This report is designed to give you a snapshot about the MENA region tackling multiple issues:
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/USD
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/EUR
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EGP
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17.72
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20.80
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AED
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3.67
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4.31
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QAR
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3.64
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4.27
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SAR
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3.75
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4.40
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BHD
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0.38
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0.44
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OMR
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0.39
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0.45
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 Economic Outlook
- In an attempt to stop importing the liquefied Natural gas (LNG) in 2019 and increasing its local production, Egypt has decreased its LNG imports in the financial year 2017/2018 (that began in July) to 80 cargoes compared to the planned 154 cargoes of the last year which recorded actual imports of only 118 cargoes, due to the increase of the locally produced gas in that period.
- After the last train crash, Egypt plans to develop the railway system infrastructure by 2022, through increasing the efficiency of manpower and maintenance in collaboration with the private sector. In addition, Egypt has signed a 1.24 BN USD deal with two Chinese companies to build a 66-Km rail system around Cairo. This rail system will consist of 11 stations and will be able to carry 340,000 passengers daily.
- Egypt signed a protocol with Korea Arab Society (KAS) to build an agricultural city north west of Egypt costing 10 BN USD. The city will contain smart green houses and solar power plants using the latest technologies over an area of 300,000 feddans.
- An increase of 30% of the money sent home from Oman expatriates have been noticed in the last five years. Although the number of expatriates has been decreasing in the last five years, the remittances have been increasing year on year. These remittances have a positive effect on Oman economy, since it fills a gap in the economy that would have been filled by black market.
- During the period from 2000 to 2016, the unemployment rate among Jordanians has increased from 13.7% in 2000 to 15.3% in 2016. The male unemployment rate increased by 1% reaching 13.3% in 2016, while the female unemployment rate increased from 21% in 2000 to 24.1% in 2016.
- The Jordanian and Japanese governments have signed a grant agreement worth 12.6 MM USD to finance the renovation of the water network in Balqa. This agreement is considered part of the social and economic development for Jordan.
- Dubai Chamber of Commerce and Industry announced that consumer spending in Dubai has reached 183 BN USD in 2016 and is expected to grow with a rate of 7.5% in the next four years to reach 261 BN USD by 2021. It is worthy to mention that 41% of Dubai consumer spending is allocated on housing and about 13.5% is spent on food and non-alcoholic beverages.
- Kuwait is issuing a tender to build the Dibdibah Solar power plant that will cost approximately 1.2 BN USD in the beginning of 2018. Kuwait aims to produce 15% of its power production from renewable energy by 2030.
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 Political Events
- An explosion took place in Catalonia town 120 miles south of Barcelona last week. The explosion took place in a house that contained more than 20 butane gas cylinders. It killed one person and injured six others. Another explosion took place upon the arrival of the emergency leading to the injury of six policemen and two firefighters. Th police believe that the residents of the house were preparing explosive materials.
- Four UAE soldiers died in a helicopter crash last week. The helicopter faced some technical problems while they were carrying their routine mission in Yemen. They had to land immediately but unfortunately hit the ground and crashed.
- Saudi Arabia and Iraq decided to re-open the Arar border crossing for trade for the first time since Saddam Hussein's invasion of Kuwait in 1990. The route is now open for trade while it had been only open for Hajj during the past 27 years.
- Islamic state says they are responsible for the attack that took place in North Sinai, Egypt last week. The attack resulted in the killing of four Egyptian policemen by the criminals they were hunting.
- Two Jordanian workers died during a shooting that took place in an Israeli Embassy compound in Jordan. The two workers worked for a furniture company and were supposed to go to the compound to do some repairs.
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 Stock Market
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.KWSE
Telecommunication sector has increased led by Zain and Viva.
- .ADI Banking sector has declined led by Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank and First Abu Dhabi Bank. In addition, Real Estate sector declined led by Aldar properties.
- .DFMGI Investment sector has declined led by Dubai Investments. In addition, Real Estate sector declined led by Drake and Scull International, Arabtec Holding and Emaar Properties.
Note: Weekly values are calculated on Thursday of each week.
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Cairo Office:
Z
epter Office Building
S5-6,
Area 5, District 1, 5th Settlement,
New Cairo, Egypt.
P.O. Box:
1147
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Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel: +97143518187
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Copyright © 2015. All Rights Reserved.
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