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Lebanon inflation rate at highest since 1987 at 171%
Inflation in Lebanon surged to 171.2 per cent in 2022, the highest in nearly four decades, as the country continues to grabble with its worst economic crisis, according to official data. ...
Iraq's economic outlook for 2023 looks bright, says expert
For a country like Iraq which is enshrined in political controversy and uncertainty, the economic outlook for 2023 looks optimistic, according to an expert. ...
Egypt unveils ancient royal tomb in Luxor
Egyptian authorities announced Saturday the discovery of an ancient tomb in Luxor dating back around 3,500 years that archaeologists believe holds the remains of an 18th dynasty royal. ...
Why some currencies in the Middle East are not performing so well
A combination of macroeconomic and geopolitical factors is hurting several currencies in the Middle East, which have inevitably had ill effects on their countries' economies. ...
‘There are no dollars’: foreign currency crunch hits Egypt’s economy
With foreign currency in short supply in Egypt, Rafik Clovis spent December anxiously waiting to find out whether his bank would be able to provide the $67,000 he needed to fund the import of a consignment of car parts from Europe. ...
Egypt's engineering exports rise 10% to $3.3 billion in 2022
According to the report, the country’s exports during the same period in 2021 amounted to $3 billion. ...
Morocco's Exports Increase by 33.1% Throughout 2022
Agriculture, phosphates, and the automotive sectors have been among the key driving forces in Morocco’s economy in 2022. ...
Lebanon's central bank slashes value of local currency on Sayrafa exchange
Lebanon’s embattled central bank has announced it will slash the value of the Lebanese pound to 38,000 per US dollar on its Sayrafa trading platform after the local currency fell to record lows on the parallel market. ...
Algeria sets reference price for oil at $70 barrel
Oil prices remain unchanged on Monday, as most markets were closed for holidays due to Christmas and New Year celebrations. ...
Tunisia seeks to cut fiscal deficit to 5.5% in 2023, led by economic reforms
Tunisia expects to reduce its fiscal deficit to 5.5 percent next year from a forecast 7.7 percent this year, driven by austerity measures that could pave the way for a final deal with the International Monetary Fund on a rescue package. ...
Egypt’s economic growth to decline to 4.5% in FY 2022-23: World Bank
Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6 percent in 2021-22, affected by the Russia-Ukraine war overlapped with persisting COVID19-related disruptions, according to the World Bank’s Egypt Economic Monitor report. ...
Egypt’s new IMF deal aims to reduce government debt: Cabinet
The International Monetary Fund's new $3 billion financial support package for Egypt aims to reduce government debt to less than 80 percent of the gross domestic product in the medium term, Reuters reported citing a cabinet report released on Saturday. ...
New Italian-built power plant opens in Tunisia
A new 10 MW photovoltaic plant has started production in Tunisia. ...
IATA : Middle East air traffic up 114% in October
Middle Eastern airlines witnessed a 114.7 percent rise in international air traffic in October 2022 compared to the same period last year, as the aviation industry continues showing strong signs of rebounding from the pandemic, according to the International Air Traffic Authority. ...
Egypt's Cabinet approves final version of State Ownership Policy Document
The Cabinet reached the final version of the policy document after three-months of negotiations. ...
Saudi Arabia, Morocco sign deal to enhance cooperation in tourism
Saudi Arabia and Morocco signed a memorandum of understanding on Friday to encourage and develop cooperation in tourism, and coordinate efforts to achieve the sustainable development of the industry in both countries, the Saudi Press Agency reported. ...
Egyptian firm Elsewedy Electric to set up operation in Saudi Arabia as cross-national ties deepen
Egyptian company Elsewedy Electric is all set to establish a new firm in Saudi Arabia with a capital of SR500,000 ($133,048), as trade relations between the countries deepen. ...
Egypt’s $11bn wind project aiming to power Europe and Saudi Arabia to be operational by 2030
One of the world’s largest wind farms being built in Egypt is set to become operational by 2030 with construction set to begin in 2024, according to Infinity Power, one of the main companies backing the project. ...
COP27 climate talks extended to Saturday
The UN climate conference, whose negotiations are stalling over funding for poor countries, will be extended until Saturday, its Egyptian president Sameh Shukri said Friday. ...
COP27: Arab countries’ development undermined by climate change, leaders tell UN
Arab leaders warned of growing agricultural challenges caused by global warming as they urged for more support from richer nations during the UN’s Climate Change Conference. ...
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