Some economies progress, but projections for growth are cut

Arabia Monitor Monthly
Some economies progress, but projections for growth are cut
  • Moody’s upgraded Egypt’s credit rating to B2 reflecting economic and reform progress under the IMF programme. This will help planned bond issuance.
  • Saudi Arabia posted a budget surplus of 0.9% of GDP in Q1, its first since 2014, driven by higher oil and tax revenue as well as subsidy cuts.
  • Amendments to Abu Dhabi’s real estate law are expected to encourage longer-term residencies and inject more liquidity into the market.
  • The UAE did very well at the Second Belt & Road Forum for International Cooperation in Beijing, with deals worth USD 3.4B, 5% of the total value of deals signed at the Forum.

Florence Eid-Oakden, Ph.D, Chief Economist

Robin Mills, Energy Analyst

Charlene Rahall, Mingqiao Zhao, Analysts 

 

Arabia Monitor’s MENA Monthly publication provides a timely snapshot of most notable recent developments in the dynamic MENA region. Our analysts get past the news to deliver the core, forward looking conclusions that markets-oriented readers look for.

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