Middle East Turmoil and Economic Shifts: Gaza Conflict, Saudi Restructuring, and Omani Credit Growth
Gaza conflict continues into 12th month as Israel faces international scrutiny over activist's death; Saudi Arabia's non-oil economy grows 4.9% in Q2 2024 amidst overall GDP decline.
The Gaza conflict between Israel and Hamas has dragged into its 12th month, causing over 40,939 deaths and keeping 97 of the 251 hostages in Gaza. The killing of Turkish-American activist Aysenur Ezgi Eygi by Israeli forces in the West Bank has further fueled international demands for an investigation.
Meanwhile, Saudi Arabia's non-oil economy saw a notable 4.9% boost in Q2 2024, driven largely by growth in its financial and insurance sectors. Despite this, the overall GDP declined year-on-year by 0.3% because of an 8.9% drop in oil activities, though the Kingdom's GDP at current prices still reached a whopping SR1.02 trillion.
In line with its Vision 2030, Emaar The Economic City (EEC) has announced a significant $2.32 billion financial restructuring plan. This includes converting SR4 billion of debt into equity and incorporating a SR1 billion shareholder facility from the Public Investment Fund.
To further bolster its trade sector, Saudi Arabia will slash export customs fees and reduce import service fees starting October 6th. This new structure is part of broader efforts to enhance competitiveness through initiatives like the Saudi Authorized Economic Operator Program and the National Single Window for Trade platform.
Over in Oman, total outstanding credit from various financial institutions reached 31.4 billion Omani rials by June 2023, marking a 3.8% increase. This aligns with Oman’s Vision 2040, even as investments in government development bonds dipped by 8.3%, crude oil exports slightly increased with China remaining the largest importer.
Lastly, the Amman Chamber of Industry in Jordan reported a 3.94% decline in exports during the first eight months of 2024 compared to last year. Despite drops in mining, office supply, and construction sectors, the chemical and cosmetic industries saw a notable surge of 22.1%, with the US emerging as the chief export market.
Meanwhile, Saudi Arabia's non-oil economy saw a notable 4.9% boost in Q2 2024, driven largely by growth in its financial and insurance sectors. Despite this, the overall GDP declined year-on-year by 0.3% because of an 8.9% drop in oil activities, though the Kingdom's GDP at current prices still reached a whopping SR1.02 trillion.
In line with its Vision 2030, Emaar The Economic City (EEC) has announced a significant $2.32 billion financial restructuring plan. This includes converting SR4 billion of debt into equity and incorporating a SR1 billion shareholder facility from the Public Investment Fund.
To further bolster its trade sector, Saudi Arabia will slash export customs fees and reduce import service fees starting October 6th. This new structure is part of broader efforts to enhance competitiveness through initiatives like the Saudi Authorized Economic Operator Program and the National Single Window for Trade platform.
Over in Oman, total outstanding credit from various financial institutions reached 31.4 billion Omani rials by June 2023, marking a 3.8% increase. This aligns with Oman’s Vision 2040, even as investments in government development bonds dipped by 8.3%, crude oil exports slightly increased with China remaining the largest importer.
Lastly, the Amman Chamber of Industry in Jordan reported a 3.94% decline in exports during the first eight months of 2024 compared to last year. Despite drops in mining, office supply, and construction sectors, the chemical and cosmetic industries saw a notable surge of 22.1%, with the US emerging as the chief export market.
