Saudi stocks slump over 3%

Updated 23 May 2016

Saudi stocks slump over 3%

JEDDAH: Saudi Arabia’s stock index sank 3.1 percent on Monday as investors sold shares indiscriminately, while the UAE and Qatar held onto small gains. Egypt fell as foreign funds exited the market.
Saudi shares were dumped across the board in the largest single-day decline since the government announced sweeping economic reforms in late April.
“Investors are cashing out and keeping cash available on hand before the extended low-volume season of Ramadan and summer vacations,” said Sebastien Henin, head of asset management at Abu Dhabi’s The National Investor.
Saudi Basic Industries Corp. (SABIC) dropped 3.0 percent. Retail industry shares, which have been advancing since late last week, also succumbed to the sell-off and Fawaz Alhokair slumped 4.1 percent, ending a three-day winning streak.
In the UAE, investors bought shares that had dipped over the past week but trading volumes remained lethargic.


Egypt expects economic growth between 2.8 and 4% in 2021

Updated 29 November 2020

Egypt expects economic growth between 2.8 and 4% in 2021

  • Unemployment indicators also reflected the economy's development

CAIRO: Egyptian Finance Minister Mohamed Maait said the country was reaching positive growth rates, calling it a great achievement in light of the global conditions brought on by the coronavirus pandemic.

Maait said the estimated rate of economic growth in the fiscal year 2021-2022 would reach between 2.8 and 4 percent.

He said the percentage varied according to how each person perceived it sectorally, and that industries such as tourism and aviation were significantly affected by the spread of the disease.

“We have a priority to make room for the private sector’s participation in development projects,” the minister added.

He explained that there would be strengthened cooperation with the Transport Ministry in implementing its projects in partnership with the private sector.

Egypt had been hoping for growth between 6 and 6.5 percent before the coronavirus crisis broke out.

The country topped the emerging market economies in containing the rate of inflation during the current year, according to data from the Egyptian cabinet, despite the global repercussions of the health emergency.

The International Monetary Fund (IMF) said that Egypt achieved the largest annual decline in the inflation rate in emerging markets in 2020, compared to 2019, with a decline of 8.2 percentage points.

Among the effects of the economic reform plan were inflation rates falling to 5.7 percent during 2019-2020, compared to 13.9 percent in 2018-2019.

Unemployment indicators also reflected the economy's development. 

Recent data from the Egyptian Central Agency for Public Mobilization and Statistics showed the unemployment rate declining to 7.3 percent in the third quarter of this year, compared to 7.8 percent a year ago.

Egypt's monetary reserves rose to $39.22 billion by the end of last October, according to the country's central bank.

The IMF said the performance of the Egyptian economy exceeded expectations.