Middle East ETF News Older than One Year
UAE Central Bank plans to roll out digital currency
July 13, 2021--When a central bank introduces a digital currency it is expected to support the industry as assets will back it.
The UAE central bank is planning to roll out a digital currency as part of its 2023-2026 strategy, according to state news agency WAM.
Source: zawya.com
First Abu Dhabi Bank and State Street Announce Strategic Alliance
July 12, 2021--New Service Model Designed Specifically for Institutional Investors in the Middle East and North Africa
First Abu Dhabi Bank PJSC (FAB) and State Street Corporation (NYSE:STT) today announced a new strategic alliance that leverages FAB's regional securities services expertise, incorporating the largest direct custody network in the Middle East and North Africa (MENA), and State Street's global strength and capabilities.
The alliance will create a full-service enterprise offering for institutional investors in the region. It will provide MENA investors with extensive reach into more than 100 markets around the world, an unrivalled product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt.
Source: State Street Corporation
IMF Executive Board Concludes 2021 Article IV Consultation with Saudi Arabia
July 8, 2021--July 8, 2021--The Saudi economy entered the COVID-19-pandemic with strong policy buffers and reform momentum. The authorities responded quickly and decisively to the crisis with a range of fiscal, financial, and employment support programs that helped cushion the impact of the pandemic on the private sector.
As the lockdown eased and the economy recovered in the second half of 2020, the government withdrew or increasingly targeted the temporary fiscal and employment support. SAMA's borrower support has been retained.
The economy is recovering well. The non-oil recovery that started in the second half of 2020 is expected to continue with non-oil growth projected at 4.3 percent this year. While central government fiscal consolidation will be a drag on growth, it is expected to be offset by higher Public Investment Fund investment and strong private demand. Real oil GDP growth is projected at -0.4 percent in 2021 as production is assumed to remain in line with the OPEC+ agreement and overall real GDP is expected to grow by 2.4 percent. Over the medium-term, growth is expected to accelerate as the economic reform agenda begins to pay dividends.
Source: IMF
Middle East and North Africa: Looking Forward
July 1, 2021--The decade following the so-called "Arab Spring" of 2010-2011 was marked by both successes and setbacks for countries of the Middle East and North Africa (MENA) region. An initial wave of reforms supported macroeconomic stability in some countries.
But the fact that youth and female unemployment remain unacceptably high reflects deep-seated human capital and governance challenges, often stemming from the influence of the state in economies.
Conflict persists in several countries, severely setting back development progress. Even prior to COVID-19, MENA was the only region in the world to see an increase in extreme poverty (measured at $1.90 per day), driven by conflicts in Syria and Yemen.
Source: worldbank.org
Egypt: EGX Shows Mixed Performance Monday, Market Cap. Loses Le 107.98 Million
June 1, 2021--The Egyptian Exchange (EGX) ended Monday's session on mixed note, losing around LE 107.98 million of market capitalization, amid foreign selling.
The benchmark EGX30 inched up 0.07 percent, or 7.48 points, to end at 10,309.06 points.
The small and mid-cap index EGX 70 rose 0.51 percent, or 11.5 points, to close at 2,278.33 points, and the broader index EGX 100 jumped 0.50 percent, or 16.12 points, to close at 3,215.84 points.
On the other hand, the equally weighted index EGX 50 decreased 3.26 percent, or 3.26 points, to end at 2,195.51 points.
Source: allafrica.com
GCC investors need to look wider for growth opportunities
May 23, 2021--Modest 2021 recovery forecasts for the GCC have increased the focus on diversification from the hydrocarbon sector, potentially opening up some less traditional growth opportunities, according to Aberdeen Standard Investments (ASI).
Source: sharjah.io
IMF-Saudi Arabia-Staff Concluding Statement of the 2021 Article IV Mission
May 3, 2021--May 3, 2021-- 1. The authorities responded quickly and decisively to the COVID-19 crisis. Strict early containment and health mitigation measures limited cases and fatalities and the vaccination program has advanced well in recent months. Fiscal, financial, and employment support programs introduced by the government and SAMA helped cushion the impact of the pandemic on businesses and Saudi workers.
As the economy reopened, some of the support programs have been ended and others adjusted to target only those sectors where the effects of the crisis are longer-lasting.
2. Reforms under Vision 2030 have played a key role in helping the economy navigate the pandemic. Efforts to establish a robust structure of interagency coordination and governance, the growing digitalization of government and financial services, reforms to increase labor market mobility, and strong fiscal and financial policy buffers all equipped the economy to manage the crisis.
Source: IMF
Four Questions About Debt and Financing Risks from COVID-19 in the Middle East and North Africa
April 28, 2021--Across the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), countries responded to the COVID-19 pandemic with unprecedented scale and urgency. While this strong response helped save lives and cushion the economic blow, it also exacerbated existing debt vulnerabilities and led to a surge in financing needs.
The IMF's Regional Economic Outlook Update for the Middle East and Central Asia explores these issues and policies to address them.
Here are four key questions:
How significant were debt vulnerabilities in MENAP prior to the pandemic and what were the primary concerns? Many countries were already facing high debt. By the end of 2019, one-half of MENAP countries had government debt ratios above 70 percent of GDP and one in four countries faced public gross financing needs above 15 percent of GDP annually.
Source: IMF
Qatar stock market rallies as cabinet approves full foreign ownership draft law
April 15, 2021--Qatar stock market jumped shortly after opening on Thursday on positive news that the country's cabinet has approved a draft law to allow foreign investors to fully own companies listed on the exchange.
The move, if approved into law, is expected to bring in overseas funds.
The country's stock market jumped on the news and the index was last trading 1.8 percent higher at 10,800.87 points at 11 am local time.
Source: zawya.com
IMF-Middle East and Central Asia-Regional Economic Outlook: Arising from the Pandemic: Building Forward Better
April 11, 2021--A year into the coronavirus (COVID-19) pandemic, the race between vaccine and virus entered a new phase in the Middle East and Central Asia region, and the path to recovery in 2021 is expected to be long and divergent. The outlook will vary significantly across countries, depending on the pandemic's path, vaccine rollouts, underlying fragilities, exposure to tourism and contact-intensive sectors, and policy space and actions.
Public gross financing needs in most emerging markets in the region are expected to remain elevated in 2021-22, with downside risks in the event of tighter global financial conditions and/or if fiscal consolidation is delayed due to weaker-than-expected recovery. 2021 will be the year of policies that continue saving lives and livelihoods and promote recovery, while balancing the need for debt sustainability and financial resilience. At the same time, policymakers must not lose sight of the transformational challenges to build forward better and accelerate the creation of more inclusive, resilient, sustainable, and green economies. Regional and international cooperation will be key complements to strong domestic policies.
Source: IMF
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