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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8.88
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9.92
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AED
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3.67
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4.09
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QAR
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3.64
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4.06
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SAR
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3.75
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4.18
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BHD
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0.38
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0.42
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OMR
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0.39
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0.42
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 Economic Outlook
- According to the International Monetary Fund (IMF), the global debt, both public and private has reached 152 TR USD amounting to 225% of the global economic output last year.
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Jordan's budget deficit has declined reaching 317 MM JOD in July 2016 compared to 374 MM JOD in the same period of 2015. The decline was driven by the flow of foreign grants to the country amid the Syrian refugee crisis. Moreover, the budget deficit before the grants would have reached 565.7 MM JOD compared to 681.6 MM JOD in the same period of 2015.
- Qatar has witnessed a 111% rise in the number of transactions in the real estate sector. In the fourth week of September 2016, that total number of transactions has reached 76 compared to 36 transactions in the previous week.
- Tunisia's finance minister has cut its growth outlook to 1.5% in 2016 compared to the expected 2.5%. The forecast drop was driven by difficulties in the phosphate sector where protests have disrupted production.
- Amid falling oil prices, Iraq's foreign reserves have dropped to 50 BN USD in October 2016 compared to 59 BN USD in the same period of 2015 as the OPEC nation continues to run a budget deficit because of falling oil income.
- Jordan's government has decided to cut electricity tariffs on some economic sectors and large consumers starting on November. The decision includes reducing power tariffs on mining industries and telecom operators by 27 fils per kilowatt an hour (kWh).
- Amid its trials to bridge its budget deficit caused by low oil prices, Algeria's government approved a 14% cut in its spending for 2017, following a 9% reduction in 2016.
- Saudi Arabia has started implementing new reforms starting the new hijri year including: a new entry Visa fee which amounts to 2,000 SAR. In addition,a Royal Decree announced 20% cut in ministers' pay, and 15% reduction in Shura Council members' salaries.
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In the first eight months of 2016, Oman's natural gas production and imports grew by 4.9% reaching 27,569 million cubic meters (MNCM) compared to 26,269 MNCM for the same period of last year.
- In 2015, the global expenditure of Muslim consumers has exceeded 1.9 TR USD while the Islamic Finance sector has reached around 2 TR USD in assets. Food and beverages comes on the top of Muslim spending by category, followed by clothing, media and recreation.
- To bridge its budget deficit caused by low oil prices, the Gulf states are planning to raise 50 BN USD through bond issuances.
- Morocco's GDP growth rate has amounted to 1% in Q3-2016 compared to 4.8% in the same period of 2015. The slowdown is mainly driven by a severe drought which hit the country's dominant farming sector.
- Egypt's foreign reserves has increased to reach 19.592 BN USD in September 2016 compared to 16.564 BN USD in same period of last year as the country received the first tranche of the World bank's 3 BN USD loan.
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Cairo Office:
Z
epter Office Building
S5-6 (beside Manor House School),
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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