Issue  No.128
05 June 2017

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


        50.12  USD         1,281  USD


  Economic Outlook
  • Egypt foreign investments increased by 1 BN USD within two days of the Central Bank decision to raise interest rates. It is worthy to mention that CBE has increased interest rate by 2%.
  • General Authority for Supply Commodities (GASC) has bought 180,000 tons of Russian and Romanian wheat in a purchase tender.
  • Egypt M2 money supply has increased by 38.7% at the end of April 2017 compared to the previous year. Money supply has reached 2.783 TR EGP (153.5 BN USD).
  • Jordan exports of sheep and agricultural production to the Arab Gulf countries are expected to increase during Ramadan. There is a growing demand from Gulf countries for the country's fruits and vegetables, especially summer fruits.
  • Abu Dhabi Fund for Development (ADFD) has financed 31 projects worth 5.7 BN AED (1.55 BN USD) in Jordan at the end of 2016. The projects covered several sectors; mining, water and irrigation, transport, housing, agriculture, energy, education and healthcare.
  • The price of Kuwaiti oil has declined by 52 cents reaching 47.83 per barrel.
  • Food consumption in Kuwait during the month of Ramadan has increased by 40%.
  • The Qatari Ministry of Energy and Industry has decided to cut the price for super grade petrol and diesel. The super grade petrol price will cost 1.65 QAR as of June 2017, which is 5 dirhams less than May price.
  • The Saudi Electricity Company has confirmed that 89% of fires in public places in 2017 were caused by malfunctioning of electrical equipment and devices.
  • Emirates NBD has announced the launch of the Emirates NBD Markit iBoxx USD Sukuk Index (The Index), covering global USD denominated Sukuk (Islamic bonds). The Index will contain 98 Sukuk from 61 issuers with a current market value of over 90 BN USD. 
  • UAE savings account balances amounted to 158.5 BN AED (43.15 BN USD) during the Q1-2017 with a growth of 3%.
   Political Events
  • Six Arab Countries including Saudi Arabia, Egypt, UAE, Bahrain and Yemen have cut diplomatic and economic ties with Qatar in an unprecedented move. This decision was taken in reaction to one of the region's financial superpowers for its ties with Iran and Islamist groups in the region.
  • An Egyptian court sentenced a man to death for raping a 20-month-old girl.
  • Egyptian President Abdel Fattah al-Sisi signed into law a bill regulating the work of non-governmental organizations NGOs that have been widely criticized by rights groups. The law will restrict the NGO developmental and social work activities. Non-compliant NGOs can be subject to jail for up to five years.
  • Kuwait Minister of Health has banned doctors working in the health centers and hospitals of the private sector from "advertising" their services.
  • Two people were killed and another injured when a man opened fire inside a private school's administration building in Saudi Arabia's capital, Riyadh but no students were present.
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   Stock Market
  • .TASI banking sector has slightly increased led by Alinma Bank. On the other hand, telecommunication sector has declined led by Viva and Ooredoo.
  • .KWSE banking sector has slightly increased led by Boubyan Bank and Ahli United Bank.
  • .ADI telecommunication sector has increased led by Etisalat.
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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