Middle East ETF News Older than One Year
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.
Source: IMF
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.
Source: worldbank.org
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.
Source: zawya.com
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.
Source: zawya.com
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
Source: IMG.org
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.
Source: alarabiya.net
MENA Economic Update: Overconfident: How Economic and Health Fault Lines Left the Middle East and North Africa Ill-Prepared to Face COVID
October 7, 2021--This edition of the World Bank MENA Economic Update estimates that the Middle East and North Africa (MENA) region's economies, which contracted by 3.8% in 2020, will grow by 2.8% in 2021. Overall, the output cost of COVID-19 so far in MENA is almost $200 billion, a number estimated by comparing the region's forecast GDP level with a scenario where there was not any COVID.
The report predicts that the economic recovery will be both tenuous and uneven, with per capita GDP, which is a more accurate measure of people's standard of living, increasing by only 1.1% in 2021 after declining an estimated 5.4% in 2020. The report estimates that 13 of 16 countries covered in the macroeconomic forecasts will have lower standards of living than prior to COVID. The region's recovery will also depend on a rapid and equitable rollout of vaccines, while for some countries additional growth risks are posed by ongoing political uncertainty.view more
Source: worldbank.org
IMF Staff Completes 2021 Article IV Mission to the United Arab Emirates
September 30, 2021--The economic recovery has begun to gain momentum, helped by the UAE's early and strong response to the Covid-19 pandemic, successful vaccination program, increased tourism, and activity related to the delayed Expo 2020.
Going forward, support measures should be increasingly targeted to viable sectors and firms and supporting people most in need.
Smoothly adjusting to a successful, and more environmentally sustainable, growth model requires reforms to deliver sustainable fiscal outcomes and efficient implementation of the ambitious structural reform agenda.
Source: IMF
GCC asset managers expect stronger inflows, demand for ESG and Islamic investing
September 20, 2021-Asset managers in Gulf Cooperation Council (GCC) countries expect increased inflows over the next 12 months amid growing demand for Islamic and environmental, social and governance (ESG)-compliant investments, according to Moody's 2021 survey of chief investment officers (CIOs) from eight leading GCC fund firms.
"Half of CIO respondents expect double-digit growth in net inflows, and another 33 percent foresee a high single-digit increase," Vanessa Robert, VP-Senior Credit Officer at Moody's Investors Service, said in a report on Monday.
Source: zawya.com
UAE aims $1trln business with Israel in next 10 years
September 14, 2021--Central Bureau of Statistics data shows that UAE and Israel have done business worth around $570mln after signing Abraham Accords.
The UAE is planning to improve economic relations with Israel to more than $1 trillion in the next 10 years, Bloomberg reported citing Economy Minister Abdulla Bin Touq.
The UAE has signed more than 60 MoUs with Israel after normalising relations in 2020 and is expecting an "influx" of trade in the next two years, Bin Touq told a virtual conference from the U.S., the report said.
Source: zawya.com
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