North Africa

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

Sudan informed the International Court of Justice that the United Arab Emirates violated the Genocide Convention on Thursday by supporting paramilitary groups in Darfur. The UAE, however, argued that the case should not be heard as the court lacks jurisdiction. Sudan requested that the judges issue an emergency order to prevent the attacks of the paramilitary Rapid Support Forces (RSF) and other Arab militias in West Darfur in 2023, which were documented by. The United Arab Emirates are complicit in the genocide of the Masalit, according to Sudan's acting Justice Minister, Muawia osman. The UAE have repeatedly dismissed Sudan's case...

The major Gulf stock markets rose early on Tuesday following gains in Asian stocks, recovering from a global selling off on hopes that the United States would be willing to negotiate its high import tariffs. Saudi Arabia's benchmark Index advanced 2% on track to extend gains made in the previous session. This was led by Al Rajhi Bank's 2.3% increase and Saudi National Bank's 2.1% rise. Saudi Aramco, the oil giant, rose by 1.2%. The Saudi index fell 6.8% on Sunday, its largest one-day drop since the beginning of the COVID-19 Pandemic in 2020. A survey revealed that the non-oil...

The Gulf stock markets fell on Thursday morning, amid concerns that the U.S.'s reciprocal tariffs could worsen trade tensions globally and tip the world towards recession. On Wednesday, U.S. president Donald Trump announced a 10% tariff as a baseline on all imports and increased duties on dozens countries, including its largest trading partners. Saudi Arabia's benchmark stock index fell by 0.4% after the return to trading following a four-session Eid holiday. Saudi National Bank, the country's largest lender, fell 1.5%. Saudi Aramco, the oil giant in Saudi Arabia was down by 0.8%. Oil prices, which are a major factor in...

In a video message released on Saturday, Sudanese Army Chief Abdel Fattah al-Burhan said that he would crush the paramilitary Rapid Support Forces. He reaffirmed the commitment of the military to restore national unity and stability. Burhan said that fighters who "repent of the truth" and lay down their weapons, especially those in rebel-held regions, could still receive amnesty if they do so. On Saturday morning, the army announced that it had taken over a large market in Khartoum’s twin city, Omdurman. The RSF had used the market to launch attacks against civilians during the devastating war of two years...

Investors are waiting for clarity about U.S. president Donald Trump's policy on trade ahead of the looming tariffs. Trump's recent comments have given traders hope that trade policies can be flexible. He hinted on Monday that not all tariffs will kick in until April 2, and that certain countries may receive exemptions. However, he did not provide any details. Trump escalated his trade conflict by introducing secondary tariffs of 25% on countries who buy oil or natural gas from Venezuela. The move caused oil prices to rise initially, but its impact was mitigated later by the relief brought about by...

The Tunisian president Kais Saied fired Prime Minister Kamel Mddouri, less than one year after his appointment. He named Sara Zaafarani to replace him, amid a faltering economic situation and an increasing number of migrants coming from sub-Saharan Africa. Zaafarani is an engineer and has served as Minister of Equipment and Housing in 2021. He is the third Prime Minister to be elected in less than two and a half years. Saied has been harshly criticizing the performance of many ministers in recent months. He said that they had not met the standards required and that Tunisians have high expectations....

The Gulf's stock markets fell on Tuesday morning as U.S. trade tariffs threatened an increase in global trade tensions. Saudi Aramco also disappointed investors with its disappointing earnings. The new tariffs of 25% on imports to the United States from Mexico and Canada, as well as a 20% increase on Chinese goods, went into effect on Tuesday. This sparked new trade disputes with three of the U.S.'s top trading partners. Saudi Arabia's benchmark stock index fell 1.1%. Saudi Aramco fell 2.2% after a decline in profit. The oil giant reported Tuesday a net loss of $106.2 billion for 2024. This...

Sudan's Army said Sunday that it had retaken control of el-Gitaina from the Rapid Support Forces, located just south of capital. It also broke the siege of the paramilitary groups on the strategic western city of el-Obeid. Last week, activists reported that three days of RSF attack near Gitaina in White Nile State, which is emerging as a major battleground in central Sudan as the army gains territory, had resulted in more than 200 deaths. The conflict that broke out in April 2023 as a result of a power struggle between RSF and army has caused the death of tens...

Investors waited for more details about U.S. president Donald Trump's plans to impose reciprocal tariffs, and were concerned that global trade tensions could escalate. Trump re-invigorated his tariff threats on Friday, warning that auto levies may kick in as early as April 2. Trump also instructed commerce and economic officials in the U.S. to investigate reciprocal tariffs against countries that impose tariffs on U.S. products, with an April 1 deadline for recommendations. Saudi Arabia's benchmark stock index fell 0.5%. The biggest lender, Saudi National Bank, saw a 0.7% drop and ACWA Power dropped 1.2%. Saudi Aramco Base Oil Company also...

The Libyan state agency mandated to manage federal government performance has actually called for suspension of public sector appointments and contracts due to an extreme wage expense. The Administrative Control Authority (ACA) stated the number of public sector staff members in Libya had actually reached 2,099,200, with salary expenses amounting to 372 billion Libyan dinars over the past 12 years. About 89% of Libya's labour force is employed in the general public sector, the World Bank said in a 2024 report, based upon a 2022 study. The authority posted its call on Facebook on Tuesday evening, addressing the Prime Minister...

Libya's easternbased federal government said in a statement on Wednesday that it had agreed on a proposal to end fuel subsidies and would prepare a. system to implement the contract. The administration headed by Osama Hamad, a competitor to the. worldwide acknowledged government based in Tripoli, did not. reveal further information about the proposition. It is unclear if Hamad's federal government will have the ability to. execute the proposal in the divided nation, nevertheless. In OPEC-member Libya a litre of fuel expenses simply 0.150. Libyan dinars ($ 0.03), the second-cheapest on the planet. according to the Worldwide Gas Rates online...

The major stock markets in the Gulf region rose in early trading on Tuesday. This was largely due to positive corporate earnings and the easing of trade tensions with the U.S. Officials said that the U.S. will take steps to reduce the impact on domestically produced cars of foreign parts, and prevent tariffs on imported cars from piling up. Businesses that were notified say China has exempted certain U.S. imports of its 125% tariffs, and asked firms to identify the critical goods for which they require levy-free treatment. This is the clearest indication yet that Beijing is worried about the...

Investors were concerned about the uncertainty surrounding U.S. trade policies and a possible economic slowdown. Traders await signs of progress in negotiations between the administration of U.S. president Donald Trump and its trading partners. This includes ongoing trade discussions with Japan. The biggest concern is the direction of any possible discussions with China. Saudi Arabia's benchmark Index fell 0.5%. This was due to a fall of 1.5% in ACWA Power Company, and a drop of 1.3% in Saudi Arabian Mining Company. Investors also absorbed comments made by Federal Reserve chair Jerome Powell who warned about the risks of slowing down...

The major stock markets of the Gulf gained ground in the early trading on Wednesday. This was after recent losses caused by global trade wars and economic concerns. Trump increased duties on Chinese imports by 104%, accusing Beijing of manipulating yuan in order to offset the levies. But caution won out. China did not bow down to this blackmail and vowed to "fight until the end". Trump's tariffs on specific countries and products have been in effect since 0401 GMT. Saudi Arabia's benchmark Index gained 0.4%. Saudi Arabian Mining Company Ma'aden rose 2.2%. Ma'aden may choose at least one foreign...

On Thursday, the U.N. Human Rights chief warned against the danger of a further escalation in the war in Sudan and stated that the threat of widespread deaths due to starvation was growing. Volker Turk issued his warning a day after U.N. World Food Programme temporarily halted the distribution of food aid to a camp for displaced persons in Sudan's North Darfur, which is suffering from famine. He told the Human Rights Council at Geneva that Sudan was a "powder keg" on the brink of chaos and at increased risk of mass death from famine and atrocity crimes. "The risk...

Previous New Jersey Senator Bob Menendez on Wednesday lost a bid for a new trial, after arguing his recent corruption conviction ought to be thrown out due to the fact that jurors were enabled to evaluate improper proof throughout considerations. U.S. District Judge Sidney Stein's decision leads the way for Menendez's sentencing next Wednesday. The U.S. Attorney's. office in Manhattan says the Democratic previous chair of the. Senate Committee on Foreign Relations ought to invest 15 years in. jail. Prosecutors admitted in November that jurors examined nine. pieces of evidence containing material that should have been. redacted, but stated the...

Most major stock exchange in the Gulf increased in early trade on Tuesday as financiers sought assistance on the Federal Reserve's future rates of interest decisions, expecting the release of minutes from its most current conference and upcoming payrolls data. The week is filled with information releases particularly from the United States, which will be headlined by the December non-farm payrolls report on Friday. Minutes of the Fed's newest conference due on Wednesday will offer colour on their dot-plot predictions, while there will be plenty of live comment with numerous leading policymakers. Fed decisions have a substantial impact on the...

Black dust coats streets and gathers on rooftops in the area adjoining a vast cement factory in the Egyptian city of Alexandria. Activists and regional citizens accuse the plant run by the Alexandria Portland Cement Business (APCC), a subsidiary of Greece's Titan Cement, of fouling the air by burning coal. Every night, we see particles falling from their chimneys. Under street lights, you can plainly see the dust drizzling down, stated Mostafa Mahmoud, a supermarket owner in the Wadi al-Qamar area. Reuters could not individually confirm the assertion. Titan Cement says the plant's emissions are within legal limits, and it...

Many significant stock markets in the Gulf fell in early trade on Monday, following a decision by OPEC+ to delay a planned December oil output boost by one month. Eight members of OPEC+, which groups the Company of the Petroleum Exporting Countries plus Russia and other allies, were due to raise output in December as part of a plan to slowly loosen up the group's newest layer of output curbs - a cut of 2.2 million barrels each day (bpd). OPEC and Saudi Arabia have consistently stated they do not target a particular cost and make choices based on market...

Hassana, the investment arm of Saudi Arabia's primary pension fund, is considering ending up being an anchor financier in Brookfield's new $2 billion Middle East fund, it stated on Thursday. That would bring Hassana on board with the kingdom's PIF sovereign wealth fund, which revealed on Wednesday that it had entered a non-binding contract to become an anchor investor in the Brookfield Middle East Partners fund. Hassana might assign approximately $500 million to the fund, in addition to Brookfield's own $500 million dedication, the statement said. PIF had actually not disclosed the size of its capacity support. The Brookfield fund...

The majority of major stock exchange in the Gulf increased in early trade on Thursday, buoyed by wish for a potential ceasefire offer in between Israel and Hezbollah. Lebanon's prime minister revealed hope on Wednesday that a. ceasefire handle Israel would be announced within days as. Israel's public broadcaster published what it said was a draft. arrangement offering a preliminary 60-day truce. The push for a ceasefire for Lebanon is taking place. alongside a similar diplomatic drive to end hostilities in Gaza. Saudi Arabia's benchmark stock index acquired 0.2%,. with ACWA Power Company advancing 3.9% and aluminium. products maker Al...

Spanish steel maker Sidenor sent out a letter stating it was considering a tender offer for part or all the shares of train maker Talgo, the latter said late on Wednesday in a filing to the stock exchange regulator. Talgo did not say whether Sidenor divulged the stake it intends to buy or at what rate. Independently owned Sidenor is headquartered in the Basque Nation and runs numerous steel mills in northern Spain. Sidenor's move comes two months after Hungarian consortium Ganz-Mavag last month withdrew a previous tender offer for the Spanish train maker following the Spanish government's veto on...

Significant stock markets in the Gulf were combined in early trade on Thursday in the background of simmering geopolitical tensions in the region and ahead of a U.S. inflation report. Israel's armed force stated it had gotten rid of a Hezbollah member in Syria who passed on intelligence versus Israel in the Israeli-occupied Golan Heights, while Syrian media reported on Thursday that Israeli airstrikes struck targets in Syria. Israel has actually intensified its retaliation for the Hamas attack, sending soldiers into Lebanon and airstrikes into Iran, Yemen and Syria in the hunt for Iran-backed militants, raising fears of a. broader...