Author: Steven Sahiounie

November PMI posts a small rise but stays below the 50-mark Optimism and business confidence levels among Egyptian non-oil private sector firms fell to its lowest in more than 10 years in November, a new survey showed on Tuesday. The headline seasonally adjusted S&P Global Egypt Purchasing Managers’ Index (PMI) rose to 48.4 last month from 47.9 in October, but stayed below the 50.0 no-change mark indicating an overall contraction in business activity. In addition, the activity outlook for the next 12 months dropped to its weakest since data was first collected in April 2012 on high inflation rates and…

Director General of the Association of Banks in Jordan (ABJ) Maher Mahrouq said on Monday AMMAN — Jordan’s banking system is at the forefront in terms of added value, with 84 per cent of its operational processes generating tangible added value and direct contribution that fuels the national economy, said Director General of the Association of Banks in Jordan (ABJ) Maher Mahrouq on Monday. Mahrouq’s remarks came during a press briefing that saw the launch of an ABJ study aimed at analysing the local banking system’ contribution to national economic activity and growth. Confirming positive long-term effect of banking development…

The two sides concluded the talks by reaffirming their commitment to continue developing bilateral relations to encompass more substantial economic, trade, and investment cooperation ABU DHABI – President His Highness Sheikh Mohamed bin Zayed Al Nahyan held discussions with His Majesty King Mohammed VI of the Kingdom of Morocco on the historic fraternal relations between the UAE and Morocco and ways to enhance ties, in addition to a range of regional and international issues of mutual interest. His Highness welcomed His Majesty’s visit to his second home, the UAE, during the talks that took place at Qasr Al Watan in…

The poll conducted by progressive think tank Data for Progress found that 76 percent of likely Democratic voters supported a ceasefire, along with 57 percent of Independents. In turn, 49 percent of Republicans support ending the fighting. Meanwhile, 63 percent of likely voters support conditioning military aid to Israel based on human rights. The poll is the latest to indicate the Biden administration’s refusal to support a ceasefire or condition aid could increasingly represent a political liability. Source: AlJazeera

Iraq’s President Abdul Latif Rashid says global efforts should be made to stop Israel’s “aggression” on Gaza. The comments were made during a meeting with the Palestinian ambassador to Iraq in the capital, Baghdad, a statement said. The Iraqi president also said there needs to be a long-term solution to the conflict in Palestine, and Iraq will provide support and humanitarian aid to Palestinians in the besieged coastal enclave. Source: AlJazeera

The transaction is expected to be completed in 2024 Qatar’s telco Ooredoo, Kuwait’s Mobile Telecommunications Company (Zain Group) and UAE’s TASC Towers Holding have signed definite agreements to create the “largest” tower company in the MENA region in a cash and share deal. The new entity, comprising 30,000 towers, will have a combined estimated enterprise value of $2.2 billion, the companies said in a joint statement on Tuesday. Ooredoo and Zain will equally retain a 49.3% stake each in the newly restructured entity. TASC founders will keep the remaining stake and will continue to manage the operations of the business.…

The MoU was signed by Khaled Mohamed Balama, Governor of CBUAE, and Perry Warjiyo, Governor of BI. The Central Bank of the UAE (CBUAE) and Bank Indonesia (BI) exchanged of Memorandum of Understanding (MoU) aimed at expanding cooperation in several sectors between the two central banks. The MoU was signed by Khaled Mohamed Balama, Governor of CBUAE, and Perry Warjiyo, Governor of BI. Under this MoU, an extension of the already established framework of cooperation, both parties commit to strengthening their relationship, enhancing information exchange, and collaborating across various areas. This includes aspects like monetary and macro-prudential policy, financial stability, payment systems,…

The euro was last down 0.1% at $1.0876, while the dollar index, which tracks the currency against six major peers, rose by 0.19% to 103.33 LONDON/TOKYO – The dollar ticked higher on Monday, regaining some ground after falling for three straight weeks on bets that the Federal Reserve will soon be cutting interest rates, while bitcoin breached $41,000 for the first time since early 2022. The euro was last down 0.1% at $1.0876, while the dollar index, which tracks the currency against six major peers, rose by 0.19% to 103.33. “I think it’s the fact that U.S. policy rate expectations…

During the session, the Council discussed the state’s draft general budget for the fiscal year 2024, in the presence of HE Minister of Finance Ali bin Ahmed Al Kuwari along with a number of the Ministry’s senior officials Doha, Qatar: The Shura Council held on Monday a regular weekly sitting under chairmanship of the Speaker of the Council HE Hassan bin Abdullah Al Ghanim. At the beginning of the sitting held at the Council’s Tamim bin Hamad Hall, the Council welcomed the country’s hosting of the 44th Supreme Council of the Gulf Cooperation Council (GCC) scheduled on Tuesday, appreciating in…

Health cases were the highest, amounting to 1,062 The Audit Bureau works between April 1 and 30 November resulted in saving KD 25 million (USD 80.9 million) for the state treasury. Sara Al-Hajeri, an auditor tasked with advance examination OF allocations for affiliated and independent departments, said in a statement that the bureau presented remarks on 2,455 topics envisaging state spending in some sectors, with a total of KD 3.27 billion (USD 10.6 billion). Up to 84 percent of the pondered cases concerned ministries and government departments, with a total value of KD three billion (approx. USD 9.7 billion). Health…