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: Oil prices plunged on April 3rd, marking their largest percentage drop since 2022, as OPEC+ unexpectedly agreed to boost output following sweeping new US import tariffs. Brent crude futures fell sharply by $4.81, or 6.4%, to settle at $70.14 per barrel, while US West Texas Intermediate (WTI) crude futures dropped by $4.76, or 6.6%, to close at $66.95. The following day, April 4, oil prices tumbled further—down nearly 7%—to their lowest levels in more than three years. This came as China announced increased tariffs on U.S. goods, escalating trade war concerns and intensifying fears of a potential global recession. Brent crude settled down $4.56, or 6.5%, at $65.58 per barrel, while U.S. WTI futures lost $4.96, or 7.4%, to close at $61.99 On April 17, international crude oil prices rebounded by more than 3%, fueled by renewed optimism over a potential U.S.–EU trade deal. WTI rose by $2.21, or 3.5%, to settle at $64.68 per barrel, and Brent gained $2.11, or 3.2%, closing at $67.96.
Sources: Official Egypt exchange rate; Parallel Market Rate
Foreign exchange update: On April 17, international crude oil prices rebounded by more than 3%, fueled by renewed optimism over a potential U.S.–EU trade deal. WTI rose by $2.21, or 3.5%, to settle at $64.68 per barrel, and Brent gained $2.11, or 3.2%, closing at $67.96. While both the official and parallel market exchange rates in Egypt remained relatively stable, the country—facing a persistent shortage of foreign currency—announced on April 9 that it plans to issue $2 billion in Islamic bonds (sukuk) throughout 2025 via multiple tranches. This was confirmed by Finance Minister Ahmed Kouchouk, who also noted that Egypt has already appointed the lead managing banks for the issuance. Following US President Donald Trump’s announcement of new tariffs, Egypt’s currency experienced its sharpest drop since the previous year’s devaluation, hitting a record low. On April 7, the pound fell more than 2% in offshore trading before settling at 51.43 per U.S. dollar in Cairo. This marked the steepest decline since the significant devaluation in March 2024, which was aimed at alleviating the country’s foreign-exchange crunch and securing an expanded IMF support program.
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