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Without Adaptation, Middle East and Central Asia Face Crippling Climate Losses
March 30, 2022--International cooperation is essential to manage the costs and maximize the benefits of adaptation, particularly for the most vulnerable countries.
Climate change is inflicting crippling losses in the Middle East and Central Asia, with poor and conflict-affected countries suffering the most from higher temperatures and extreme weather events.
In any given year since 2000, climate disasters have killed more than 2,600 people, affected 7 million others, and caused $2 billion in direct material damage.
A new IMF staff paper assesses the economic impact of climate change in the region and shows how adaptation policies have become a pressing priority. It underscores the need for international support to finance adaptation.
Digital Economy Could Reap Huge Benefits for Middle East and North Africa
March 16, 2022 — The universal adoption of digital technologies in countries across the Middle East and North Africa (MENA) would reap huge socio-economic benefits, amounting to hundreds of billions of dollars each year and a much-needed surge in new jobs, according to a new World Bank report.
The report, "The Upside of Digital for the Middle East and North Africa: How Digital Technology Adoption Can Accelerate Growth and Create Jobs," offers sound evidence of how the widespread use of digital services such as mobile money and digital payments would boost economic growth.
A core reason for this boost is that digital technologies reduce informational costs that constrain economic transactions, and those costs are lower when many more people use the technologies.
Total trade in Dubai's DGCX reached $13.6bln in February
March 4, 2022--Exchange saw an uptick in trading activity in precious metals, currencies, energy
The Dubai Gold and Commodities Exchange (DGCX) saw total trades hitting $13.681 billion in February, as investors sought to hedge wealth against volatility.
The exchange recorded a monthly average open interest (AOI) of 125,206 contracts during the month. The precious metals' portfolio led the trading activity, with the Gold Futures Contract recording a year-on-year average daily volume growth of 734 percent and Silver Futures Contract registering 75 percent.
Egypt Bourse Ends Year of 2021 With Gains Exceeding Egp 115 Billion
December 30, 2021--Egypt bourse ended the year of 2021 with total gains exceeding EGP 115 billion to hit EGP 765.5 billion. During all year round transactions EGX 30 benchmark index spiked 10.1 % to stand at 11,949.18 points.
Also during the course of the year, the broader EGX 70 EWI of the leading small and mid-cap enterprises (SMEs) was up 2.64%, recording 2,201.79 points and the all-embracing EGX 100 index increased 5.08% to stand at 3,255.21 points.
IMF-Economic Prospects and Policy Challenges for the GCC Countries - 2021
December 15, 2021--Summary:
GCC policymakers moved quickly to mitigate the health and economic impacts of twin COVID-19 and oil price shocks. Infection rates have declined across the GCC to well below previous peaks, though countries have experienced successive waves of the virus, and economic recoveries have begun to take hold.
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Gulf Economic Update-Seizing the Opportunity for a Sustainable Recovery
December 2, 2021--This issue of the Gulf Economic Update includes a special section focused on the GCC public sector wage bill. This is placed in the context of the existing social contract whereby in addition to well-paid, public sector jobs, GCC governments have provided free health care, education, social security benefits, and subsidized housing and utilities to their citizens in return for their acceptance of the status quo.
This model worked well while oil prices were high and local populations limited. However, as oil prices slumped, populations grew rapidly, and the wage bill has become both an important contributor to fiscal deficits and also a drag on potential growth of the private sector.
Saudi Arabia's economy set to grow 7% in 2022 driven by oil sector
December 1, 2021--Vision 2030, government spending to drive non-oil sector growth, says Jadwa Investment
Saudi Arabia's economy is set to grow by 7 percent year-on-year in 2022 due result of significantly higher oil sector growth and robust levels of non-oil growth, Riyadh-based Jadwa Investment said.
The strong level of growth of this year is expected to continue into next year, the investment bank said in a report on Tuesday.
GCC companies rake in record profits in Q3 as economic activity gains strength
November 29, 2021--The energy sector reported the biggest absolute profits in the region, says Kamco Invest
Listed companies in the GCC region saw their financial earnings hit a record high of $55.5 billion during Q3 2021, more than double on a year-on-year (y-o-y) and 23 percent on a quarter-on-quarter (q-o-q) basis.
A report on corporate earnings by Kamco Invest said that higher profitability reflected accelerated economic activity in the region with the PMI figures for Saudi Arabia and UAE consistently and comfortably above the growth mark of 50 at 57.7 and 55.7 during October 2021, respectively.
IMF-Regional Economic Outlook for the Middle East and Central Asia, October 2021-A fragile recovery continues in the Middle East and Central Asia region
October 19, 2021--The region has made good progress since the beginning of the year, but new challenges have emerged. They include a pandemic wave in countries with weak vaccination progress and rising inflation, which has contributed to declining monetary policy space, adding to the difficulties posed by limited fiscal policy space. Additionally, divergent recoveries and concerns about economic scarring persist.
Inequities are also on the rise, and countries will need to tackle the pandemic's impact on debt, labor markets, and the corporate sector. Countries will face difficult tradeoffs amid this challenging environment as they continue to manage the current crisis. Ramping up vaccine acquisition and distribution remains the most urgent short-term priority. Additional support should be well targeted, and central banks may need to raise interest rates if inflation expectations start to increase. Improving policy frameworks will be important to reduce policy tradeoffs. Preparing for a new chapter by investing in a transformational recovery will be vital to the region's future. Important priorities include reorienting the role of the state toward health, education, and social safety nets; leveraging global trends like digitalization; and investing in climate-resilient technology.
view the IMF Regional Economic Outlook for the Middle East and Central Asia, October 2021
Abu Dhabi launches $1.4 bln IPO fund to boost stock market
October 14, 2021--Abu Dhabi's Supreme Council for Financial and Economic Affairs on Tuesday launched a $1.4 billion (Dh. 5 billion) IPO fund to strengthen Abu Dhabi Securities Exchange (ADX) as a leading stock market, according to the emirate’s media office.
The Abu Dhabi IPO Fund will act as a catalyst to strengthen Abu Dhabi Securities Exchange (ADX)'s position as a leading stock market.