Issue  No.120
10 April 2017

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


        55.77  USD         1,255  USD


  Economic Outlook
  • Qatar University (QU) is planning to spend 5 BN QAR (1.37 BN USD) over the next 10 years to develop its infrastructure and facilities at a rate of 500 MM QAR every year.
  • Egypt will sign several contracts with Chinese firms to invest in Suez Canal's economic zone specifically in the textile manufacturing field besides other mega businesses in Ain Sokhna.
  • Egypt foreign debt has jumped 40.8% year-on-year reaching 67.32 BN USD in December 2016. In addition, the domestic debt also increased by 28.9% reaching 3.05 BN USD. On the other hand, Egypt FDIs has significantly increased by 29% in December 2016 reaching 2.415 BN USD compared to 1.872 BN USD in September 2016.
  • Cairo Metro ticket prices are doubled reaching 2 EGP. This was justified by the increase in electricity prices and spending 40% of the metro income on electricity.
  • Iraq natural gas output will triple to 1,700 million cubic feet per day (cfd) by 2018, as the OPEC nation implements projects to reduce flaring.
  • The Jordanian Agricultural Credit Corporation (ACC) has registered an 80% increase in the volume of loans to farmers during Q1-2017 reaching 18 MM JOD compared to 10 MM JOD last year. 
  • Oman LNG, which operates a three-train natural gas liquefaction plant at Qalhat on the Sultanate's South Al Sharqiya coast revenues have declined reaching 1.925 BN USD in 2016 compared to 2.612 BN USD in 2015.
  • Chinese direct investments in Qatar increased by 77.5% in 2016. However, the accumulated contracting revenues of China in Qatar declined to 1.12 BN USD in 2016 due to the drop-in oil prices.
  • Saudi Arabia and South Korea have agreed to work on joint industrial projects including Vision 2030 that aims to make the Kingdom a pioneering global model of excellence. In addition, UK will cooperate with Saudi Arabia to achieve the aims of the Kingdom Vision 2030 and National Transformation Program (NTP) 2020.
  • Economic experts have attributed the fall in remittances made by foreign workers in Saudi Arabia to lower economic growth, the suspension of government projects and a drop in the SMEs activities. It is worthy to mention that the expats sent home 10.77 BN SAR (2.87 BN USD) in February 2017 which declined by 15% compared to the same period last year.
  • The real estate market in Ras Al Khaimah has grown by 45% from 34 BN AED (925 MM USD) in 2011 to 4.97 BN AED (1.34 BN USD) in 2015.
   Political Events
  • Two suicide bombs hit two churches on Palm Sunday. The first took place in Saint George church in Tanta, north of Cairo leading to the death of 27 and the injury of 78, while the second took place in Saint Mark Cathedral in Alexandria leading to the death of 17 and the injury of 48. ISIS has claimed its responsibility for the attacks.
  • New airstrikes targeted Khan Sheikhoun town in Syria that was hit by a chemical attack last week killing more than 80 people.

  • President Trump and President Abdel-Fattah Al-Sisi have met last Monday for various topics including the collaboration against ISIS and bolstering Egypt economy.
  • Two Iraqi army pilots were killed when their helicopter was shot down over the city of Mosul by Islamic State.
  • Britain has allocated 1.24 BN USD to help Syrian refugees and the host countries. Millions were displaced due to six years of civil war.
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   Stock Market
  • .TASI telecommunication sector has increased led by Zain.
  • .KWSE banking sector has significantly increased led by Boubyan Bank and Ahli United Bank.
  • .QSI real estate sector has increased led by Ezdan and banking sector led by Qatar National Bank (QNB).

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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