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Financials drag major Gulf markets lower | Reuters

Financials drag major Gulf markets lower | ReutersMajor stock markets in the Gulf ended lower on Tuesday, as financial shares dropped after the International Monetary Fund warned of rising debt risks in the coronavirus-hit Middle East.The IMF said on Sunday that countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens recovery prospects.Lower demand and a slump in commodity prices eroded state f...
Tags: Travel, Saudi Arabia, Qatar, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, North Africa, Reuters, Central Asia, Emirates NBD, Qatar Islamic Bank, Rupert Neil Bumfrey


Most Gulf markets ease in early trade | Reuters

Most Gulf markets ease in early trade | ReutersMost stock markets in the Gulf fell in early trade on Tuesday, pressured by losses in their banking shares as the International Monetary Fund warns on rising debt risks in virus-hit Middle East.The IMF said on Sunday countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens recovery prospects.Lower demand and a slump in commodity prices eroded state ...
Tags: Travel, Saudi Arabia, Qatar, Middle East, United Arab Emirates, Dubai, International Monetary Fund, Imf, Gulf, North Africa, Reuters, Central Asia, Rupert Neil Bumfrey, Abu Dhabi Islamic Bank, Al Rajhi Bank, First Abu Dhabi Bank


IMF warns on rising debt risks in virus-hit Middle East, Central Asia | Reuters

IMF warns on rising debt risks in virus-hit Middle East, Central Asia | ReutersThe International Monetary Fund said on Sunday countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens recovery prospects.The region, which includes around 30 countries from Mauritania to Kazakhstan, saw an economic rebound in the third quarter as countries relaxed measures to contain the new coronavirus.But the outl...
Tags: Travel, Middle East, Kazakhstan, Imf, Mauritania, Reuters, Central Asia, Middle East Central Asia, Rupert Neil Bumfrey, Central Asia Department, Jihad Azour, ReutersThe International Monetary Fund


Mideast Two-Year Financing Needs Rise to $919 Billion, IMF Says - Bloomberg

Mideast Two-Year Financing Needs Rise to $919 Billion, IMF Says - BloombergFinancing needs in the Middle East and North Africa are expected to reach $919 billion for this year and next as the region seeks to recover from the coronavirus pandemic, according to the International Monetary Fund.In an updated outlook published Sunday, it said public-financing requirements were likely to remain above 15% of gross domestic product in most parts of the region through the end of 2022.The global lender re...
Tags: Travel, Bloomberg, Middle East, International Monetary Fund, Imf, Mena, North Africa, Rupert Neil Bumfrey


Most major Gulf markets gain after IMF lifts region's economic outlook | Reuters

Most major Gulf markets gain after IMF lifts region's economic outlook | ReutersMost major Gulf stock markets ended higher on Thursday after the International Monetary Fund (IMF) raised its economic forecasts for the region, while the Saudi index closed flat as some stocks traded ex-dividend.The IMF said on Wednesday it expected most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5%.In Dubai, the main shar...
Tags: Travel, Saudi Arabia, Qatar, Dubai, Abu Dhabi, Imf, Gulf, Reuters, International Monetary Fund IMF, Qatar National Bank, Rupert Neil Bumfrey, Banque Saudi Fransi, Khalid Al Hussan, First Abu Dhabi Bank, Alinma Bank, Emirates NBD Bank


IMF raises most Gulf countries' economic growth forecasts | Reuters

IMF raises most Gulf countries' economic growth forecasts | ReutersThe International Monetary Fund expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5% less than three months ago.Saudi Arabia’s economy, the region’s largest, is expected to grow 2.9% this year, up from the 2.6% forecast in January, the IMF said in its latest World Economic Outlook, released this week.The kingdom’s economy contract...
Tags: Travel, Saudi Arabia, Qatar, United States, United Arab Emirates, Oman, Bahrain, Kuwait, Imf, Gulf, Reuters, World Economic Outlook, Rupert Neil Bumfrey, ReutersThe International Monetary Fund


IMF forecasts #UAE's economic growth at 3.1% - Arabianbusiness

IMF forecasts UAE's economic growth at 3.1% - ArabianbusinessIn its latest World Economic Outlook report published on Tuesday, the International Monetary Fund (IMF) increased the UAE’s economic growth forecast for 2021 to 3.1 percent, in what is seen as a credit to the country’s positive handling of coronavirus.While the forecast is up from the 1.2 percent forecasted in October last year, it is expected to soften in 2022, dropping down to 2.6 and stabilising through to 2026, according to the IMF...
Tags: Travel, Uae, Imf, International Monetary Fund IMF, Stephen Anderson, World Economic Outlook, Rupert Neil Bumfrey, PwC Middle East, Middle East Strategy, Arabian Business Forum


Why GCC economic recovery will be slow until 2023 | Special-reports – Gulf News

Why GCC economic recovery will be slow until 2023 | Special-reports – Gulf News The Gulf economies suffered in 2020. That’s true for the rest of the world too. How soon will the Gulf countries recover from the recession wrought by the perfect storm of the COVID-19 outbreak, sustained low oil prices and geopolitical challenges? This is the first of a four-part series on the health of the Gulf economy. What’s IMF's 2021 outlook? Sound policies and robust reserves are keeping GCC economi...
Tags: Travel, Saudi Arabia, GCC, International Monetary Fund, Uae, Imf, Gulf, World Economic Outlook, Rupert Neil Bumfrey, Gulf News The Gulf, Saudi Arabia GCC


#Kuwait should accelerate reforms to be less tied to oil price fluctuations - IMF | Reuters

Kuwait should accelerate reforms to be less tied to oil price fluctuations - IMF | Reuters Kuwait needs to accelerate reforms to reduce the dependence of government policies on the rise and fall of oil prices, an International Monetary Fund (IMF) official said.The oil-rich Gulf state faces near-term liquidity risks largely due to the absence of parliamentary authorisation for the government to borrow.“Kuwait has high levels of buffers but they need to accelerate reforms,” said Jihad Azour, direc...
Tags: Travel, Middle East, Kuwait, Imf, Gulf, Reuters, International Monetary Fund IMF, Fitch, Reuters Kuwait, Rupert Neil Bumfrey, Central Asia Department, Jihad Azour, IMF Kuwait


IMF calls on Arab leaders to take action or risk new ‘lost decade’ | Financial Times

IMF calls on Arab leaders to take action or risk new ‘lost decade’ | Financial Times The IMF has warned that the Arab world risks another “lost decade” if governments fail to invest in technology and implement reforms to accelerate the recovery of economies that have been battered by the pandemic.  Jihad Azour, the fund’s director for the Middle East, told the Financial Times that governments in the region, which are grappling with diminishing resources, rising debts and rampant youth unemp...
Tags: Travel, Middle East, Lebanon, Financial Times, Arab, Imf, Rupert Neil Bumfrey, Azour, Jihad Azour


Race between vaccines and virus to shape uneven Middle East recovery - IMF | Reuters

Race between vaccines and virus to shape uneven Middle East recovery - IMF | Reuters The Middle East will see an uneven economic recovery from the COVID-19 pandemic, an International Monetary Fund official said, as countries move at different speeds to secure vaccines and fiscal policy responses differ across the region.Oil-rich Gulf Cooperation Council countries have secured bilateral agreements with several vaccine providers, but fragile and conflict-afflicted states with limited healthcare ca...
Tags: Travel, Middle East, World Health Organization, International Monetary Fund, Imf, Reuters, Gulf Cooperation Council, Rupert Neil Bumfrey, Central Asia Department, Jihad Azour


#Saudi economy forecast to grow 2.6% this year - IMF | Reuters

Saudi economy forecast to grow 2.6% this year - IMF | Reuters Saudi Arabia’s economy will grow 2.6% this year, the International Monetary Fund (IMF) said on Tuesday, after the economy of the world’s top oil exporter shrank last year due to low oil prices and the coronavirus crisis.Saudi Arabia itself has estimated its economy could swing back to growth of 3.2% this year after a 3.7% contraction in 2020.The IMF in October had forecast 3.1% growth in 2021 for the country, following a 5.4% contract...
Tags: Travel, Saudi Arabia, Imf, Reuters, International Monetary Fund IMF, Rupert Neil Bumfrey


Consumer Behavior Changes During the Pandemic: What Should Businesses Know? | By Hassan Sameer Al Sayegh

It has been one year since the first COVID-19 case was reported to the World Health Organization in December 2019. The World Health Organization declared it a pandemic in March 2020. Multiple countries during the pandemic have initiated nationwide lockdowns and restrictions (WHO, 2020). The pandemic has led to global economic disruptions described by the IMF as the worst since the Great Depression (Jones et al., 2020).
Tags: Travel, World Health Organization, Jones, Imf, The World Health Organization, Hassan Sameer Al Sayegh


Why #Saudi banks are better positioned in 2021 compared to GCC peers | Banking – Gulf News

Why Saudi banks are better positioned in 2021 compared to GCC peers | Banking – Gulf News Saudi banks are entering the New Year from a position of advantage with higher loan growth and relatively low impairments reported in in the first three quarters of 2020.Despite the challenging operating environment posed by COVID-19 and drastic fall in oil prices, 2020 was not such a bad year for the Saudi Banks, according to Bank of America Merrill Lynch (BoAML) analysts.The Saudi banks, like others in th...
Tags: Travel, GCC, Imf, Bank of America Merrill Lynch, Middle East North Africa, Rupert Neil Bumfrey, COVID


Review: COVID-19, low oil price dragged most GCC indices into red in 2020 | ZAWYA MENA Edition

Review: COVID-19, low oil price dragged most GCC indices into red in 2020 | ZAWYA MENA Edition GCC markets under performed their global peers and ended 2020 mixed, according to the GCC Markets Monthly Report by Kamco Invest.Nearly all the markets remained in the red for most of the year due to the impact of Covid-19 and the decline in crude oil prices since March 2020.Global crude prices lost more than a fifth of their value in 2020, as lockdowns to combat COVID-19 depressed economic activity an...
Tags: Travel, GCC, Imf, KAMCO, Rupert Neil Bumfrey, MSCI GCC


IMF Sees #Qatar’s Economy Return to Growth, Wider Deficit in 2021 - Bloomberg

IMF Sees Qatar’s Economy Return to Growth, Wider Deficit in 2021 - Bloomberg Growing natural gas production and a rebound in domestic demand will help Qatar return to economic growth next year, according to the International Monetary Fund’s latest assessment of the country’s financial health.Gross domestic product will grow 2.7% in 2021 following a contraction of 2.5% this year, the IMF said in a statement following virtual meetings held with Qatari officials Dec. 6-14. It added that risks to th...
Tags: Travel, Qatar, Bloomberg, International Monetary Fund, Imf, Rupert Neil Bumfrey, Bloomberg Growing


G20 nearing IMF funding boost for poorer nations, says #Saudi minister | Financial Times

G20 nearing IMF funding boost for poorer nations, says Saudi minister | Financial Times The world’s richest countries are edging towards a consensus on unlocking additional IMF funds for poorer nations whose economies have been battered by the coronavirus crisis, according to a leading G20 official.  Mohammed al-Jadaan, the finance minister of Saudi Arabia, which holds the G20 presidency this year, told the Financial Times that he was “optimistic” that the group of nations and the IMF could ...
Tags: Travel, Saudi Arabia, G20, Financial Times, Imf, Rupert Neil Bumfrey, Mohammed al Jadaan


Switzerland of the Middle East: Economic crisis threatens #Oman’s neutrality | Financial Times

Switzerland of the Middle East: Economic crisis threatens Oman’s neutrality | Financial Times:  Sandwiched between Saudi Arabia and Iran, Oman has long prized its neutrality, garnering a reputation as the Middle East’s Switzerland.  But the Gulf state’s ability to steer clear of regional power struggles has been put at risk by economic woes that have been exacerbated by the coronavirus pandemic and the slump in oil prices. The IMF forecasts an economic contraction of 10 per cent this year, f...
Tags: Travel, Saudi Arabia, Middle East, Switzerland, Oman, Financial Times, Imf, Gulf, Rupert Neil Bumfrey, Qaboos bin Said al Said, Sultan Haitham bin Tariq Al Said, Iran Oman


COVID-19 may inflict a decade of economic pain to Mideast, Central Asia, IMF says | Reuters

COVID-19 may inflict a decade of economic pain to Mideast, Central Asia, IMF says | Reuters:  It might take countries in the Middle East and Central Asia a decade to return to the economic growth seen before the coronavirus crisis, the International Monetary Fund said, as long-standing regional vulnerabilities weigh on their recovery. Lack of diversification among oil-exporting countries and the reliance of oil importers on sectors like tourism, as well as their dependence on remittances, are l...
Tags: Travel, Middle East, International Monetary Fund, Kazakhstan, Imf, Mauritania, Reuters, Central Asia, Rupert Neil Bumfrey, Mideast Central Asia


IMF: Nearly all Mideast economies hit by pandemic recession

IMF: Nearly all Mideast economies hit by pandemic recession:  The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as all but two — Lebanon and Oman — are expected to see some level of economic growth next year, according to a report published Monday by the International Monetary Fund.  This comes as the IMF estimates that the global economy will shrink 4.4% this year, marking the worst annual plunge sinc...
Tags: Travel, Oman, International Monetary Fund, Lebanon, Imf, Mideast, Rupert Neil Bumfrey


Leaked government pandemic plan? Terrifying if true...

Regular readers of this pathetic and miserable little blog, (yes all three of you) know that I like to keep it between the lines so to speak.  I like to stick with reliable and respected media, academic and government sources.  Of course the opinions expressed are my own, but the facts I use to support my views, I like them to be reputable.What I'm about to share has none of those attributes, it is merely something I have come across on social media, and I know of know way to verify it's authent...
Tags: Travel, Germany, Canada, Orwell, Committee, Imf, Cory Doctorow, Liberal Party of Canada, PMO, Gordie Canuk, COVID, World Debt Reset


IMF revises down economic forecasts for most Gulf countries | Reuters

IMF revises down economic forecasts for most Gulf countries | Reuters:The International Monetary Fund (IMF) revised down on Tuesday its 2020 real gross domestic product (GDP) projections for most Gulf countries, as it warned the economic outlook was worsening for many emerging markets amid the coronavirus crisis.The IMF forecast a 2020 global contraction of 4.4% in its latest World Economic Outlook, an improvement over a 5.2% contraction predicted in June, but said it was still the worst economi...
Tags: Travel, Saudi Arabia, Imf, Gulf, Reuters, Rupert Neil Bumfrey


IMF revises down economic forecasts for most Gulf countries | Reuters

IMF revises down economic forecasts for most Gulf countries | Reuters:The International Monetary Fund (IMF) revised down on Tuesday its 2020 real gross domestic product (GDP) projections for most Gulf countries, as it warned the economic outlook was worsening for many emerging markets amid the coronavirus crisis.The IMF forecast a 2020 global contraction of 4.4% in its latest World Economic Outlook, an improvement over a 5.2% contraction predicted in June, but said it was still the worst economi...
Tags: Travel, Saudi Arabia, Imf, Gulf, Reuters, Rupert Neil Bumfrey


MIDEAST STOCKS-Egypt index outperforms, while major Gulf markets ease | Nasdaq

MIDEAST STOCKS-Egypt index outperforms, while major Gulf markets ease | Nasdaq:Egypt's stock market ended higher on Wednesday following a deep fall in the country's inflation, while losses in financial shares weighed on most major Gulf indexes.Egypt's inflation has fallen to some of its lowest levels in well over a decade, potentially triggering consultations with the International Monetary Fund under the conditions of a new $5.2 billion loan. Egypt's blue-chip index .EGX30 climbed 1.6%, as most...
Tags: Travel, Saudi Arabia, Qatar, Egypt, United Arab Emirates, Dubai, International Monetary Fund, Abu Dhabi, Uae, Imf, Gulf, Reuters, Adi, Qatar National Bank, Tasi, Rupert Neil Bumfrey


MIDEAST STOCKS-Major Gulf markets gain as financial shares rise | Reuters

MIDEAST STOCKS-Major Gulf markets gain as financial shares rise | Reuters:Major stock markets in the Gulf rose in early trade on Thursday, mostly on back of financial shares, with broad-based gains pushing Qatari shares higher.Saudi Arabia’s benchmark index rose 0.4%, led by a 1.1% gain in Saudi Telecom Company and a 2.5% increase in Yanbu National Petrochemicals Company.On Wednesday, the kingdom’s finance minister said Saudi Arabia’s economy was likely to contract this year, but less sharply th...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, International Monetary Fund, Abu Dhabi, Imf, Gulf, Reuters, Gulf Arab, Emaar Properties, Qatar Islamic Bank, Saudi Telecom Company, Rupert Neil Bumfrey, First Abu Dhabi Bank


IMF Bailout May Be Half What #Lebanon Sought When Talks Began - Bloomberg

IMF Bailout May Be Half What Lebanon Sought When Talks Began - Bloomberg:Lebanon may only count on the International Monetary Fund for as little as half the bailout it had originally sought to help unlock other assistance the country critically needs to bridge the crisis, according to a top official.With talks over a $10 billion loan program stalling for much of this month, the IMF could provide an amount in a range of $5 billion to $9 billion, Economy Minister Raoul Nehme said in an interview w...
Tags: Travel, International Monetary Fund, Lebanon, Imf, Bloomberg Television, Rupert Neil Bumfrey, Nehmé, Raoul Nehme, Lebanon Sought When Talks Began Bloomberg


MIDEAST STOCKS-Most Gulf stocks slip on downbeat IMF forecast; #Qatar ticks higher - Reuters

MIDEAST STOCKS-Most Gulf stocks slip on downbeat IMF forecast; Qatar ticks higher - Reuters:Most of the major Middle East stock markets eased on Tuesday, after International Monetary Fund revised its growth projections downwards for the region due to the double blows of lower oil prices and the coronavirus crisis.The COVID-19 pandemic has hit sectors such as tourism and trade, while low oil prices and crude production cuts have strained the finances of regional oil exporters and impacted remitta...
Tags: Travel, Saudi Arabia, Qatar, Middle East, International Monetary Fund, Imf, Gulf, Reuters, Rupert Neil Bumfrey, Samba Financial Group


IMF: Mideast loses $270B oil income amid virus, recession

IMF: Mideast loses $270B oil income amid virus, recession:The Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund’s outlook released Monday.The international lender expects an overall economic contraction of 7.3% in Mideast oil exporting countries this year due to hits from the coronaviru...
Tags: Travel, Saudi Arabia, Middle East, International Monetary Fund, Associated Press, Imf, Central Asia, Mideast, Rupert Neil Bumfrey


IMF slashes Middle East and Central Asia growth forecasts - Reuters

IMF slashes Middle East and Central Asia growth forecasts - Reuters:The International Monetary Fund (IMF) has revised downwards its growth projections for the Middle East and Central Asia as economies were hurt worse than expected by the double blow of lower oil prices and the coronavirus crisis.The region, which includes around 30 countries spanning from Mauritania to Kazakhstan, will see real, or inflation-adjusted, gross domestic product (GDP) fall by 4.7% this year, 2 percentage points lower...
Tags: Travel, Middle East, Kazakhstan, Imf, Mauritania, Reuters, Central Asia, International Monetary Fund IMF, Rupert Neil Bumfrey


Gulf economies to shrink by 7.6% this year, IMF says - Reuters

Gulf economies to shrink by 7.6% this year, IMF says - Reuters:Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, an International Monetary Fund official said on Tuesday, revising downwards April forecasts of nearly 3%.The six GCC nations are, with varying degrees, facing steep economic declines as the slowdown in business activity due to the coronavirus pandemic is amplified by a price drop in hydrocarbons, which are their main source of revenue.The IMF ...
Tags: Travel, Washington, Saudi Arabia, GCC, Middle East, International Monetary Fund, Imf, Reuters, Gulf Cooperation Council GCC, Rupert Neil Bumfrey, Central Asia Department



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