Emirates NBD Research
 

Find anything about our articles and more.
Enter a query in the search input above, and results will be displayed as you type.

Try typing "Dubai Economics", "Dubai GDP", "GCC Macro"

Emirates NBD
Search
Subscribe
   
  • Home
  • Economics

    Emirates NBD Research provides detailed coverage of 16 GCC and MENA economies, analysing them from a top down macro and strategic perspective as well as by a bottom up sector by sector approach.

    • SUBTOPICS
    • GCC Macro
    • MENA Macro
    • Global Macro
    • Sector Economics
    • Monthly Insights

     

    Latest Article GCC: OPEC plus decision is good for budgets, drag on growth
    Latest Article UAE and Saudi PMIs slip in February
    Latest Article Indian GDP returns to growth but misses expectations

     

  • Markets

    Emirates NBD Research publishes reports on global forex, rates and commodities, as well as regional fixed income and equity markets.

    • SUBTOPICS
    • Foreign Exchange
    • Fixed Income
    • Commodities
    • Equities
    • Monthly Insights

     

    Latest Article OPEC and allies to keep oil market hot
    Latest Article Oil at 100: No.
    Latest Article Emerging markets at risk of higher US yields

     

  • Daily
  • PMIs

    Emirates NBD sponsors Purchasing Managers’ Indices for the UAE, Saudi Arabia, Egypt and Dubai. The indices are compiled by IHS Markit, the leading global provider of financial market data.

    • SUBTOPICS
    • UAE PMI
    • Saudi Arabia PMI
    • Egypt PMI
    • Dubai PMI
    • Methodology

     

    Latest Article UAE and Saudi PMIs slip in February
    Latest Article Dubai PMI signals slower start to 2021
    Latest Article Regional PMIs show slight improvement in January

     

  • About Us
  • EmiratesNBD.com
  • Subscribe
GCC MACRO > ECONOMICS

Saudi Arabia: Net foreign assets rise in July

Khatija Haque - Head of Research & Chief Economist
Published Date: 01 September 2020

Facebook
Linkedin
Twitter
Email
Print

 

Broad money supply growth in Saudi Arabia accelerated to 9.5% y/y in July from 9.0% y/y in June, although on a m/m basis M3 contracted for the second month in a row. Private sector credit growth also accelerated last month, rising 0.8% m/m and 13.5% y/y, the fastest rate of annual growth since October 2014. 

Money supply and private sector credit growth

Source: Haver Analytics, Emirates NBD Research

Total public sector borrowing grew 19.0% y/y in July, slightly slower than in June.  Much of this was due to increased government bond issuance to finance the budget deficit.  Bank claims on government grew 20.8% y/y in July, in line with the average growth seen this year.  SAMA’s balance sheet also shows a -SAR 12bn (USD3.2bn) decline in the government’s current account in July, although the government reserve account increased slightly (SAR 2bn).    

Net foreign assets at SAMA increased by USD 429mn to USD 443.4bn in July, around USD 50bn lower than at the end of 2019. 

The value of point of sales (POS) transactions declined -15% m/m in July even as the VAT rate increased to 15% from 5% on 1 July.  On an annual basis however, POS transaction values were one-third higher than in July 2019 despite the increase in consumption taxes and customs duties in recent months. However, to some extent this growth may reflect a shift from cash to card spending as consumers increasingly shop online.    

 

Written By:
Khatija Haque, Head of Research & Chief Economist

RELATED ARTICLES

GCC: OPEC plus decision is good for budgets, drag on growth
08.03.2021

UAE and Saudi PMIs slip in February
03.03.2021

GCC budget deficits to remain substantial even as economic outlook improves
17.02.2021

Saudi Arabia: Money supply and private sector credit growth slowed in December
01.02.2021

MENA Quarterly: Q1 2021
28.01.2021

See all

LATEST ARTICLES

Monthly Insights: February 2021
23.02.2021

OPEC and allies to keep oil market hot
07.03.2021

Oil at 100: No.
02.03.2021

See all
 

 Subscribe to our newsletter


Never miss out what is going on in UAE Economics

KEEP READING MORE

Monthly Insights: February 2021

A round-up of our key research insights and forecasts in February 2021

MONTHLY INSIGHTS, MENA - 23.02.2021

Dubai PMI moves back into expansion territory in December

The Dubai PMI rose to 51.0 in December 2020.

PMIS, ECONOMICS - 11.01.2021

Oman and Bahrain tap bond markets early in 2021

Oman and Bahrain were the first GCC sovereigns to tap capital markets this year, as they sought to take advantage of the low-rate environment to finance expected budget deficits.

ECONOMICS, GCC - 26.01.2021

 

Rally in risk to weigh on dollar

A sustained rally in risk markets could take the fizz out of the dollar in the near term.

MARKETS, FX - 08.02.2021

Oil at 100: No.

Spare capacity remains ample amid demand still in recovery mode

MARKETS, COMMODITIES - 02.03.2021

Jordan set to return to growth

Having come through 2020 comparatively less scathed than some of its MENA peers, we expect a modest ongoing improvement in Jordan's economy in 2021, provided the Covid-19 pandemic starts to abate.

ECONOMICS, MENA MACRO - 27.01.2021

Kuwait: Bigger draft budget for FY2022 but political gridlock remains a risk

The budget for the coming fiscal year starting 1 April 2021 shows a deficit of KWD 12.1bn.

ECONOMICS, GCC MACRO - 27.01.2021

  • Economics
  • Markets
  • PMIs
  • About Us
  • Subscribe to our publications
  • Economics
  • GCC Macro
  • MENA Macro
  • Global Macro
  • Sector Economics
  • Markets
  • Foreign Exchange
  • Fixed Income
  • Commodities
  • Equities
  • PMIs
  • UAE PMI
  • Saudi Arabia PMI
  • Egypt PMI
  • Dubai Economy Tracker
  • Methodology
  • About Us
  • Subscribe to our publications

 


Terms and Conditions
Copyright © 2021 Emirates NBD Bank PJSC. All Rights Reserved