This report is designed to give you a snapshot about the MENA region tackling multiple issues:
Saudi is considering removing its export bans on steel and cement as their local production has doubled exceeding the local companies' storage capacity.
Dubai's government announced that it is planning to spend billions of dollars on generating clear energy aiming to have solar panels placed on the roofs of all buildings by 2030.
Egypt's prime minister has announced that the country's first nuclear reactor will start producing power by 2024. This came after the country has signed an agreement with Moscow to build nuclear power plants.
The UAE's ministry of energy reported that the country is willing to cut domestic prices for gasoline and diesel in December. It is worth mentioning that Octane 95 will drop 1.15% to 1.68 dirhams while diesel prices will drop by 2.1% reaching 1.83 dirhams.
Saudi's Deputy Crown Prince Mohammed bin Salman announced that the government is considering cutting energy and water subsidies for the wealthy in a step to bridge its budget deficit caused by low oil prices.
With the rising concerns about Qatar's pursuing a 10 BN USD loan from banks, Qatar's Riyal fell sharply in the forward foreign exchange market.
After the Russian plane crash has negatively affected Egypt's tourism sector, Kuwait airways launched direct flights to Sharm El-Sheikh following the direct orders of the country's Emir to support Egypt.
Oman has launched new measures to reduce its budget deficit caused by low oil prices which include: the levying of taxes on expatriate remittances, increasing taxes on real estate rent contracts, raising electricity tariffs, traffic fines, vehicle registration, renewal and insurance fees and reducing allowances for the government employees during official business trips.
Since Jordanian renewable energy sector is one of the most attractive and rapidly growing sectors in terms of attracting investments, Jordan's investment in the renewable energy sector right now amounted to 1 BN JD with expectations of further rise.
In an armed attack in Saqqara, 22 miles south of Cairo, gunmen attacked a checkpoint killing four security personnel.
Israel will open its first representative office in the UAE in Abu Dhabi .It is worth mentioning that it will be the first time an Israeli foreign ministry official is permanently stationed in the Gulf state.
ISIS has claimed its responsibility for the bombing of a hotel in North Sinai capital, al-Arish which has killed four people.
.KWSE witnessed a significant increase in real estate sector led by Al Dar National Real Estate.
.QSI banking sector declined led by Gulf International Bank.
.ADI declined in banking sector led by First Gulf Bank and National Bank of Abu Dhabi and telecommunication sector declined led by Etisalat. On the other hand, real estate sector increased slightly led by Aldar.
.DFMGI real estate sector led by Emaar and Arabtec, followed by banking sector led by Ajman Bank and Mashreq.
Weekly % Change
Construction & Materials
Banks & Financial Services
Telecommunication & Information
Banking & Financial Services
UAE, Abu Dhabi
Real Estate & Construction
Investments & Financial Services
Note: Weekly values are calculated on Thursday of each week.
State-owned Oman Oil Refineries and Petroleum Industries Co. (ORPIC) reported that 4.5 BN USD contracts were given to preferred bidders to build a major plastic complex in the sultanate.
To refinance its existing project's debts, State-owned Emirates Global Aluminum is seeking a 4.9 BN USD loan from banks. The deal will include both conventional and Islamic debt.
Amid falling oil price, the oil giant state-run Saudi Aramco aims at reducing its costs by seeking extended discounts from oil-field service companies since discounts granted this year will expire by year-end.
Abraaj group announced that the company and its partners, IFC and IFC ALC Fund, are willing to sell their stake in Moroccan insurer Saham Finances which amounts to 37.5%, giving 30% of it to Sanlam group and 7.5% to Saham group.
Saudi Arabia's biggest construction company, Saudi Binladin group, is laying off 15,000 workers as the Saudi government cuts its spending amid low oil prices.
Dubai-listed builder Arabtec has appointed Saeed Al-Mehairbi as its new CEO after its board accepted the resignation of acting chief executive Mohamed al-Fahim.
Due to lower state spending following low oil prices, First Gulf Bank (FGB), the third-largest lender by assets in the United Arab Emirates has cut around 100 jobs.