This report is designed to give you a snapshot about the MENA region tackling multiple issues:
|
|
|
|
|
|
/USD
|
/EUR
|
|
EGP
|
18.10
|
20.26
|
|
AED
|
3.67
|
4.11
|
|
QAR
|
3.64
|
4.08
|
|
SAR
|
3.75
|
4.20
|
|
BHD
|
0.38
|
0.42
|
|
OMR
|
0.38
|
0.43
|
|
|
|
 Economic Outlook
- The Monetary Policy Committee (MPC) has announced the raise in discount rate by 2% reaching 17.25%. In addition, increasing overnight deposit rate, overnight lending rate and the rate of the Central Bank of Egypt (CBE) main operation by 2% reaching 16.75%, 17.75% and 17.25% respectively.
- Egypt has acquired two million tons of wheat from local farmers since its harvest began in mid-April. Egypt consumes 9.5 million tons of wheat to produce its subsidized bread; 4 million tons of which are sourced from local farmers and the remaining are imported
- Egypt will make a debt payment of 750 MM USD to international oil companies on 1st of June 2017. It is worthy to mention that Egypt's debts to international oil and gas companies have reached 3.5 BN USD.
- Egypt unemployment rate declined to 12% in Q1-2017 compared to 12.4% in Q4-2016, with the labor force growing by 71,000 people. The country has been struggling to restore economic growth since political uprising in 2011.
- Dubai trade with Qatar grew by 92% from 2011 to 2016, reaching 15 BN AED last year.
- Qatar investments in Turkey have reached 20 BN USD. An increasing number of Qatari companies are investing in Turkey, making Qatar the second leading investor in terms of value in Turkey.
- Saudi Arabia Health and Safety Association has announced that the work injuries in the private and public sectors have amounted to over 67,000 in 2016, costing over 370 MM SAR (100 MM USD) in medical treatment.
- UAE has provided the Yemeni healthcare sector, from 2015 to 2017 with financial support of 502 MM AED (137 MM USD) to support its medical and health services in emergency cases, as well as to train healthcare sector employees.
- The Emirates Nuclear Energy Corporation (ENEC) has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Sports Council under the Partners in Excellence initiative, to improve the quality of services at social and sports levels.
- Tunisia economy grew by 2.1% in Q1-2017 compared to zero growth in the same quarter last year. The growth was driven by a recovery in the phosphate production and tourism, which had been hit by Islamist militant attacks in 2015.
____________________________________________________________________________________________________________________
|
|
 Political Events
- U.S. President Donald Trump has signed a joint "Strategic Vision" with Saudi Arabia worth 110 BN USD American arms sales and other new investments.
- Egypt's President Abdel-Fattah El-Sisi and King Abdullah II of Jordan have stressed the importance of fostering international efforts to fight terrorism in the region during a meeting in Cairo last Wednesday. Discussions aimed at addressing the bilateral relations as well as regional issues, including the Palestinian-Israeli peace process.
- A car bomb exploded in Syria's Rukban refugee camp near the border with Jordan causing injuries.
- Three workers died and several were injured at a building site in Qatar, which has come under pressure to improve conditions for labor working on venues for the 2022 World Cup.
___
_________________________________________________________________________________________________________________
|
|
 Stock Market
- .TASI banking sector has slightly increased led by Alinma Bank and telecommunication sector led by Zain.
- .KWSE banking sector has slightly increased led by Boubyan Bank and Ahli United Bank.
- .QSI banking sector has declined led by Doha Bank.
Note: Weekly values are calculated on Thursday of each week.
___
__________________________________________________________________________________________________________________
|
|
|
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
|
|
|
|
|
|
Copyright © 2015. All Rights Reserved.
|
|
|
|
