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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17.71
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21.14
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AED
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3.67
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4.38
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QAR
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3.64
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4.34
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SAR
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3.75
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4.47
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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
- The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement with Egypt worth 12.5 MM KWD (42.5 MM USD) to fund a project that will provide drinking water in the Sinai Peninsula. The project is targeting some of Egypt most underdeveloped areas, including the Sinai Peninsula's capital city of Al-Arish, which suffers from a dearth of drinking water.
- Egypt GDP growth in Q1-2017/2018 financial year climbed to 5.2% compared to 3.4% last year. The country expects an economic growth rate of between 5-5.25% in the current fiscal year ending in June 2018.
- The Ministry of Petroleum and Mineral Resources intends to put forward a global bid to explore the oil resources of the Red Sea in Q1-2018. The Egyptian Holding Company for Natural Gas (EGAS) announced granting four international companies permission to explore for oil and gas in four sectors of the Mediterranean. There are investments of 306 MM USD and signing grants of 10.5 MM USD to dig eight wells and conduct three-dimensional seismic surveys.
- According to study by MENA Research Partners (MRP), the GCC construction market showed relative resilience in its performance, showing a 30% pick-up in 2017-to-date. With total GCC active projects at around 2.6 TR USD equivalent to 160% of regional GDP, the study concludes that regional construction market presents sufficient depth and opportunities for investors and regional market participants over the years to come.
- According to the UAE Central bank statistics, the asset value of 48 banks operating in the UAE amounted to around 2.3 TR AED (720 BN USD) by the end of September 2017.
- The Board of Directors of the Sheikh Zayed Housing program have approved the names of 737 Emiratis, who are eligible for housing support, with a total value of 476 MM AED in conjunction with the country celebrations of the 46th National Day.
- The Palestinian-Jordanian Business Forum has signed a Memorandum of Understanding (MoU) with the chambers union of commerce, industry and agriculture to reinforce economic cooperation and promote investment opportunities between the two countries.
- Jordan Minister of Planning and International Cooperation Imad Fakhoury and Water Minister Hazem El Nasser have signed a memorandum of understanding (MoU) with the Swiss government, initiating a 10-year cooperation in water sanitation and hygiene (WASH) and transboundary water management.
- Kuwait Finance Ministry was able to collect 10.080 MM KWD in taxes and fees during October 2017, raising its collections in seven months to 101.7 MM KWD, which is higher compared to the collected amount during the same period last year.
- The oil sector plans to employ about 6,845 Kuwaitis over the next five years starting from fiscal year 2018/2019. It is worthy to mention that the Kuwait Petroleum Corporation (KPC) and its subsidiaries intend to employ about 1,810 Kuwaitis within the next fiscal year, bringing the number of new employees in the oil sector during the current fiscal and the next to 4,000 Kuwaitis.
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Political Events
- Militants killed more than 230 people at Al-Rawdah mosque in North Sinai on Friday, exploding a bomb and gunning down worshippers in the deadliest such attack in Egypt modern history. Security officials and witnesses said the attackers used their vehicles to cut off escape routes and opened fire on ambulances as they reached the scene.
- The iconic Eiffel Tower switches off lights in tribute to the victims of Egypt mosque attack that killed more than 230 people.
- Egyptian President Abdel Fattah al-Sisi has met Saad al-Hariri, to address the latest developments in the region and developments of the Lebanon situation. On the other hand, Lebanese President Michel Aoun has said he will not accept Hariri's resignation until it is delivered in person and all sides in Beirut have called for his speedy return.
- Qatar is urging the four countries imposing a diplomatic and trade boycott against it to allow their nationals to attend the World Cup in Doha in 2022.
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Major Companies Transaction
- OLX Egypt, the leading classified ads online platform in the country and region, has announced the appointment of Dina Gobran as the new General Manager for OLX Egypt.
- The National Petroleum Construction Company (NPCC), part of the Senaat Abu Dhabi group, has signed a Memorandum of Understanding (MoU) with Petrojet of Egypt, to partner and cooperate for identification and execution of new projects in Egypt and wider region.
- Saudi Arabia State oil giant Saudi Aramco and petrochemical producer Saudi Basic Industries Corp signed a memorandum of understanding (MoU) to build a 20 BN USD complex converting crude oil to chemicals in the kingdom. The project, will be the largest crude-to-chemicals facility in the world.
- The Saudi Arabian Airlines has announced its winter offers which consist of huge discounts on its international flights reaching about 40%.
- Mobily and Souq.com have signed a partnership agreement. Mobily customers can now purchase SIM cards, post-paid plans, data packs, SIM top-ups, mobile routers, Mobily devices and many more products on Souq.com's website and app.
- For the third successive year, Bank Nizwa was honored the 'Strongest Islamic Retail Bank in Oman 2017' award during the annual Islamic Retail Banking Awards (IRBA) organized by the research firm in Dubai.
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Sports and Culture
- The Smart Dubai Office, SDO, has partnered with regional technology business solutions provider, Nearbuy, to host a trial of the first 'robot receptionist' in the Middle East. Farah, which stands at 1.50 meters tall, started work today at the Smart Dubai Office headquarters in the Dubai Design District. It features a touch-screen panel where visitors to the office can check in, automatically alerting the employee they are meeting of their arrival.
- A Saudi woman who works as a trainer in mobile phones maintenance said that more than 5,000 female trainees have graduated and entered the labor market in the past three years.
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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:
+97142820301
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