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UAE and Saudi women control assets worth $326bln-BCG
June 3, 2020--Wealth managers need to personalise solutions to tap into women's wealth
Women's wealth in the Middle East is expected to grow to $1.1 trillion from the current $786 billion during the 2019-2023 period with a CAGR of nine percent, according to a report.
As of 2019, more than 40 percent of women's wealth in the Middle East is concentrated in the UAE and Saudi Arabia where women control assets worth $102 billion and $224 billion, respectively, revealed a report by advisory firm Boston Consulting Group (BCG).
Women’s wealth is projected to grow at a compound annual growth rate (CAGR) of 8.3 percent to $140 billion in the UAE and of 5.1 percent to $273 billion in Saudi Arabia by 2023, it said
Arab stock markets plunge nearly 25% in Q1 as oil crash takes its toll
May 14, 2020--Arab stock markets plunged almost a quarter in value in the first three months of 2020 due to the coronavirus pandemic and the collapse in oil prices, a UN agency said Thursday.
"The drop in oil prices and the Covid-19 pandemic resulted in a 23% average loss for major Arab stock markets by the end of the first quarter of 2020," the Economic and Social Commission for Western Asia said.
COVID-19 Poses Formidable Threat for Fragile States in the Middle East and North Africa
May 13, 2020--COVID-19 will trigger a sharp drop in household incomes in Middle East and North African (MENA) countries that are fragile and in conflict situations, such as Afghanistan, Djibouti, Iraq, Lebanon, Sudan, and Somalia.
As export earnings suffer and social distancing reduces domestic activity, incomes will decline-especially for informal and low-skilled workers, including within large internally displaced populations and refugees.
Saudis to make further oil supply cut to 'encourage' peers
May 11, 2020--Kingdom to reduce production by another 1m barrels a day from June
Saudi Arabia will cut its oil production by a further 1m barrels a day next month, as the kingdom seeks to provide further support to crude prices battered by the effects of the pandemic.
Stock Market to Launch New Index "EGX 100 EWI"
May 9, 2020--The Egyptian Stock Exchange announced that it will launch a new equal-weighted index "EGX100 EWI", which measures the performance of the best 100 publicly traded companies in the market in terms of liquidity and activity.
The Stock Exchange added in a press statement on Saturday that the index includes the companies that make up the EGX30 index and the companies that make up the EGX70 EWI, noting the cancellation of the older index "EGX 100".
Mideast Stocks: Major Gulf indexes fall alongside subdued global equities
May 6, 2020--Nine of 11 Saudi banks decline
Major stock markets in the Gulf ended lower on Wednesday as doubts about the easing of coronavirus lockdowns and simmering U.S.-China tensions cast a shadow over global equity markets.
U.S. President Donald Trump has kept up the pressure on China, urging the country to be transparent about the origins of the coronavirus, which began in the Chinese city of Wuhan late last year.
MIDEAST DEBT-Gulf debt market shows signs of recovery as issuers line up
May 6, 2020--Several Gulf issuers, including Abu Dhabi state fund Mubadala and the Saudi-headquartered Arab Petroleum Investments Corp (APICORP), will likely issue bonds as soon as next week, sources said, signalling a revival in the region's primary debt market.
Public international bond issuances screeched to a halt in late February, with activity only tentatively restarting early last month.
Banks pitching for potential Saudi Arabia euro-denominated bonds-sources
April 28, 2020--The Saudi issuance is likely to be around June
Saudi Arabia is likely to issue euro-denominated bonds this year and some banks have started pitching for the possible debt sale, two sources familiar with the matter said, as the kingdom plans to boost borrowing to offset a sharp drop in oil revenue.
The Saudi issuance is likely to be around June and about the same size as the country's last euro bond issuance, one of the sources said.
Dubai investors buy gold online despite COVID-19, surging prices
April 23, 2020--UAE retailers say online sales will not compensate for volume from offline sales.
Despite the coronavirus pandemic and surging gold prices, the gold retailers in the UAE are getting a reprieve thanks to an Indian festival.
Forced to move sales online by the outbreak, the retailers are now reporting an increasing demand for gold bars, gold coins and light jewellery.
UAE clears 100% ownership rules
April 19, 2020--Nation issues list of all 122 activities under 100% foreign ownership regime
The UAE has released the full list of 122 categories for 100 per cent ownership in the mainland under the Foreign Direct Investment (FDI) Law.
Cabinet Resolution No.(16) of 2020 determines the 'Positive List' of sectors and economic activities in which foreign direct investment is permissible and the percentage of ownership is 100 per cent.<>view more
