This report is designed to give you a snapshot about the MENA region tackling multiple issues:
52.40 USD 1,267 USD
/USD
/EUR
EGP
18.10
20.22
AED
3.67
4.10
QAR
3.64
4.06
SAR
3.75
4.18
BHD
0.38
0.42
OMR
0.39
0.42
Economic Outlook
Egypt budget deficit has declined to 8% of GDP in the first nine months of 2016/2017 compared to 9.4% in the same period last year.
Egypt has launched a 3 BN USD triple-tranche bond which taps its 1.75 BN USD bond maturing in 2022, the 1 BN USD notes due in 2027 and the 1.25 BN USD notes due in 2047.
Germany has extended 97.4 MM EUR grant to Jordan in order to carry out a number of development-oriented projects in the Kingdom.
Jordan has imposed 16% taxes on gyms. The gym owners objected the announcement as they have to increase the prices of registration and training programs while the clients will not accept that increase.
Qatar power generation capacity is projected to increase by 50% in the next two years. Qatar plans to increase the country's power capacity to 13.1 GW by 2018. Accordingly, Qatar needs 9 BN USD investment in its power sector from 2016 to 2020.
Abu Dhabi government-owned power utility has closed 872 MM USD (3.2 BN AED) financing package to the world's largest solar power plant. Abu Dhabi Water & Electricity Authority (ADWEA) raised 650 MM USD in debt with the remaining 222 MM USD raised in equity.
Tunisia will invest 166 MM USD to produce more than 210 MW of renewable energy.
Ten unidentified gunmen opened fire on a bus carrying Coptic Christians near Minya in Upper Egypt leaving 28 people dead and 23 injured.
Jordan and Switzerland have signed an MoU to enhance political and security consultations and boost cooperation.
The UAE foreign minister has warned Europe that some countries could be classified as "incubators of terrorism" if they fail to better address extremism.
.EGX30 telecommunication sector has significantly increased led by Orascom Telecom and Telecom Egypt. In addition, banking sector increased led by Commercial International Bank (CIB).
.TASI real estate sector declined led by Dar Al Arkan.
.KWSE banking sector has declined led by National Bank of Kuwait (NBK).
Note: Weekly values are calculated on Thursday of each week.
Dana Gas has received an additional 74 MM AED (20 MM USD) from the Egyptian government as another partial payment of its outstanding receivables. Egypt has paid 25% of Dana Gas total overdue receivables of 283 MM USD.
Kuwait National Petroleum Co. (KNPC) has signed a 6.25 BN USD loan with international lenders to back its planned Clean Fuels project. In addition, KNPC is planning to build a large storage plant for oil products at a cost of 1.32 BN USD.
Kuwait Finance House (KFH) and Kuwait Credit Bank (KCB) have signed a protocol agreement for electronic payments. KFH customers will pay their installments to KCB through KFH website.
Petroleum Development Oman (PDO) has signed three contracts worth 35 MM USD with Omani Firms for the supply and servicing of compressors.
Qatar Islamic Bank (QIB) has announced opening a new branch in Doha Festival City, one of the largest shopping destinations.
Al-Enmaa Investment Company has established a real estate development fund to build the Darb Al Haramain complex that costs 4 BN SAR (1.07 BN USD) located in the old airport area in Jeddah. The project is planned to be completed by the beginning of 2018.
General Electric (GE) signed a 1 BN SAR (267 MM USD) joint venture agreement with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.
Dubai Emaar Malls will buy a 51% stake in e-commerce fashion website Namshi from Global Fashion Group (GFG), a start-up set up by Rocket Internet worth 151 MM USD as competition for technology deals heats up in the Middle East.
Julphar Gulf Pharmaceutical Industries has achieved sales amounting to 369.3 MM AED (107.89 MM USD) with a net profit of 44.1 MM AED (12.01 MM USD) in Q1-2017.
Omar Hegazy, a 26-year-old Egyptian adventurer and banker who had lost his left leg two years ago in motorcycle accident, has become the first amputee to swim from Egypt to Jordan crossing 20-kilometer stretch of the Red Sea's Gulf to Aqaba in less than nine hours.
Uber has announced operating in Al Mansoura City. Uber now is covering 3 key cities; Cairo, Alexandria and Al Mansoura which is a first move in Uber plan to expand in more cities in Egypt.
According to statistics issued by Ministry of Justice, 60% of marriages in Kuwait have ended in divorce this year. The first 2 months the total number registered in marriages was 2,001 while the divorces reached 1,193.
