Issue  No.122
24 April 2017

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


        52.98  USD         1,271  USD


  Economic Outlook
  • According to Central Bank of Egypt (CBE), foreign currency inflows into the Egyptian banking system have reached 19.2 BN USD since the Egyptian pound was floated in November 2016. CBE has raised the interest rate by 3% and removed the currency peg of 8.8 EGP per USD.
  • The trade volume between Qatar and Turkey is expected to grow 10-15% in 2017. The trade between the two countries reached 700 MM USD.
  • Saudi Arabia government estimates a new tax on tobacco and sugary drinks that will generate between 8-10 BN SAR (2.1-2.7 BN USD) annually. The aim of this increase is to close a budget deficit that totaled 297 BN SAR last year in Q2-2017. 
  • Tunisia expects its budget deficit in 2017 to reach 5.9% compared to the expected 5.4% due to the higher fuel costs and the fall in the local dinar value.
  • The steel consumption of the UAE market in 2017 will increase by 10% compared to 2016, encouraged by several infra-development projects such as the hosting of World Expo 2020.
  • Morocco plans to start the process of floating its dirham currency by June 2017, as part of an economic liberalization program planned with international lenders. The governor of the central bank declares that the process to full exchange rate flexibility might take 15 years. 
  • Lebanon balance of payment has recorded a surplus of 509 MM USD in the first two months of 2017 due to a 57% increase in the financial inflows that reached 3.3 BN USD over the first two months in 2017 compared to 2.1 BN USD in the same period last year. 
   Political Events
  • Gunmen attacked security forces near Egypt Saint Catherine's Monastery in South Sinai, killing at least a police officer and injuring four.
  • A gas pipeline exploded near a sewage station in Cairo killing one person and injuring 17 with varying burn degrees.
  • President His Highness Sheikh Khalifa bin Zayed Al Nahyan has appointed Mansour Ibrahim Al Mansouri as Director-General of the National Media Council, NMC.
  • Abdullah Ibrahim Abdullah Al Shihhi, UAE Ambassador to the Republic of Iraq, has met with the Prime Minister of Iraq Haider al-Abadi. They discussed ways of developing bilateral relations across various fields including trade investments and economy.
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   Stock Market
  • .TASI banking sector has declined led by Al Rajhi Bank and telecommunication sector led by Etisalat and Zain.
  • .QSI banking sector has declined led by Commercial Bank of Qatar (CBQ) and Qatar International Islamic Bank (QIIB). On the other hand, telecommunication sector has significantly increased led by Vodafone Qatar.
  • .ADI real estate sector has declined led by Aldar Properties. On the other hand, banking sector has slightly increased led by Abu Dhabi Islamic Bank (ADIB).
  • .DFMGI real estate sector has declined led by Arabtec Holding and banking sector led by Dubai Islamic Bank (DIB).
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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