Gulf shares start new year in upbeat mood, Egypt outperforms

Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further.

The IMF warned on Sunday about a tougher year in 2023 for the global economy with the main engines of growth - the United States, Europe and China - all experiencing weakening activity.