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Cyprus Economic Index Up 1.2%, extending Growth Trend

by THEFUTURE.TEAM

The Cyprus Composite Leading Economic Index (CCLEI), developed by the Economics Research Centre (CypERC) of the University of Cyprus, showed a year-over-year increase of 1.2% in November 2024.

This marks the third consecutive month of growth, following similar increases of 1.2% in October and 1.0% in September, based on the latest revised data.

The sustained growth of the CCLEI reflects the positive performance of its underlying components. Key drivers include improvements in the Economic Sentiment Indicator (ESI) for both Cyprus and the eurozone, alongside a decrease in Brent crude oil prices compared to November 2023. Domestically, the CCLEI benefited from rising property sales contracts, increased tourist arrivals, growth in credit card transactions, expansion in retail sales volumes, and higher electricity production.

The CCLEI serves as a predictive tool for economic activity in Cyprus, combining various indicators to provide insights into future trends. The recent growth highlights optimism in key sectors like tourism, real estate, and retail, as well as a recovery in consumer confidence. Policymakers and investors can view this upward trend as a sign of sustained economic resilience heading into 2025.

MENA Tech Index Fell 4.6% In July, But Outperformed Global Tech

by THEFUTURE.TEAM

The MAGNiTT Tech Index fell 4.6% in July, marking its second consecutive monthly decline as technology stocks weakened across global markets. MGTI closed the month at 165.24, down 4.76% in 2026 and 24.88% from its January 2025 peak.

Despite the decline, the index remained 65.24% above its January 2023 inception level. Its lower correlation with global technology benchmarks also limited its exposure to the broader technology sell-off.

Saudi Technology Stocks Lead The Decline

Saudi technology companies accounted for much of July’s decline. Nice One fell 21.3%, Jahez dropped 17.2%, and Rasan declined 15.7%, while Talabat gave back part of its second-quarter recovery.

Only three of the index’s 15 constituents ended July higher. MGTI also underperformed regional equity markets, with Saudi Arabia falling 1.89% and Dubai declining 2.69% during the month.

MGTI Shows Lower Correlation With Global Tech

July marked a reversal in global technology stocks, with MSCI EM IT falling 12.81% and MSCI ACWI IT declining 5.64%. MGTI’s lower correlation with those benchmarks limited the decline, with a correlation of 0.36 to MSCI EM IT.

The index also has limited exposure to semiconductors and large-cap AI companies that have driven much of the recent global technology rally. Its performance therefore differs from the broader global technology cycle.

MGTI Remains Above Its 2023 Level

MGTI has gained 65.24% since its January 2023 inception despite its recent declines. The index entered August down 4.76% for 2026 and nearly 25% below its January 2025 peak.

The MAGNiTT Tech Index July 2026 Monthly Update includes constituent-level performance, regional and global benchmark comparisons, and data on correlation, beta and volatility.

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