Issue  No.92
26 September 2016

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


        47.91  USD          1,343  USD


  Economic Outlook
  • According to Egypt's Central Bank, the country's current account deficit has increased reaching 18.7 BN USD in the fiscal year 2015/2016 that ended in June compared to 12.1 BN USD last year. This was a reflection of the sharp depreciation that the local currency.
  • The Middle East optical market value has reached 2.67 BN USD and is expected to grow. The market growth expectations are driven by the increasing number of the region's aging population.
  • As Egypt is seeking to finance actuarial studies on national health and social insurance, the country has signed a 252,000 USD grant with the African Development Bank (AFDB).
  • Dubai's monthly inflation rate for August 2016 has increased by 0.38% compared to July 2016. The increase was mainly attributed to a rise in the prices of clothing and footwear.
  • To fund its budget deficit caused by low oil prices, the Saudi Arabian government is selling 20 BN SAR bonds in its domestic debt sale this month which will be allocated in the week starting 24th of September.
  • Ministry of Electricity in Egypt announced that the country is building its first coal-fired power plant within the next four to five years aiming to fill the country's power shortage. The new plant will provide 3,960 megawatts of electricity.
  • Oman's government has raised the tax on tobacco products by 100% for the first time in 17 years. It is worthy to note that talks overincreasing tobacco taxes were going on for the last six years.
  • Abu Dhabi's consumer inflation has increased by 2.4% in the first 8 months of 2016. The rise was mainly granted to increasing prices in the housing, power, water and fuel items.
  • Oman's Small and medium enterprises (SME) development fund has deployed 16 MM OMR to finance 160 small and medium projects; which indicates an average size of 100,000 OMR per project.
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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