{"id":548755,"date":"2022-08-21T04:00:46","date_gmt":"2022-08-21T04:00:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/the-gulf-is-going-to-be-12-figures-better-off-by-2026\/"},"modified":"2022-08-21T04:00:46","modified_gmt":"2022-08-21T04:00:46","slug":"the-gulf-is-going-to-be-12-figures-better-off-by-2026","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/the-gulf-is-going-to-be-12-figures-better-off-by-2026\/","title":{"rendered":"The Gulf is going to be 12 figures better off by 2026"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>The red-hot oil market is set to pour an extra USD 1.3 tn into the coffers of Gulf <\/strong><strong>sovereign wealth funds over the next four years<\/strong>, Jihad Azour, IMF director for the Middle East and North Africa, told <a href=\"https:\/\/www.ft.com\/content\/94825404-e0a2-4a18-ab8d-2bc61fc7c1ab\">the Financial Times<\/a>. The flood of revenues will further increase the financial power of the region\u2019s sovereign wealth funds \u2014 the Public Investment Fund, the Qatar Investment Authority, and Abu Dhabi\u2019s three funds among them \u2014 at a time when much of the rest of the world is facing recession and falling asset prices. Azour says that the region\u2019s oil exporters should use the new revenues to \u201cinvest in the future\u201d by developing their tech capabilities and transitioning to green energy.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Investors are growing wary of the summer rally + expect a volatile September: <\/strong>\u201cTraders at Goldman Sachs, Morgan Stanley and JPMorgan Chase have warned clients in recent days that the bounce in shares is not underpinned by confidence the surge can last,\u201d the <a href=\"https:\/\/www.ft.com\/content\/28492ea1-4355-476b-9a31-269f7a945289\">Financial Times writes<\/a>. US financial markets have rallied in recent weeks from one of their worst years on record as rising inflation and the war in Ukraine sent stocks and bonds tumbling.<\/p>\n<p><strong>Wake us up when September ends: <\/strong>The month is known for its bad average return for the S&P 500, with the index tending to fall around 1%. It is also the only month during which stocks drop more often than they rise, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-19\/rowdy-summer-stock-bulls-catching-the-scent-of-an-autumn-reaping?srnd=premium-middle-east&sref=mmeFTDW1#xj4y7vzkg\">Bloomberg<\/a> writes.<\/p>\n<p><strong>That rally stumbled on Friday<\/strong> when US stocks suffered their biggest daily loss since June after Fed officials renewed hardline comments on the need to fight inflation. The S&P 500 saw its first weekly loss in five weeks after falling 1.3% on Friday while the Nasdaq lost 1.9%.<\/p>\n<p><strong>ALSO IN PLANET FINANCE NEWS-<\/strong><\/p>\n<ul>\n<li><strong>Noon to buy online fashion platform Namshi:<\/strong> E-commerce company <a href=\"https:\/\/www.noon.com\/egypt-en\/\">Noon<\/a> will acquire Emirati real estate developer Emaar\u2019s online fashion platform <a href=\"https:\/\/www.namshi.com\/\">Namshi<\/a> for USD 335.2 mn. (<a href=\"https:\/\/ent.news\/2022\/8\/EMAAR_BODRES_19_8_2022.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>More bad news for Europe\u2019s gas supply:<\/strong> The Nord Stream 1 pipeline will close for three days of unscheduled maintenance at the end of the month, state energy giant Gazprom said over the weekend. Moscow has already cut flows through the vital pipeline <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e50e36c9-26f9-4145-9994-49dc5d12b97b\">to just 20%<\/a> of capacity, blaming issues with turbines. (<a href=\"https:\/\/twitter.com\/GazpromEN\/status\/1560677160053944321?cxt=HHwWgsCl4fbm0agrAAAA\">Statement<\/a>)<\/li>\n<li><strong>Another ominous sign from China\u2019s tanking real estate market:<\/strong> China\u2019s largest developer Country Garden expects its earnings to have fallen as much as 70% during 1H 2022, amid an escalating crisis in the country\u2019s property market (<a href=\"https:\/\/www.ft.com\/content\/0b52834d-c4fb-497d-9ad0-68cf646536a8\">Financial Times<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,094<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -15.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.10<\/p>\n<\/td>\n<td>\n<p>Sell 19.18<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.12<\/p>\n<\/td>\n<td>\n<p>Sell 19.18<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,622<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +11.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,083<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +18.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,420<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 5<\/strong><strong>0<\/strong><strong>0<\/strong><\/p>\n<\/td>\n<td>\n<p>4,228<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,550<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +2.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,730<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -13.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 96.72<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.34<\/p>\n<\/td>\n<td>\n<p>+1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,762.90<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,147<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -54.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.4% at Thursday\u2019s close<\/strong> on turnover of EGP 1.28 bn (37.7% above the 90-day average). Foreign investors were net sellers. The index is down 15.5% YTD.<\/p>\n<p><strong>In the green: <\/strong>Abu Qir Fertilizers (+4.4%), Ibnsina Pharma (+3.2%) and Mopco (+3.1%).<\/p>\n<p><strong>In the red: <\/strong>Orascom Construction (-6.2%), Alexandria Containers (-3.2%) and GB Auto (-1.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The red-hot oil market is set to pour an extra USD 1.3 tn into the coffers of Gulf sovereign wealth funds over the next four years, Jihad Azour, IMF director for the Middle East and North Africa, told the Financial Times. The flood of revenues will further increase the financial power of the region\u2019s sovereign [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,93,72,297,119,272,2283,578,91,122,83,270],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548755","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-energy","tag-enterpriseam","tag-europe","tag-financial-markets","tag-imf","tag-namshi","tag-noon","tag-oil-and-gas","tag-planet-finance","tag-real-estate","tag-russia","wpautop","entry"],"acf":{"mongo_id":"f0bc5025-0dc0-4898-87d9-4606cbf4430b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548736],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Gulf is going to be 12 figures better off by 2026 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/the-gulf-is-going-to-be-12-figures-better-off-by-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Gulf is going to be 12 figures better off by 2026\" \/>\n<meta property=\"og:description\" content=\"The red-hot oil market is set to pour an extra USD 1.3 tn into the coffers of Gulf sovereign wealth funds over the next four years, Jihad Azour, IMF director for the Middle East and North Africa, told the Financial Times. 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