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Egypt’s net foreign assets (NFAs) fell by $1.5 billion in April, central bank data showed on Wednesday, retreating from March, when the approval of the fourth review of the country’s IMF program sparked a jump. NFAs slid to the equivalent of $13.54 billion, from $15.08 billion at the end of March, according to Reuters calculations based on official central bank currency exchange rates. In March, NFAs jumped by $4.9 billion after the International Monetary Fund approved the disbursement to Egypt of $1.2 billion after completing its review of the country’s $8 billion economic reform program, Reuters reported. The IMF also…

Port of NEOM has marked a major milestone with the arrival of the first fully automated, remote-controlled Ship-To-Shore (STS) and Electric Rubber-Tyred Gantry (eRTG) cranes in the Kingdom, advancing its goal to become a global hub for smart, sustainable trade, SPA reported. Strategically located on the Red Sea, Port of NEOM is already serving as a critical gateway on the East-West trade route. The newly arrived state-of-the-art cranes will play a critical role in the port’s automation strategy, unlocking the potential for high-volume, high-efficiency operations. Development of Port of NEOM continues at a pace ahead of the 2026 opening of…

Saudi Arabia’s flynas has successfully completed the final allocation process for its initial public offering (IPO) shares, setting a minimum allotment of 10 shares for each individual subscriber. This IPO is considered the first of its kind for a Gulf airline in nearly 20 years. flynas will become the third Gulf airline to go public, following the listings of Air Arabia in the UAE and Jazeera Airways in Kuwait. In a statement, the company confirmed that any surplus subscription funds – if any – will be refunded to individual subscribers no later than June 5. The company will be listed…

More economic data on the GCC states For other countries in the region, go to our Mena economic data page UAE economic indicators at a glance Financial services, tourism, trade and real estate are among the most important industries in the UAE’s non-oil economy, which is growing much faster than its hydrocarbon sector. This outperformance is helping further diversify the economy and reduce the country’s reliance on hydrocarbon revenues.  The UAE’s rising population – especially when it comes to expats – underpins the country’s upbeat macroeconomic outlook, with annual GDP growth the highest in the Middle East last year according…

Oil prices held steady on Wednesday as concern around the OPEC+ groups next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger. Brent crude futures inched 18 cents lower, or down around 0.3%, at $65.45 a barrel by 0905 GMT, while US West Texas Intermediate crude was 19 cents lower, also down 0.3%, at $63.22 a barrel. The unwinding of 411,000 barrels per day (bpd) in July by OPEC+ states was weighing on the market, Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy said, but there…

Since the pandemic, IPO activity across GCC capital markets has surged – offering a sharp contrast to the stop-start pace on New York’s Nasdaq and the near standstill on London’s LSE. Nearly 300 IPOs have raised around $50 billion across the Gulf since 2021.  Below I outline six key macro themes shaping this post-Covid IPO boom in the GCC. First, contrary to expectations, the number, size and aftermarket performance of IPOs in the GCC have shown little correlation with oil prices.  Since 2021 Brent crude has swung wildly, yet IPO momentum has remained resilient, even in hydrocarbons-heavy markets like Saudi Arabia.…

Gold prices held steady on Wednesday as stronger US jobs data countered safe-haven demand driven by simmering trade tensions between the US and China. Spot gold was steady at $3,349.19 an ounce, as of 1145 GMT. US gold futures were unchanged at $3,373.10. “US labor data gave markets a bit of relief yesterday, causing a small dip in gold prices. However, tensions between the US and China are still keeping risks high and gold prices supported,” said Zain Vawda, market analyst at MarketPulse by OANDA. Job openings in the US rose in April, though layoffs surged to their highest level…

The World Bank has confirmed a 58% decrease in per capita income in Yemen and expects the country’s real GDP to shrink by 1.5% this year. The Bank anticipated that the negative economic effects will worsen due to the depreciation of the local currency, reduced financial support, shrinking liquidity, and the ongoing fuel crisis. In its quarterly report, the Bank warned that Yemen’s economy is under severe strain. With the conflict still unresolved, institutional fragmentation worsening, and external support diminishing, the report suggested that the country is on a path that could derail recovery efforts unless a peaceful resolution is…

65% report rising costs linked to tariffs PMI survey shows weaker growth in May ‘Competitive pressure and weaker trade’ UAE businesses are starting to feel the impact of US tariffs, with cost pressures mounting and revenue forecasts dipping, industry studies have found. Around 65 percent of UAE-based companies surveyed by HSBC reported rising operational costs linked to tariffs announced by President Donald Trump in April.  Some of the “Liberation Day” levies have since been paused or scaled back and the policy is now the subject of a legal battle in the US. A trade court ruled last week that the…

Alkhaldi and Dome IPOs voided Reasons not specified Refunds by Wednesday Two planned initial public offerings (IPOs) on Saudi Arabia’s junior stock market have been scrapped. Yaqeen Capital and Watheeq Capital, the respective lead managers and financial advisors for Alkhaldi Logistics Company and Dome International Investment, announced that the IPOs had been declared void. The statements did not specify the reasons for the cancellations. Refund of the subscription amounts will be completed by Wednesday, the statements said. In June, the Capital Market Authority approved Dome International’s request to float 850,000 shares at SAR42 ($11.20) per share. Subscriptions were open from…