Issue  No.129
12 June 2017

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


        48.40  USD         1,269  USD


  Economic Outlook
  • Egypt Finance Ministry announced that Egypt has attracted 8.4 BN USD in Foreign Direct Investments (FDI) in domestic debt securities since the devaluation of the pound in November 2016. On the other hand, the inflation rate has dropped by 2% reaching 29.7% in May 2017.   
  • Qatar economy is severely hit as a result of the diplomatic crisis. The crisis has resulted in a stock market crash, a looming food crisis and a chaos in the banking and transportation sectors in Qatar.
  • The Qatari Riyal, which is pegged by the Qatari central bank to the US dollar, dips to an 11-year low of 3.6517 USD/QAR.
  • Commercial Banks in Saudi Arabia and the UAE are freezing their dealings with Qatari banks amidst diplomatic crisis.
  • Food exports from the UAE and Saudi Arabia to Qatar are halted as a result of diplomatic crisis. Qatar has traditionally relied on its neighbors for food supplies.
  • China Construction Bank (CCB) listed 1.2 BN USD bond on Dubai's Nasdaq. CCB is one of China's leading banks with a market capitalization of 192.6 BN USD. This marks its second listing in Dubai.
  • Jordan will construct three projects to improve water supply and reduce water loss that has begun in Balqa Governorate, where water loss is estimated at 60%. The three projects target the water network in Balqa, located 35 km northwest of the capital. The projects will worth 350,000 JOD and will be implemented by local contractors.
   Political Events
  • The Egyptian government affirms that Qatari investments in the country are protected under Egypt's laws.
  • UAE has banned people from expressing sympathy toward Qatar and accordingly will send the offenders to jail up to 15 years.
  • Kuwaiti Emir travels briefly to Saudi Arabia to discuss the dispute with Qatar with King Salman. The Kuwaiti Emir is acting as a mediator in the crisis.
  • Amidst the crisis, Jordan reviews relationships with Qatar, downgrades its diplomatic representation and withdraws Al Jazeera Channel license. 
  • Qatar begins negotiations with Turkey and Iran to provide food supply. Qatar is seeking to avoid food shortages after losing its largest suppliers: Saudi Arabia and the UAE.
  • Trump praises the Saudi stand towards Qatar and claims that it represents the beginning of the end for terrorism.
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   Stock Market
  • .KWSE banking sector has declined led by Ahli United Bank (AUB) and real estate sector led by Al Massaleh.
  • .QSI market has witnessed a significant drop after the Arab countries have cut the diplomatic and economic ties. Accordingly real estate sector has declined led by Mazaya Qatar and Barwa. In addition, banking sector declined led by Qatar Islamic Bank.
  • .ADI banking sector has declined led by Union National Bank (UNB). On the other hand, real estate sector increased led by Eshraq Properties.
  • .DFMGI real estate sector retreated led by Arabtec Holding.
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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