Issue  No.104
19 December 2016

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


        55.37  USD         1,139  USD


  Economic Outlook
  • Edita Food Industries announced that it will increase prices by percent ranging from 20 to 50% amid higher input costs due to the pound devaluation and the inflation increase.
  • The African Development Bank (AFDB) has approved 500 MM USD loan to Egypt, as a second out of three expected disbursals.
  • Jordan's government has allocated 180 MM JOD to subsidise wheat and fodder for 2017. It is worthy to note that government allocated 215 MM JOD to subsidise wheat in 2016 but they spent only 150 MM JOD due to the decline in international prices of wheat.
  • The Jordanian Ministry of Planning and International Cooperation has announced that the total aid commitments from Germany to Jordan in 2016 have reached 471.7 MM EUR of which 153 MM EUR was humanitarian aid for Syrian refugees. All the aid agreements were signed by both countries except for 130 MM EUR to be signed in Q1-2017.
  • Jordan has signed a loan agreement with World Bank to support the electricity and water sectors. The loan is worth 250 MM USD and the payback period is 35 years with 1.25% interest rate and a 5-year grace period.
  • Qatar has become the first country in the region who conduct successfully 5G trials, implemented by Ooredoo. It is worthy to note that Ooredoo was able to apply the fastest mobile data service in the world with 35.46 GB per second.
  • Saudi Arabia's tourism sector will employ 1.7 million by 2020. On the other hand, Saudi is planning to boost investment with the private sector to enhance education infrastructure as a part of Vison 2030.
  • Dubai is working with HSBC on financing Expo 2020 Dubai. The exhibition financing is estimated at 7 BN USD and is expected to attract 12 million visitors. The Expo will run from October 2020 to April 2021.
  • Abu Dhabi has signed the United Arab Emirates' second hyperloop feasibility study to build a futuristic high-speed transport system connecting the cities of Abu Dhabi and Al Ain. A hyperloop route could connect Abu Dhabi and Al Ain in eight to 12 minutes.
  • Blom Bank was awarded "The Best Bank in Lebanon in 2016" from the International Financial Institution "The banker". This award was due to the steady performance, financial strength and diverse expansion despite the tough conditions.
   Political Events
  • Donald Trump has shut down some of his companies, including four linked to potential business deals in Saudi Arabia.
  • President Abdel Fattah Al-Sisi has announced that the suicide bomber of the church accident is named Shafik Mahmoud Mohamed, 22-years old. It is worthy to note that suicide bomber has killed 24 people at Cairo's main cathedral a week ago.
  • Lebanon has abolished the law protecting rapists, Article 522, which protects rapists who marry their victim.
  • The UN Special envoy for Syria estimated that 470,000 people have been killed throughout the past five years. Moreover, 11.5% of Syrian's population has been wounded or killed since 2011.
Cairo Office:
Z epter Office Building  S5-6 (beside Manor House School),  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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