Economic And Market Update

GCC economies had a positive start to 2023 with a modest increase in PMI’s, although lower than levels experienced in 2022. It still suggests business optimism and stable outlook for the year despite uncertainty and global challenges that remain including high inflation, high interest rates and energy prices being experienced by developed markets. Higher interest rates are expected later this month as per US Fed.

GCC inflation and energy prices have eased out which provides relief to consumers and businesses. Saudi Arabia, UAE and Egypt remain the hot spots for VC funding this year, based on number of deals and emerging industries such as fintech and food delivery platforms attracted the most funding.

Our monthly review as shown below illustrates major economic and financial market indicators in the GCC region.”

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