Browsing Category: Economy

In recent weeks, Kuwait’s government has taken significant steps to advance economic reform, including plans to introduce a 15% corporate tax on multinational companies, allow ministries to set their own service fees, and ease restrictions on foreign property ownership. Additionally, the long-standing monopoly of the Kuwait Credit Bank in the residential mortgage sector is set to end, opening the market to local banks. Government ministries have also been instructed to streamline project execution and implement key performance indicators to reduce delays. A draft decree allowing…

Lebanon’s economy remains deeply strained, worsened by last year’s two-month war between Hezbollah and Israel, which inflicted severe damage on homes and infrastructure, the International Monetary Fund (IMF) has reported. An IMF delegation recently visited Lebanon, meeting with the country’s newly elected government, led by President Joseph Aoun and Prime Minister Nawaf Salam. In a statement following the visit, the IMF described Lebanon’s economic condition as severely depressed, with exceptionally high levels of poverty and unemployment persisting since the country’s 2019 financial crisis. Banking Collapse and…

Turkish citizens are increasingly relying on credit cards for purchases abroad, as inflation and rising taxes make shopping at home less affordable. According to a new report from the Interbank Card Centre (BKM), Turkish consumers used their credit cards for more than 380 million overseas transactions last year, amounting to $11.5 billion in spending. The trend gained further momentum in January, with overseas transactions rising by more than 10% year-on-year and total spending surging by nearly 70%. Turks Travel…

The International Monetary Fund (IMF) has approved the release of $1.2 billion to Egypt following the fourth review of its emergency loan program, while emphasizing the need for more decisive economic reforms. This latest disbursement brings Egypt’s total loan drawdown to approximately $3.2 billion under an $8 billion Extended Fund Facility (EFF), the IMF announced in a statement. Stronger Reforms Required for Sustainable Growth The 46-month EFF agreement, initially approved in 2022, was contingent on Egypt implementing key economic…

Turkey’s central bank has implemented its third interest rate cut since December, citing declining inflation and slower domestic demand as key reasons for the decision. On March 6, the monetary policy committee reduced the benchmark lending rate by 250 basis points, bringing it down from 45% to 42.5%—a move that was widely anticipated following better-than-expected inflation data for February. Inflation Drops, Paving the Way for Further Cuts Turkey’s consumer price index fell to 39% in February, marking its lowest level since mid-2023 and a notable improvement from 42%…

Emirates NBD, Dubai’s largest bank by assets, has announced plans to delist Emirates Islamic Bank (EIB) from the Dubai Financial Market (DFM) after acquiring 100% of the sharia-compliant lender. Emirates NBD made a mandatory cash offer to purchase the remaining 0.11% of EIB’s shares, amounting to AED70 million ($19 million), at a price of AED11.95 ($3.25) per share. With this acquisition, Emirates NBD now owns 100% of EIB, which has over 5.4…

U.S. President Donald Trump confirmed on February 24 that the tariffs he proposed on Canadian and Mexican imports are proceeding as scheduled. After taking office, Trump announced up to 25% duties on imports from both countries, citing concerns over illegal immigration and the influx of fentanyl. However, he had previously paused the implementation of the tariffs for one month to allow for ongoing discussions. With the pause ending next Tuesday, attention is…

Energy and Natural Resources Minister Alparslan Bayraktar has stated that a new era in oil and natural gas exploration will begin in Turkey. In an interview with Hürriyet, Bayraktar explained that Turkey may revise its current energy strategy, with plans to usher in significant changes in oil and gas exploration. He highlighted that Turkmen gas deliveries would commence on March 1, emphasizing the country’s long-term goals, including the extension of a five-year…

Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), is reviewing eight venture capital (VC) firms to add to its “fund of funds” programme. This move is part of QIA’s strategy to bolster its $1 billion venture capital fund, which has already invested nearly $500 million in six firms. If all eight firms are selected, the programme will be close to fully committed. Mohsin Pirzada, QIA’s head of funds, shared this update…

Expatriate remittances to Egypt, a vital source of foreign currency, surged by 52% year-on-year to reach $30 billion in 2024, as reported by the central bank. The substantial increase in remittances was largely driven by Egypt’s economic reforms introduced in March 2024, along with the implementation of a flexible exchange rate system, according to the State Information Service. In December 2024, remittances hit a record high of $3.2 billion, up from $1.6…