Issue  No.137
14 August 2017

This report is designed to give you a snapshot about the MENA region tackling multiple issues:


        51.63  USD         1,281  USD


  Economic Outlook
  • The performance of Suez Canal in Egypt has improved in 2017 compared to 2016, where the revenues for the first six months increased from 2.91 BN USD in 2016 to 2.93 BN USD in 2017. The number of ships that cross the canal increased by 2.1% from 9,745 in 2016 to 9,949 in 2017. However, after the increase in the revenues in the first six months, a decrease of 2.8% has been noticed in July 2017.
  • A study by Kuwait Parliament Studies and Research Center indicates that most of the foreigner workers in Kuwait own fake visas. Expatriates represent the majority of the labor force in Kuwait. However, it was reported that in 2015, 38.7% of the expatriates have certificates less than primary level and 34.6% have intermediate education certificates. This category of low education expatriates are the ones targeted by the Visa traders.
  • Tourism in Saudi Arabia is witnessing an increase representing the highest contribution to the GDP among non-oil economic sectors. Tourist trips in 2016 have exceeded 47.5 million trips. Also, the revenues coming from tourism increased from 15.2 BN USD in 2004 to 43.2 BN USD in 2016. Accordingly, this will increase the contribution of the tourism sector to Saudi GDP to reach 81 BN USD in 2026. It is also expected that the domestic tourism sector will grow by 40% in 2020.
  • In order to encourage the air transport and tourism of the country, Qatar allowed entry with free visa for 80 countries. Since the boycott of the UAE, KSA, Egypt and Bahrain and cutting all the transport links, hotel occupancy rates decreased and about 25% of the Qatar Airways flights have been suspended.
  • A number of 95,000 real estate transactions have been implemented in Dubai from January 1st, 2016 to July 31st, 2017 with value exceeding 390 BN AED. Unit transactions have the highest number of transactions in the real estate sector with about 63,903 transactions worth 86 BN AED. Land transactions have the highest value in transactions, with about 24,000 transactions worth 283 BN AED.
  • The amount of personal loans issued by banks in UAE increased by 4.7% reaching 15.7 BN AED (4.27 BN USD) in June 2017. On the other hand, loans granted to businesses have declined by 16.6% in the same period.
  • Growth in the non-oil sector of the Bahraini economy has reached 4.4% in Q1-2017 compared to 3.7% during 2016. This growth was driven by the strong performance across the non-oil private sector, with momentum continuing to be supported by large-scale infrastructure projects.
   Political Events
  • A train collision in Alexandria between two trains led to the death of 41 people and the injury of 133. The collision occurred between one train travelling from Cairo to Alexandria and another from Port Said at Khorsid station. An Egyptian prosecutor has ordered the detention of the train drivers and their assistants involved in the fatal collision last Friday.
  • A series of attacks took place last week in Egypt. The first attack took place in Esna, South of Luxor, when a policeman stopped a car containing two armed men. Two people were killed; a policeman, a civilian and three civilians were wounded as a result of the attack. The second attack was in North Cairo where a group of criminals opened fire on policemen, killing two and wounding one policeman. The last attack took place in Al-Arish City in North Sinai, where the policemen were hunting some criminals and were shot dead by those criminals.
  • Saudi Arabia continues to support Yemen to fight the Cholera, through the World Health Organization (WHO). After previously donating 8.2 MMUSD and 500 tons of medicines, Saudi Arabia donates 33.7 MM USD last week as part of the promised 66.7 MM USD to UNICEF and the WHO to support Yemen.
  • Emirates airline will add four more flights to Egypt every week starting from October 29th, 2017. This will increase the frequencies between the two countries to be three times a day and 21 times a week.
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   Stock Market
  • .EGX30 banking sector has slightly increased led by Commercial International Bank (CIB) and telecommunication sector led by Telecom Egypt.
  • .TASI telecommunication sector has declined led by Zain and real estate sector led by Dar Al Arkan.
  • .QSI banking sector has declined led by Doha Bank and Qatar Islamic Bank. In addition, real estate sector declined led by Barwa Real Estate.  
Note: Weekly values are calculated on Thursday of each week.
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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
Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel: +97143518187

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