Issue  No.141
18 September 2017

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


        55.85  USD         1,316  USD


  Economic Outlook
  • Egypt budget deficit recorded 9.5% in Q4-2016/2017 fiscal year that ended in June compared to 11.5% in the same quarter last year. On the other hand, Egypt GDP recorded 4.2% in 2016/2017. It is worthy to mention that GDP has reached 5% in Q4-2016/2017 compared to 4% in the same period last year.
  • Egypt net foreign direct investment (FDI) has increased by 14.5% reaching 7.9 BN USD in the 2016/2017 fiscal year that ended in June.
  • Egypt annual urban consumer price inflation has reached 31.9% in August 2017 compared to 33% in July 2017. It is worthy to mention that inflation rate was high in July due to the increase in fuel prices following the subsidy cuts.
  • Abu Dhabi Fund for Development (ADFD) will provide a 92 MM AED (25 MM USD) to finance the construction of a new outpatient building in the King Hussein Cancer Center in Jordan administered by the Khalifa Bin Zayed Al Nahyan Foundation. This project is included in 2013 UAE government contribution of 4.6 BN AED (1.25 BN USD) to the Gulf Development Fund, a five-year grant program of the Gulf Cooperation Council (GCC) to support development projects in Jordan.
  • The price of Kuwaiti oil has increased by 79 cents reaching 51.56 USD per barrel last Wednesday compared to 50.77 USD pb before the raise.
  • The rates of hotel rooms in Oman has dropped by almost 9% over the last three months as more hotels opened across the Sultanate.
  • Saudi Arabia is expected to launch a tender process for its first nuclear reactors next month and will reach out to potential vendors from countries including South Korea, France and China.
  • Official Dubai Land Department figures show that the biggest GCC investors in Dubai real estate other than Emiratis were Saudis who made a total of 5,366 transactions worth 12.5 BN AED (3.4 BN USD) in the 18 months between January 2016 to the end of June this year.
  • By December, Saudi Arabia will witness the launch of one of the world's longest railway lines. The 2,750-km railway line linking Riyadh with the northern city of Gurayat is being built at a cost of 10 BN SAR (2.67 BN USD).
    The train can carry 444 passengers and will run at a speed of 200 km/hour.
   Political Events
  • Five militants and two soldiers were killed last Wednesday in clashes that followed a failed attack on a security checkpoint in North Sinai province of Egypt.
  • Ahmed bin Abdul Aziz Qattan, Saudi Ambassador to Egypt, has said that the King Salman bin Abdulaziz Al Saud, is keen to strengthen cooperation between Saudi Arabia and all the countries of the world. Qattan said that he considered the actions taken by Saudi Arabia, UAE, Bahrain and Egypt against Qatar are sovereign measures, based on the wrong policies practiced by the Qatari Government over many years in supporting and financing terrorism.
  • UAE has affirmed that the joint measures it has taken, along with Saudi Arabia, Bahrain and Egypt, came after a long patience and after Qatar dishonored the agreements it signed.
  • Over the past eight months until August 2017, the Kuwaiti Ministry of Interior has deported 22,000 expatriates for various reasons including those violating the labor laws and criminals, and those who committed serious traffic violations.
    Giving a breakdown of the deportees, the authorities said that the Indian community topped the list with 24%, followed by the Egyptians, 23%, the Filipinos 14%, Ethiopians 13%, Sri Lankans 7% and Bangladeshis 6%.
  • Russia Foreign Minister has said that Arab countries and Qatar should pursue direct talks to solve a diplomatic dispute. This was during his visit to Saudi Arabia. In addition, Saudi Arabia and Russia agreed on international principles that guarantee the sovereignty of Syria in accordance with international law and non-interference in the country's internal affairs.
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   Stock Market
  • .TASI banking sector has increased led by Alinma Bank.
  • .KWSE banking sector has declined led by Kuwait Finance House (KFH) and the National Bank of Kuwait (NBK). On the other hand, the telecommunication sector has increased slightly led by Zain and Industrials sector led by Kuwait Cement.
  • .QSI banking sector has declined led by Qatar Islamic Bank (QIB) and Qatar National Bank (QNB). In addition, real estate sector declined led by Ezdan.
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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