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Egypt’s economy gets its mojo back

14 February 2025

 

Egypt’s economy is in stronger fettle than for at least a couple of years, and there is a sense of optimism about how things will transpire in 2025, even as recent pronouncements from the White House about Gaza weigh on policymakers in Cairo.

In a manifestation of that upbeat economic sentiment, Egypt in January staged a return to the international debt capital market for the first time in two years, with a $2bn issuance that was five-times oversubscribed. That was a straw in the wind that foreign investors’ concerns over the economy are finally abating.

After a battering inflicted on Egypt’s economy last year, when economic growth slipped to 2.4%, reflective of a weak currency, surging inflation and tougher public spending restrictions, analysts see a recovery in play that will drive stronger GDP growth in the coming year.

One key contributor to this improvement is the recovery in Suez Canal receipts, which dropped by about three-quarters last year after the Houthi attacks on shipping in the Red Sea. That loss of $7bn in revenues shaved off more than a percentage point from Egypt’s overall GDP growth rate, noted Moody’s Investors Service.

Growth dynamics are now improving, even if events in the region remain in flux. According to Capital Economics, there was a rise in real GDP growth to 3.5% in Q3 2024, up from 2.4% in Q2 2024. The manufacturing, transport and storage, and finance sectors were the key drivers of that improvement.

Egyptian banks are feeling the positive impact. Credit growth is reviving, with bank lending to the non-government sector growing by 2.9% in October 2024 – the fastest pace in two years.

Operating conditions for Egyptian lenders will continue improve in 2025, according to Fitch Ratings, underpinned by a sharp fall in inflation, along with an expected broadly stable currency, improved investor confidence and healthy foreign currency liquidity conditions. This should also support lower interest rates as inflation declines.

Foreign capital injection

Douglas Winslow, senior director at Fitch Ratings, says the improvement in market sentiment follows a combination of factors and is also seen in the return of non-resident inflows totalling more than $10bn into the domestic debt market since early last year.

Egypt's external finances have benefitted from Gulf state interventions, notably the UAE sovereign wealth fund ADQ’s major foreign investment in the Mediterranean resort of Ras El-Hekma, which was announced in 2024.

That deal injected $24bn of new foreign currency into Egypt, the remaining $11bn converting existing UAE foreign currency deposits held at the Central Bank of Egypt (CBE).

Saudi Arabia’s Public Investment Fund has also committed to invest $5bn in Egypt’s economy. 

Such investments, eased by the weaker Egyptian pound – rendering assets more affordable – will also help to address Egypt’s dollar shortages, and assuage residual investor concerns about default risk. 

“The huge Ras El-Hekma investment was a very important factor in the turnaround, and Fitch projects further foreign direct investment (FDI) of $7bn a year above the pre-ADQ position. The lion’s share of that is GCC investment,” says Winslow.

The $24bn of fresh foreign currency puts Egypt in a better place to move to a more flexible exchange rate. 

The combination of these factors has enabled a rapid rebuilding of Egypt’s external coffers, which was the key risk facing near-term external financing. Fitch forecasts FDI to average $16.5bn across the fiscal year ending June 2025 and fiscal year 2026, with new investment from Saudi Arabia having an impact.

Alongside the Gulf support has come multilateral financing, including from Europe. Since March 2024, an $8bn IMF Extended Fund Facility and a €7.4bn ($7.64bn) three-year EU support package have been unlocked.

Together, these capital injections will also help cover Egypt’s current account deficit, which widened to 5.4% of GDP in 2024. Inflation is also headed in the right direction, after reaching a peak of 36% in February 2024. The expectation is that inflation will have more than halved by the end of financial year 2025-26.

Strong growth upside

Looking ahead, the more optimistic prognosis foresees GDP growth accelerating to 5% in the current fiscal year. Others are more circumspect, noting the recent recovery in Suez Canal receipts is very partial and that the government still needs to implement structural economic reform measures.

Fitch Rating’s forecast for GDP growth is 4% for fiscal year 2025. A pickup in growth is already detectable.

“Growth was 3.5% in Q1 of the current fiscal year and we expect it accelerates to just above 5% in fiscal year 2026, close to our assessment of the potential and rate of the Egyptian economy. That’s partly due to further falling inflation and a positive impact on real income,” says Winslow.

Despite these stronger macro metrics, the wider credit assessment is still constrained, due to relatively weak external finances. While the central bank can call upon larger foreign exchange reserves to support the currency, Capital Economics has warned that a return to a heavily managed exchange rate would worry investors and may also call into question IMF and Gulf willingness to provide further financing.

“The IMF programme does contain some wider structural reform measures to improve private sector competitiveness, but in our view, they're not particularly far-reaching, and we're not seeing really sizeable momentum in terms of delivering in this area,” Winslow says.

There is a need for measures to stimulate private sector growth and also to improve the competitiveness of the economy, support the trade balance and reduce the current deficit over the medium term. 

“A better track record of ongoing political commitment to curbing off-budget spending pressures would also help Egypt’s rating,” says Winslow.

As to the potential for regional events to upset things, Egypt's credit fundamentals are at least better insulated from further geopolitical stress.

This, in turn, should give comfort to commercial banks in Egypt. Fitch upgraded the long-term issuer default ratings of all rated banks in November 2024, following the upgrade of Egypt’s sovereign rating.

There are other things that will need to be seen for the Egyptian economy’s recovery to sustain itself over the long-term.

“From a credit perspective, the composition of growth is equally important,” says Winslow.

“What we’ve seen in the past is that very large government off-budget megaprojects have not just led to weaker public finances, they've also contributed to external financing stress. So, what's particularly important is that the recent steps to try and better monitor and contain these off-budget infrastructure projects continues.”

MEED’s March special report on Egypt also includes:

> GOVERNMENT: Egypt is in the eye of Trump’s Gaza storm
> POWER & WATER: Egypt’s utility projects keep pace
> CONSTRUCTION: Coastal city scheme is a boon to Egypt construction

READ THE FEBRUARY MEED BUSINESS REVIEW

Trump unleashes tech opportunities; Doha achieves diplomatic prowess and economic resilience; GCC water developers eye uptick in award activity in 2025.

Published on 1 February 2025 and distributed to senior decision-makers in the region and around the world, the February MEED Business Review includes:

> WATER & WASTEWATER: Water projects require innovation
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James Gavin

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  • Algeria’s industrial strategy builds momentum

    8 July 2025

     

    Project activity across Algeria’s energy, industrial and manufacturing sectors is steadily building as the country focuses on a vertically integrated strategy that leverages the exploitation of its natural resources.

    The country is making steady progress on projects to extract deposits of gas, lithium, iron and phosphates.

    At the same time, it is progressing projects that use these natural resources to produce high-value products within the country, rather than simply exporting the raw materials.

    The projects utilising raw materials within Algeria include a wide range of iron and steel processing facilities, fertiliser plants and factories to produce cars.

    Upstream gas

    Last month, Algeria awarded five out of the six oil and gas exploration licences it offered during its 2024 bidding round, a move viewed as a success by stakeholders in the country’s energy sector.

    The companies that were awarded blocks included France’s TotalEnergies, state-owned QatarEnergy, Italy’s Eni and PTTEP of Thailand.

    Commenting on the licensing round, one industry source said: “Successfully engaging with large international oil companies that have significant technical and financial resources is a big step forward for Algeria’s oil and gas sector.”

    The latest bid round was the first to be held under Law 13-19, Algeria’s current oil and gas investment law, which was issued on 11 December 2019.

    The 2019 law replaced a previous law created in 2005, which governed the last bid round in 2014.

    During the previous bid round, only four blocks were awarded out of the 31 offered.

    If the 2024 bidding round had been unsuccessful like the 2014 bidding round, this would have been a major setback to the country’s oil and gas strategy and raised significant concerns about the suitability of the 2019 law that governs licensing deals.

    The latest licensing round was followed by meetings between Algeria’s President Abdelmadjid Tebboune and delegations from US-based oil and gas companies ExxonMobil and Chevron.

    Awarding the licences and holding talks with Exxon and Chevron sets the scene for further upstream development projects in Algeria and will potentially boost domestic gas production in the country.

    Successfully engaging with large international oil companies that have significant technical and financial resources is a big step forward for Algeria’s oil and gas sector
    Industry source

    Phosphates push

    Extractive projects in Algeria’s mining sector are also making steady progress.

    One of the biggest mining projects in the country is the Bled El-Hadba phosphate project, which is estimated to be worth $7bn.

    The Bled El-Hadba phosphate mine has over 1.2 billion tonnes of estimated total reserves, including 800 million tonnes of estimated exploitable reserves, making it one of the biggest mines of its kind in the world.

    A joint venture deal to develop the project was signed in March 2022 between four Algerian and Chinese companies.

    The resulting joint-stock company is called Algerian Chinese Fertilisers Company (ACFC) and the project is expected to ultimately produce 5.4 million tonnes of fertilisers a year from the Bled El-Hadba phosphate mine in the eastern Algerian region of Tebessa.

    ACFC was established by the Algerian companies Asmidal and Manadjim El-Djazair (Manal), which own a 56% stake in the company, and the Chinese groups Wuhuan and Tianan, which hold the remaining 44% stake.

    Since the deal was signed, the project has seen good progress.

    Last month, Saipem was awarded the front-end engineering and design (feed) contract related to the project.

    Additionally, the Oued Keberit phosphate production and processing complex, which forms part of the $7bn project and will process phosphates extracted from the mine, is on track to come online in 2027, according to industry sources.

    Iron mining

    Another key mining project in the country is the Gara Djebilet iron ore mine in Algeria’s western Tindouf province.

    The Gara Djebilet mine was commissioned in July 2022, with plans to produce 2 million tonnes a year (t/y) by 2026.

    Officials have said they want to boost this to 50 million tonnes of iron ore annually by 2040.

    It is expected that boosting production at the facility could require between $7bn and $10bn in investment.

    Gara Djebilet is understood to hold the world’s largest iron ore reserves, with an estimated 3.5 billion tonnes at the location, of which around 1.7 billion tonnes are available for exploitation.

    The mine is expected to bolster Algeria’s steel industry by reducing the need for iron imports.

    Car manufacturing

    Low-cost steel is expected to support the country’s expanding automotive sector, which uses steel to produce parts.

    In March 2025, Great Wall Motor, one of China’s top 10 car manufacturers, announced plans to build its first factory in Algeria, joining other companies in the country, including Fiat, Peugeot and Kia.

    Last November, the Algerian Ministry of Industry & Pharmaceutical Production announced that it had granted permits for six new vehicle manufacturing factories in the country.

    In March 2023, the carmaker Stellantis announced plans to spend more than €200m ($213m) to manufacture several Fiat models in Algeria.

    The plans involved the construction of a plant, which is yet to come online.

    Stellantis stated that it anticipates the plant will generate nearly 2,000 local jobs and have an annual production capacity of 90,000 vehicles upon completion.

    Petrochemicals production

    Algeria’s growing automotive industry is also expected to use plastics derived from petrochemicals that are produced in the country using Algerian natural gas as a feedstock.

    UK-based engineering contractor Petrofac and its partner China Huanqiu Contracting & Engineering Corporation (HQCEC) are currently executing a petrochemicals project in Algeria, which is valued at approximately $1.5bn.

    Petrofac and HQCEC signed the engineering, procurement and construction (EPC) contract for the Algerian petrochemicals project in June 2023.

    The project is being developed in the Arzew Industrial Zone to the west of Algiers and the contract was signed with STEP Polymers, a wholly owned subsidiary of Algeria’s state-owned oil and gas company Sonatrach.

    When the contract was signed, Petrofac said that its portion of the project was valued at about $1bn.

    The project’s scope includes designing and building two major integrated processing units.

    It includes the delivery of a new propane dehydrogenation (PDH) unit and polypropylene production unit, as well as associated utilities and infrastructure for the site.

    It is expected to produce 550,000 tonnes of polypropylene a year.

    Additionally, plans are being developed for zinc production projects in the country.

    In November last year, Western Mediterranean Zinc (WMZ), an Algerian-Australian joint venture, signed a $336m contract with Sinosteel Equipment & Engineering Company (Sinosteel MECC) to develop the Tala Hamza zinc project in Algeria’s Bejaia Province.

    WMZ is a joint venture of Australian Securities Exchange (ASX)-listed Terramin, which has a 49% stake, and Algerian state-owned companies Enterprise Nationale des Produits Miniers Non-Ferreux et des Substances Utiles, which owns 48.5%, and Office National de Recherche Geologique et Miniere, which owns 2.5%.

    The project scope included the development of a mine with the capacity to produce two million tonnes a year of zinc and a processing plant with the capacity to process the same volume of material.

    It is expected that the production of zinc will support the country’s battery manufacturing industry, which in turn will support the production of electric cars.

    Fertiliser focus

    The country’s fertiliser sector is expected to expand as phosphate production is ramped up.

    Earlier this month, MEED revealed that Sonatrach was developing a project that will expand the country’s fertiliser plant located in Arzew.

    Sonatrach has not publicly said when it expects to issue the invitation to bid for the main contract for the project.

    The original $2.4bn contract to develop the Arzew fertiliser complex was executed by a joint venture of South Korea’s Daewoo E&C and Japan’s Mitsubishi Corporation.

    The joint venture won the contract in April 2008 and completed the facility in April 2013.

    Steady development

    By making steady progress with an integrated strategy that leverages the exploitation of raw materials to support the production of higher-value exports, Algeria is creating an industrial environment that presents significant opportunities for companies across multiple sectors.

    If the country’s relative political stability continues, more foreign investors will likely become involved in projects within the country, and the country’s project market will continue to expand.

    MEED’s August 2025 report on the Maghreb also includes:

    > ECONOMY: Maghreb economies battle trading headwinds
    > POWER & WATER: Slow year for Maghreb power and water awards

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14209218/main.gif
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  • Maghreb economies battle trading headwinds

    8 July 2025

     

    Investors in Morocco’s stock market are enjoying a strong bull run. In the first six months of this year, the Moroccan All Shares Index gained 24%, following a 22% rise last year. It hit a record close of 18,690 points in early June this year and, after a brief dip, was growing strongly again in early July, threatening to break through the 19,000-point barrier for the first time.

    A combination of low interest rates and strong performances from local companies is helping to boost the market. There is also optimism sparked by the country’s role as a co-host of the 2030 football World Cup (alongside Spain and Portugal) and all the infrastructure spending that will flow from that.

    The country’s relative economic strength is also reflected in project activity. Of the 749 projects currently planned or under way across the Maghreb region, 322 are in Morocco, according to data from MEED Projects. The leading sectors are power and water, transport and construction.

    There are, though, reasons for caution. While Morocco’s stock market traders may have been doing well, all the Maghreb economies are facing some tricky international trading conditions, which could become more severe in the coming months and years.

    Of the 749 projects currently planned or under way across the Maghreb region, 322 are in Morocco, according to data from MEED Projects

    Global headwinds

    Weak economic conditions in Europe, the region’s most important trading partner, pose a particular threat. Key markets, such as France, Germany and Italy, are experiencing anaemic growth rates, which could lead to softer demand for the Maghreb region’s exports, as well as weaker tourism and investment flows across the Mediterranean.

    The imposition of tariffs by US President Donald Trump is also having a negative impact. However, the chaotic way in which the policy is being enacted means it is unclear just how much pain the duties might ultimately cause. Algeria, Libya and Tunisia look set to be worst affected, with tariff rates of 28-31% on their exports to the US, compared to 10% for Morocco.

    The region’s direct trade with the US is relatively limited, but if higher tariffs dent global demand, that could have a larger impact on more export-oriented economies such as Morocco and Tunisia.

    Oil market trends are likely to add to the pressure on Algeria and Libya this year, as producers continue to ramp up output. On 5 July, the eight Opec+ countries – which include Algeria, Saudi Arabia and the UAE – agreed to produce an additional 548,000 b/d from August. That will put further downward pressure on oil prices.

    “A sharp drop in activity in emerging markets will be a negative for global oil demand for the rest of 2025 and into 2026,” said Edward Bell, chief economist of the Dubai-based bank Emirates NBD on 7 July. “Just the fear of policy uncertainty will be enough to limit investment.”

    Other issues are also hard for the Maghreb countries to control. For example, the frequent droughts of recent years have dented agricultural activity and exports.

    Among other challenges, most governments are running budget deficits and are struggling to create enough jobs for their growing populations. Unemployment in Morocco remains at around 13%, according to the IMF. It is in double figures in neighbouring countries too, according to the International Labour Organisation; Libya’s unemployment rate is probably nearer 20%.

    Inward FDI into Algeria rose by 18% last year to reach $1.4bn, while in Tunisia it was up 21% to $936m and in Morocco it increased 55% to $1.6bn

    Rising resilience

    The Maghreb region is nevertheless showing signs of resilience, despite the various negative pressures. Inflation has been easing back in most countries in recent years and foreign direct investment (FDI) has been growing strongly.

    According to the latest Unctad World Investment Report, inward FDI into Algeria rose by 18% last year to reach $1.4bn, while in Tunisia it was up 21% to $936m and in Morocco it increased 55% to $1.6bn.

    A few industries are attracting some large investment deals, with Gulf money often to the fore. The UAE, for example, is helping to finance a 7,000-kilometre, $25bn gas pipeline from Nigeria to Morocco. A consortium of the UAE-based Masdar, Egypt’s Infinity and Germany’s Conjuncta is also backing a $34bn green hydrogen project in neighbouring Mauritania.

    More recently, albeit on a far smaller scale, the Saudi Fund for Development signed a $38m loan agreement on 27 June this year to set up the Oasis Hub Project in southern Tunisia, which includes rural housing, infrastructure and agriculture schemes.

    Some big projects have come unstuck, though. A plan by UK-based Xlinks to export power from Morocco to the UK via a 4,000km subsea cable has lost the support of the London government. On 26 June, junior energy minister Michael Shanks told the UK parliament it had decided the project was “not in the UK national interest at this time”.

    There was disappointment in Morocco at the turn of events. In the short term, however, economic growth this year is expected to be a healthy 3.9% in Morocco and 3.5% in Algeria – equal to or better than last year, according to IMF data. Mauritania is expected to grow by 4.4%, which is less than in recent years, but still ahead of its neighbours.  

    Tunisia is expected to lag behind, at just 1.4%, as the country’s authoritarian leadership struggles to come up with a viable economic model. A draft of the 2026-30 development plan has been promised before the end of the year by the Ministry of Economy and Planning secretary-general, Faouzi Ghrab. Libya’s outlook depends on domestic political factors that look as far from resolution as ever.

    Morocco, meanwhile, is intent on solidifying its position as a regional industrial and financial hub, with its thriving stock market serving as an important lever. It is still ranked as a frontier market by index company MSCI, but is hoping for promotion to emerging market status.

    The launch of derivatives trading in May is part of efforts to attract more liquidity and secure that higher ranking. Some simpler reforms might also be useful – MSCI pointed out in a June report that stock market information was not always readily available in English, which hindered its accessibility.

    Yet, if the market continues to grow as rapidly as it has recently, investors are likely to find a way to address such shortcomings.

    Slow year for Maghreb power and water awards

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  • Developers prepare Jordan solar EoIs

    8 July 2025

     

    The Jordanian Ministry of Energy & Mineral Resources has extended the deadline to 12 August for the submission of expressions of interest (EoIs) for a contract to build and operate a new 200MW solar plant.

    The solicitation of interest was issued by the ministry in mid-May with an original deadline of July. 

    It is unclear why the deadline has been extended, given the relative conciseness of the required documents. However, it is likely that the interested developers are still forming joint ventures in advance of submitting any EoI.

    The photovoltaic facility’s procurement is unusual in that no specific land allocation has yet been set by the government. Instead, approved applicants will sign an initial memorandum of understanding (MoU) with the ministry, under which they will be requested to identify a suitable site within a designated location in advance of final proposal preparation and submission.

    In parallel, the MoU calls for them to proceed with measurement campaigns, feasibility studies, technical integration plans for connecting to the transmission network, as well as other preparatory and due diligence work, such as negotiating access to land and financing for the proposed project.

    Proposed projects must cover local electricity demand only, with no provision for electricity export.

    The developer or developer group which subsequently submits the lowest proposed tariff will be named the preferred bidder for the independent power plant (IPP) project, which has a concession period of between 20 and 25 years under the build-own-operate (BOO) contractual model.

    Jordan has a total electricity generation installed capacity of about 7.1GW as of 2023, according to data published by the International Renewable Energy Agency (Irena).

    Solar and wind power plants account for over 30 per cent of the total installed capacity, which is one of the highest, if not the highest, renewable energy installed capacities in the Middle East and North Africa region, compared to overall generation capacity.

    Work has been under way to enable the successful integration of renewable power into the electricity grid. 

    According to MEED Projects data, roughly $3.3bn-worth of power projects are under way or planned in Jordan, with generation facilities accounting for 59% of the total.

    MEED’s July 2025 report on Jordan includes:

    > ECONOMY: Jordan economy nears inflection point
    > GAS: Jordan pushes ahead with gas plans 
    > POWER & WATER: Record-breaking year for Jordan’s water sector
    > CONSTRUCTION: PPP schemes to drive Jordan construction
    > DATABANK: Jordan’s economy holds pace, for now

    https://image.digitalinsightresearch.in/uploads/NewsArticle/14219682/main.jpeg
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  • Saudi authority awards Salboukh data centre contract

    8 July 2025

     

    The Saudi Data and Artificial Intelligence Authority (SDAIA) has awarded a contract to build a new data centre in the Salboukh area north of Riyadh.

    The contract was awarded to the local construction firm Albawani.

    MEED understands that the tender notice was first issued in August last year. The bids were submitted on 31 October.

    The planned data centre facility is expected to have an overall IT load capacity of 20MW.

    The project is anticipated to cost $140m-$150m.

    Saudi Arabia is experiencing an increase in data centre project activity as the government and private enterprises prepare to meet the demand arising from artificial intelligence (AI) applications.

    The SDAIA is leading the kingdom’s drive to become a major AI player by attracting AI-related investments into the country and fostering an AI startup ecosystem.

    The SDAIA’s research unit, the National Centre for AI, has developed a 7 billion-parameter large language model, known as Allam, which is designed to be an enabler of government services.

    Major Saudi enterprises, including Saudi Aramco, are also developing AI applications to boost the efficiency and productivity of their assets and employees.

    Evolving data sovereignty laws, which require personal and customer data to be stored within servers located in the kingdom, are further driving data centre construction activity.

    READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

    UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

    Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

    > PROJECTS MARKET: GCC projects market collapses
    > GULF PROJECTS INDEX: Gulf projects index continues climb
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14218516/main.jpg
    Yasir Iqbal
  • Second train commissioned at Iraqi oil field

    8 July 2025

    A second oil processing train has been successfully put into production at Iraq’s West Qurna-2 oil field, according to a statement from China Petroleum Engineering & Construction Corporation (CPECC).

    US-based ExxonMobil awarded a $316m engineering, procurement and construction (EPC) contract for the second and third crude processing trains at the field to CEPCC in February 2022.

    ExxonMobil has since exited Iraq, handing over its stake in the West Qurna-1 field to PetroChina, the listed arm of state-controlled China National Petroleum Corporation (CNPC).

    In its latest statement, CPECC said that the project to develop the second train, which it calls OT2, included a total of 46 systems and 174 subsystems, involving 16,613 checklists.

    It said: “The project department has overcome multiple challenges such as the harsh natural environment by carrying out labour competitions and strengthening management.”

    The company stated that during the project’s execution, it completed 13 screw cast-in-place piles a day and poured more than 500 cubic metres of concrete a week for eight consecutive weeks.

    It also said that it welded 1,000 inches of pipe a day and hoisted five modules of large pipe gallery modules a day.

    The flare of the oil processing train was lit on 28 June 2025 after more than 900 days of work by 1,000 workers, according to CPECC.

    The company said that on 29 June, all of the units of the facility were connected and it became fully functional.

    It added: “At present, the OT2 unit is running stably, with a daily crude oil output of 60,000 barrels, and will gradually increase to 105,000 barrels per day.”

    CPECC’s project department in West Qurna-1 is now expected to focus on the production and operation of OT2, as well as the trial operation and commissioning of the third oil processing train, known as OT3.

    After OT3 is put into production, the crude oil processing project is expected to achieve a daily crude oil output of 210,000 barrels.

    READ THE JULY 2025 MEED BUSINESS REVIEW – click here to view PDF

    UAE and Turkiye expand business links; Renewed hope lies on the horizon for trouble-beset Levant region; Gulf real estate momentum continues even as concerns emerge

    Distributed to senior decision-makers in the region and around the world, the July 2025 edition of MEED Business Review includes:

    > PROJECTS MARKET: GCC projects market collapses
    > GULF PROJECTS INDEX: Gulf projects index continues climb
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/14217387/main.png
    Wil Crisp