it expects the kingdom to begin to bounce back from the slump caused by the coronavirus pandemic and low oil prices in 2021.
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Saudi inflation will remain high until mid-2021, hampering economy
September 17, 2020--The kingdom's headline inflation rate for August is the highest inflation reading since 2011.
Saudi's high inflation will remain elevated until the middle of next year and, combined with the suspension of the Cost of Living Allowance, will act as a major drag on households' real incomes, according to UK-based Capital Economics.
Based on these factors, the research firm has also warned of a weak economic recovery.
Wealthy investors in Middle East prefer ESG investments-UBS
September 16, 2020--Wealth manager says sustainable investments can deliver similar or higher returns to traditional portfolios
The world's biggest wealth manager, UBS, said that sustainable investments are now the firm's preferred solution for private clients investing globally. UBS claims that it is the first major global financial institution to make this recommendation.
Middle East's fintech market poised for growth despite COVID-19: KPMG
September 8, 2020--Investor interest remains strong despite overall slowdown in deal activity
Investor interest in the Middle East's fintech sector remains strong despite the uncertainty arising from the coronavirus pandemic.
The latest analysis from KPMG revealed that markets in Europe, Middle East and Africa (EMEA) saw deals worth $4.6 billion in the first half of 2020, with the region sprouting new early-stage fintech hubs. Across the globe, fintech investments hit $25.6 billion through the 1,221 deals recorded from January to June this year.
Saudi GDP fell in Q2 and economic recovery will be slow-report
September 8, 2020--Saudi Arabia's economic recovery has faltered in recent months and it is likely to remain gradual, with Capital Economics, a London-based ecnomic research firm, estimating that the kingdom's GDP fell by 13 percent y-o-y in Q2.
Jason Tuvey, Senior Emerging Markets Economist, said, "Overall, after recording a contraction of 1.0 percent y-o-y in Q1, we estimate that the Saudi GDP fell by 13 percent y-o-y in Q2 (data due in late September).
All GCC stock markets gain in August despite Q2-2020 earnings setback
September 2, 2020--Saudi Arabia and Oman benchmark indices had lowest YTD-2020 declines, says Kamco Invest
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GCC stocks in financial and real estate sectors most impacted by COVID-19, consumer non-cyclicals and utilities most resilient: Markaz
September 1, 2020--S&P GCC composite lost 15% for the year until July-end
Kuwait Financial Centre "Markaz" recently released its report titled 'Pandemic Resistant GCC Stocks' Markaz report stated that, the year 2020 has been a difficult one for GCC Stock markets and companies.
Coronavirus outbreak had the investors reeling as markets globally plunged. GCC markets were no different as the benchmark index - S&P GCC Composite lost 15% for the year until July-end. As investors await earnings report to understand the full picture of business implications, Markaz analyzed the stock performance to separate the winners and losers in the GCC markets.
