Issue  No.140
11 September 2017

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


        53.63  USD         1,366  USD


  Economic Outlook
  • Egypt foreign reserves has increased to 36.143 BN USD in August 2017 compared to 36.036 BN USD in July 2017.
  • Egypt tourism sector revenues witnessed an increase by 170% in the first seven months of 2017 reaching 3.5 BN USD. It is worthy to mention that 75% of visitors represented Europeans while Arabs represented 20%.
  • The Kuwaiti Secretary General of Manpower and Government Restructuring Program (MGRP) Fawzi Al-Majdali exposed a five-year plan to replace 85,000 expatriate employees of the private sector with Kuwaiti citizens. The plan will target jobs related to administrative affairs, human resources, public relations, reception and customer service in the private sector.
  • The GDP of the Sultanate of Oman has reached more than 4 BN OMR (10.39 BN USD) in H1-2017. The state budget seeks to achieve 8.7 BN OMR (22.59 BN USD) public revenues this year. In addition, the non-oil and non-tax revenues has increased to 748.2 MM OMR (2 BN USD) in H1-2017 compared to 532.7 MM OMR (1.3 BN USD) in H1-2016 recording a growth of 40.5%.
  • Saudi Arabia Economic Cities Authority (ECA) will implement a new system for real estate fees starting February 2018 aiming to enhance the competitiveness of the Saudi Economic Cities and to regulate the real estate sector.The fees will be 1% of the sales value as per the registered Sales and Purchase Agreement or the approved valuation by the Real Estate Department, whichever is higher, in addition to 100 SAR for every property registration transaction, and the same amount for covenant registration.
  • Foreign investments in the Emirati Fujariah Free Zone amounted to more than 8 BN AED (2.1 BN USD), with FFZ Authority accommodating more than 3,500 companies from over 44 countries.
  • The number of passengers using Rafik Hariri International Airport has surged by half a million in the first eight month of 2017 compared to the same period last year. The number of passengers up to August of this year reached 5,538,185. In August, the number of passengers increased by 17% to reach 1 million.
   Political Events
  • Hurricane Irma made landfall at Cudjoe Key in the Florida Keys as a mammoth, Category 4 storm with winds of 130 mph, the National Hurricane Center said. The landfall marks the first time in U.S. history that two consecutive Category 4 hurricanes have hit the U.S., following Hurricane Harvey in Texas last month. Irma also represents Florida's first major hurricane landfall since Wilma in 2005. Irma was downgraded to a Category 1 storm early yesterday after it tore through southwest Florida and left more than 4 million people without power.
  • President Abdel Fattah El-Sisi has participated in the BRICS Summit 2017 including China, Brazil, Russia, India and South Africa. President Sisi has signed two agreements and one memorandum of understanding (MoU), securing investment for Egypt in technical areas and strengthening security.
  • Saudi Arabia suspended any dialogue with Qatar, accusing it of "distorting facts", just after a report of a phone call between Saudi Arabia Crown Prince Mohammed bin Salman and Qatar Emir Sheikh Tamim bin Hamad al-Thani on Friday when they discussed the Gulf dispute.
  • Saudi King Salman will visit the White House early next year. In a phone call, Trump and Salman discussed "ways to continue advancing shared priorities, including enhancing security and prosperity in the Middle East." 
  • Trade between Jordan and Iraq received a major boost following the reopening of their main border crossing after a two-year closure.
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   Stock Market
  • .EGX30 banking sector has slightly increased led by Commercial International Bank (CIB) and telecommunication sector led by Telecom Egypt.
  • .QSI banking sector has declined led by Doha Bank and Qatar Islamic Bank. In addition, real estate sector declined led by Barwa Real Estate.  
  • .ADI telecommunication sector has declined led by Etisalat.  
  • .DFMGI real Estate sector has increased led by Emaar Properties. 
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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