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Macroeconomics

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18 July 02:22 PM ADGM to reduce fee for commercial licences starting 2025
UAE – Mubasher: Abu Dhabi Global Market (ADGM) will implement major reductions of 50% or more for obtaining non-financial and retail licences within its jurisdiction as of 1 January 2025, according to a press release. This initiative comes in line …
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18 July 01:33 PM CBE auctions EGP 75bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) has offered treasury bills (T-bills) at an aggregated value of EGP 75 billion over two issues on Thursday, 18 July 2024. The first auction totalled EGP 30 billion with a 182-day tenor until 21 …
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18 July 12:07 PM Egypt’s primary budget surplus soars 422% YoY in FY23/24 – Minister
Cairo – Mubasher: Egypt has achieved a primary budget surplus of EGP 857 billion in the fiscal year (FY) 2023/2024, up 422.56% year-on-year (YoY) from around EGP 164 billion in the previous FY, said Minister of Finance Ahmed Kochouk Meanwhile, the …
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17 July 12:25 PM CBUAE, NBE pen currency swap agreement, 2 MoUs
UAE – Mubasher: The Central Bank of the UAE (CBUAE) and the National Bank of Ethiopia (NBE) have signed a bilateral currency swap agreement for the UAE Dirham and Ethiopian Birr. The agreement allows the CBUAE and the NBE to swap local currencies …
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17 July 10:16 AM IMF downgrades 2024, 2025 growth forecasts for Egypt, MENA
Cairo – Mubasher: The International Monetary Fund (IMF) has cut its expectations for Egypt’s real GDP growth for 2024 and 2025 by 0.3% for each year. The IMF reduced its expectations for the country’s growth in 2024 and 2025 to 2.70% and 4.10%, …
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16 July 11:45 AM Egypt to establish wheat silos company, boost storage capacities
Cairo – Mubasher: Egypt plans to launch a company to localise the manufacturing of grain silos as part of a comprehensive strategy to boost wheat supplies, said Sherif Farouk, Minister of Supply and Internal Trade. The plan also includes building …
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16 July 10:04 AM Egypt reportedly may receive 2 LNG shipments in 10 days
Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources is set to receive two shipments of liquefied natural gas (LNG) at the Port of Sokhna over the next 10 days with a capacity of approximately 145,000 tonnes for each, Al …
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15 July 12:54 PM CBE auctions EGP 143bn debt instruments over two days
Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) and bonds (T-bonds) at a combined value of EGP 143 billion through six tranches on Sunday and Monday, 14 and 15 July 2024. The CBE auctioned T-bills totalling EGP …
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15 July 11:00 AM Saudi Airport passenger number jumps 17% YoY in H1-24 – GACA
Riyadh – Mubasher: The number of passengers through Saudi airports surged by 17% year-on-year (YoY) to around 62 million in the first half (H1) of 2024 from 53 million. The number of flights rose by 12% YoY to approximately 446,000 in H1-24 from …
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11 July 03:31 PM GCC, UK in talks to sign free trade deal by 2024-end
Mubasher: The Gulf Cooperation Council (GCC) is negotiating a free trade agreement (FTA) with the UK that could be signed by the end of 2024. The bloc’s Secretary-General Jasem Albudaiwi held a meeting with UK Trade Minister Jonathan Reynolds in …
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10 July 02:59 PM Egypt’s annual headline inflation edges lower to 27.1% in June
Cairo – Mubasher: Egypt’s annual headline inflation rate inched lower to 27.10% in June 2024 from 27.40% in May. The inflation in June was primarily driven by a 30.80% year-on-year (YoY) surge in the prices of food and beverage, and a 55.20% YoY …
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10 July 12:27 PM Saudi Arabia tops MENA's VC funding in H1-24 – Report
Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …
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10 July 11:34 AM Egypt's agricultural exports soars $600m YoY in H1-24
Cairo – Mubasher: The value of Egypt's agricultural exports increased by $600 million year-on-year (YoY) to around $2.69 billion in the first half (H1) of 2024. The volume of agricultural exports rose to over 4.90 million tonnes in H1-24, up …
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10 July 10:34 AM Dubai Chambers, VFS Global sign MoU to improve access to global markets
UAE – Mubasher: Dubai Chambers has entered into a Memorandum of Understanding (MoU) with VFS Global, visa outsourcing and technology service provider for governments and their diplomatic missions, to boost trade and investment growth for …
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10 July 10:13 AM Egypt ratifies $200m energy agreements with local, int’l companies
Cairo – Mubasher: The Egyptian Cabinet has granted preliminary approval for five oil and gas agreements with the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a group of local and international …
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9 July 04:29 PM GCC’s project awards drop 20% YoY in Q2-24 – Report
Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …
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9 July 12:09 PM Egyptian trade deficit widens 22% YoY in 9M-23/24 – CBE
Cairo – Mubasher: Egypt’s total trade deficit surged by 22.29% year-on-year (YoY) to $28.80 billion during the first nine months (9M) of fiscal year (FY) 2023/2024 from $23.55 billion. Total exports dropped to more than $24.11 billion in 9M-23/24 …
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9 July 11:59 AM Egypt’s FDI soars 200% in 9M-23/24 – CBE
Cairo – Mubasher: Egypt recorded a staggering increase of around 200% year-on-year (YoY) in net inflows of foreign direct investments (FDI) to $23.70 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, against $7.90 …
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9 July 10:31 AM Ajman’s economic licenses grow 15% YoY in H1-24
UAE – Mubasher: The number of economic licences in Ajman rose by 15% year-on-year (YoY) to 37,755 during the first half (H1) of 2024. In H1-24, 3,000 new licences were issued, up 5% YoY, according to a report by the Department of Economic …
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9 July 10:05 AM Red Sea disruptions cause Suez Canal’s revenues to drop over 7% YoY in 9M-23/24 – CBE
Cairo – Mubasher: Suez Canal’s transit receipts declined by 7.40% year-on-year (YoY) to $5.80 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, versus $6.20 billion. The net tonnage shrank by 15.60% to 944.9 million …
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8 July 04:31 PM Saudi Arabia, UAE make 82% of GCC’s oil exports to Japan in May 2024
Mubasher: Saudi Arabia and the UAE accounted for 82% of the GCC countries' total oil exports to Japan in May 2024, with their exports totalling about 53.69 million barrels. The GCC countries exported about 61.85 million barrels of crude oil to …
Blagoje Antić, Founder and Chairman of DHG Holding
8 July 12:45 PM Dubai real estate market records $2.1bn in 2024 sales
UAE – Mubasher: DHG Properties, a leading real estate development company operating within DHG Holding, noted that price growth in Dubai’s residential market accelerated with a notable increase from 20.30% in February 2024 to 20.70% last March. …
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8 July 11:46 AM Saudi Arabia ranks 3rd in EMEA 5G download speeds – Opensignal
Riyadh – Mubasher: Saudi Arabia held the third position in 5G Download Speed among key markets in the EMEA region, according to a report released by Opensignal. The report highlighted that the Kingdom witnessed a significant improvement in 5G …
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8 July 10:42 AM Riyadh ranks among world’s top 15 fastest-growing cities by 2033 – Report
Riyadh – Mubasher: The Saudi Arabian capital, Riyadh, has ranked among the world’s top 15 fastest-growing cities by 2033 based on economy, population, and wealth in the Savills Growth Hubs Index. Riyadh’s population is anticipated to grow by 26% …
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8 July 10:04 AM Egypt’s international reserves hit new summit in June
Cairo – Mubasher: The net international reserves (NIR) at the Central Bank of Egypt (CBE) reached a new high of $46.38 billion at the end of June 2024. Reserves increased by $258.40 million from $46.12 billion in May, according to CBE’s …