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.

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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 January 15, oil prices rose by more than 2 percent, driven by a significant drawdown in U.S. crude oil stockpiles and concerns over potential supply disruptions due to new U.S. sanctions on Russia. Brent crude settled at $82.03 per barrel, an increase of 2.64 percent, while U.S. West Texas Intermediate (WTI) crude closed at $80.04 per barrel, up 3.27 percent. These gains were somewhat tempered by a ceasefire agreement in Gaza. The U.S. Energy Information Administration reported a 3.5 million barrel increase in crude inventories for the week ending January 24, 2025, marking the first rise after nine consecutive weeks of declines. In response to the new U.S. sanctions on Russia, OPEC+ is expected to maintain its current plan of gradually increasing oil production starting in April. These developments reflect the complex interplay between geopolitical events and oil market dynamics, influencing both supply and pricing strategies globally.

Sources: Official Egypt exchange rate; Parallel Market Rate

Foreign exchange update: The Central Bank of Egypt reported a substantial increase in remittance inflows during the first 11 months of 2024, with Egyptians working abroad sending home $26.3 billion, compared to $17.9 billion during the same period in 2023—reflecting a 47.1 percent growth rate. Remittances from expatriates have long been a critical source of foreign currency for Egypt, playing a pivotal role in supporting the nation’s external balances. Despite this notable rise, exchange rate movements remained relatively stable. The official exchange rate recorded a marginal depreciation of $0.10, averaging $50.44 in January 2025, while the parallel market rate declined by $0.66, settling at $50.58. These trends suggest that while remittance inflows provided essential liquidity, broader currency stability continues to be influenced by underlying macroeconomic factors and policy interventions.

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