This report is designed to give you a snapshot about the MENA region tackling multiple issues:
|
|
|
|
|
|
/USD
|
/EUR
|
|
EGP
|
17.64
|
20.81
|
|
AED
|
3.67
|
4.33
|
|
QAR
|
3.74
|
4.41
|
|
SAR
|
3.75
|
4.42
|
|
BHD
|
0.38
|
0.44
|
|
OMR
|
0.39
|
0.45
|
|
|
|
 Economic Outlook
- Remittances from expatriate Egyptians have increased by 40% y-o-y in August. Remittances reached 16.3 BN USD since Egypt floated its currency in November 2016 through August 2017, with a 17.3% increase.
- According to International Monetary Fund (IMF) World Economic Outlook report, Egypt GDP growth is projected to reach 4.5% in the fiscal year 2017/2018 which is below the government projections of 5-5.25%.
- Egypt core inflation has declined to 33.26% y-o-y in September 2017 compared to 34.86% in August 2017.
- Qatar International Islamic Bank (QIIB) has finished creating a 2 BN USD sukuk issuance program and is preparing to issue its first bond from the scheme when market conditions improve.
- Hawkamah, the Institute for Corporate Governance in the United Arab Emirates, signed a Memorandum of Understanding (MoU) with the Saudi Governance Centre at the UAE-Saudi Business Forum to develop training programs, research projects and share information to enhance corporate governance across companies and organizations in both countries.
- The UAE and Saudi Arabia come in the 16th position globally in terms of GDP, with both countries accounting for 48% of the total Arab GDP. In addition, Saudi Arabia is the UAE's fourth major world trade partner, comprising 4.6% percent of UAE non-oil trade in 2016 and the country's top Arab partner.
- The wages of employees in Saudi Arabia edged higher in Q2-2017. The average monthly wages for Saudi employees increased to 9,911 SAR compared to 9,884 SAR in Q1-2017. However, the unemployment rate among Saudis increased to 12.8% in the Q2 compared to 12.7% in Q1 despite government efforts to bring this down.
- Saudi Arabia has cut crude oil allocations for November by 560,000 barrels per day (bpd). The cut is in line with the kingdom's commitment to an OPEC-led supply reduction under which Riyadh is required to slash 486,000 bpd.
- Standard & Poor's has forecasted that Abu Dhabi GDP will rise to 850 BN AED (231.4 MM USD) and 890 BN AED (242.3 MM USD) at current prices in 2017 and 2018 respectively, attributing the growth to the momentum witnessed by the oil and non-oil sectors since the beginning of this year.
_______________________________________________________________________________________________________________________________
|
|
 Political Events
- Former French Culture Minister Audrey Azoulay has won UNESCO Elections. The Egyptian candidate Moushira Khattab was among the candidates for this position.
- Qatar Emir Sheikh Tamim will visit Malaysia mid-October month on a two-day state visit amid a crisis with some neighboring Arab states, including Saudi Arabia, with which Malaysia has close relations.
- King Salman Centre for Relief and Humanitarian Aid in Yemen has completed 161 projects valued at 710 MM USD providing relief services to a number of Yemeni governorates in various areas, including shelter, sanitation, water and agriculture.
___
________________________________________________________________________________________________________________________
|
|
 Stock Market
- .EGX30 banking sector has declined led by Commercial International Bank (CIB). On the other hand, telecommunication sector has increased led by Global Telecom.
- .KWSE banking sector has declined led by Ahli United Bank (AUB) and telecommunication sector led by Zain.
- .QSI banking sector has significantly increased led by Al Khalij Commercial Bank and Qatar National Bank (QNB). In addition, real estate sector has increased led by Barwa Real Estate.
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
|
|
|
|
|
|
Copyright © 2015. All Rights Reserved.
|
|
|
|
