This report is designed to give you a snapshot about the MENA region tackling multiple issues:
48.65 USD 1,284 USD
/USD
/EUR
EGP
8.88
9.73
AED
3.67
4.02
QAR
3.64
3.99
SAR
3.75
4.11
BHD
0.38
0.41
OMR
0.39
0.42
Economic Outlook
Amid a low seasonal demand in Europe, Iran's oil exports are set to decline at a four- month low rate of 5% in November 2016 to reach 1.89 million barrel per day.
Kuwait has raised the minimum requirement for family visas from 250 to 450 KWD in a move that is believed to adversely affect the familial life for those earning below the threshold.
To develop major projects that will help diversify the economy, Oman aims to attract private sector funding to finance 80% of the projects in a move to minimize state funding amid the oil crisis.
Egypt's central bank will provide 10 BN EGP of finance to youth-led technological projects in a move to increase economic feasibility. The money is part of the bank's 200 BN EGP initiative to support and boost small and medium-sized industries.
The volume of trade exchange between Egypt and Poland is expected to reach approximately 600 MM USD by the end of 2016.
Qatar's producers price index (PPI) rose about 3% in August compared to last month as a rebound in global oil market has lifted the sentiments of domestic industrial sector.
Abu-Dhabi's non-oil foreign trade has increased in H1-2016 to reach 84.349 BN AED through various customs ports registering an increase of 59 MM AED compared to the same period last year.
Amid the oil crisis, Qatar's trade surplus has declined at a rate of 25.8% in September 2016 compared to last year.
According to Jordan's department of statistics, the country's unemployment rate has stood at 15.8% in Q3-2016 whereas the jobless rate stood at 13.8% for men and 25.2% for women.
Egypt's petroleum minister has announced that the ministry has signed around 70 new agreements with investments worth 15 BN USD during the last three years.
Qatar's central bank has reported that Qatar's banks "remain healthy" overall as more than 80% of their non-performing loans are provisioned.
Due to torrential rain and flooding in Egypt; 7 people were dead and 23 injured in Ras Ghareb, Hurghada, 6 people were dead and 24 injured when two buses and three other vehicles overturned in floods on a highway in Sohag. In addition, 2 people died as a result of the Fayed's thunder.
Turkish jets and armor, in support of Syrian rebels, have struck Kurdish fighters in recent days as they compete to capture land from Islamic State that Ankara demands as a buffer zone against militants near its border. The fight is complicating plans to drive their mutual enemy Islamic State from its Syrian capital Raqqa.
To take the Iraqi city of Mosul from the Islamic State, France announced that it would prolong until mid-December the operations of the French naval group including the Charles-de-Gaulle aircraft.
According to judicial sources, an Egyptian court confirmed a 20-year prison sentence against former president Mohamed Mursi over the killings of protesters during demonstrations in 2012.
Extending a series of demonstrations against austerity measures in the 2017 budget, thousands of Tunisian lawyers went on strike to protest the new taxes and tighter fiscal controls on their profession.
As a result of falling oil prices and a highly competitive local market, the Saudi telecom subsidiary, Kuwait Viva, has reported a 14% fall in Q3-2016 net profits.
Greece's privatization agency has sold Astir palace a luxury seaside resort outside Athens, to Turkish-Arab fund Jermyn Street Real Estate Fund at 400 MM EUR.
The Islamic Development Bank (IDB) has appointed 9 banks - including: Boubyan Bank, Credit Agricole, Gulf International Bank, JP Morgan, Mizuho, Natixis, NBAD, RHB and Standard Chartered - to arrange a new Islamic bond issue which is likely to exceed 1 BN USD.
To establish a major bio-refinery complex at the Duqm Special Economic Zone (SEZ), Omani-Indian joint venture Sebacic Oman will invest around 1.2 BN USD over the project which is expected to be done over a 10-year time frame.
Twitter Inc. has witnessed a sharp slowdown in its revenue growth rate in Q3-2016 as it reached 8% compared to 20% growth rate in Q2-2016. The company is also willing to cut its global workforce by 9% this year.
Unilever has established a new personal care manufacturing facility in Egypt worth 24 MM USD. The factory is located in the 6th October city.
SATS, Singapore's biggest ground handler at Shanghai Airport,`is investing nearly 108 MM SAR to build new air cargo facility at King Fahd International Airport (KFIA) in Dammam.
Emaar, Dubai's largest property developer is expecting to reduces its costs by 20% in 2017 according to its chairman.
Nissan company has completed the acquisition of 34% equity stake in Mitsubishi Motors Company (MMC).
According to Egypt Central Bank, net foreign direct investments (FDI) has fallen by 21.5% in the financial year ending 30 June 2016 to stand at 992.9 MM USD.
Japan has secured a 460 MM USD loan to Egypt to finance the completion of the Grand Egyptian Museum. The museum will be a display for the country's pharonic history.
The world's first nature inspired mall is to be launched in Dubai by Cityland group. The mall is scheduled to be opened in Q2-2018 and is expected to receive 12 million visitors annually.
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