About MacroMENA
The empowerME Initiative’s MacroMENA promotes research and contributes to public policy formulation in the area of economic growth in the Middle East and North Africa (MENA) region, with a focus on sustainability, inclusivity, and gender equality. We work closely with multiple teams across the Atlantic Council, and collaborate with various international organizations to shed light on the economies of the MENA region and propose targeted policy solutions amidst the highly volatile and fast-changing global economy.
Our pillars of work
Macro economic stability & growth
We help address existing economic challenges and promote pro-growth economic policies in the MENA region. We collaborate with stakeholders from the government and private sector, in addition to international organizations, to provide high quality research and policy recommendations to decision makers in the Gulf and North Africa regions.
Sustainability
We help promote the implementation of the global sustainable development goals (SDGs) in the national reform agenda of MENA countries. We assess the economic and social impact of climate change in the MENA region, while emphasizing the significant interlinkages between climate change, economic growth, poverty, inequality, and gender imbalance.
Foreign direct investment
We assess the impact of government policies on Foreign Direct Investment (FDI) in MENA countries, with a focus on the high value-added, labor intensive, and environmentally friendly industries. We assess FDI performance by country/sector, with a particular focus on the green energy and water desalination investment potential in the region.
Featured analysis and in-depth reports
empowerME at COP28
Live from Dubai during COP28 this past December 2023, view our two marquee events on the fundamental challenges must be addressed to truly unlock the renewable energy potential for the Middle East, North, and Sub-Saharan Africa regions.
Unleashing the green energy potential in the Middle East, North, and Sub-Saharan Africa (SSA)
Mobilizing private capital & enhancing innovation capabilities in the renewables sector of the Middle East and North Africa region
empowerME at IMF/WB Meetings
Live from Marrakesh during the IMF/WB Annual Meetings this past October 2023, view our two marquee events that discuss the economic outlook for the Middle East and North Africa regions:
A conversation with Morocco’s Nadia Fettah Alaoui & Citi’s Ebru Pakcan
A conversation with the World Bank’s Roberta Gatti
MENA Monitors: Oil & Foreign Exchange
We are starting to monitor to the fluctuations in the oil and foreign exchange markets in key MENA countries, considering the escalating geopolitical crisis in the region, in addition to the existing economic crises.
Oil price update: On March 10, 2025, oil prices declined by approximately 1.5% amid concerns that newly imposed U.S. tariffs on Canada, Mexico, and China could lead to a global economic slowdown, potentially reducing energy demand. Brent crude futures settled at $69.28 per barrel, down $1.08, while U.S. West Texas Intermediate (WTI) futures closed at $66.03 per barrel, a decrease of $1.01. Later in March, oil prices experienced an uptick. On March 26, Brent crude futures rose by 77 cents (1.05%), settling at $73.79 per barrel, and WTI futures increased by 65 cents (0.94%), closing at $69.65 per barrel. This increase was attributed to a drawdown in U.S. crude and fuel stockpiles, as well as concerns over tighter global supply. However, on April 3, oil prices saw a significant drop of over 6%. Brent futures settled at $70.14 per barrel, down $4.81 (6.42%), and WTI futures finished at $66.95 per barrel, down $4.76 (6.64%). This decline followed the announcement of sweeping new U.S. import tariffs and OPEC+’s decision to increase oil output starting in May, which heightened concerns about oversupply in the market. Currently, OPEC+ plans to proceed with a scheduled output hike in May 2025, reversing previous voluntary production cuts. This decision aims to balance the market amid fluctuating demand forecasts influenced by ongoing trade tensions and tariff implementations.
Sources: Official Egypt exchange rate; Parallel Market Rate
Foreign exchange update: The Egyptian pound marginally appreciated against the US dollar over the past few days, remaining within a relatively stable range. The Central Bank of Egypt (CBE) reported an average buying rate of EGP 50.5474 per dollar and a selling rate of EGP 50.6474, compared to rates on March 27 of EGP 50.5291 and EGP 50.6291, respectively. This stability was bolstered by a significant development earlier in the month. On March 10, Finance Minister Ahmed Kouchouk announced that the International Monetary Fund (IMF) had completed its fourth review of Egypt’s Extended Fund Facility (EFF) arrangement, leading to the disbursement of USD 1.2 billion (approximately EGP 60.8 billion). This tranche is part of Egypt’s broader USD 8 billion agreement with the IMF and is designed to support the country’s comprehensive economic reform program. Key pillars of this program include transitioning to a more flexible exchange rate regime, implementing deep structural reforms, and attracting foreign investment. The timely release of this IMF funding is expected to anchor near-term stability in the foreign exchange market by boosting foreign reserves, restoring investor confidence, and narrowing the gap between official and parallel rates.
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