Studies and reports

The Middle East and North African (MENA) confectionery industry – set to reach a value of USD11 billion by 2021, accruing 18 per cent year-on-year growth according to Euromonitor International – is witnessing a torrent of innovation as regional and international manufacturers look to build regional market share and step up export potential.

According to ICAEW’s latest Economic Insight report, the outlook for the Saudi economy remains strongly tied to the developments in international oil markets. Rising oil prices this year and potential supply disruptions from Libya, Venezuela and Iran, have improved the economic prospects for the Saudi economy, given the Kingdom’s role as a major oil producer with substantial spare production capacity. Despite the positive outlook, the accountancy and finance body says certain challenges to the Saudi economy remain.

Currencies

Bearish Engulfing candlestick at resistance

Earlier in the week, ZEW Economic Sentiment remained in negative territory. The indicator came in at -10.6, posting a decline for a sixth straight month. Even the German Final CPI dipped to 0.1%, down from 0.3% a month earlier. In the U.S, the red-hot labor market continues to be the envy of industrialized countries around the globe. The unemployment rate is at a remarkable 3.8% and unemployment claims were almost unchanged at 204 thousand, another excellent reading.

The appetite for organic foods in the UAE is on an upward trajectory, with 38% of consumers purchasing more organic produce in the last 12 months compared to the previous year, according to a new survey conducted by YouGov*. Commissioned by Arla Foods, the world’s largest manufacturer of organic dairy products, the research also revealed that 61% of UAE consumers purchase organic foods more than once a month.

At the end of last week, the market began to breathe again. All of the risks so hotly discussed over the past few weeks have come to seem rather distant with investors heavily buying Italian sovereigns and starting to grow more comfortable with emerging markets. With President Trump preparing to implement $260 billion worth of tariffs against China, however, it is evident that this is just the calm before the storm.