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* Egypt’s GDP growth projected at 5.1% by 2026 despite challenges: OECD
Egypt’s GDP growth projected at 5.1% by 2026 despite challenges: OECD
/node/2466196/business-economy
EGYPT’S GDP GROWTH PROJECTED AT 5.1% BY 2026 DESPITE CHALLENGES: OECD
According to the OECD’s inaugural Economic Survey of Egypt, the country’s GDP
growth is set to ease to 3.2 percent in fiscal year 2023-24 before increasing
gradually to 5.1 percent by fiscal year 2025-26. Shutterstock
Short Url
https://arab.news/yecsu
Updated 25 February 2024
Arab News
February 25, 2024 11:25
1117
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EGYPT’S GDP GROWTH PROJECTED AT 5.1% BY 2026 DESPITE CHALLENGES: OECD
Updated 25 February 2024
Arab News
February 25, 2024 11:25
1117
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RIYADH: Egypt’s gross domestic product is expected to gradually increase to 5.1
percent by 2025 and 2026, driven by growing consumption, according to a
report.
In a recent release by the Organization for Economic Co-operation and
Development, Egypt’s economic growth is projected to face challenges amidst
soaring inflation rates, necessitating urgent reform efforts to revitalize the
private sector and attract investment.
According to the OECD’s inaugural Economic Survey of Egypt, the country’s GDP
growth is set to ease to 3.2 percent in fiscal year 2023-24 before increasing
gradually to 5.1 percent by fiscal year 2025-26.
“Growth is expected to be driven by growing consumption, provided inflation
subsides and despite the gradual withdrawal of fiscal support,” the report
stated.
It added that the investment will stay weak as long as financing conditions
remain tight in the continuing fight against inflation. At the same time, export
growth is expected to increase if geopolitical tensions in the region recede.
OECD Secretary-General Mathias Cormann underscored the urgency of controlling
inflation to stimulate consumption and foster growth, saying: “Bringing
inflation under control is now a key near-term priority to spur consumption and
strengthen growth. Monetary policy needs to remain restrictive until inflation
comes back to target.”
He added: “A comprehensive consolidation strategy is needed to improve investor
confidence in public finances and ease financing conditions. Stepping up
structural reform efforts, building on previous reforms, to reinvigorate private
sector activity and investment by removing administrative barriers, ensuring a
level-playing field between private and state-owned companies and stepping up
the fight against corruption will help boost productivity and long-term
growth.”
Despite initially weathering the storm of the COVID-19 pandemic and global food
price hikes better than neighboring countries, Egypt has faced a setback, with
domestic inflation soaring to record levels of 40.4 percent in September 2023,
compared to 15.3 percent a year earlier.
The analysis said that this surge in inflation has adversely affected
consumption, weakened the domestic currency, and dampened investment,
consequently leading to a slowdown in growth.
Fiscal support measures, including targeted cash-transfer programs, have
relieved the most vulnerable segments of society.
However, businesses have been grappling with rising interest rates and limited
access to foreign currency, hampering economic activity. While inflation has
started to decline gradually, standing at 31.2 percent in January 2024,
challenges persist in restoring stability.
The report urged the government to address significant financing needs,
indicating that despite targeting a 2.5 percent GDP primary budget surplus in
the 2023-24 budget, the overall deficit will stand at -7.5 percent due to
high-interest payments.
International market funding has been limited since early 2022 when increased
volatility in global financial markets led to strong capital outflows.
“Restoring investor confidence in public finances is essential to attract
international capital and bring down debt service costs,” the study added.
Egypt’s vulnerability to climate change was also addressed in the report, with
an urge to accelerate efforts toward mitigation and adaptation measures. Gradual
reduction of untargeted energy subsidies was recommended to alleviate emissions
and the budget deficit.
The report emphasized the role of private investment and international support
in advancing climate-related financing and facilitating the green transition.
In conclusion, the OECD study underscored the need for concerted efforts to
address Egypt’s economic challenges.
By implementing comprehensive reforms and fostering a conducive environment for
private sector growth, Egypt can navigate the current slowdown and pave the way
for sustained economic prosperity.
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Topics: Egypt GDP OECD
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Youth empowerment takes center stage at COP16 /node/2582024/business-economy
YOUTH EMPOWERMENT TAKES CENTER STAGE AT COP16
Updated 59 min 54 sec ago
Manal Al- Barakati
December 06, 2024 12:28
1393
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YOUTH EMPOWERMENT TAKES CENTER STAGE AT COP16
* COP16 has highlighted innovative youth-led initiatives and addressed the
systemic challenges faced by young leaders in advancing sustainable land
management
* COP16 has also provided a platform for young leaders from across the globe to
share their solutions to land degradation
Updated 59 min 54 sec ago
Manal Al- Barakati
December 06, 2024 12:28
1393
RIYADH: Youth empowerment has emerged as a focal point at the UN Convention to
Combat Desertification conference.
COP16 has highlighted innovative youth-led initiatives and addressed the
systemic challenges faced by young leaders in advancing sustainable land
management.
The conference, which began on Dec. 2, aligns with Saudi Arabia’s Vision 2030
and the Kingdom’s commitment to engaging its youth in tackling climate
challenges. Key discussions have underscored the importance of integrating young
voices into policy-making and decision-making processes.
Catalysts for change
Among the most pressing topics discussed at COP16 is the need to give young
people a seat at the decision-making table.
Speaking during the lead-up to the conference, Catarina Lorenzo, a 16-year-old
youth climate champion, made a passionate case for including younger generations
in the shaping of solutions to the environmental crises they will inherit.
“When we bring children to the table, we also bring the voice of nature,” she
explained. “Effective actions have to be made now. We want to join in the
negotiation spaces, and beyond that we want to be taken seriously.”
This urgency was echoed by Jorge Leyva of the International Forestry Students’
Association, who said that while young voices were increasingly visible at
global forums, their influence on actual policy decisions remained limited.
“We are the next generation, and we are not going to wait,” he said. “If we
don’t have a seat at the table now, how will we know what comes next?” Leyva
emphasized the frustration felt by many young leaders, who are often relegated
to observation roles rather than being involved in substantive discussions.
Youth empowerment
As COP16’s host nation, Saudi Arabia has highlighted its commitment to
empowering young people through initiatives such as the Green Saudi Initiative,
which have mobilized thousands of young Saudis in afforestation and land
restoration projects.
“Saudi Arabia is leading by example in integrating young people into the heart
of its sustainability efforts,” said Ibrahim Thiaw, executive secretary of the
UNCCD. “Empowering youth is essential for achieving sustainable land management.
Their voices bring fresh perspectives and the drive to innovate that is
indispensable for addressing the challenges we face today.”
Among the initiatives highlighted was a project by young Saudis that uses drones
to plant seeds in degraded areas, blending technology with traditional land
restoration techniques.
Youth-led initiatives
COP16 has also provided a platform for young leaders from across the globe to
share their solutions to land degradation.
Lorenzo highlighted the unique knowledge children and youth bring to the
discussion. “Children are often the most vulnerable to the impacts of climate
change, from floods to loss of education opportunities,” she explained. “We are
the best people to talk about the impact we receive and what our communities
need.”
These perspectives are not only vital but also often transformative. From using
social media to raise awareness about local environmental challenges to
leveraging indigenous knowledge in land management, youth-led projects have
demonstrated the power of combining grassroots activism with innovative
technologies.
Despite the successes, COP16 participants have pointed out significant barriers
to youth involvement. Lorenzo highlighted the lack of financial support for
youth-led projects, noting that only 2 percent of global philanthropic funding
directly benefited children and youth.
“This needs to change,” she said.
Leyva added that young leaders often felt dismissed by older decision-makers:
“They think that because we are students or maybe so young, we don’t have the
knowledge to contribute. But we have a different perspective — one rooted in
today’s realities and challenges, which older generations may not fully grasp.”
To address these gaps, COP16 has introduced measures to boost youth
participation, including mentorship programs to develop technical expertise in
sustainable land management and commitments to integrate youth perspectives into
policy frameworks.
International collaboration
The conference has also facilitated cross-border knowledge sharing, with young
representatives from Africa, Asia and Latin America discussing their approaches
to combating land degradation.
Delegates from Burkina Faso, for example, shared how combining traditional
agricultural practices with modern tools has helped build drought resilience.
“When we share our experiences and knowledge across borders, we create a
stronger foundation for sustainable action,” said one delegate.
Driving tangible outcomes
In addition to its national programs, Saudi Arabia has taken a leadership role
in the region by promoting youth engagement in environmental sustainability. The
Kingdom’s National Afforestation Project, which aims to plant 10 billion trees,
has actively involved young people in both planning and implementation.
Saudi youth delegates expressed pride in their country’s efforts and, as COP16
progresses, the focus on youth empowerment remains a key theme. For young
leaders like Lorenzo and Leyva, the event represents a vital opportunity to
amplify their voices and push for tangible outcomes. However, they emphasize
that their participation must lead to action, not just recognition.
“Negotiators clap for our speeches,” Lorenzo noted, “but when it comes time to
create resolutions, our input is often overlooked. That has to change.”
By providing a platform for young leaders to connect with global stakeholders
and share their ideas, COP16 has taken an important step toward fostering
intergenerational collaboration.
While significant challenges remain, the initiatives and discussions shown so
far demonstrate a clear path toward building a more resilient and sustainable
world — led, in part, by the energy and creativity of youth.
Follow
Topics: COP16 Saudi youth
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Saudi Arabia’s real estate loans hit $226bn, fueled by retail and corporate
demand /node/2582021/business-economy
SAUDI ARABIA’S REAL ESTATE LOANS HIT $226BN, FUELED BY RETAIL AND CORPORATE
DEMAND
Updated 06 December 2024
Dayan Abou Tine
December 06, 2024 12:19
847
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SAUDI ARABIA’S REAL ESTATE LOANS HIT $226BN, FUELED BY RETAIL AND CORPORATE
DEMAND
Updated 06 December 2024
Dayan Abou Tine
December 06, 2024 12:19
847
RIYADH: Saudi banks’ real estate loans surged to a record SR846.48 billion
($225.73 billion) in the third quarter of 2024, marking a 13.29 percent annual
increase, official data showed.
Data from the Saudi Central Bank, also known as SAMA, indicated that this growth
was driven by both retail and corporate lending, with corporate loans
experiencing a 22 percent increase to reach SR189.6 billion.
Lending to individuals made up the lion’s share, accounting for 78 percent of
the total at SR656.88 billion, reflecting an annual growth rate of 11.02
percent.
Real estate loans now comprise 29.67 percent of Saudi banks’ total loan
portfolio, which stood at SR2.85 trillion by the end of the third quarter.
The sector’s unprecedented expansion is underpinned by government-backed
initiatives under Vision 2030, which aim to diversify the economy and address
the Kingdom’s growing housing demand.
A pivotal regulatory milestone came in 2018, when the Saudi Central Bank
increased the maximum loan-to-value ratio for first-time homebuyers from 85
percent to 90 percent.
This strategic move was designed to stimulate mortgage lending, making
homeownership more accessible to Saudi citizens while aligning with the
Kingdom’s broader economic reform plans.
By enabling more citizens to secure financing for their first homes, the
initiative directly supported the national housing strategy, which aims to boost
homeownership rates and expand housing options across the country.
SAMA emphasized maintaining financial stability, ensuring that this policy shift
would not compromise the resilience of the banking sector or lead to
unsustainable lending practices.
Another factor supporting the real estate sector’s growth is recent monetary
easing. After two years of aggressive rate hikes to curb inflation, SAMA lowered
interest rates by 50 basis points in September and another 25 basis points in
November, mirroring the US Federal Reserve’s monetary policy.
These cuts have made borrowing cheaper, spurring demand for real estate loans.
However, this surge in demand has a dual effect. While it boosts credit uptake,
it also exerts upward pressure on housing prices, contributing to inflation.
Saudi Arabia’s annual inflation rate reached 1.9 percent in October, driven
primarily by higher housing costs, according to the General Authority for
Statistics.
Despite this rise, the Kingdom’s inflation remains among the lowest in the
Middle East, underscoring the efficacy of its economic stabilization strategies
and its resilience against global inflationary pressures.
New retail mortgages highest in 21 months
Saudi banks issued SR8.14 billion in new residential mortgages in October,
marking the highest monthly figure in 21 months and a 20.33 percent increase
from October last year.
The capital, Riyadh, has emerged as a focal point of this surge, fueled by
robust population and employment growth that has intensified demand for housing,
with new properties struggling to keep pace.
Of the total residential loans in October, SR4.83 billion, or 59.3 percent, was
directed toward purchasing houses, while 35 percent was allocated to apartments
and 5.6 percent to land.
Apartment financing saw the most significant annual growth, surging 47 percent
year on year to SR2.86 billion, followed by land financing at 24.8 percent and
house loans at 8.37 percent.
For the third quarter of 2024, the value of new residential mortgages reached
SR20.49 billion, reflecting an 11.34 percent increase compared to the same
period last year. This growth was largely driven by demand for apartments, with
lending in this segment soaring 58.76 percent year-on-year to SR7.25 billion.
While lending for land rose 19.16 percent to SR1.19 billion during the quarter,
loans for houses declined 6.13 percent to SR12.06 billion.
The increasing prominence of apartment financing highlights a shift in Saudi
Arabia’s housing market, reflecting evolving demographics and lifestyle
preferences. Apartments appeal to expatriates and smaller families while also
addressing affordability concerns.
According to S&P Global, population growth, averaging 3.3 percent annually
through 2027, and a surge in expatriate inflows are fueling demand, particularly
in Riyadh.
This factor, coupled with job opportunities, is outpacing the delivery of new
housing units.
According to JLL’s KSA market dynamics report for the first half of 2024, 16,200
units were added in Riyadh and 11,300 in Jeddah during this period, with another
16,000 units expected in both cities by the end of the year.
However, despite this growth, supply constraints continue to push prices higher.
High construction costs and competition with Vision 2030 projects are limiting
housing affordability.
Additionally, Saudi Arabia’s real estate market is navigating regulatory changes
to attract foreign direct investment. While FDI inflows currently average 2
percent of GDP, they are expected to grow as reforms unfold, including new
residency visa options tied to real estate investments, according to S&P
Global.
As mortgage infrastructure matures, spearheaded by entities like the Saudi Real
Estate Refinance Co., the market is poised for increased liquidity and growth.
Secondary mortgage market
Saudi Arabia is embarking on a transformative journey to establish a secondary
mortgage market, a move set to redefine the Kingdom’s housing and financial
sectors.
With two major agreements in place, the country is strategically aligning global
expertise with local execution to ensure liquidity in housing finance, boost
homeownership, and foster economic diversification in line with Vision 2030.
In a landmark development, the Saudi Real Estate Refinance Co., a subsidiary of
the Public Investment Fund, signed a memorandum of understanding with BlackRock,
the world’s largest asset manager.
The agreement, finalized during a high-profile visit by Majid Al-Hogail,
minister of municipal and rural affairs and housing, to the US, underscores the
Kingdom’s commitment to leveraging global expertise to develop its mortgage
finance ecosystem.
The partnership with BlackRock is expected to play a pivotal role in creating a
functional secondary mortgage market by laying the groundwork for
mortgage-backed securities.
BlackRock’s extensive knowledge of global financial markets will be instrumental
in structuring these securities, designed to improve market liquidity by
enabling banks to sell bundled mortgage loans to investors.
This influx of liquidity is anticipated to reduce borrowing costs for Saudi
families, making homeownership more affordable.
Robert Kapito, BlackRock’s president, described the collaboration as a key step
in aligning Saudi Arabia’s real estate finance market with international capital
markets. He emphasized the potential for this initiative to not only support
local housing goals but also attract global investment.
Meanwhile, SRC has also signed a separate agreement with Al-Ahli Bank and the
Real Estate Development Fund to operationalize the secondary mortgage market at
a local level.
This tripartite partnership focuses on creating and refinancing mortgage
portfolios, ensuring the housing finance market has continuous access to
funding.
The initiative is also set to fast-track the issuance of mortgage-backed
securities in the domestic market, laying a solid foundation for sustainable
growth in the sector.
As mortgage origination grows, so does the need for a secondary market to manage
liquidity effectively.
SRC CEO Majeed Al-Abduljabbar described the partnership with Al-Ahli Bank as a
critical step in addressing these challenges. By enabling banks to securitize
mortgages and sell them as MBS, the initiative will enhance liquidity, reduce
financing costs, and expand housing options for citizens.
These partnerships come at a pivotal time for the Kingdom, where the housing
sector is central to Vision 2030’s objectives of raising homeownership rates to
70 percent and reducing economic reliance on oil revenues.
By integrating the real estate finance sector into global capital markets, Saudi
Arabia is not only ensuring affordable housing but also positioning itself as a
regional leader in innovative financial solutions.
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Topics: SAMA real estate loans
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Saudi Arabia unveils Riyadh Action Agenda to address land restoration, drought
/node/2582009/business-economy
SAUDI ARABIA UNVEILS RIYADH ACTION AGENDA TO ADDRESS LAND RESTORATION, DROUGHT
Updated 06 December 2024
SYED AMEEN KADER
December 06, 2024 10:20
1369
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SAUDI ARABIA UNVEILS RIYADH ACTION AGENDA TO ADDRESS LAND RESTORATION, DROUGHT
* Initiative launched during Agri-Food System Day at COP16 in Riyadh
Updated 06 December 2024
SYED AMEEN KADER
December 06, 2024 10:20
1369
RIYADH: Saudi Arabia has introduced the Riyadh Action Agenda, an initiative to
unite stakeholders in tackling land degradation, desertification, and drought.
The announcement was made by Osama Faqeeha, deputy minister for environment at
the Ministry of Environment, Water and Agriculture, and advisor to the UNCCD
COP16 presidency, during a keynote address at a high-level dialogue on
sustainable agri-food systems.
The agenda will leverage COP16’s momentum over the two-year presidency, engaging
diverse stakeholders to drive tangible impact for farmers, indigenous peoples,
and other affected groups.
Speaking during a keynote address, Faqeeha said: “If we are to accelerate land
restoration and drought resilience initiatives at the pace and scale required,
then it is critical we continue to mobilize and incentivize action long after
COP16 in Riyadh ends, reaffirming Saudi Arabia’s leadership in land restoration,
and leaving a lasting legacy of global change.”
The launch took place on Agri-Food System Day, one of seven thematic days at
COP16. Agriculture, a leading driver of land degradation, accounts for 23
percent of global greenhouse gas emissions, 80 percent of deforestation, and 70
percent of freshwater use, according to the UNCCD.
Agri-Food System Day featured discussions on sustainable agricultural practices,
with topics including soil health, resilient crops, and private sector
involvement in transforming food systems. The day coincided with World Soil Day,
which highlights the importance of sustainable soil management.
“Around 95 percent of our food comes from the soil, and yet we continue to treat
it like dirt,” Faqeeha said. “Unsustainable practices are causing significant
soil loss annually, worsening global food and water security, and affecting
farmers and consumers alike.”
The UNCCD estimates that by 2050, global crop yields could decline by 10
percent, with worst-hit regions facing a 50 percent drop. Food prices could rise
by 30 percent due to shrinking arable land and rising population demands.
“We do not need to reinvent the wheel to deliver urgent solutions,” Faqeeha
added. “Reinvesting harmful agricultural subsidies could immediately support
land restoration and reform unsustainable practices.”
The UNCCD COP16 conference, themed Our Land. Our Future., is being held from
Dec. 2-13, 2024, at Boulevard Riyadh World. The event marks the UNCCD’s 30th
anniversary and aims to address issues like drought resilience and land tenure.
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Topics: COP16 riyadh action agenda suadi araibia
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Saudi Arabia surpasses Vision 2030 target of 1m volunteers ahead of time
/node/2581931/business-economy
SAUDI ARABIA SURPASSES VISION 2030 TARGET OF 1M VOLUNTEERS AHEAD OF TIME
Updated 05 December 2024
Nadin Hassan
Reem Walid
December 05, 2024 18:28
1330
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SAUDI ARABIA SURPASSES VISION 2030 TARGET OF 1M VOLUNTEERS AHEAD OF TIME
Updated 05 December 2024
Nadin Hassan Reem Walid
December 05, 2024 18:28
1330
RIYADH: Saudi Arabia has surpassed its Vision 2030 target of 1 million
volunteers six years ahead of schedule, according to the CEO of the National
Center for Non-Profit Sector.
Speaking to Arab News on the sidelines on the fourth day of COP16, Ahmed
Al-Suwailem explained that the Kingdom’s volunteering journey achieved the
target just prior to the end of 2024.
This falls in line with promoting the concept of volunteering and community
participation in Saudi Arabia.
“Today, we are celebrating the biggest achievement that we did in terms of
volunteering. Of course, I will start with my thanks and gratitude to
his majesty, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz,
and also his Crown Prince, the Prime Minister, Prince Mohammed bin Salman bin
Abdulaziz, for their unbelievable effort and support, for us, and they enabled
us to achieve, this amazing target of 1 million volunteers, 1 million per
annum,” Al-Suwailem said.
He added: “Absolutely, we have achieved the target earlier than we were supposed
to achieve it, or 2030. We achieved it just before the end of 2024. We have
achieved 1 million, as I said, per annum. We were supposed to achieve it in
2030.”
He added: “We are going for a further target and we are now reviewing the target
again, and we’ll see what we will achieve in 2030.”
With regards to achieving the target, Al-Suwailem said: “We couldn’t achieve
that unless we have this amazing, unbelievable, continuous support from our
leadership and also with an enablement from our people,” he said.
He added that the public’s volunteer support is evident in their efforts,
thoughts, and shared experiences.
“We are trying our best to send our message as the people of Saudi Arabia, that
we are global citizens, that we can also do our volunteering internally and
internationally,” he added.
The CEO also highlighted how this achievement will support the Kingdom’s Vision
2030, underlining that volunteering will play a key role in helping the company
meet the objectives of the Saudi Green Initiative. The undertaking aims to
diversify the economy, reduce oil dependency, and promote sustainable
development.
He added: “So, this is where we complete each other as governmental entities and
also private sector and the nonprofit sector.”
The CEO concluded by saying: “And of course, last but not least, people are the
key element for achieving all these targets.”
The Kingdom’s hosting of COP16 reflects its commitment to protecting the planet.
In the largest multilateral conference it has ever hosted, Saudi Arabia is
mobilizing the world to deliver international cooperation, change, and action
that our land so desperately needs.
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Topics: COP16 SGI Green & Blue
--------------------------------------------------------------------------------
OPEC+ extends production cuts by three months through March
/node/2581913/business-economy
OPEC+ EXTENDS PRODUCTION CUTS BY THREE MONTHS THROUGH MARCH
Updated 05 December 2024
Arab News
December 05, 2024 16:27
752
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OPEC+ EXTENDS PRODUCTION CUTS BY THREE MONTHS THROUGH MARCH
Updated 05 December 2024
Arab News
December 05, 2024 16:27
752
RIYADH: OPEC+ on Thursday agreed to extend their supply cuts for three months
through March to to support market stability.
OPEC+ countries, including Saudi Arabia and Russia, “will extend their
additional voluntary adjustments of 2.2 million barrels per day... until the end
of March 2025,” the alliance said in a statement.
A virtual meeting was held on the sidelines of the 38th OPEC and non-OPEC
Ministerial Meeting.
According to the statement, the meeting welcomed the pledges made by the
overproducing countries to achieve full conformity and resubmit their updated
compensation schedule to the OPEC Secretariat for the overproduced volumes since
January 2024 before the end of December 2024.
The alliance members will extend their additional voluntary adjustments of 2.2
million bpd, that were announced in November 2023, until the end of March 2025
and then the 2.2 million barrels per day adjustments will be gradually phased
out on a monthly basis until the end of September 2026. This monthly increase
can be paused or reversed subject to market conditions.
OPEC+ members are holding back 5.86 million bpd of output, or about 5.7
percent of global demand, in a series of steps agreed since 2022 to support the
market.
The alliance also agreed to allow the UAE to raise output by 300,000 bpd
gradually from April until the end of September 2026, instead of the earlier
plan to start it in January 2025.
Despite the group’s supply cuts, global oil benchmark Brent crude has mostly
stayed in a $70 to $80 per barrel range this year and on Thursday traded near
$72 a barrel, having hit a 2024 low below $69 in September.
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Topics: OPEC OPEC+
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