The Most Highlighted News
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Trade exchange
between
Egypt
and the
United States
increased by
29.2%
in the first seven months of 2018 reaching 3.8 BN USD (68 BN EGP), compared to 2.96 BN USD (53 BN EGP) in the same period in 2017.
- US is one of the major markets for Egyptian imports, which totaled 832 MM USD in the first seven-month of 2018.
- American investments in Egypt now stand at 2.4 BN USD, distributed over 1,222 projects across various sectors, accounting for nearly 35.4% of American investments in Africa, and 46.2% in the Middle East.
- Egypt is the biggest receiver of American investment in the continent and the second in the MENA region.
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The
Suez Canal Authority
has signed
three contracts
valued at over
1 BN USD
with major Chinese companies specialized in the industry of textile and gypsum boards. The contracts will be executed at the
China-Egypt
TEDA Suez Economic
and Trade Cooperation Zone
in Ain El Shokhna:
- The first contract was signed with Shandong Ruyi Technology Group Co, upon which the Chinese textiles and clothing company seeks to pump 830 MM USD investments in setting up an industrial zone for textile production at TEDA which will provide 10,000 jobs.
- The second contract was signed with Taishan Gypsum Co Ltd, which it plans to establish a gypsum products factory at TEDA with 125 MM USD in investments, which will provide around 300 jobs.
- As for the third contract, the SCA signed the deal with Xiamen Yan Jiang New Materials Co to manufacture and supply non-textile products at the Chinese-Egyptian industrial zone. The contract will be implemented at a value of nearly 50 MM USD and will offer around 200 jobs.
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Egypt
is ranked the
second wealthiest country
in Africa in 2017 with a net worth of
330 BN USD
.
South Africa
topped the list with a net worth of
722 BN USD
, while
Nigeria
came in the
third
place with
253 BN USD
. However,
Cairo
came in the
third
spot among the
wealthiest African capitals
as the net worth of individuals living in the Egyptian capital estimated at
140 BN USD.
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Egypt central bank
is expected to leave
interest rates on hold
as emerging market turbulence weighs on the economy even as inflation shows signs of slowing. The bank monetary policy committee was likely to maintain its deposit and lending rates at
16.75%
and
17.75%
respectively.
- In June 2018, prices leapt after the government reduced subsidies on electricity and a wide range of fuel products, including petrol, diesel, fuel oil and natural gas, part of a program drawn up with the IMF two years ago to reduce the budget deficit. In May 2018, the government also raised the price of metro tickets.
- The yearly inflation ratio declined to 14.24% in August 2018 compared to 31.92% in August 2017, when the bite of the fiscal reforms was at its most painful. Despite the improving inflation figures, investors have grown warier of Egypt and other emerging markets since currency crises hit Turkey and Argentina in August.
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Egypt domestic liquidity
increased by
17.8%
y-o-y to
3.49 TR EGP
at the end of July 2018, compared to 2.94 TR EGP in July 2017. On a monthly basis,
liquidity increased
slightly in July 2018, compared to 3.45 TR EGP in June 2018.
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The Saudi Arabia-based Islamic Corporation for the Development of the Private Sector (
ICD
) has signed
sharia-compliant financing agreements
with
six banks
in
Uzbekistan
. Uzbekistan, the most populous country in Central Asia where a majority of its
32 million people
are Muslim, is introducing Islamic finance rules to expand its banking sector and tap foreign markets.
- The financing lines from the ICD, the private-sector arm of the Islamic Development Bank Group, are modest in size but would help local banks offer Islamic financial products of their own.
- The lines include a 7.5 MM USD financing agreement with state-controlled Asaka Bank, which would be used to support private companies.
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Saudi Aramco
has signed a
long-term deal
with
Zhejiang Rongsheng
to supply crude oil to the
Chinese company new refinery
in eastern China. Zhejiang Petrochemical, 51% owned by textile giant Rongsheng Holding Group, was in August awarded a quota to import 5 million tons of crude oil in 2018. The company plans to start up its
400,000-barrels-per-day
refinery-petrochemical project in eastern China in late 2018.
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Saudi Basic Industries Corp. (
SABIC
) is preparing to offer its dollar-denominated unsecured bond to the global market with investor meetings. SABIC will be meeting investors in London, New York, Los Angeles and Boston. The Saudi company is likely to be keen to tap into the
heightened international interest
in Saudi Arabia financial markets following the lifting of some restrictions on foreign investors’ activities at the start of the year.
- SABIC has also confirmed the appointment of BNP Paribas and Citigroup as global coordinators on the sale, alongside HSBC Bank, Mitsubishi UFG Securities EMEA and Standard Chartered Bank acting as joint lead managers, in its Tadawul note.
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The
Saudi Authority for Intellectual Property
has signed an MoU with the
South Korean Intellectual Property Office
to cooperate in the
protection of intellectual property rights.
The MoU aims to establish a general framework for intellectual property cooperation between the two countries and the development of automation systems, including workflow mechanisms, information systems and administrative processes.
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The Saudi Cabinet expressed its approval for a royal order establishing a
rural development program
for sustainable agriculture that will support and
develop the dates and palms sector.
The program, backed with an initial capital outlay of
1.5 BN SAR
and investment of more that
7 BN SAR
over
seven years
, is an extension of the king’s care for Saudi farmers.
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The
Export Unit Value Index
in the Emirate of
Abu Dhabi
was up to
87.3%
in Q2-2018, a growth of 7.6% compared to 81.2% in Q2-2017. In the meantime, the
Import Unit Value
Index
increased to 108.7% in Q2-2018 compared to 103.4% compared to Q2-2017. UAE has maintained its position as the most important market for commodity exports and imports in the region.
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It is predicted
that integrating the two economies of
UAE
and
Saudi Arabia
will create an economic entity with a
GDP
of around
1.1 TR USD.
Trade and economic relations between the UAE and Saudi Arabia are the
largest
among the
GCC countries
, and the UAE is a key trading partner of the kingdom in the Arab region. According to the latest figures:
- The GDP of Saudi Arabia in 2017 reached 685 BN USD, while the UAE GDP reached 407.2 BN USD.
- The total non-oil intra-trade between the UAE and Saudi Arabia amounted to 720 BN AED (196 BN USD) since the establishment of the GCC Customs Union in 2003 until the end of H1-2018, marking a growth of 1,23%.
- UAE imports from the Kingdom reached 244.2 BN AED (67 BN USD) during the monitored period and exports to 144.8 BN AED (39.7 BN USD).
- UAE re-exports totaled 330.9 BN AED (90.6 BN USD) during the same period.
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The UN Human Development Index (
HDI
) in 2017 has joined the UAE into the comity of nations that have achieved "
Very High Human Development
" for their citizens and residents. The Emirates was ranked
34
th
in the index, one mark lower than in 2016 but still better than 155 countries. The UAE is ranked high in HDI mainly due to two key social parameters:
- Life expectancy and education have seen significant improvement for the UAE over the years. This is mainly because of its sustained policies and focus by the authorities to provide a state-of-art-health and education infrastructure in the country.
- UAE is well-poised to become a major hub in the region both for health and education. In addition, the UAE is also in the forefront in the Gender Development Index, signifying the active role of women and their empowerment in all walks of life.
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Emirates Islamic
, one of the leading Islamic financial institutions in the UAE, announced the launch of
home finance solutions
to help
non-residents
purchase property in the UAE. Investors residing in Kuwait, Oman, Bahrain, Saudi Arabia, India, the United Kingdom, China, Hong Kong and Russia can benefit finance
up to 50%
of their UAE property value for a
25-year
tenure at attractive profit rates.
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Dubai-based BIC contracting Company (
BICC
) received a contract worth of
28 MM USD
(103 MM AED) from
real estate developer Arada
for construction works at the
Aljada
project
. BICC will be entrusted with supervising and executing all infrastructure development works, including water, power and road networks for the first phase of the development.
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Dubai Investments PJSC
, the leading diversified investment company listed on the Dubai Financial Market, has announced its readiness to provide innovative solutions to the
construction sector
through diverse activities provided by its
18 subsidiaries
working in the sector.
- Dubai Investments expansion plans stem from its interest in supporting the strategy of economic diversification supported by the UAE leadership to reduce dependence on oil resources.
- In addition, Dubai Investments has contributed to strengthening the industrial base of the country, upgrading local capacities to keep pace with global industrial and technical developments, and providing support to future projects and sectors in the country.
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Qatar Al Khalij Commercial Bank
mandated Barclays, QNB Capital, Standard Chartered and Qatar Commercial Bank to arrange fixed income investor meetings in
Asia
and
Europe
before a potential U.S. dollar-denominated benchmark bond issue. Benchmark deals are generally meant to be upwards of
500 MM USD.
The Qatari lender is rated
A3
by Moody's and
A
by Fitch.
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Huawei
, a leading global provider of information and communications technology (
ICT
) infrastructure and smart devices, has become one of the first technology firms to register with
100% ownership in Qatar
. The move is intended to accelerate the development in all economic and commercial activities, attract foreign capital inflow, and achieve economic diversification in accordance with the Qatar National Vision 2030. In order to support its increased activities in the country, the company has also opened a new office in West Bay, Doha.
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Turkey
will sign an
economic and trade partnership agreement
with
Qatar
, in order to secure cheaper supply of refined oil products and natural gas. The deal will target a comprehensive liberalization of goods and services trading between the two countries, will also include telecommunications sector and financial services.
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Qatar Petroleum (
QP
) has concluded a
3-year sale agreement
to
supply India
Haldia Petrochemicals Ltd. (
HPL
) in West Bengal, with a total of
600,000 tons
of
Light Naphtha
starting in 2018. This long-term supply agreement is the
first naphtha feedstock sale of Qatar Petroleum
for the Sale of Petroleum Products Company (
QPSPP
) to an end-user in India, highlighting QPSPP push for more direct sales with established end-users.
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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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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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