Challenges facing the world present opportunities for the Middle East and North Africa to become more of a connection point, the International Monetary Fund's regional director said.
While crises including the war in Gaza and disruptions to Red Sea shipping continue to have implications for the region, “there are hopes”, Jihad Azour told The National on Tuesday.
“There are changes and challenges in the world. The world is more fragmented. But this is opening opportunities too for the region to be more of a connection point, to be more a bridge and a platform,” he said at the World Governments Summit in Dubai.
“There are hopes. The IMF is working on that … to see how we can increase co-operation [between the countries] and what that brings and with whom to co-operate and how.”
The IMF in January cut its growth forecast for the Mena region as the conflict in Gaza compounds challenges for highly exposed economies.
Assuming the war eases after the first quarter of 2024, growth in the Mena region is projected to expand 2.9 per cent this year, the Washington-based fund said at the time.
That marks a downward revision of 0.5 percentage points from the fund’s October 2023 estimates of 3.4 per cent growth for Mena economies, the IMF said in its Regional Economic Outlook report for the Middle East.
With the Gaza war leading to violence in Syria, Iraq and Lebanon – and Egypt’s economy also affected – concerns have grown that the conflict will have an increasing impact on the wider region.
“Disaster has led to negative economic impact. How to measure that impact? It can be measured in two ways: the impact on the epicentre, the economy of Palestine, both Gaza and West Bank, and the impact of all that on the other countries,” Mr Azour said.
Palestine's economy shrunk in 2023 and it is expected to do so again this year also, he warned, “unless there’s a major change that takes place … in stopping the war and starting the recovery very fast”.
Other countries affected by the war include Lebanon, Syria, Jordan, Iraq and Egypt, Mr Azour added.
“The impact for in 2024 is the downgrade of growth between 0.6 per cent and 0.4 per cent in Egypt. In the case of Jordan, it could be higher,” he said.
Meanwhile, Lebanon’s economic crisis appears to be worsening and there are few solutions on the horizon. Mr Azour said the country needed to bring confidence back if it was to turn the situation around.
“The lack of confidence is what is limiting the capacity of Lebanon to recover. You need to convince your investors and show them how you are going to address the financial sector issues and how you are going to put the public finance in sustainable hands,” he said.
“You also need to convince your partners, because Lebanon cannot grow and address its problems without its partners – multilateral institutions, bilaterals and also your space, which is the Arab world.”
He highlighted four channels of transmission for the conflict in Gaza.
“Trade is the most affected one, especially as the trade is going down – we have a drop of almost 50 per cent of the traffic through the Suez Canal. It has an impact on Egypt, in terms of foreign currencies … and it also has an impact on the whole region in terms of the stability of trade,” Mr Azour said.
Another channel is tourism. “We saw a negative impact on tourism in the last quarter of 2023. The good news is 2023 was good before that. The question is how this sector will recover in 2024,” he said.
The other channels are oil and gas, and investments. In the oil and gas sector, the IMF saw small volatility in the beginning, “but the market recovered and the global forces are shaping the oil market this year through demand and supply”, Mr Azour said.
As for financial channel, the IMF saw some outflows in the beginning “but that came back”.
“But we need to look at what’s happening also from the medium-term perspective. It’s not only a story of 2024, it's a longer story whereby we are in transformation at the moment,” Mr Azour said.
“There are big challenges and they need to be addressed. And also, the world is changing. We need to understand how the world is changing and what opportunities could come from all these transformations that are happening at once, and not just in the negative sense. Anything that is changing can be negative or positive.”
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
UAE currency: the story behind the money in your pockets
The five pillars of Islam
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
UAE%20medallists%20at%20Asian%20Games%202023
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PRISCILLA
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WRESTLING HIGHLIGHTS
UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Company%20profile
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UAE currency: the story behind the money in your pockets
UFC%20in%20Abu%20Dhabi
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Specs%20
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
AL%20BOOM
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Top%2010%20most%20competitive%20economies
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
UAE currency: the story behind the money in your pockets
The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
RESULT
West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' )
Liverpool: Ings (4'), Salah (72')
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
