This report is designed to give you a snapshot about the MENA region tackling multiple issues:
28.4 USD 1,089 USD
/USD
/EUR
EGP
7.83
8.53
AED
3.67
4.00
QAR
3.64
3.97
SAR
3.75
4.08
BHD
0.38
0.41
OMR
0.39
0.42
Economic Outlook
In response to the fall in oil prices, Bahrain government has decided to increase domestic gasoline prices. The regular fuel will be priced 0.125 BHD per liter instead of 0.090 BHD, and the super fuel will be priced 0.160 BHD per liter instead of 0.100 BHD.
According to the Department of Statistics (DoS), Jordan's Inflation in 2015 has dropped by 0.9% compared to 2014. In addition, the average consumer prices in December 2015 dropped by 1.6% compared to the same month in 2014. It's worthy to mention that the DoS will start using 2010 as the base year when calculating inflation instead of 2006.
According to the Central Bank of Egypt, the government has sold a worth of 897.9 MM USD in one-year treasury bills with an average yield of 3.248%
Analysts are expecting unrest in the Middle East and Africa (MEA) region economy as a result of the broken ties between Saudi Arabia and Iran, since the two countries have import-export ties. It's worthy to mention that the volume of Saudi Arabia exports to Iran was 102 MM USD by the end of 2014 and the size of imports from Iran was 181 MM USD
Gulf Arab States are finalizing the draft law on value-added taxes (VAT) that will be implemented starting from 2018. Each state of the six Gulf States will have their own VAT law, falling under the Gulf Cooperation Council law.
According to the Arab-Brazilian Chamber of Commerce (ABCC), the total Brazilian machinery exports to Arab countries increased in 2015 by 7% to reach 226.3 MM USD, compared to 211.43 MM USD in 2014. It is worth noting that the main importing countries were Egypt, Saudi Arabia, and UAE
The government of Oman completed a loan worth 1 BN USD, with a margin of 120 basis points over London interbank offered rate (Libor). It is worth mentioning that Oman was using 110 basis points over Libor before, but they had to increase the margin as investors are currently demanding more return after S&P had downgraded the country's debt.
Iraq has signed IMF monitoring program in order to push the foreign reserves down from 59 BN USD in October 2015 to reach 42 BN USD in 2016. The aim behind this drop is to finance the balance of payment deficit.
Qatar faced 2.7% increase in prices in 2015. According to the Ministry of Development Planning and Statistics, the cost of education increased by 18% and tobacco prices by 6.3%, transportation by 3.1%, food and beverages by 0.7%, and communication (phones) by 3.2% compared to the previous year.
After the issuance of the International Atomic Energy Agency's (IAEA) report about the Tehran's disputed nuclear program, the sanctions on Iran will be lifted. According to the nuclear agreement of July 14, 2015, the sanctions on Iran will be lifted in exchange for Iran's shrinking atomic program.
Ali Abdul Aal and El Sayed Mahmoud Sherif were elected as the new parliamentary speaker and the first deputy parliamentary speaker respectively, for Egypt's new House of Representatives. Ali Abdul Aal was elected by 401 votes and El Sayed Mahmoud Sherif was elected by 345 votes.
A fire broke out at an industrial oil waste storage tank in Saudi Arabia, Jubail. The fire was brought under control without losses. However, the reason behind the fire was not reported yet.
An explosion at the Central Istanbul Square has left fifteen wounded and ten people killed according to Istanbul governor's office.
The Kuwaiti stock market witnessed a negative performance during the first two weeks in 2016. Real Estate sector was the top decliner led by Al Dar National Real Estate.
.QSI banking sector declined led by Ahli Bank Qatar.
.ADI banking sector declined led by First Gulf Bank, followed by real estate sector led by Aldar Properties and RAK Properties.
.DFMGI real estate sector declined led by Emaar Properties, followed by banking sector led by Emirates NBD, and finally Investments & Financial Services declined led by Amlak Finance.
Index Watchlist
Weekly % Change
YTD% Change
Egypt
.EGX30
-10.4%
-11.4%
Construction & Materials
-6.2%
-6.6%
Telecommunication
-10.4%
-11.1%
Banking
-10.3%
-10.4%
KSA
.TASI
-7.4%
-12.6%
Petrochemicals
-1.2%
-11.4%
Banks & Financial Services
-7.2%
-10.7%
Telecommunication & Information
-8.2%
-11.5%
Kuwait
.KWSE
-3.8%
-4.7%
Banking
-4.03%
-4.6%
Telecommunication
-0.9%
-1.5%
Financial Services
-4.3%
-5.3%
Real Estate
-6.9%
-7.7%
Industrials
-3.2%
-4.2%
Qatar
.QSI
-6.6%
-9.8%
Banking & Financial Services
-7.8%
-11.2%
Industrials
-5.7%
-9.7%
Real Estate
-5.6%
-9.4%
Telecommunication
-4.7%
-4.8%
UAE, Abu Dhabi
.ADI
-5.8%
-6.7%
Banking
-8.9%
-10.3%
Telecommunication
-1.2%
0.6%
Real Estate
-6.5%
-8.5%
UAE, Dubai
.DFMGI
-4.9%
-7.3%
Banking
-5.2%
-7.0%
Real Estate & Construction
-6.5%
-10.0%
Investments & Financial Services
-3.0%
-6.5%
Telecommunication
0.2%
-0.2%
Note: Weekly values are calculated on Thursday of each week.
Emirates NBD signed an agreement with Allianze Egypt for offering Bank assurance services for all the bank's clients across Egypt. From the services is life insurance, educations plans, retirement plans, group pension plans, lifetime financial planning, and investment plans.
Abraaj Group, a Dubai-based private equity firm, will buy a majority stake in India's CARE hospital from Advent International.
Qatar National Bank (QNB) is planning to issue a capital-boosting bond. The bank has gone through several acquisitions in the efforts to become the largest bank in the Middle East and Africa from currently being the second. The latest was the acquisition of Turkey's Finansbank from the National Bank of Greece.
Dubai Arabtec was awarded 2 BN AED by Abu Dhabi's Aldar Properties in order to build 1,017 luxury villas in the United Arab Emirates. According to Aldar, villas are expected to be handed over to the owners by the end of 2017.
Abu Dhabi Ship Building (ADSB), a company that provides construction and repair services, has signed a Memorandum of Understanding (MoU) with Drydocks, a company that provides shipping services, in hopes to establish an industrial entity to strengthen maritime projects in UAE.
Kuwait's Burgan Bank has chosen NBK Capital and KIPCO Asset Management Co to arrange a 100 MM KWD bond. The aim of the fund is to ease the liquidity that was affected by lower oil prices.
Economic Outlook
Stock Market
Major Companies Transactions
