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Egypt Takes Measures to Control Markets

A woman holding her baby shops at a vegetable market amid the coronavirus disease (COVID-19) pandemic in Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany
A woman holding her baby shops at a vegetable market amid the coronavirus disease (COVID-19) pandemic in Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany
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Egypt Takes Measures to Control Markets

A woman holding her baby shops at a vegetable market amid the coronavirus disease (COVID-19) pandemic in Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany
A woman holding her baby shops at a vegetable market amid the coronavirus disease (COVID-19) pandemic in Cairo, Egypt February 25, 2021. REUTERS/Mohamed Abd El Ghany

The Federation of Egyptian Chambers of Commerce (FEDCOC) has revealed a drop in prices of vegetables and fruits, following government measures to control the market.

Price inflation surged to its highest in nearly three years in February, driven by a sharp increase in food prices caused by Russia’s invasion of Ukraine, which has also caused disruption in supply and demand.

A report by FEDCOC’s Market Follow-up Committee showed that markets have recently responded to joint efforts by the private and public sectors to control the spike in prices of many commodities.

FEDCOC President Ibrahim al-Araby said on Sunday that wholesale markets witnessed a significant drop in the prices of fresh vegetables and fruits.

A press statement by Araby, which Asharq Al-Awsat received a copy of, praised the government’s exceptional measures to avoid the surge in prices and contain fluctuations in global markets.

These measures aim to contribute immediately to the decline in prices in local markets.

Araby also hailed the role played by the chambers of commerce across the country’s governorates, noting that they launched several campaigns ahead of Ramadan to ensure the availability of all goods.

FEDCOC’s follow-up committees monitor any changes in the markets in terms of the volume, distribution, and prices of all commodities. They analyze that data and compare it with global variables to develop future scenarios for price variables that may affect local markets.

A Sunday report by FEDCOC’s Foodstuff Division affirmed that all commodities are available in the market and that prices are gradually responding to the government measures, in cooperation with the chambers of commerce and supply chains, to pump additional quantities of all commodities and control the price surge.

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Arab Financial Markets Improve Amid Trump Inauguration

A Saudi dealer monitors the stock market in Riyadh. (Reuters)
A Saudi dealer monitors the stock market in Riyadh. (Reuters)
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Arab Financial Markets Improve Amid Trump Inauguration

A Saudi dealer monitors the stock market in Riyadh. (Reuters)
A Saudi dealer monitors the stock market in Riyadh. (Reuters)

Arab financial markets reacted positively to the inauguration of US President Donald Trump for a new term on Monday, despite concerns from some nations about the tariffs he plans to impose. The tariffs are expected to affect global trade flows and pricing.

Trump’s swearing-in also coincided with the start of a ceasefire between Israel and Hamas on Sunday, which is set to have a favorable impact on market sentiment.

Experts told Asharq Al-Awsat that easing geopolitical tensions in the Middle East has played a role in boosting economic stability across Arab markets. They anticipate significant improvements in market performance throughout the region, particularly in the Gulf, in the near future—raising optimism for robust economic growth.

Mohammed Al-Farraj, Senior Head of Asset Management at Arbah Capital, noted that global economic forecasts point to noticeable improvement following Trump’s inauguration.

In remarks to Asharq Al-Awsat, Al-Farraj attributed this optimism to several key factors, including heightened political stability, strengthened supply chains, and supportive monetary and fiscal policies introduced by the new US administration.

The gradual reduction of tariffs on US imports is expected to have a major impact on the labor market and inflation, fostering a more stable and growth-friendly economic environment for Arab markets, particularly those in the Gulf, he went on to say. The Saudi Stock Exchange (Tadawul) is poised to lead this growth.

Dr. Salem Baajajah, an economic expert and academic at King Abdulaziz University, told Asharq Al-Awsat that Trump’s inauguration is likely to generate substantial gains for US markets due to his pro-growth policies. This, in turn, will positively influence global financial markets, especially in the Gulf.

Reduced geopolitical tensions in the Middle East—along with the Gaza truce and prisoner exchange agreements—have further strengthened economic stability across Arab markets, he added.

Meanwhile, most Arab and Gulf stock markets closed higher on Monday, achieving varying levels of gains.

The Saudi Stock Exchange’s main index (TASI) ended Monday’s session up by 0.40%, closing at 12,379 points—its highest level since May 8. The increase was driven by a 4.4% rise in Aqua Power shares, while Aramco, the heaviest-weighted stock on the index, remained flat at SAR 28.15.

The Qatari index climbed 0.40% to close at 10,508 points, supported by a 2.2% rise in Industries Qatar shares. Kuwait’s index rose by 0.53%, while the Abu Dhabi Securities Exchange saw a modest increase of 0.08%.

Dubai’s main index, however, declined by 0.30%, impacted by a 2.9% drop in Salik shares. Similarly, Bahrain’s index fell slightly by 0.08%.

Outside the Gulf, Egypt’s blue-chip index slipped 0.37%, weighed down by a 0.9% decline in shares of Commercial International Bank. Morocco’s Casablanca Stock Exchange index dropped by 0.33%. Conversely, Oman’s Muscat Stock Exchange posted a slight gain of 0.03%.