Mirette Magdy
Middle East and North Africa Reporter at Bloomberg News
Bloomberg reporter in Egypt
Articles
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2 weeks ago |
business-standard.com | Christine Burke |Mirette Magdy |Matthew Martin
The oil-price crash is set to have far-reaching consequences for Saudi Arabia's finances and vast economic ambitions. The kingdom's budget deficit will probably soar to $67 billion this year, Goldman Sachs Group Inc. calculated in projections provided exclusively to Bloomberg News.
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2 weeks ago |
bloomberg.com | Mirette Magdy
The Al-Azhar food market in Cairo. (Bloomberg) -- Egyptian inflation quickened in March after almost halving the month before, but will probably still be low enough for authorities to consider their first interest-rate cut since 2020. Consumer prices in urban areas grew an annual 13.6% last month versus 12.8% in February, Egypt’s main statistics body said Thursday. The January figure was 24%.
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2 weeks ago |
bloomberg.com | Christine Burke |Mirette Magdy
Crude oil storage tanks stand at the oil refinery operated by Saudi Aramco in Ras Tanura. Photographer: Simon Dawson/Bloomberg(Bloomberg) -- The oil-price crash is set to have far-reaching consequences for Saudi Arabia’s finances and vast economic ambitions. The kingdom’s budget deficit may soar to $67 billion this year, according to projections shared by Goldman Sachs Group Inc. economist Farouk Soussa in an interview.
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4 weeks ago |
bloomberg.com | Mirette Magdy
Egypt’s economy grew at its fastest quarterly pace in more than two years, buoyed by an unprecedented wave of foreign assistance and a greater focus on local industry and exports. Gross domestic product increased 4.3% year-on-year in the final three months of 2024, up from 2.3% the previous year, the Ministry of Planning, Economic Development and International Cooperation said Wednesday.
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1 month ago |
energyconnects.com | Mirette Magdy
Saudi Arabia’s credit rating was upgraded by S&P Global Ratings for the first time in two years, as the kingdom’s efforts to diversify the economy from oil pay off. The credit assessor moved Saudi Arabia up one level to A+ from A, according to a statement Friday. The outlook on the rating is stable.
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