Algeria Votes Amid Tebboune’s Expected Victory; UK Universities Seek Higher Tuition Fees; Egypt Holds Interest Rates Steady; IMF Praises Saudi Housing Program; OPEC+ Extends Oil Supply Cuts
Algerians vote with Tebboune expected to win; voter turnout key issue.
Around 24 million Algerians are set to vote on Saturday with incumbent President Abdelmadjid Tebboune, 78, expected to win easily. Despite facing moderate Islamist Abdelaali Hassani and socialist candidate Youcef Aouchiche, Tebboune's main challenge is to secure a higher voter turnout than the 2019 election. Economic concerns, media and political freedoms, and policies regarding Palestinians and Western Sahara are key election issues.
Meanwhile, over in the UK, universities are pressing for higher domestic tuition fees due to financial difficulties stemming from visa restrictions on international students. Sally Mapstone, president of Universities UK, highlighted a sector deficit of £1.7 billion for teaching and £5 billion for research, prompting an appeal for government support. Education Secretary Bridget Phillipson has acknowledged the challenges and promised to address these issues.
Turning to Egypt, the central bank has held its overnight interest rates steady despite easing inflation and slowed growth. With the lending rate at 28.25 percent and the deposit rate at 27.25 percent, this decision marks the third time rates remained unchanged since a significant hike in March. The bank cited reduced inflation pressures and projected economic recovery by 2025.
In positive news from Saudi Arabia, the IMF has lauded the country's Housing Program for its significant contributions to economic stability and social welfare. As part of Saudi Arabia’s Vision 2030, the program has boosted homeownership rates to around 64 percent and diversified housing options, with a high service satisfaction rate of 90 percent. The Sakani program benefited over 32,000 families in the first quarter of 2024 and aims to raise homeownership to 70 percent by 2030.
Staying in the Middle East, OPEC+ nations, including Saudi Arabia and Russia, have extended their voluntary supply cuts of 2.2 million barrels per day until November 2024 to address falling crude prices. US crude oil inventories have decreased by 6.9 million barrels, with net crude imports down and exports up. This has led to gains in both US crude oil futures and Brent crude futures, with increases of 2 percent and 1 percent respectively.
Finally, the Saudi Stock Exchange's main index, TASI, saw a modest drop of 28.65 points to 12099.49 points amidst a mixed performance. Despite significant declines in Saudi Aramco and Al-Rajhi Bank shares, Cenomi Retail and Sadarat shares surged by 10 percent each. The Saudi Parallel Stock Index, Nomu, also fell by 177.69 points, underscoring a mixed trading session.
Meanwhile, over in the UK, universities are pressing for higher domestic tuition fees due to financial difficulties stemming from visa restrictions on international students. Sally Mapstone, president of Universities UK, highlighted a sector deficit of £1.7 billion for teaching and £5 billion for research, prompting an appeal for government support. Education Secretary Bridget Phillipson has acknowledged the challenges and promised to address these issues.
Turning to Egypt, the central bank has held its overnight interest rates steady despite easing inflation and slowed growth. With the lending rate at 28.25 percent and the deposit rate at 27.25 percent, this decision marks the third time rates remained unchanged since a significant hike in March. The bank cited reduced inflation pressures and projected economic recovery by 2025.
In positive news from Saudi Arabia, the IMF has lauded the country's Housing Program for its significant contributions to economic stability and social welfare. As part of Saudi Arabia’s Vision 2030, the program has boosted homeownership rates to around 64 percent and diversified housing options, with a high service satisfaction rate of 90 percent. The Sakani program benefited over 32,000 families in the first quarter of 2024 and aims to raise homeownership to 70 percent by 2030.
Staying in the Middle East, OPEC+ nations, including Saudi Arabia and Russia, have extended their voluntary supply cuts of 2.2 million barrels per day until November 2024 to address falling crude prices. US crude oil inventories have decreased by 6.9 million barrels, with net crude imports down and exports up. This has led to gains in both US crude oil futures and Brent crude futures, with increases of 2 percent and 1 percent respectively.
Finally, the Saudi Stock Exchange's main index, TASI, saw a modest drop of 28.65 points to 12099.49 points amidst a mixed performance. Despite significant declines in Saudi Aramco and Al-Rajhi Bank shares, Cenomi Retail and Sadarat shares surged by 10 percent each. The Saudi Parallel Stock Index, Nomu, also fell by 177.69 points, underscoring a mixed trading session.
