Middle East ETF News Older than One Year
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.
Source: eib.org
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.
Source: zawya.com
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.
Source: zawya.com
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.
Source: zawya.com
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.
Source: Worldbank.org
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.
Source: zawya.com
Mideast Stocks: Lender FAB buoys Abu Dhabi index; Qatar dips
April 28, 2022--In Abu Dhabi, the index advanced 1.1%
Most stock markets in the Gulf rose in early trade on Thursday, with the Abu Dhabi index leading the gains, boosted by a rise in the country's largest lender, First Abu Dhabi Bank.
In Abu Dhabi, the index advanced 1.1%, buoyed by a 1.2% gain in First Abu Dhabi Bank (FAB), which reported its highest quarterly net profit, helped by the sale of a majority stake in its payments business.
Source: Zawya.com
World Bank Forecasts Uneven Recovery in Middle East and North Africa
April 14, 2022--GDP will grow 5.2% by end 2022, but Ukraine war and COVID-19 add to uncertainty
Economies in the Middle East and North Africa (MENA) region are expected to grow by 5.2% in 2022, the fastest rate since 2016, on the back of oil-price windfalls benefitting the region's oil exporters. But heightened uncertainty surrounds this forecast due to the war in Ukraine and ongoing threats from COVID-19 variants.
Titled "Reality Check: Forecasting Growth in the Middle East and North Africa in Times of Uncertainty", the World Bank's latest economic update forecasts an uneven recovery as regional averages mask broad differences. Oil-producers will benefit from higher oil prices and vaccination rates as fragile countries lag. But tighter global monetary policy, the unpredictability of the course of the pandemic, ongoing supply chain disruptions and food price hikes raise inflation risks for the entire region.
Source: worldbank.org
GCC Economic Update-April 2022
April 14, 2022--Bahrain
The economy is gradually picking up as pandemic pressures fade, non-oil economy recovers, and hydrocarbon production increases. The fiscal deficit remains high as emergency crisis-spending persists but is expected to narrow gradually. The external balance will noticeably improve.
The debt to-GDP-ratio is expected to remain elevated during the forecast period to meet fiscal needs.
Downside risks arise from oil price volatility and insufficient fiscal adjustment, which could worsen fiscal and external positions and intensify pressure on already high public debt, thereby threatening macroeconomic sustainability.
Source: worldbank.org
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.
Source: IMF
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