Issue  No.105
26 December 2016

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


        55.90  USD         1,133  USD


  Economic Outlook
  • The Egyptian government has increased the price it pays local farmers for sugar cane by 25% from 400 EGP to 500 EGP per ton. Sugar Companies which belongs to Ministry of Supplies will pay according to this increase.
  • Banque Misr has signed a memorandum of understanding (MoU) with the Industrial and Commercial Bank of China (ICBC) worth 500 MM USD to boost dollar liquidity and finance joint Egyptian-Chinese projects.
  • European Union (EU) has signed a new agreement as an assistance to Jordan worth 747 MM EUR. This assistance will support economic development and Syrian refugees.
  • Kuwait's Warba Bank has directed nine banks to arrange an Islamic bond or sukuk up to 250 MM USD. This is expected to boost the bank's capital reserves.
  • Oman's merchandise exports have declined by 28.2% to 5.79 BN OMR in the first seven months of 2016 compared to 8.07 BN OMR of the same period in 2015. Moreover, the imports declined by 24% to 4.95 BN OMR by the end of July compared to 6.51 BN OMR of the same period in 2015.
  • Oman's budget deficit has increased to 4.8 BN OMR (12.6 BN USD) in the first ten months of 2016. The total public spending has declined by 8.6% and the total revenues also declined by 25.5% to 5.51 BN OMR (14.3 BN USD) in the first 10 months of 2016.
  • Jet fuel consumption in Qatar has boomed with the country registering a demand growth of 96.6% between 2010 and 2016.
  • As transportation costs increased by 7.7% and housing increased by 6.4% while food and beverage fell by 2.6%, the Saudi Arabia's inflation rate has recorded its lowest during the year; marking a 0.2% decline compared to last month while 2.3% increase compared to last year.
  • The board of Saudi Telecom Co (STC) has agreed to buy 10% stake in Middle Eastern ride-hailing app Careem for 100 MM USD.
  • Dubai plans to post a small budget deficit of 2.5 BN AED (681 MM USD) for 2017 or 0.6% of GDP as it will increase the spending on infrastructure such as metro and airports. The total spending will rise to 47.3 BN AED in 2017 compared to 46.1 BN AED (12.5 BN USD) in 2016; the infrastructure spending will represent 17% of total expenditure as the emirate prepares for hosting the world fair Expo 2020.
  • Emaar Properties has signed an agreement with Al Marjan Island (AMI) to develop 2 million square with mixed-use projects including high-end residential, hospitality and retail components in Ras Al Khaimah. The project development value is over 1.8 BN USD.
   Political Events
  • Russian military plan Tu-154 has crushed in the south of the Black Sea resort city of Sochi, on its way to Syria, all 92 people on board were dead.
  • Mevlut Mert Altinates, 22, has shoot 9 bullets into the Russian ambassador to Ankara Andrei karlov at an art exhibition after shouting in Turkish "Don't forget Aleppo, don't forget Syria" then he was killed by the Turkish police.
  • Four Jordanian policemen and 10 civilians were killed in a terrorist attack near a popular tourist site in Karak (Jordan).
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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