Issue  No.95
18 October 2016

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


        51.80  USD         1,261  USD


  Economic Outlook
  • Doha bank is the first bank in Qatar that achieved accredited certification ISO 9001:2015, the world's most widely recognized standard for quality management systems.
  • Real estate sector acquired 70% of the total financial leasing contracts signed in Egypt in September 2016 worth 10 BN EGP.
  • Jordan has signed an agreement with the World Bank worth 300 MM USD soft loan. It is worthy to note that the loan will be paid back after 35 years.
  • Oman's inward investment and export promotion agency and Iran's Trade Promotion Organization has signed a memorandum of understanding (MoU) to further broaden mutual co-operation in trade and investment.
  • Saudi Arabia construction costs have fallen by 20% from around 1,500 SAR to 1,200 SAR per square meter. This was mainly due to fewer government projects that has pushed down the prices of land, steel, cement and labor.
  • The Emirates Red Crescent, on behalf of the United Arab Emirates (UAE), signed two co-operation agreements with the World Health Organization (WHO) worth 50.5 MM AED, aimed at implementing new healthcare and humanitarian projects in Yemen.
  • Syria's state grain-buying agency Hoboob has bought one million tons of Russian wheat costing 150 EUR a ton. This amount will cover the government needs for this year until the next local wheat buying season in 2017.
  • The World Bank forecasted that Jordan's economic growth will witness a 3.1% by 2018 compared to 2.3% this year. The growth is expected to average 2.7% 2016-2018.
   Political Events
  • The Egyptian military has launched airstrikes on "terrorist positions" in the Sinai Peninsula "to avenge the blood" of its soldiers killed in an attack on a military checkpoint last Friday. ISIS claimed responsibility for Friday's attack that left at least 12 soldiers and 15 of the assailants dead.
  • Egypt has reached an alternative for fuel imports after Saudi Arabia abruptly decided to halt shipments of fuel. This was the kingdom's reaction to Egypt's voting in the UN favoring separate Russian and French draft resolutions on Syria in the UN Security Council. It was the first public dispute between Egypt and Saudi Arabia during the ruling of the current Egyptian President el-Sisi.
  • Jordanians have turned their lights off for one-hour last week to protest the recent gas deal between Jordan's National Electric Power Company (NEPCO) and Israel.
  • An Egyptian taxi driver set himself on fire in Alexandria due to the recent increase in prices. Alexandria's authorities have mentioned that Shahin has burned 95% of his body and is currently in critical condition.
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

     Like us on Facebook  View our profile on LinkedIn Find us on Google+ Follow us on Twitter View our videos on YouTube View on Instagram