Egypt’s inflation picks up after $57 billion international bailout

Egypt’s inflation is picking up again after slowing for five months amid the $57 billion international bailout led by the International Monetary Fund and the UAE.

The consumer price index rose 2.1% in August, indicating the fastest inflation rate since February.

Prices had been stabilizing in Egypt despite recent food subsidy cuts and hikes in fuel and electricity.

The most recent CPI is scaling back expectations that Egypt’s central bank would cut the benchmark interest rate from its current all-time high of 27.25%, Bloomberg reports.

Dubai on hiring spree as economy bucks inflation and Red Sea disruptions

It’s a good time to be job-hunting in Dubai. The economy grew quickly in February, bucking inflationary pressures and disruptions in the Red Sea, spurring the biggest hiring spree in the emirate in eight years, according to new data. 

The S&P Global Dubai Purchasing Managers’ Index, a closely monitored indicator of the non-oil economy, posted an uptick from January.

The economy started strong in 2024 and cost pressures remained modest last month. The reading matched May 2019 – making it the joint-highest reading in just over nine years, according to S&P Global.

Dubai’s non-oil economy is “one of the fastest growing worldwide,” David Owen, Senior Economist at S&P Global Market Intelligence, said.

“Output and new order volumes are proving especially robust, with companies reporting new clients, higher demand and a still improving economy post-pandemic,” he added. 

The bumper jobs data in February comes after around four months of more subdued hiring as businesses factored in the newly introduced corporate tax requirements rolled out in the UAE at the start of the year.

Construction, project management and real estate added the most jobs, while travel and tourism is poised for another strong first quarter, according to S&P Global.