This report is designed to give you a snapshot about the MENA region tackling multiple issues:
48.40 USD 1,269 USD
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.
.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.
Egypt construction company Hassan Allam has signed 850 MM EGP (46.9 MM USD) in infrastructure and social housing projects since December 2016.
Qatar Airways suspends flights to Egypt, UAE, Bahrain and Saudi Arabia amidst diplomatic crisis. The closure of the airspace of these countries also forces Qatar Airways to use much longer routes for most of its flights.
Oman Air plans to expand its flights to Doha to meet the expected increase in demand.
The International Islamic Trade Finance Corporation (ITFC) signed two Islamic Financing contracts at the amount of 310 MM USD with the government of Tunisia.
Siemens will supply the key components for the Attarat steam power plant in Jordan. The customer China Energy Engineering Group Guangdong Power Engineering Co. Ltd. will build the facility as general contractor for the operator of the plant. The power plant will start operation in mid-2020 and will feed up to 470 megawatts to Jordan's power grid.
FIFA, the world's football governing body discusses the 2022 World Cup organizations with Qatar upon political crisis.
The governments of Bahrain and the UAE have launched an assistance line and a directive to assist the humanitarian cases of Bahraini-Qatari and Emirati-Qatari families respectively.
Mars in the UK and Ireland is recalling some bars of Galaxy, Malteasers Teasers and bags of Minstrels, as they may contain salmonella. Salmonella Symptoms include diarrhea, stomach cramps and sometimes vomiting and fever.