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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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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.