Latest news with #CarlaSlim
Observer
03-05-2025
- Business
- Observer
Middle East set to weather US tariffs, pivoting further East
MUSCAT: The Middle East is expected to remain largely insulated from the economic fallout of the United States' newly announced tariffs, according to Carla Slim, economist for the Middle East, North Africa, and Pakistan at Standard Chartered Bank. Slim's insights suggest that the region's growing trade ties with Asia will help cushion the blow from Washington's latest trade policy move. According to a recent Standard Chartered study covering the Gulf states, Egypt, Jordan, Iraq, and Lebanon, total exports from these countries to the US amount to about $55 billion annually. Notably, half of these exports—mainly oil, gas, and vital minerals—are exempt from the new tariffs. The remaining $25 billion in non-oil goods will face a 10% duty, leading Slim to conclude that the direct impact on regional economies will be minimal. "These tariffs are unlikely to significantly alter growth expectations in the Middle East," Slim said. Instead, she sees the potential for strengthened trade links with Asia, which are already growing at an annual rate of 10 to 15 per cent. She noted that the current trade shift might even accelerate the region's economic pivot toward the East. However, she did point out some sectoral vulnerabilities. The aluminium and iron industries, already facing tariffs above 10%, could come under pressure if China diverts its exports from the US to Gulf markets, potentially creating a supply glut and challenging local manufacturers. Carla Slim, economist for the Middle East, North Africa, and Pakistan at Standard Chartered Bank. On the inflation front, Slim confirmed that expectations remain unchanged. She also offered forecasts on oil prices, predicting a rebound to $70 per barrel in the second half of the year and further recovery to $80 by 2026. This is driven by rising global demand, tighter OPEC control of supply, and disruptions from US sanctions on Iran and Russia—developments that will likely push Asian economies like China and India to deepen their energy ties with the Middle East. Market volatility remains a concern, however. Stock and bond markets have experienced sharp fluctuations, Slim noted, due to a breakdown in traditional relationships between economic indicators. Still, she anticipates some market stabilization by the end of Q3 as clearer policy signals emerge. Interestingly, Slim highlighted that the US maintains a trade surplus with many Middle Eastern countries, including Oman and other GCC states, which partly explains the muted tariff impact on the region. She emphasized that the new tariffs are not linked to political alliances or existing free trade agreements, which have offered little protection from these trade measures. Slim also underscored the potential for deeper integration between Middle Eastern economies and dynamic markets in Asia and Europe. For Oman specifically, the Port of Duqm stands out as a key gateway to enhance trade routes with Asia. She praised the Sultanate's structural reforms, improved business climate, and successful fiscal measures that have reduced its breakeven oil price from $80 to $65 per barrel. With Brent crude at that level, Slim expects countries like Oman, the UAE, and Qatar to maintain fiscal balance or even post modest surpluses. She concluded on an optimistic note, stressing the importance of regional infrastructure projects like Etihad Rail and growing supply chain integration as drivers of long-term resilience and growth. — ONA
Daily Tribune
24-04-2025
- Business
- Daily Tribune
MENA partially shielded but not immune to new wave of global tariffs: StanChart Economist
The Middle East and North Africa (MENA) region has been partially shielded from the latest wave of global tariffs introduced by US President Donald Trump. However, the region is not immune to the broader economic implications, according to Carla Slim, MENAP Economist at Standard Chartered. Slim made the remarks at Standard Chartered's Investment Dialogue in Bahrain yesterday, where senior executives and financial experts convened to discuss the evolving macroeconomic landscape, the future of treasury, and emerging investment frontiers. The event opened with a timely discussion on the recently announced US tariffs, including the ongoing US–China trade tensions and their potential ripple effects across the MENA region. Experts noted that the tariffs – set at a baseline of 10% for the GCC, Egypt, and broader MENA – reflect existing US trade surpluses with these economies. A 90-day pause announced on 9 April means that elevated tariffs on non-retaliatory countries will revert to the 10% baseline. While steel and aluminium tariffs remain in effect, they are expected to have a limited impact on the region including Bahrain. Energy exports – including oil, gas, refined products, and critical minerals – which make up roughly half of MENA's exports to the US, are exempt from the new tariffs. Speaking to attendees, Slim said that with current oil prices around USD 65 per barrel, Qatar, the UAE, and Oman remain in a relatively comfortable fiscal position. Carla Slim, MENAP Economist at Standard Chartered, said: 'The MENA region has been partially shielded from the latest wave of global tariffs, but not immune. While direct trade exposure to the US is limited, the indirect effects – from oil prices to FX risks – are far more consequential. Yet, this environment presents an opportunity for trade rerouting and deeper South–South integration, which could ultimately benefit the GCC's position as a global trade corridor.' The dialogue also explored how MENA markets can capitalise on fast-growing trade links, including through initiatives such as the UAE's Comprehensive Economic Partnership Agreements (CEPAs), which were highlighted as key to enhancing resilience and regional integration. The keynote address was delivered by Rola Abu Manneh, CEO of Standard Chartered MENAP, followed by a macroeconomic outlook from Slim and a segment by Mohamed Fairooz, SC Ventures Lead, Middle East and a session on sustainable finance by Abdulrahim Abdulhameed, Head of Sustainable Finance, MENAP. Opening and closing the session in Bahrain, Dr. Boutros Klink, CEO, Standard Chartered Bahrain, said: 'As the first bank to establish operations in Bahrain, we remain committed to supporting the Kingdom's economic diversification journey. Events like this bring together global expertise and local insight, ensuring that Bahrain stays at the forefront of regional finance. By convening key voices and experts here, we look to drive critical conversations that connect global insights with local ambition and reinforce our role as a global connector'. Standard Chartered remains dedicated to driving meaningful dialogue with stakeholders in Bahrain and across the MENA region to help shape the future of finance.
Zawya
23-04-2025
- Business
- Zawya
MENA 'partially shielded, but not immune to tariffs impact'
The Middle East and North Africa (MENA) region has been partially shielded from the latest wave of global tariffs introduced by US President Donald Trump, according to an expert. However, the region is not immune to the broader economic implications, according to Carla Slim, MENAP Economist at Standard Chartered. Slim made the remarks at Standard Chartered's Investment Dialogue in Bahrain on Wednesday, where senior executives and financial experts convened to discuss the evolving macroeconomic landscape, the future of treasury, and emerging investment frontiers. The event opened with a discussion on the recently announced US tariffs, including the ongoing US–China trade tensions and their potential ripple effects across the MENA region. Experts noted that the tariffs – set at a baseline of 10% for the GCC, Egypt, and broader MENA – reflect existing US trade surpluses with these economies. A 90-day pause announced on April 9 means that elevated tariffs on non-retaliatory countries will revert to the 10% baseline. While steel and aluminium tariffs remain in effect, they are expected to have a limited impact on the region including Bahrain. Energy exports – including oil, gas, refined products, and critical minerals – which make up roughly half of MENA's exports to the US, are exempt from the new tariffs. Speaking to attendees, Slim said that with current oil prices around USD 65 per barrel, Qatar, the UAE, and Oman remain in a relatively comfortable fiscal position. Carla Slim, MENAP Economist at Standard Chartered, said: 'The MENA region has been partially shielded from the latest wave of global tariffs, but not immune. While direct trade exposure to the US is limited, the indirect effects – from oil prices to FX risks – are far more consequential. Yet, this environment presents an opportunity for trade rerouting and deeper South–South integration, which could ultimately benefit the GCC's position as a global trade corridor.' The dialogue also explored how MENA markets can capitalise on fast-growing trade links, including through initiatives such as the UAE's Comprehensive Economic Partnership Agreements (CEPAs), which were highlighted as key to enhancing resilience and regional integration. The keynote address was delivered by Rola Abu Manneh, CEO of Standard Chartered MENAP, followed by a macroeconomic outlook from Slim and a segment by Mohamed Fairooz, SC Ventures Lead, Middle East and a session on sustainable finance by Abdulrahim Abdulhameed, Head of Sustainable Finance, MENAP. Opening and closing the session in Bahrain, Dr. Boutros Klink, CEO, Standard Chartered Bahrain, said: 'As the first bank to establish operations in Bahrain, we remain committed to supporting the kingdom's economic diversification journey. Events like this bring together global expertise and local insight, ensuring that Bahrain stays at the forefront of regional finance. By convening key voices and experts here, we look to drive critical conversations that connect global insights with local ambition and reinforce our role as a global connector.' - Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
23-04-2025
- Business
- Trade Arabia
MENA 'partially shielded, but not immune to tariffs impact'
The Middle East and North Africa (MENA) region has been partially shielded from the latest wave of global tariffs introduced by US President Donald Trump, according to an expert. However, the region is not immune to the broader economic implications, according to Carla Slim, MENAP Economist at Standard Chartered. Slim made the remarks at Standard Chartered's Investment Dialogue in Bahrain on Wednesday, where senior executives and financial experts convened to discuss the evolving macroeconomic landscape, the future of treasury, and emerging investment frontiers. The event opened with a discussion on the recently announced US tariffs, including the ongoing US–China trade tensions and their potential ripple effects across the MENA region. Experts noted that the tariffs – set at a baseline of 10% for the GCC, Egypt, and broader MENA – reflect existing US trade surpluses with these economies. A 90-day pause announced on April 9 means that elevated tariffs on non-retaliatory countries will revert to the 10% baseline. While steel and aluminium tariffs remain in effect, they are expected to have a limited impact on the region including Bahrain. Energy exports – including oil, gas, refined products, and critical minerals – which make up roughly half of MENA's exports to the US, are exempt from the new tariffs. Speaking to attendees, Slim said that with current oil prices around USD 65 per barrel, Qatar, the UAE, and Oman remain in a relatively comfortable fiscal position. Carla Slim, MENAP Economist at Standard Chartered, said: 'The MENA region has been partially shielded from the latest wave of global tariffs, but not immune. While direct trade exposure to the US is limited, the indirect effects – from oil prices to FX risks – are far more consequential. Yet, this environment presents an opportunity for trade rerouting and deeper South–South integration, which could ultimately benefit the GCC's position as a global trade corridor.' The dialogue also explored how MENA markets can capitalise on fast-growing trade links, including through initiatives such as the UAE's Comprehensive Economic Partnership Agreements (CEPAs), which were highlighted as key to enhancing resilience and regional integration. The keynote address was delivered by Rola Abu Manneh, CEO of Standard Chartered MENAP, followed by a macroeconomic outlook from Slim and a segment by Mohamed Fairooz, SC Ventures Lead, Middle East and a session on sustainable finance by Abdulrahim Abdulhameed, Head of Sustainable Finance, MENAP.
Zawya
23-04-2025
- Business
- Zawya
MENA Region partially shielded but not immune to new wave of global tariffs, says Standard Chartered Economist
Manama, Bahrain: The Middle East and North Africa (MENA) region has been partially shielded from the latest wave of global tariffs introduced by US President Donald Trump. However, the region is not immune to the broader economic implications, according to Carla Slim, MENAP Economist at Standard Chartered. Slim made the remarks at Standard Chartered's Investment Dialogue in Bahrain on Wednesday, where senior executives and financial experts convened to discuss the evolving macroeconomic landscape, the future of treasury, and emerging investment frontiers. The event opened with a timely discussion on the recently announced US tariffs, including the ongoing US–China trade tensions and their potential ripple effects across the MENA region. Experts noted that the tariffs – set at a baseline of 10% for the GCC, Egypt, and broader MENA – reflect existing US trade surpluses with these economies. A 90-day pause announced on 9 April means that elevated tariffs on non-retaliatory countries will revert to the 10% baseline. While steel and aluminium tariffs remain in effect, they are expected to have a limited impact on the region including Bahrain. Energy exports – including oil, gas, refined products, and critical minerals – which make up roughly half of MENA's exports to the US, are exempt from the new tariffs. Speaking to attendees, Slim said that with current oil prices around USD 65 per barrel, Qatar, the UAE, and Oman remain in a relatively comfortable fiscal position. Carla Slim, MENAP Economist at Standard Chartered, said: 'The MENA region has been partially shielded from the latest wave of global tariffs, but not immune. While direct trade exposure to the US is limited, the indirect effects – from oil prices to FX risks – are far more consequential. Yet, this environment presents an opportunity for trade rerouting and deeper South–South integration, which could ultimately benefit the GCC's position as a global trade corridor.' The dialogue also explored how MENA markets can capitalise on fast-growing trade links, including through initiatives such as the UAE's Comprehensive Economic Partnership Agreements (CEPAs), which were highlighted as key to enhancing resilience and regional integration. The keynote address was delivered by Rola Abu Manneh, CEO of Standard Chartered MENAP, followed by a macroeconomic outlook from Slim and a segment by Mohamed Fairooz, SC Ventures Lead, Middle East and a session on sustainable finance by Abdulrahim Abdulhameed, Head of Sustainable Finance, MENAP. Opening and closing the session in Bahrain, Dr. Boutros Klink, CEO, Standard Chartered Bahrain, said: 'As the first bank to establish operations in Bahrain, we remain committed to supporting the Kingdom's economic diversification journey. Events like this bring together global expertise and local insight, ensuring that Bahrain stays at the forefront of regional finance. By convening key voices and experts here, we look to drive critical conversations that connect global insights with local ambition and reinforce our role as a global connector'. Standard Chartered remains dedicated to driving meaningful dialogue with stakeholders in Bahrain and across the MENA region to help shape the future of finance. About Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions, please visit Insights at Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.
