Middle East & North Africa Chart Pack Egypt’s elections add to vulnerabilities Early results from the first round of Egypt’s presidential election appear to have polarised society, pitting Islamists against secularists, and revolutionaries against the old guard. The outcome... 28th May 2012 · 1 min read
Middle East & North Africa Economics Update Early signs of overheating in Saudi Arabia A huge fiscal stimulus by the Saudi government ensured that the country avoided the unrest that swept the region last year and drove growth rates in the non-oil economy to record highs. However, the... 15th May 2012 · 1 min read
Middle East & North Africa Economics Update Middle East Markets Monitor (May) Fresh hopes that some equity markets in the Middle East and North Africa (MENA) had turned a corner at the start of 2012 have quickly faded. Instead, attention has turned to Islamic bond markets... 9th May 2012 · 1 min read
Middle East & North Africa Economics Update Growing risk of fiscal crises in the oil-poor Arab countries One of the most striking – and often overlooked – developments in the Middle East and North Africa (MENA) following the Arab Spring has been the stark divergence in the fiscal health of the region’s... 4th May 2012 · 1 min read
Middle East & North Africa Chart Pack G7 to the rescue? The recent announcement by the G7’s Deauville Partnership that it will soon deliver on its earlier promise of a $20 billion ‘Arab Spring’ package to Egypt, Morocco, Tunisia, Libya and Jordan, could... 24th April 2012 · 1 min read
Middle East & North Africa Economics Update Europe’s deleveraging to increase pressure on Gulf businesses Ample liquidity coupled with a decreasing reliance on foreign funding mean that most banks in the Gulf are well-placed to weather any storm in the euro-zone’s financial system. But deleveraging in... 19th April 2012 · 1 min read
Middle East & North Africa Economics Update Downside risks to Saudi equities are high By most measures, Saudi stocks appear to be undervalued by up to 30%. Recent earnings data have also beaten analysts’ estimates and expectations for profit growth are strong leading many to suggest... 18th April 2012 · 1 min read
Middle East & North Africa Economics Update Markets Monitor (Apr.) Consistent with trends in other emerging markets, most of the Middle East’s stock markets have dropped back from the highs reached earlier this year. While Egypt’s fall is perhaps the most striking... 12th April 2012 · 1 min read
Middle East & North Africa Economics Update What does our new oil price forecast mean for the Gulf? On the back of a brighter outlook for the US economy and concerns over supply, we have nudged up our forecast for Brent crude prices to end the year at $95 per barrel ($85pb previously). Although this... 11th April 2012 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Mar.) Saudi Arabia’s headline inflation remained unchanged in March as a rise in food inflation was offset by a drop in housing (rent and utilities) inflation. 10th April 2012 · 1 min read
Middle East & North Africa Data Response Saudi Arabia HSBC/Markit PMI (Mar.) Although Saudi Arabia’s headline PMI index fell in March, it is still consistent with strong growth in the non-oil private sector. However, the weak employment reading suggests that the government’s... 3rd April 2012 · 1 min read
Middle East & North Africa Economics Focus What will bring oil prices down? The price of Brent has remained close to $125 per barrel despite verbal intervention from Saudi Arabia and the threat of an early release of official stocks led by the US. We are therefore nudging up... 30th March 2012 · 1 min read
Middle East & North Africa Economics Update It could end in tears for Saudi stocks Given the positive outlook for the economy, relative political stability and fresh hopes that the stock market will open to foreign investors this year, Saudi equities have soared in the first quarter... 29th March 2012 · 1 min read
Middle East & North Africa Chart Pack Crunch time for Egypt Egypt’s talks this week with the IMF over a $3.2 billion package could prove to be a defining moment in the post-Mubarak era. With FX reserves now at dangerously low levels, external financing is... 20th March 2012 · 1 min read
Middle East & North Africa Economics Update Middle East Markets Monitor (Mar.) The performance of equity markets across the Arab world has diverged since the beginning of the year. Stock markets in Egypt, Dubai and Saudi outperfromed the rest of the region and indeed the MSCI... 13th March 2012 · 1 min read
Middle East & North Africa Economics Update Inflationary pressures mounting in Saudi Arabia and Egypt In contrast to other regions, February’s inflation data from Saudi Arabia and Egypt show that price pressures are mounting. In Saudi, strong domestic demand and favourable base effects are largely to... 12th March 2012 · 1 min read
