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Mideast Stocks: Most Gulf bourses rebound but investors cautious on growth fears
June 21, 2022--Saudi Arabia's benchmark index advanced 2.6%, its biggest intraday gain in more than a year
Stock markets in the Gulf ended higher on Tuesday, pausing for breath after a steep sell-off, but major central banks' rate hike plans and global recession risks kept investors cautious.
Saudi Arabia's benchmark index advanced 2.6%, its biggest intraday gain in more than a year, buoyed by a 3.4% jump in Al Rajhi Bank and a 1.6% increase in oil giant Saudi Aramco.
GCC states likely to see higher growth in 2022 on oil price rebound
June 20, 2022--Oxford Economics said rising housing demand could feed through to inflation
The GCC is likely to be one of the few regions in the world that will see higher growth in 2022 compared to last year due to the strong rebound in the oil sector and the public sector driving the non-oil economy, said Scott Livermore, the Chief Economist, Oxford Economics Middle East.
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Mideast Stocks: Major Gulf bourses extend losses on economic slowdown worries
June 20, 2022--Dubai's main share index declined 2%
Major stock markets in the Gulf declined in early trade on Monday, in line with global equities and oil prices as concerns over slowing economic growth and shrinking fuel demand weighed on investor sentiment.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4%, while Tokyo's Nikkei fell 0.7%.
Saudi Arabia logs fastest GDP growth across major G20 economies
June 15, 2022--The kingdom is leading the bounce back from the health outbreak, new OECD data suggest.
Saudi Arabia is now leading the recovery from the coronavirus pandemic, with its gross domestic product (GDP) in the first quarter rising faster than any other major economy in the world, according to data from the Organisation for Economic Cooperation and Development (OECD).
With a significant increase in oil activities, the kingdom's economy grew 2.6 percent quarter-on-quarter during the first three months of 2022, the highest in the G20 forum of the world's major economies, OECD said.
Unlocking Sustainable Private Sector Growth in the Middle East and North Africa
June 9, 2022--More than a decade after the Arab Spring, the Middle East and North Africa region finds itself facing momentous challenges. The COVID-19 pandemic has disrupted economies, and the Russian invasion of Ukraine sent shockwaves through the region, with higher hydrocarbon prices, risks to food security and a drop in tourism.
Beyond looms the threat of climate change. But challenging times provide opportunities for change. The region's private sector can seize the moment. It remains the hope for many young people and has the potential to drive a sustainable model of growth. The Enterprise Surveys, conducted by the EIB, EBRD and the World Bank, provide insight into what lies beneath the region's relatively slow growth, with a focus on the reasons for stagnating productivity and inadequate accumulation of human and physical capital in the private sector.
All GCC equity markets plunged in May tracking global cues
June 2, 2022--GCC equity markets: UAE markets among top gainers, says Kamco Invest
GCC equity markets saw huge declines in May on panic selling as investors took their cue from global markets. There was some profit booking too as valuations were elevated across the region.
All markets reported declines during the month with Dubai dropping the most--10 percent--followed by Bahrain and Kuwait with declines of over 6 percent, according to a report by Kamco Invest.
The MSCI GCC index rounded off the month with a decline of 7.5 percent.
Abu Dhabi's economy to remain strong over robust fiscal buffers
May 31, 2022--ADNOC spending, FIFA World Cup to boost economic activity, according to S&P Global Ratings
S&P Global Ratings has given a stable rating to the emirate of Abu Dhabi on expectations that its fiscal and external positions will remain strong over the next two years, supported by oil revenue.
Abu Dhabi's fiscal buffers of more than 250 percent of GDP underpin its creditworthiness, it said.
S&P expects economic growth to accelerate in 2022, largely due to increased oil production and higher oil prices, which indirectly support real GDP growth. "However, real GDP will only recover to 2019 levels by 2023," it added.
Mideast Stocks: Major Gulf shares range-bound; Dubai underperforms
May 23, 2022--The main share index in Dubai, the Middle East's travel and tourism hub, retreated 2.1%
Major Gulf stock markets were range-bound in early trade on Monday, as investors weighed rising oil prices and a slowdown in economic growth.
Shares in the region lost ground in recent weeks amid anxiety about fast-rising inflation that will drive a sharp rise in interest rates and put global economic growth at risk.
GCC Economies to Expand by 5.9% in 2022
May 23, 2022--Achieving Climate Change Pledges Could support Diversification, Economic Growth, and Job Creation
The economies of the Gulf Cooperation Council (GCC) are projected to expand by 5.9% overall in 2022, with this recovery likely to continue in the medium-term, driven by the hydrocarbon and non-hydrocarbon sectors. The GCC comprises six countries-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The latest issue of the World Bank's Gulf Economic Update (GEU), "Achieving Climate Change Pledges," describes them as rebounding robustly from the COVID-19 pandemic in the course of 2021 and at the beginning of 2022. It attributes the rebound to a broadly successful vaccination rollout across the GCC, the easing of pandemic restrictions, and developments in the hydrocarbon market. As a result, fiscal deficits have markedly improved, with the GCC external balance reaching pre-pandemic levels in 2021 as energy prices and export earnings strengthened.
Value of assets under management in the Middle East rose 52% in last 3 years
May 20, 2022--AUM poised to grow further on the back of rising oil, gas prices
The value of assets under management (AUM) in the Middle East has rebounded after a contraction in 2015 and 2016 and is poised to increase further on the back of rising energy prices, a new report said.
Since the end of 2019, AUM in the region has been consistently on an uptrend, rising by 52 percent, according to Preqin, a privately held UK-based investment data company. As of the third quarter in 2021, the region’s AUM reached $35 billion, exceeding the $25 billion recorded in 2020.
