Middle East ETF News Older than One Year
IMF-The Future of Oil and Fiscal Sustainability in the GCC Region
February 6, 2020--Summary:
The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil.
This spells a significant challenge for oil-exporting countries, including those of the Gulf Cooperation Council (GCC) who account for a fifth of the world's oil production. The GCC countries have recognized the need to reduce their reliance on oil and are all implementing reforms to diversify their economies as well as fiscal and external revenues.
Nevertheless, as global oil demand is expected to peak in the next two decades, the associated fiscal imperative could be both larger and more urgent than implied by the GCC countries' existing plans.
view the IMF Departmental Papers-The Future of Oil and Fiscal Sustainability in the GCC Region
Source: IMF
Ensuring the Benefits of Capital Flows in the Middle East
January 15, 2019--Since the global financial crisis of 2008, emerging market economies have experienced a surge in capital flows in response to significant monetary easing by major central banks. Gross capital inflows to the Middle East and North Africa (MENA) have remained high compared to other emerging markets, but their composition has changed significantly, with a surge in portfolio flows (equity and bond instruments) and a decline in foreign direct investment.
Capital flows are a boon to the region in a variety of ways. They can serve as a source of financing for countries and contribute to job creation for a fast-growing population.
But the region's economies must do more work to ensure the benefits of portfolio inflows while securing more stable and growth-friendly foreign direct investment, our research shows.
Sharp rise in flows
With the increased integration of MENA countries into global capital markets, portfolio and bank inflows to the region surged to more than $155 billion over 2016-2018.
Source: IMF
First set of guiding principles on sustainable finance published by leading financial authorities in the UAE
January 15, 2020-First-of-its-kind initiative aimed at furthering the UAE's sustainability agenda
UAE Financial authorities forge commitment to ensure sustainability of UAE economy
Leading financial authorities in the UAE have published the UAE's first set of Guiding Principles on Sustainable Finance, which serves as a catalyst in the implementation of the UAE’s sustainability priorities.
The launch of the initiative was unveiled during the second edition of the Abu Dhabi Sustainable Finance Forum (ADSFF), a prominent event organized by Abu Dhabi Global Market (ADGM) and held during Abu Dhabi Sustainability Week.
Premised on the United Nations Agenda for Sustainable Development, the initiative was implemented as a result of collaborative efforts among a number of financial services authorities in the UAE, including: Abu Dhabi Global Market; the Ministry of Climate Change and Environment; the Central Bank of the UAE; the Insurance Authority of the UAE; the Securities and Commodities Authority; the Dubai Financial Services Authority; the Dubai Islamic Economy Development Centre; the Abu Dhabi Securities Exchange, the Dubai Financial Market and Nasdaq Dubai.
Source: Zawya.com
Gulf Economic Update, December 2019: Economic Diversification for a Sustainable and Resilient GCC
December 4, 2019--Economic growth in the Gulf Cooperation Council (GCC) states significantly weakened in 2019; overall real GDP growth is estimated to drop to 0.8% in 2019 from 2% in 2018 before gradually gradually recovering in 2020-21.
This edition of the Gulf Economic Update explores the links between economic diversification and environmental sustainability. The analysis highlights the need to integrate environmental sustainability and ecosystem resilience considerations into the decision-making process on the diversification paths and options in the GCC countries.
Source: World BAnk
Monday Outlook: Stocks rise, oil gains, dollar boosted on positive cues from Washington
November 25, 2019--All property shares gain in Dubai
All major Gulf bourses rose on Monday, taking a cue from global equity markets as investors turned optimistic about some progress in U.S.-China trade talks, but Egypt remained pressured due to sell-off in blue chip stocks.
Source: Zawya.com
Mideast Stocks: Saudi snaps five days of gains with most Gulf markets subdued
November 24, 2019--Egypt falls for a fifth day
The Saudi Arabian stock market snapped a five-day rising streak on Sunday with lenders taking a breather after riding high on a lending boom related to Saudi Aramco's public listing.
Other markets in the region were mostly lower as concerns surrounding global trade persisted.
Source: Zawya.com
IMF Making the Most of Capital Flows in the Middle East and Central Asia
October 28, 2019--As economies in the Middle East and Central Asia become increasingly integrated into global capital markets, a central question has emerged: How can countries reap the benefits of capital inflows while guarding against the risks posed by sudden market shifts? Capital inflows can take several forms, such as foreign direct investment (FDI), portfolio flows, and wholesale funding to banks.
view the IMF Regional Economic Outlook: Middle East and Central Asia
Source: IMF
MENA Economic Update: Reaching New Heights: Promoting Fair Competition in the Middle East and North Africa
October 9, 20199--The Middle East and North Africa (MENA) needs bolder and deeper economic reforms. GDP growth is projected to be 0.6% in the region in 2019, a fraction of what is needed to create enough jobs for the fast-growing working-age population. Even in those few countries that have had periods of higher growth, poverty failed to decline, suggesting a need for reforms to instill fair competition and promote inclusive growth.
It is time for MENA countries to focus on both demonopolizing their markets and harnessing the collective domestic demand of their economies to achieve export-led growth regionally and internationally.
Part I discusses the short- and medium-term growth prospects for countries in the Middle East and North Africa. The region is expected to grow at a subdued rate of 0.6% in 2019, rising to 2.6% in 2020 and 2.9% in 2021. The growth forecast for 2019 is revised down by 0.8 percentage points from the April 2019 projection.
Saudi Arabia seeks to ease path for foreign listings
October 7, 2019--But some commentators questioned its appeal either to investors or to companies seeking to list their shares on the exchange, known as the Tadawul.
The new rules would make it easier for foreign companies to list on the main market and promote trading and listing on the secondary market, known as NOMU, the CMA said.
Source: FT.com
Saudi Arabia Weighs Selling Dollar Sukuk as Soon as October
September 29, 2019--Sale would come weeks after the attacks on Aramco facilities
Kingdom has raised $10.9 billion on global markets this year
Saudi Arabia is considering selling a dollar-denominated Islamic bond as early as next month as the kingdom seeks to take advantage of lower borrowing costs, according to people with knowledge of the matter.
The government is close to hiring banks for the possible sukuk, the people said, asking not to be identified because the information is private. A spokesman for the Finance Ministry didn't immediately respond to requests to comment.
Source: Bloomberg
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