This report is designed to give you a snapshot about the MENA region tackling multiple issues:
55.77 USD 1,255 USD
/USD
/EUR
EGP
18.10
19.04
AED
3.67
3.88
QAR
3.64
3.85
SAR
3.75
3.96
BHD
0.38
0.39
OMR
0.39
0.40
Economic Outlook
Qatar University (QU) is planning to spend 5 BN QAR (1.37 BN USD) over the next 10 years to develop its infrastructure and facilities at a rate of 500 MM QAR every year.
Egypt will sign several contracts with Chinese firms to invest in Suez Canal's economic zone specifically in the textile manufacturing field besides other mega businesses in Ain Sokhna.
Egypt foreign debt has jumped 40.8% year-on-year reaching 67.32 BN USD in December 2016. In addition, the domestic debt also increased by 28.9% reaching 3.05 BN USD. On the other hand, Egypt FDIs has significantly increased by 29% in December 2016 reaching 2.415 BN USD compared to 1.872 BN USD in September 2016.
Cairo Metro ticket prices are doubled reaching 2 EGP. This was justified by the increase in electricity prices and spending 40% of the metro income on electricity.
Iraq natural gas output will triple to 1,700 million cubic feet per day (cfd) by 2018, as the OPEC nation implements projects to reduce flaring.
The Jordanian Agricultural Credit Corporation (ACC) has registered an 80% increase in the volume of loans to farmers during Q1-2017 reaching 18 MM JOD compared to 10 MM JOD last year.
Oman LNG, which operates a three-train natural gas liquefaction plant at Qalhat on the Sultanate's South Al Sharqiya coast revenues have declined reaching 1.925 BN USD in 2016 compared to 2.612 BN USD in 2015.
Chinese direct investments in Qatar increased by 77.5% in 2016. However, the accumulated contracting revenues of China in Qatar declined to 1.12 BN USD in 2016 due to the drop-in oil prices.
Saudi Arabia and South Korea have agreed to work on joint industrial projects including Vision 2030 that aims to make the Kingdom a pioneering global model of excellence. In addition, UK will cooperate with Saudi Arabia to achieve the aims of the Kingdom Vision 2030 and National Transformation Program (NTP) 2020.
Economic experts have attributed the fall in remittances made by foreign workers in Saudi Arabia to lower economic growth, the suspension of government projects and a drop in the SMEs activities. It is worthy to mention that the expats sent home 10.77 BN SAR (2.87 BN USD) in February 2017 which declined by 15% compared to the same period last year.
The real estate market in Ras Al Khaimah has grown by 45% from 34 BN AED (925 MM USD) in 2011 to 4.97 BN AED (1.34 BN USD) in 2015.
Two suicide bombs hit two churches on Palm Sunday. The first took place in Saint George church in Tanta, north of Cairo leading to the death of 27 and the injury of 78, while the second took place in Saint Mark Cathedral in Alexandria leading to the death of 17 and the injury of 48. ISIS has claimed its responsibility for the attacks.
New airstrikes targeted Khan Sheikhoun town in Syria that was hit by a chemical attack last week killing more than 80 people.
President Trump and President Abdel-Fattah Al-Sisi have met last Monday for various topics including the collaboration against ISIS and bolstering Egypt economy.
Two Iraqi army pilots were killed when their helicopter was shot down over the city of Mosul by Islamic State.
Britain has allocated 1.24 BN USD to help Syrian refugees and the host countries. Millions were displaced due to six years of civil war.
Flydubai, the national carrier has celebrated the 7th anniversary of operating in the Kuwaiti market as the number of travelers has reached 3.4 million in December 2016.
Abu Dhabi Water & Electricity Authority (ADWEA) has raised its stake in Abu Dhabi National Energy Co (Taqa) to 74% compared to 52.38%.
Careem, the region's leading ride-hailing service has announced that it is now integrated with Google Maps. The service is available on Android and IOS to the users in the UAE and will be rolled out in Jordan and other markets within weeks.
KAMCO Investment Company has acquired the largest distribution warehouse of Amazon UK services Ltd worth 61 MM GBP (75.4 MM USD). It is worthy to mention that KAMCO has become the sole owner of the property and it aims to achieve a targeted cash yield of 6.5% annually.
Oman Air will start its new daily flight between Muscat and Manchester as of the 1st of May 2017. The daily service of Oman Air will be operated by an A330-200 in addition to the double daily flight from London Heathrow, making Manchester the only airport outside of London to have direct flights to Muscat.
The Qatari Supreme Committee for Delivery & Legacy (SC) has awarded the contract to manufacture seats for three of the 2022 FIFA World Cup venues to Coastal Qatar, a specialized Qatari manufacturing and construction company. The Doha-based factory will produce 500 seats a day to be installed at Al Wakrah, Al Bayt - Al Khor City and Al Rayyan stadiums. Coastal Qatar will also maintain the 140,000 seats at the three stadiums.
Siemens will supply an SGT-500 gas turbine that will power the new citric acid plant of Saudi Bio-Acids Company, located 35 km south of the Jeddah port. Siemens solution will address the base and peak load power requirements of the plant, which is expected to be operational by mid-2018.
Emirates NBD KSA has got the approval of the Saudi Arabian Monetary Agency (SAMA) to open three new branches in Riyadh, Jeddah and Al-Khobar in addition to Riyadh main branch.
Sports and Culture
Saudi Arabia is planning to build entertainment city near Riyadh on a 334 sq km that will open in 2022. The city will have feature sports, cultural and recreational facilities including safari and a Six Flags theme park. It is worthy to mention that Kingdom Public Investment Fund will be the main investor.
Egypt national team is ranked the 25th among the 30 most expensive international football teams in the world at a value of 59.5 MM EUR. Argentina is the most expensive team in the history of the game with the best player, Messi.
KFC is planning to stop serving chicken raised with antibiotics, in order to better preserve the human health. The change will be completed by the end of next year in all U.S restaurants.
