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Good Arab Projections in Economic Prospects Report

An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo
An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo
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Good Arab Projections in Economic Prospects Report

An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo
An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo

The growth rate in the Middle East and North Africa (MENA) region is expected to rise to 1.9 percent in 2019, the World Bank announced this week.

“Despite slower global trade growth and tighter external financing conditions, domestic factors, particularly policy reforms, are anticipated to bolster growth in the region,” it said.

Furthermore, growth among oil exporters is expected to "pick up slightly" this year as the Gulf Cooperation Council (GCC) accelerates to a 2.6 percent rate from 2 percent in 2018, according to the World Bank’s January 2019 Global Economic Prospects report.

"Robust agricultural production and tourism have helped support growth of the oil importers in the region, especially Morocco and Tunisia," it said.

According to the report, Morocco and Tunisia are expected to witness growth of consecutively 3.2 and 2.6 percent.

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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.