March 3, 2021. for a number of reasons, such as keeping FT Sites reliable and secure, View Breaking Economy News Now! Recent investment in the health care systems helped many countries cope with increased pressure as infections spread. A new economic reality is needed in the Middle East and North Africa (MENA). Tata Motors 220.65 22.5. Pope urges Iraqis to shun past violence and give peace a chance. Elsewhere, another factor that helped build resilience was the state of ICT networks. / AFP / POOL / -. Another key factor will be the resumption of travel. – Economies in the region were hit by reduced trade volumes and lower oil prices, – Governments launched extensive stimulus packages to stabilise their economies, – Short-term recovery will be tied to oil prices and the resumption of travel, – The pandemic looks set to accelerate economic diversification efforts. Middle East & Africa from The Economist. While circumstances have been challenging, the region has looked to digital innovation as a path to recovery, and a number of governments have accelerated their existing plans for economic diversification. Prospects for a rebound, however, are far from certain. Dubai Economy based the prediction on recent improvements in the aviation and tourism sectors - News, Covid-19 Vaccine, COVID-19 Dubai’s vaccine drive to boost economy by 4 percent, says government - News - HOTELIER MIDDLE EAST Middle East Economy News. Middle East peace accord, economic recovery and space travel: There is still good news Israel-UAE accord, economic gains and space travel are … The region’s economy is expected to contract by 6.6% in 2020, according to estimates from the IMF, a larger downturn than the global average of -4.4%. Will the ECB intensify efforts to keep a lid on bond yields? With the pandemic leading to the closure of many borders and the disruption of supply chains, there were region-wide collaborative efforts to shore up supplies of essential items such as food, water and medicines. Stay on top of Middle East latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. In the months since our last Economy Watch in June, the Middle East region is on the path to economic recovery as lockdowns have eased and activity has begun to recover. Read more Next ︎. Israeli Prime Minister Benjamin Netanyahu (C) and Health Minister Yuli Edelstein (R) visit a fitness gym ahead of the re-opening of gyms, in the Israeli city of Petah Tikva on February 20, 2021. April 29, 2019. Although this focus on energy made these countries particularly vulnerable to a fall in revenue, their strong foreign currency (forex) reserves – largely the fruit of strong hydrocarbons earnings in the past – helped bolster their resilience. Weekly Middle East Oil & Gas News and Analysis covering Oil & Gas, Transportation, Power & Water, Refining & Petrochemicals, OPEC, Corporate, Geopolitical Risk, Economics & Finance, and Industry Data. The number of flights from the UAE doubled between the beginning of June and early November – and while the number of passengers handled at Dubai International Airport was down 70% year-on-year in October, at 1.6m, this was around 25% higher than the previous month. Middle East economy News and Updates from The Economictimes.com. Economic News Global Economy GCC Economy Levant Economy North African Economy More. This came as Mall of the Emirates, Dubai’s second-largest mall, launched its own online shopping platform, called Trends at Your Doorstep, while hypermarket chain Carrefour UAE upgraded its portal to a full-scale online marketplace. These include $3bn in Waymo, Alphabet’s self-driving technology arm; $700m in US start-up Reef Technology, which manages logistics centres and neighbourhood kitchens; and $235m in German pharmaceutical company Evotec. Avenue Supermart 3,286.10 107.4. Doha Marine pioneers 'pay as you go' service to combat OSV slump TradeWinds 07:15. MEED EXCLUSIVE Saudi Arabia plans concentrated solar scheme. Mar 04, 2021 Lebanon News Hariri waiting for Aoun’s approval of Cabinet lineup, denies Saudi obstruction Mar 04, 2021 Lebanon News TikTok domestic worker shows the positives of life in Lebanon Mar 05, 2021 Lebanon News Lebanese dread end to subsidies as economic crisis bites Using OBG Advisory’s “4R” matrix for analysing national Covid-19 responses  – encompassing Resilience, Response, Recovery and Reinvention – we highlight success stories and lessons from the region over the year, and look ahead to 2021. Plus: ‘significant opportunities’ for banks’ expensive advice; profits strained at Morocco’s lenders and why regulators must clarify their cross-border roles, Drought and pandemic have hit lenders hard, Pandemic and falling oil prices are piling the pressure on economies, Drop in receipts belies opportunities, bankers say, World’s longest-serving PM was US and Saudi ally and figurehead for hardliners after crackdowns, Cash-strapped sultanate is tapping richer neighbours for much-needed financial help, Egypt’s finance minister Mohamed Maait points to economy’s relatively strong performance despite pandemic, Coronavirus and plunging oil prices may force new leader to turn to Gulf neighbours for help, Two in five consider leaving amid uncertainty caused by Covid, conflict and corruption, Benchmark Tedpix index down more than a quarter since record peak in August, Tripoli is one of the economically stricken country’s poorest places but also home to its richest citizens, EU turns to US in scramble for Oxford/AstraZeneca vaccine, Biden on brink of passing historic $1.9tn boost to US economy, Joe Biden enlists ‘Quad’ allies to counter China, Senate approves Joe Biden’s $1.9tn stimulus legislation, Mario Draghi makes his mark with vaccine embargo, Airlines redraw routes to match shifting passenger demand, Value investor John Rogers sees an end to Big Tech’s stock market dominance, Greensill implosion exposes risks of shadow banking, Aston Martin promises to make electric models in UK, Branson asks UK court to rule on value of Virgin brand, The unravelling of Lex Greensill: a mix of bravado and financial alchemy, Fears rise among bond investors as Buffett warns on outlook. Middle East arms fair goes ahead despite pandemic as forecasters see drop in Gulf defense spending. Turkey's economy grows 1.8% in 2020 Middle East Monitor 15:22 1-Mar-21 Turkey’s economy outperformed whole of G20 except China last year Al Jazeera 14:55 1-Mar-21 Malaysia Airports retail sales down 82% in 2020 as Malaysia and Turkey PAX takes hit Duty Free News International 14:46 1 … The company, which has a logistics network covering 120 countries, says it has significant cold storage capability in many emerging markets, something that is crucial considering that the Pfizer and BioNTech vaccine must be stored at the ultra-low temperature of -80°C to work effectively. Saudi Overtures to Wary Biden Team Driven by Worries Over Iran, Economy . Share in Facebook. In what ways has e-commerce evolved during the pandemic? By SAMY MAGDY February 21, 2021 GMT. More precautions taken as coronavirus grips Middle East economy COVID-19 has infected more than 270,000 people globally, and has claimed the lives of nearly 11,500 Updated 22 March 2020 Growth projections have been revised down since the April 2020 Regional Economic Outlook, the … To limit the spread of the virus, governments in the Gulf implemented a series of restrictions on businesses and movement throughout March and April. Despite these challenges, most countries in the Middle East benefitted from their favourable demographic profiles. Beyond the elite: Taking protest and public opinion seriously in the Kurdistan Region Middle East Institute 10:37 24-Feb-21. Such measures had varying degrees of success throughout the region. Indeed, as the most recent OBG Gulf CEO Survey results show, 33% of respondents believed the crisis would bolster industry and manufacturing in their domestic markets. We use One particular example is Dubai, whose shopping malls act as a top tourist attraction. According to OBG’s Gulf Covid-19 CEO Survey, conducted in July, 36% of CEOs said they had invested in automation software or hardware, with the figure almost 60% in the UAE. From an official exchange rate of 3,900 pounds per US dollar for importers and manufacturers of essential food items, the “cost of scarce dollars hit 10,000 Lebanese pounds on Tuesday, said three currency dealers on the informal market, a main source of cash since … Despite their efforts, the pandemic has inflicted heavy economic damage on the region. Weekly Middle East Oil & Gas News and Analysis covering Oil & Gas, Transportation, Power & Water, Refining & Petrochemicals, OPEC, Corporate, Geopolitical Risk, Economics & Finance, and Industry Data. Add this topic to your myFT Digest for news straight to your inbox, Sinking pound stokes rising inflation even as most workers’ wages are falling, Hunger threatens to reignite unrest as dollar peg slips and inflation soars in heavily import-dependent country, Riyadh to only award state contracts to businesses that establish Middle East offices in the kingdom, Promise of the revolution has given way to stifled dissent, reduced foreign investment and a decline in regional influence, Governments must implement reform to accelerate recovery of pandemic-battered economies, says fund, Oyo and Bechtel set up regional headquarters in Riyadh push to become top business hub, Public Investment Fund in push to have foreign groups set up operations in the kingdom, The point man to Crown Prince Mohammed bin Zayed, Sheikh Tahnoon is redefining links between the state and private sector, Nightly riots underscore frustration with poverty and high unemployment, Second day of clashes take place in several cities a decade on from Arab spring, Crown prince spearheads campaign as part of vision to become regional business hub, Unnamed buyer locks in price while Baghdad gets short-term fiscal relief, say analysts, Revenues in Opec’s second-largest crude producer have been halved by price crash, New parliament will struggle to agree with the ruling family on how to tackle the fiscal crisis, Low oil prices and pandemic shock force Gulf states to inject fiscal stimuli. Middle East and North Africa economy contracted 3.8% in 2020: IMF **Expects recovery to prepandemic levels in 2022 **Developing green infrastructure to accelerate recovery **COVID-19 vaccines critical for economic growth Includes news coverage on Iraq, Israel, Lebanon, Iran, Kuwait, Syria, Saudi Arabia and Jordan. Sudan announces managed currency float to revive economy. Following the implementation of health restrictions, which led to the closure of all non-essential businesses, The Dubai Mall, the largest retail space in the UAE, launched its own virtual store on Gulf e-commerce platform noon.com. The Washington Post provides the latest information and analysis of breaking Middle East news stories. Tunisia demonstrators defy lockdown to protest police brutality. Middle East economic recovery to be gradual in 2021: IMF Global economy is projected to grow 5.5 per cent in 2021 and 4.2 per cent in 2022. 9:38 PM ET Thu, 25 Feb 2021. Turkey's economy grows 1.8% in 2020 Middle East Monitor 15:22 1-Mar-21 Turkey’s economy outperformed whole of G20 except China last year Al Jazeera 14:55 1-Mar-21 Malaysia Airports retail sales down 82% in 2020 as Malaysia and Turkey PAX takes hit Duty Free News International 14:46 1 … As part of our 2019 New Year’s resolutions, we have committed to provide economic insights on a more frequent basis through this blog. The COVID-19 pandemic is inflaming an already severe crisis of inequality across the globe, according to a report released by aid group Oxfam International. Meanwhile, in Lebanon the August 4 explosion in the Port of Beirut destroyed half of the city’s medical centres and left three of its hospitals “non-functional”, according to the World Health Organisation, placing significant strain on the health care system. As a region in which a number of countries derive significant proportions of their GDP from hydrocarbons, the Middle East was particularly vulnerable to the immediate effects of the pandemic. Market reaction and Iran’s response to U.S military action in Syria will also influence. Given their reliance on hydrocarbons revenue, many governments have reassessed – and in some cases accelerated – their long-term plans for economic diversification. Accompanying the restrictions were significant testing and containment measures. Last Updated: 21st February, 2021 14:04 IST Israel Starts Reopening Economy After Two-month Lockdown Gyms, pools, cinemas and restaurants are opening back up for people who have received two doses of the coronavirus vaccine. Covid-19 and medical tourism: is a recovery on the cards? Although badly affected overall, there was a gradual recovery in aviation activity in the second half of the year. And that new reality must emerge soon. In the best of times, countries in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region would face a formidable task of creating jobs for the millions of young people entering the workforce. Nifty 14,484.75 137.5. The UAE was a world leader for testing in the early stages of the pandemic, pioneering a drive-through testing centre as early as April. For example, in January 2020, just prior to the pandemic, Saudi Arabia had the fifth-highest forex reserves in the world, at $501.8bn, and relatively low public debt, at 22.8% of GDP. Get the latest breaking news and top news headlines at Reuters.com. Global efforts to contain the virus – which included severely restricting, and in some cases prohibiting, transport and cross-border travel – ultimately led to a sharp reduction in demand for oil. NSE Gainer-Large Cap . Certain bills and tax payments were also deferred. After the fall of Saddam, as businesspeople we expected that subsequent governments would choose the right people for the right positions, and that a qualified and patriotic government would come to run the country. Latest Actionable Economy News, Data, Trends & Forecasts. The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exporting rentiers to centralized socialist economies and free-market economies. While prices have since recovered to around $50, partly on the back of a historic production cut agreement from oil-producing nations, the fall has nevertheless had a significant impact on major oil-producing nations in the region. Bahrain launches procurement for metro PPP. Notwithstanding the considerable efforts towards economic diversification in various countries, the region’s short-term recovery is likely to be closely linked to the price of oil. Globally, the IMF expects the world's economy to shrink 3% this year before rebounding in 2021 with 5.8% growth. cookies Within 10 years, if all goes to plan, Saudi Arabia will be unrecognisable. Elsewhere, in mid-April the Saudi government launched a multifaceted SR132bn ($35.2bn) stimulus package, consisting of SR70bn ($18.7bn) in support for the private sector, SR50bn ($13.3bn) in stimulus for the banking sector and small and medium-sized enterprises, and SR12bn ($3.2bn) in social assistance, including support for low-income families and micro- entrepreneurs, among others. The International Monetary Fund has raised its economic outlook for the Middle East and North Africa region's growth in 2020 by 1.2 percentage points to an overall contraction of 3.8%. Regional News Indian Sub-Continent Europe, UK & US Asia Pacific. The Washington Post provides the latest information and analysis of breaking Middle East news stories. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. Over the past few months the PIF has invested in a wide range of companies across different industries, including Uber, Softbank’s Vision Fund, electric carmaker Lucid Motors, Disney and Bank of America. On March 2, the Lebanese lira (or pound) eroded even further into becoming a failed currency, if there is such a thing. Jan. 19, 2021. OBG Advisory’s “4R” matrix for analysing national Covid-19 responses, The UAE was a world leader for testing in the early stages of the pandemic, Bahrain received international recognition for its so-called war room initiative, the GCC adopted a Kuwaiti proposal to create a joint food supply network across the bloc, The Dubai Mall, the largest retail space in the UAE, launched its own virtual store on Gulf e-commerce platform noon.com, oil prices will either significantly or very significantly impact their respective economic recoveries, To this end, the development – and in some cases initial deployment – of Covid-19 vaccines bodes well for 2021, many governments have reassessed – and in some cases accelerated – their long-term plans for economic diversification, Although a number of companies had in recent years already embarked on a so-called China +1 strategy. While there has been a substantial number of infections in other Middle Eastern countries, such as Saudi Arabia (360,000), the UAE (187,000), Kuwait (147,000) and Qatar (141,000), they have, on the whole, experienced a low number of deaths, especially when compared to other continents. MEED EXCLUSIVE Ramp up in Iran energy activity part of a plan. Home World News Middle East Israel starts reopening economy after two-month lockdown. To this end, in mid-April the GCC adopted a Kuwaiti proposal to create a joint food supply network across the bloc. For example, both Saudi Arabia and Oman derive around 75% of export revenue from oil and gas, while the sector contributes an estimated 45% to Kuwait’s GDP. Despite their efforts, the pandemic has inflicted heavy economic damage on the region. The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exporting rentiers to centralized socialist economies and free-market economies. The Lebanese government has resigned amid growing public anger following a devastating explosion in Beirut on 4 August that killed at least 200 people and injured about 5,000 others. MEED | Middle East business intelligence, news, data, analysis & reports. The region’s economy is expected to contract by 6.6% in 2020, according to estimates from the IMF, a larger downturn than the global average of -4.4%. Companies in the private sector were also forced to adapt to the new normal. In May the government awarded the Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, an additional $40bn in government reserves to tap investment opportunities. A one stop shop updated daily with industry news, interviews, analysis, expert opinion, videos and more. Share in WhatsApp. While these strategies varied from country to country, they usually included the closure of businesses deemed non-essential, along with curfews and lockdowns. This trend was also seen in Saudi Arabia, which tripled its value-added tax rate in July, from 5% to 15%. Reuters Thu, ... 16 years of age and up, were expected to have been inoculated by the end of March, allowing a full reopening of the economy by April 5. ... Middle East & North Africa Headlines. Meanwhile, in an attempt to further strengthen its food security, Kuwait struck a deal to streamline the import of Egyptian products, which were previously subject to extensive testing, while it also approved imports of beef from Brazil. MEED Business Review: March 2021. personalising content and ads, providing social media features and to analyse how our Sites are used. you've reached a subscriber-only article. The Middle East is a transcontinental region in Afro-Eurasia which generally includes Western Asia (except for Transcaucasia), all of Egypt (mostly in North Africa), and Turkey (partly in Southeast Europe).The term has come into wider usage as a replacement of the term Near East (as opposed to the Far East) beginning in the early 20th century.. ... Riyadh to only award state contracts to businesses that establish Middle East offices in the kingdom. In response to the sharp increase in demand for online services, many retail companies worked to upgrade their digital offerings, particularly in the areas of ordering, delivery and payment. This was the case in Bahrain, where the government launched a BH4.3bn ($11.4bn) stimulus, equivalent to around 30% of GDP, in mid-March. Benchmarks . In turn, this should strengthen the region's resilience against future shocks to global supply chains. This fall in demand, exacerbated by a price war between Russia and Saudi Arabia in the first half of the year, resulted in the price of oil falling from year-opening values of $66 per barrel to less than $20 in late April. 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Kuwaiti logistics firm Agility Public Warehousing is in discussions with governments and vaccine producers to help distribute doses once they become available. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. March 5, 2021. Find our research on the Bloomberg Terminal, Dow Jones Factiva, Eikon, S&P Capital IQ, LexisNexis and more. Demonstrators blocked various roadways across Lebanon for the fifth day in a row Saturday, and a heavy army presence filled parts of the capital as anger simmered over the country's economic … As part of the Omani government’s fiscal plan for 2020-24, released in October, policymakers outlined efforts to improve tax collection efficiency and introduce a value-added tax in 2021. Turkey’s economy probably grew by 2.3 percent last year – poll Ahval 07:15. As a region with a high proportion of oil-producing and exporting countries, the Middle East was disproportionately affected by Covid-19. David Geisen, Country Lead, Mercado Libre México. In a sign that these investments, particularly those in the digital payments space, are on track to bear fruit, data analytics agency Statista estimates that e-commerce revenue in the Kingdom will rise from $5bn in 2019 to around $6bn this year, with the figure set to reach as high as $8bn in 2024. Middle East Near You Bank of Israel sees strong economic rebound if vaccine rolled out quickly January 4, 2021 at 7:11 pm | Published in: Coronavirus , Israel , Middle East , News Demonstrators gather and ride on motorbikes during a protest against the fall in Lebanese pound currency and mounting economic hardship, in Beirut, Lebanon March 2, 2021. For example, Iran has been badly affected by the virus, with 1.1m cases and 53,000 deaths as of mid-December. Regional News Indian Sub-Continent Europe, UK & US Asia Pacific. Kuwait tenders oil flowline project. From Khashoggi to Yemen, Saudi Arabia's crown prince has alienated Democrats who are coming into power. Economic data from the Eurozone and the U.S will be in focus later today. For the first time, the government is also considering the establishment of personal income tax. In addition to increasing liquidity support funds and loan facilities from the central bank, the package paid the salaries of all private sector employees, along with the electricity and water bills of citizens and businesses, for three months. New research shows popularity and reach of YouTube in UAE and Saudi Arabia Campaign Middle East 07:14. Iraq ranks among the last Countries on "Women, Business and the Law" index Shafaq News 04:02 25-Feb-21. The ISH Markit Purchasing Managers’ Index (PMI) ticked down to a three-month low in February, clocking in at 50.6 and down from January’s 16-month high of 51.2. Concerned by disruptions to trade, the countries set up special arrangements at border control and Customs posts that facilitated the movement of food and medical supplies. Please Follow us on Gab, Parler, Minds, Telegram raq is a very rich country in all aspects. Looking ahead, the fund expects the Middle East to rebound to growth of 2.6% in 2021, below the global forecast of 5.2%. Facing the twin challenges of a sharp reduction in trade and a steep drop in the price of oil as a result of Covid-19, countries in the Middle East have weathered a particularly difficult 2020. Economic Data Puts the EUR and the Dollar in Spotlight, with the Middle East also in Focus Economic data from the Eurozone and the U.S will be in focus later today. With a large proportion of their populations below 30 years of age, they benefitted from a relatively small number of people in high-risk groups. With countries such as the UAE, Qatar and Bahrain home to significant leisure and entertainment sectors, often closely tied to their respective aviation industries, the severe restrictions on cross-border travel throughout 2020 have taken their toll. Oil prices continued to rise in recent weeks, supported by positive developments on the Covid-19 vaccine front, the House’s approval of a third U.S. stimulus package, tighter supply—as Saudi unilaterally decided to cut production by an additional 1.0 mbpd in … Aside from freeing up travel, the vaccine could provide business opportunities for logistics companies in the region. Looking ahead, the fund expects the Middle East to rebound to growth of 2.6% in 2021, below the global forecast of 5.2%. Save. Get the latest BBC News from the Middle East: breaking news, features, analysis and debate plus audio and video coverage from across the Middle East.
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