Issue  No.124
8 May 2017

This report is designed to give you a snapshot about the MENA region tackling multiple issues:


 
   



        49.05  USD         1,233  USD

 
/USD
/EUR
EGP
18.10
19.74
AED
3.67
4.01
QAR
3.64
3.98
SAR
3.75
4.10
BHD 
0.38
0.41
OMR 
0.39 
0.42

 
  Economic Outlook
  • International Monetary Fund (IMF) delegation is visiting Cairo to review Egypt's progress on economic reforms before paying out the second installment of the 12 BN USD loan program. It is worthy to mention that IMF released 2.75 BN USD as a first disbursement in November 2016.

  • Egyptian Remittances have increased by 13.8% at the end of March 2017 reaching 1.6 BN USD compared to 1.5 BN USD in the same period last year. Moreover, on a term of the first five months of 2017, remittances have increased to 8 BN USD compared to 7 BN USD in the same period last year.
  • Egypt trade exchange with Germany increased by 10% reaching 5.6 BN EUR (6.1 BN USD) in 2016. It is worthy to mention that Germany is Egypt's 20th biggest investor with investments reaching 619.2 MM USD till January 2017.
  • The Egyptian government has decided to impose fees on Jordanian refrigerated trucks entering the country. The truck owners will pay 300 USD (213 JOD) per truck for each trip or 1000 USD (710 JOD) for all trips starting 30th of May 2017 till end of the year. Such agreements between both countries are renewed annually.
  • Oman and Tunisia have signed a number of memorandum of understanding (MoU) in education and SMEs development.
  • Oman College of Tourism has signed several partnership agreements with 15 leading companies in the Sultanate's hospitality and tourism sector as part of their long-term goals to integrate industry expertise with its academic and training programs.
  • Qatar National Bank (QNB) is planning to apply for an investment banking license in Saudi Arabia as the low oil prices are expected to encourage more asset sales and debt raising.
  • Qatar Central Bank has sold 1.55 BN QAR (426 MM USD) of treasury bills (T-bills) on a monthly auction, with the yield curve steepening from last month.
  • Qatar has achieved a trade surplus of 9.9 BN QAR (2.69 BN USD) in March 2017 which represents a year-on-year growth of nearly 71%. The total exports have reached 19.7 BN QAR in March 2017 showing an increase of 18.4% compared to March 2016.
  • Saudi Arabia has a waiting list for 1.5 million housing units over the next five years, during which it plans to deliver 1 million units.
  • The UAE Central Bank have affirmed improved operating efficiency, with public sector deposits up by 23.8 BN AED at the end of Q1-2017, while the private sector deposits stood at 17.6 BN AED over the same period, totaling  41.4 BN AED for the two sectors total deposits.
  • The Islamic Corporation for the Development of the Private Sector (ICD) in partnership with Ibdar Bank, and Labour Fund "Tamkeen" have announced the launch of the Bahrain SME fund which is a Shariah compliant mezzanine private equity fund that will invest in Bahrain's Small and Medium enterprises (SMEs) of high growth potential.
  • The Canadian government will contribute 45 MM USD to the United Nations Children's Fund (UNICEF) for education and youth projects in Lebanon.
____________________________________________________________________________________________________________________
 
   Political Events
  • Centrist candidate Emmanuel Macron wins the French presidential election by 66% defeating Marine Le Pen. It is worthy to mention that Macron is the youngest president aging 39 years old.
  • Egyptian Parliament has agreed in principle on the new investment law that aims to provide unprecedented guarantees and multiple incentives for investors.
  • Washington is working to push through contracts for tens of billions of dollars in arms sales to Saudi Arabia ahead of U.S. President Donald Trump's trip to the kingdom this month. Both countries are keen on improving back the relations after being strained during Obama's presidency.
  • Russia, Turkey and Iran signed an MoU entailing creating safe zones in Syria.  The three countries act as guarantors of the Astana peace process. 
___ _________________________________________________________________________________________________________________
 
   Stock Market


 

  • .EGX30 construction and materials sector increased led by Orascom Construction.
  • .KWSE banking sector has declined led by Ahli United Bank of Kuwait (AUB) and National Bank of Kuwait (NBK). In addition, financial services sector declined led by Kuwait Projects Holding (KIPCO).
  • .QSI banking sector has declined led by Ooredoo and Vodafone Qatar. In addition, industrial sector declined led by Gulf International Services and Industries Qatar.
Note: Weekly values are calculated on Thursday of each week.
___ __________________________________________________________________________________________________________________
Cairo Office:
Z epter Office Building  S5-6,  Area 5, District 1, 5th Settlement,  New Cairo, Egypt.  P.O. Box:  1147
Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel: +97143518187

     Like us on Facebook  View our profile on LinkedIn Find us on Google+ Follow us on Twitter View our videos on YouTube View on Instagram