Regional Economic Commentary – Week 24

Regional & GCC Developments: Egypt’s urban consumer inflation rose to 12.3% yoy in May (Apr: 10.3%), the highest level since Feb 2009, while core inflation also picked up to 12.23% (Apr: 9.51%). PMI in Egypt stayed below the 50-point mark for the 8th consecutive month, registering 47.6 in May (Apr: 46.9); new orders improved to 46.9 points, up from Apr’s 45.5. […]

Regional Economic Commentary – Week 23

Regional & GCC Developments: Bahrain’s GFH Financial Group and Abu Dhabi Financial Group (ADFG) and are jointly setting up a new Islamic bank in Abu Dhabi’s new financial free zone with initial capital of USD 100mn. The bank will be run as a commercial bank accepting offshore deposits and dealing in dollars, according to an […]

Regional Economic Commentary – Week 22

Regional & GCC Developments: In a bid to woo tourists and investors, Bahrain has announced two new types of visas: a single entry visa issued electronically or at entry points for five days stay and a multiple-entry (only electronically issued) visa that allows for stay up to 90 days. It also extended its eVisa eligibility […]

Regional Economic Commentary – Week 21

Thanks to Nasser Saidi’s Weekly Economic Reports, I will start sharing with all of you some of the GCC and UAE-focused Economic news. GCC & Regional Developments: Bahrain privately placed a USD 435mn, three-year sukuk issue last week, with a profit rate of 325 basis points over mid-swaps; this is the second time in three […]