Decoding the Future of MENA Financial Markets, MENA Market Lab

Denis Collot

Decoding the Future of MENA Financial Markets

MENA Market Lab

Decoding the future of Middle East and North Africa Financial markets

Cross Asset Strategy

<ul><li>GCC sees record remittance outflows in 2025. Iraq devalues its currency by 15 %.</li><li>Saudi’s non-oil PMI rebounds strongly. Qatar partners with Euroclear for its local debt.</li><li>UAE, domestic credit grows at 15 % y/y in August.</li></ul>

GCC sees record remittance outflows in 2025. Iraq devalues its currency by 15 %.Saudi’s non-oil PMI rebounds strongly. Qatar partners with Euroclear for its local debt.UAE, domestic credit grows at 15 % y/y in August.

<ul><li>UAE and Egypt renew for 5 year their currency swap agreement.</li><li>Frozen strawberries top the list of food exports .</li><li>The government cleans the debt owed to the National Investment Bank. Good reception for last bills’ auction.</li></ul>

UAE and Egypt renew for 5 year their currency swap agreement.Frozen strawberries top the list of food exports .The government cleans the debt owed to the National Investment Bank. Good reception for last bills’ auction.

<ul><li>Kuwait passed legislation for sukuk borrowing and a new mortgage law.                 </li><li>Bahrain’s GDP fell in Q1 by 3.8 %. FX reserves at their lowest.</li><li>Oman, the only GCC country to benefit from Trump’s war.</li></ul>

Kuwait passed legislation for sukuk borrowing and a new mortgage law.                 Bahrain’s GDP fell in Q1 by 3.8 %. FX reserves at their lowest.Oman, the only GCC country to benefit from Trump’s war.

<ul><li>Remittances keep rising! Urban CPI a touch lower, core inflation higher!                           </li><li>MPC meeting on Thursday! NBE to acquire Banque Misr’s UAE branches.</li><li>The start of divestments finally?</li></ul>

Remittances keep rising! Urban CPI a touch lower, core inflation higher!                           MPC meeting on Thursday! NBE to acquire Banque Misr’s UAE branches.The start of divestments finally?

<ul><li>Saudi’ GDP contracted by 4.7 % y/y in Q2 2026. CPI stable.</li><li>Qatar’s fiscal deficit the largest in ten years.</li><li>Kuwait, Cabinet allows the Future Generations Fund to be tapped. None of these headlines impact markets.</li></ul>

Saudi’ GDP contracted by 4.7 % y/y in Q2 2026. CPI stable.Qatar’s fiscal deficit the largest in ten years.Kuwait, Cabinet allows the Future Generations Fund to be tapped. None of these headlines impact markets.