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GCC Index Records Biggest Gain since 2008

The GCC equity market index closed in 2021 with 34.9% gains, marking the biggest gains since 2008. (Asharq Al-Awsat)
The GCC equity market index closed in 2021 with 34.9% gains, marking the biggest gains since 2008. (Asharq Al-Awsat)
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GCC Index Records Biggest Gain since 2008

The GCC equity market index closed in 2021 with 34.9% gains, marking the biggest gains since 2008. (Asharq Al-Awsat)
The GCC equity market index closed in 2021 with 34.9% gains, marking the biggest gains since 2008. (Asharq Al-Awsat)

The Gulf Cooperation Council (GCC) equity market index closed in 2021 with 34.9% gains, marking the biggest gains since 2008, according to a report by Kuwait-based Kamco Invest.

The aggregate MSCI GCC Index witnessed gains for 12 consecutive months until November 2021, when in declined by 3.4%. However, gains during December partially offset the trimmed yearly gains.

The report indicated that Abu Dhabi was the best performing market amongst prominent equity markets globally with a gain of 68.2%.

Saudi Arabia was next in the region with a healthy gain of 29.8%, closely followed by Dubai and Kuwaiti benchmarks with gains of 28.2% and 27%, respectively.

GCC equity markets outperformed its global peers with a yearly return of 34.9% in 2021 for the MSCI GCC Index.

The index recovered fully from the COVID-19 and oil-led decline of 3.7% in 2020.

Global markets had an equally exciting year with the MSCI World Index touching a record high on December 29, but declines during the last two trading sessions of the year partially trimmed the third consecutive year of gains that reached 20.1%.

Gains for both Saudi Arabia and Abu Dhabi Securities Exchange (ADX) were driven by listing of several state-owned firms amid a climate of economic optimism, large scale projects and timely execution of plans.

Several new initiatives were taken in the GCC that mainly aimed at diversifying non-oil state revenues, while making sure that their market share in the oil market remains robust by way of adding capacity.

The sector performance chart for the year showed gains mainly for the financial services sector with Diversified Financials topping the chart with a return of 62.2%, followed by Banks with a gain of 48.8%. Capital Goods index was next with a gain of 45.4%, followed by Materials and Healthcare with gains of 30.6% and 27.7%, respectively.

In terms of share of total trading activity, Abu Dhabi reported the steepest increase in trading activity with five-fold growth in value traded increasing from $19.3 billion in 2020 to $96.22 billion in 2021, resulting a share of 12.2% versus 2.9% in 2020.

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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
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Egypt’s Tourism Minister: We’ve Agreed on Future Initiatives with Saudi Arabia

A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)
A glimpse of the visit by the Egyptian Minister of Tourism and Antiquities and his accompanying delegation to the UNWTO office in Saudi Arabia (Asharq Al-Awsat)

Egyptian Tourism Minister Sherif Fathy told Asharq Al-Awsat that he and Saudi Tourism Minister Ahmed Al-Khateeb have agreed to collaborate on several tourism initiatives.

These include joint marketing efforts, shared tourism programs, environmental protection measures, and promoting specific types of tourism in the Red Sea.

Fathy recently visited Riyadh, where he met with Al-Khateeb and engaged with Saudi business leaders. They discussed ways to promote tourism between their countries and increase visitor exchanges.

During his visit to the United Nations World Tourism Organization (UNWTO) regional office in Riyadh, Fathy stated that the office’s presence in Saudi Arabia enhances the organization’s work in the region and improves communication with other countries.

He confirmed that they plan to develop and implement the agreed initiatives in the near future.

Fathy highlighted that the Middle East is a key player in global tourism and deserves a dedicated office to support all countries in the region. This effort aims to boost collaboration and promote the Middle East as a top destination for travelers.

Tourism, National Economy: A Path to Sustainable Growth

Samer Al-Kharashi, Director of the UNWTO regional office for the Middle East, stated that the office supports 13 countries in the region, with Egypt being a key member.

He highlighted that the recent visit by Egypt’s Minister of Tourism and Antiquities, who serves as Vice President of the regional committee, creates opportunities for collaboration.

This partnership aims to boost tourism’s role in the national economy, create jobs, and promote sustainable practices that protect the environment.

Speaking to Asharq Al-Awsat, Al-Kharashi emphasized the potential for cooperation with Egypt, which has a rich tourism history and many ancient sites. He noted that the regional office has the expertise to assist member countries.

Al-Kharashi expressed optimism about the discussions, which covered various opportunities for joint projects that would benefit both Egypt and the wider region.

Strengthening Bilateral Relations

Fathy’s visit to the UNWTO regional office aims to enhance bilateral relations, as Cairo actively seeks to develop its tourism sector through international collaboration.

During their meeting, Fathy and Al-Kharashi addressed key issues facing Egypt’s tourism sector, including challenges and growth opportunities. They explored future cooperation, particularly in tourism training, improving services, and increasing investments.

Egypt ranks first in Africa, fifth in the Middle East, and 63rd globally on the Travel and Tourism Development Index.

The UNWTO regional office in Riyadh is the first of its kind outside the organization’s headquarters, dedicated to supporting member states in the Middle East.

The office focuses on promoting tourism education, improving infrastructure, and fostering sustainable tourism while preserving the region’s cultural and environmental heritage.