{"id":614701,"date":"2024-02-06T00:00:00","date_gmt":"2024-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/oecd-sees-the-global-economy-growing-at-a-2-9-clip-this-year\/"},"modified":"2024-02-06T00:00:00","modified_gmt":"2024-02-06T00:00:00","slug":"oecd-sees-the-global-economy-growing-at-a-2-9-clip-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/oecd-sees-the-global-economy-growing-at-a-2-9-clip-this-year\/","title":{"rendered":"OECD sees the global economy growing at a 2.9% clip this year"},"content":{"rendered":"

A more optimistic global growth outlook: <\/strong>OECD has revised upwards its 2024 world growth forecast to 2.9% from November\u2019s 2.7% forecast, it said in its latest economic outlook<\/a>. Geopolitical risks within the MENA region, however, pose a \u201csignificant\u201d risk to activity and inflation. <\/p>\n

Don\u2019t celebrate yet: <\/strong>Despite raising its growth outlook, OECD\u2019s 2024 forecast remains below 2023\u2019s 3.1% growth rate. Next year\u2019s 3.0% growth forecast was left unchanged. <\/p>\n

Where we could see fallout: <\/strong>Regional escalation \u201ccould disrupt shipping more extensively than presently expected, intensify supply bottlenecks, and push up energy prices if traffic is interrupted in the key routes for the transport of oil and gas,\u201d the report wrote, adding that this could spur a rush to safety in global markets. <\/p>\n

ICYMI- <\/strong>The IMF revised upwards<\/a> its 2024 global growth outlook by 0.2 percentage points to 3.1% last week, also noting the potential for price spikes amid Red Sea attacks. <\/p>\n

LuLu Group International<\/a><\/strong>, the operator of the iconic supermarket chain, is <\/strong>shopping around for bankers <\/strong>for a potential dual-listing on the ADX and Riyadh\u2019s Tadawul in 2H 2024, Bloomberg<\/a> reports. The offering could be worth as much as USD 1 bn, the business information service says, citing sources it says have knowledge of the company\u2019s plans. <\/p>\n

Abu Dhabi-headquartered LuLu is likely to list its GCC assets in the transaction. <\/strong>The company valued itself at north of USD 5 bn in 2020 when it sold a stake to Abu Dhabi wealth fund ADQ and last explored the possibility of an IPO in 2022<\/a>. LuLu was thought in late 2023 to have been discussing the potential sale of a stake to Saudi Arabia\u2019s Public Investment Fund.<\/p>\n

By the numbers: <\/strong>LuLu has 18 hypermarkets and seven shopping malls in its pipeline<\/a> as it pushes ahead with aggressive growth plans. It has some 70k employees across more than two dozen countries, but its centers of gravity are the GCC, India and, more recently, Egypt.<\/p>\n

\n

\n

Asian markets are in the red<\/strong>, tracking declines yesterday in New York<\/a>. Futures point to a mixed open for major benchmarks in Europe, New York, and Toronto later today.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

27,666<\/p>\n<\/td>\n

\n

+0.3% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

21.25% deposit<\/p>\n<\/td>\n

\n

22.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,025<\/p>\n<\/td>\n

\n

+0.5% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,428<\/p>\n<\/td>\n

\n

-0.3% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,231<\/p>\n<\/td>\n

\n

+0.1% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,943<\/p>\n<\/td>\n

\n

-0.3% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,613<\/p>\n<\/td>\n

\n

0.0% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,655<\/p>\n<\/td>\n

\n

0.0% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 77.99<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.08<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,043<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 42,445<\/p>\n<\/td>\n

\n

-1.0% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL- <\/p>\n

The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 6.6 bn (88% above the 90-day average). Egyptian investors were net buyers. The index is up 11.1% YTD.<\/p>\n

In the green: <\/strong>Egypt Kuwait Holding (+12.8%), Talaat Moustafa Group (+10.3%), and Orascom Development Egypt (+7.1%).<\/p>\n

In the red: <\/strong>CIB (-4.0%), Juhayna (-3.8%), and Mopco (-2.3%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Sidpec wants a bigger slice of EBIOL:<\/strong> Sidi Kerir Petrochemicals' board of directors discussed raising its ownership in the Egyptian Bioethanol Company (EBIOL) to 7.5%, according to an EGX disclosure (pdf)<\/a>. The USD 180k transaction would bring Sidpec\u2019s capital in EBIOL to USD 3.2 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

A more optimistic global growth outlook: OECD has revised upwards its 2024 world growth forecast to 2.9% from November\u2019s 2.7% forecast, it said in its latest economic outlook. Geopolitical risks within the MENA region, however, pose a \u201csignificant\u201d risk to activity and inflation. Don\u2019t celebrate yet: Despite raising its growth outlook, OECD\u2019s 2024 forecast remains […]<\/p>\n","protected":false},"author":1,"featured_media":614702,"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":[72,2403,78,1567,1701,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-global-economy","tag-ipo-watch","tag-lulu-group","tag-oecd","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a0485581-18c9-4b10-8a17-d28fcc1c537b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/402.jpg","photo_position":"above","homepage_title":"","full_issue_title":"OECD sees the global economy growing at a 2.9% clip this year","related_issue":[614678],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.2d08dabb-67f2-4701-9fcd-cc1f8245ac33.mp3"},"yoast_head":"\nOECD sees the global economy growing at a 2.9% clip this year - 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\/2024\/02\/06\/oecd-sees-the-global-economy-growing-at-a-2-9-clip-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OECD sees the global economy growing at a 2.9% clip this year\" \/>\n<meta property=\"og:description\" content=\"A more optimistic global growth outlook: OECD has revised upwards its 2024 world growth forecast to 2.9% from November\u2019s 2.7% forecast, it said in its latest economic outlook. 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The global economy is on course to contract by 6% this year but if a second wave hits before the end of the year activity will tank even further, falling\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/137.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588171,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/world-bank-cuts-egypt-growth-outlook\/","url_meta":{"origin":614701,"position":1},"title":"World Bank cuts Egypt growth outlook","author":"enterpriseam admin","date":"7 June 2023","format":false,"excerpt":"The lender expects the economy to remain flat at 4.0% next year before rising to 4.7% in 24-25","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579278,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/","url_meta":{"origin":614701,"position":2},"title":"IMF trims Egypt growth forecast","author":"enterpriseam admin","date":"1 February 2023","format":false,"excerpt":"The IMF has cut its economic growth forecast for Egypt, saying it sees GDP growing 4.0% this year, a 0.4 percentage point trim from its previous forecast in October, according to its updated World Economic Outlook released yesterday (here and here, pdf). 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