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Economy News & Analysis

Grand Mosque Expansion in Mecca

Saudi Binladin Group lays off 50,000 workersSubscription

SBG has terminated employment contracts of foreign workers and has asked them to leave the kingdom

Data centre

Vision 2030 addresses digital infrastructureSubscription

National council to be formed to supervise digital transformation

Doha, capital city of Qatar

Qatar to allow domestic fuel prices to fluctuateSubscription

Decision is part of the government’s broader subsidy reform agenda

Al-Reem Island in Abu Dhabi

Abu Dhabi launches $5bn bondSubscription

The emirate’s two part bond was priced at tighter end of the price range

The Address Fujairah resort

Emaar Hospitality to open 35 hotels and residencesSubscription

Properties will be opened in UAE and other markets under three brands

Saudi Deputy Crown Prince Mohammed bin Salman al-Saud

Vision 2030: The reforms announced so farSubscription

Sweeping overhaul of Saudi economy announced by deputy crown prince

Cairo, capital city of Egypt

Egypt lowers foreign investment targetSubscription

The figure is a slight increase from $6.4bn in the financial year of 2014/2015

China's President Xi Jinping (right) shakes hands with Egypt's President Abdul Fattah al-Sisi

Chinese investors meet in CairoSubscription

The Chinese delegation showed interest in transportation and other sectors

Riyadh

Saudi prince reveals economic vision Subscription

Deputy Crown Prince Mohammed bin Salman unveils main points of kingdom’s strategy to diversify its economy in next 15 years

Saudi Aramco

Saudi Arabia confirms Aramco listingSubscription

The kingdom plans to list less than 5 per cent of the company as part of economic reforms

Riyadh, capital of Saudi Arabia

Saudi Arabia’s cabinet approves 2030 economic planSubscription

Plan was approved at special cabinet session on 25 April

Riyadh

Middle Eastern nations lose $390bn of oil revenuesSubscription

IMF expects oil-exporting countries to face further headwinds this year

Cairo

IMF has not received Egyptian loan request Subscription

The Washington-based fund will consider a loan if Egypt requests it

Tourists in front of the Luxor temple in Egypt

UAE allocates $4bn to EgyptSubscription

Announcement of financial support came at the end of Abu Dhabi’s crown prince’s visit to Egypt

Riyadh

Saudi king sacks water and electricity ministerSubscription

Abdullah al-Husayen was relieved of his portfolio by royal decree

Algeria tenders major road feasibility study

Maghreb transport sector faces uncertaintySubscription

Oil prices factor in for future expansion strategy

Riyadh

GCC agrees with US on patrols to stop arms shipments to YemenSubscription

Agreement was reached at a meeting between US Defense Secretary and Gulf his counterparts

Riyadh, Saudi Arabia

Riyadh agrees terms on $10bn loanSubscription

Saudi Arabia up-sized the loan from $8bn on significant demand for kingdom’s credit

Baghdad

Iraq revives bond issuance plansSubscription

International bond was dropped due to high pricing

Aramco expected to approve oil scheme

Saudi Arabia picks Aramco IPO advisorsSubscription

Riyadh plans to list less than 5 per cent of Aramco’s parent company

Sarmad Khan

Deals galore for investment banks in Saudi ArabiaSubscription

Saudi Aramco, Tadawul and Saudi Grains are just a few among state entities looking to list shares

Hossam Abougabal

Saudi Arabia’s support to Egypt likely to come with stringsSubscription

Riyadh’s commitment to Egypt comes at a time of low oil prices with state budgets across the GCC witnessing difficult times

Philippa Wilkinson

Egypt dollar shortage threatens development plansSubscription

Investors, developers and manufacturers need hard currency

Philippa Wilkinson

Debt capital markets could return in 2016Subscription

Markets still need to develop, but bonds could become more attractive

Sarmad Khan

Saudi privatisation bid will not bear fruit in immediate futureSubscription

Riyadh has identified almost 150 state-owned assets to sell as it looks to monitise crown jewels

Hossam Abougabal

Cairo’s new cabinet could slow down progressSubscription

Egypt’s changes to the government could delay its development programme

Richard Thompson

Changing the way we tackle urban growthSubscription

A top-down approach must be applied to the way governments tackle urban expansion

Richard Thompson

Japan moves to restore Iran ties

Tokyo seeks to build on historic ties and supportive economic policies

Hossam Abougabal

Tourism and canal woes dent Egypt's economySubscription

Reports suggest up to 100 vessels have opted to go around South Africa rather than through the canal

Sarmad Khan

Saudi contractors need more than just part paymentsSubscription

Government plans to pay $48bn in delayed payments will not solve the cash flow issues

Richard Thompson

Cairo needs investment and must devalue the poundSubscription

Egypt has made considerable progress over the past year, but faces some tough choices