Latest news with #SafaaElKogali
Asharq Al-Awsat
23-06-2025
- Business
- Asharq Al-Awsat
World Bank Warns of Long-Term Fallout from Regional Conflict
Amid mounting geopolitical tensions and growing economic uncertainty, the World Bank has warned that any conflict in the Middle East, particularly between Israel and Iran, could have far-reaching and negative consequences for the region and beyond. Speaking to Asharq Al-Awsat on the sidelines of the launch of the World Bank's latest economic update for the Gulf Cooperation Council (GCC), Safaa El Tayeb El-Kogali, the Bank's Regional Director for the GCC, stated: 'Any conflict, especially in this region, can have long-lasting and adverse effects.' She noted that the fallout is not limited to energy markets alone, but also includes rising shipping costs, heightened inflationary pressures, and increased investor uncertainty. While the World Bank's latest report, which was released on June 1, does not reflect the most recent escalation in the region, El-Kogali emphasized that it is 'still too early to fully assess the impact of the ongoing conflict.' She warned, however, that in such volatile conditions, investors tend to adopt a 'wait-and-see' approach, delaying decisions until clarity and stability return. Despite challenges in the energy market, El-Kogali highlighted the resilience of the Gulf economies, thanks to sustained efforts toward economic diversification. In 2024, while the oil sector contracted by 3% due to OPEC+ production cuts, non-oil sectors grew by 3.7%, helping drive overall GDP growth to 1.8% — a notable recovery from 0.3% in 2023. The World Bank projects the GCC economies will grow by 3.2% in 2025 and 4.5% in 2026, supported by easing oil production cuts and continued strength in non-oil sectors. However, El-Kogali stressed that these projections remain vulnerable to global trade volatility, oil price swings, and the evolving regional security landscape. To mitigate risks, she urged Gulf countries to accelerate structural reforms, reduce dependency on oil, and boost intra-regional trade. Growth, she added, will also benefit from steady contributions from exports, investment, and domestic consumption. El-Kogali emphasized that short-term risks include reduced export demand, oil market fluctuations, and regional instability affecting tourism and investor sentiment. Over the long term, threats such as low productivity growth, slow economic transformation, and over-reliance on fossil fuels could hinder progress. She concluded by recommending fiscal diversification, tax reforms, and stronger regional trade links to create more resilient and adaptive Gulf economies.
Zawya
11-02-2025
- Business
- Zawya
Deal signed to boost labour market in Bahrain
Bahrain - The World Bank and the Labour Fund (Tamkeen) have signed an agreement to collaborate on strengthening the kingdom's labour market. Safaa El Kogali, GCC country director for the World Bank, highlighted the significance of the partnership. 'We are excited for this collaboration with Tamkeen,' said Ms El Kogali. 'It builds on our previous work with the authorities and further strengthens our long-standing partnership.' The collaboration focuses on analytical work to inform policies that support inclusive, resilient, and adaptable labour markets in Bahrain. Ms El Kogali emphasised the alignment with the World Bank's priorities of boosting job creation and employment in the region. A dedicated team of multi-disciplinary experts from the World Bank will collaborate closely with Tamkeen to strengthen its labour market programmes, enhance its institutional capacity, and improve its Labour Market Information Systems. The joint effort will include analytical work to form the basis for policy recommendations aimed at improving the structure of the Bahraini labour market for the benefit of Bahraini citizens. The partnership also includes a knowledge exchange component, highlighting Tamkeen's achievements and impactful work both locally and internationally. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
