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.
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 September 10th, oil prices reached their lowest levels since December 2021, as a steep sell-off intensified following OPEC’s second consecutive reduction in its demand forecast within two months. Brent crude fell by $2.65, or 3.69%, closing at $69.19 per barrel, while West Texas Intermediate (WTI) declined by $2.96, or 4.3%, to $65.75 per barrel. On September 24, prices saw a brief recovery, with WTI rising to $71.56 and Brent hitting $75.12. Nevertheless, by the end of the month, both benchmarks dropped once again, with WTI slipping to $67.67 and Brent to $71.60, primarily due to an improved supply outlook. Analysts have lowered their oil price projections for the fifth straight month, citing weakening demand and uncertainty over OPEC’s strategies. Despite persistent geopolitical risks, oil prices are expected to remain under pressure in the near future.
Sources: Official Egypt exchange rate; Parallel Market Rate
Foreign exchange update: This month, the Egyptian pound remained stable at approximately LE 49 to 50 per US dollar, bolstered by Saudi Arabia’s announcement of a planned $5 billion investment in Egypt, separate from existing central bank deposits. Additionally, two major banks, including the National Bank of Egypt (NBE) and Banque Misr, increased the foreign currency spending limits on credit cards for transactions outside Egypt from $500 to $5,000, indicating a relaxation of restrictions on foreign assets held in Egyptian banks.
Featured analysis and in-depth reports
Events
Staff
Fellows
Stay Connected
Sign up here to learn more and receive the latest updates on empowerME events, publications, and podcast.
Follow us on social media