Issue  No.117
20 March 2017

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


        51.06  USD         1,233  USD


  Economic Outlook
  • Oman's crude production has fallen to 27 million barrels in February 2017, equivalent to 970,000 barrels per day. China was the major importer of the Sultanate's oil, accounting for 82.49% of total exports, which also shows a growth of 18.33% over the last month.

  • Egypt is expected to receive the second tranche of the IMF loan of 12 BN USD in May or June 2017.
  • Egypt is planning to complete the establishment of one million social housing units within the next three years. Egypt has already implemented 550,000 social housing units during the last two years and half supported by small-sized construction firms.
  • Japan has approved the loan to Iraq worth 100 MM USD to support humanitarian, counter-terrorism and infrastructure projects. It is worthy to mention that Japan has agreed to lend Iraq 240 MM USD to rebuild the damaged electricity infrastructure in areas recaptured from Islamic State.
  • Iraq has signed an agreement with ABB, Swedish company worth 500 MM USD to implement energy projects as Iraq is suffering from electricity shortages.
  • The annual cost of traffic accidents in Jordan has reached 2 BN USD accounting for 5.59% of the GDP. Accordingly, the government will set up a strategic transport projects that will include the regulation of land transport drivers' professional qualifications.
  • Jordan's tourism revenue has increased by 1.2% in the first two months of 2017 reaching 652 MM USD compared to 561 MM USD in the same period last year.
  • Kuwait has announced issuing its inaugural dual-tranche 8 BN USD bond offering into the international debt markets.
  • Qatar's onshore oil price has increased in February 2017 above its price in January reaching 55.11 USD a barrel. This concludes that the oil price has remained 10.1 USD above the price of 45 USD a barrel that is approved in the state budget.
  • Saudi Arabia could achieve a budget surplus by 2019 if all the reforms in the fiscal balance program are implemented.
  • Abu Dhabi's government-owned power utility aims to close a financing package for a 3.2 BN AED (872 MM USD) solar power plant, which will be the world's largest, in April 2017. 
  • Dubai's non-oil foreign trade in 2016 has reached 1.27 TR AED (347.4 BN USD) despite the global slowdown. 
   Political Events
  • Egyptian President Abdel Fattah Al-Sissi has issued a pardon for 203 youth who were prisoned for participating in demonstrations.
  • Unites of the Armed Forces of the sisterly Arab Republic of Egypt have arrived to UAE to participate in "Zayed 2" joint military exercise to strengthen the bonds of cooperation, joint action and exchange of expertise in military fields. The exercise will run until the end of March 2017. It is worthy to mention that the first exercise between the two countries was in 2014.
  • The death toll from a double bomb attack targeting Shi'ites visiting a pilgrimage site in Damascus has climbed to 74.
  • Pope Francis will visit Egypt in April 2017 reflecting an improved Vatican-Muslim dialogue after years of tension.
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   Stock Market

  • .TASI banking sector has increased slightly led by Alinma Bank and telecommunication sector led by Saudi Telecom Co. (STC).
  • .KWSE telecommunication sector has declined led by Ooredoo and Zain.
  • .QSI telecommunication sector has increased slightly led by Vodafone Qatar. On the other hand, real estate sector has declined led by United Development Co and Barwa Real Estate.

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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