MENA Region Partially Shielded but Not Immune to New Wave of Global Tariffs, Says Standard Chartered Economist
April 24, 2025, 2:20 pm

MENA Region Partially Shielded but Not Immune to New Wave of Global Tariffs, Says Standard Chartered Economist

خبيرة اقتصادية ببنك ستاندرد تشارترد: الشرق الأوسط وشمال أفريقيا في مرمى تداعيات الرسوم الجمركية العالمية

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.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”