Issue  No.90
06 September 2016

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


        47.35  USD          1,348  USD


  Economic Outlook
  • Royal Dutch Shell has announced new natural gas discoveries in Egypt in a concession area of north Alam El-Shawish in Egypt's western desert. The initial quantities discovered were estimated at about half a trillion cubic feet of gas with more possible reserves.
  • Despite poor economic conditions caused by low oil prices, Saudi companies have increased the salaries of their employees by an average of 3.9% in 2016 where the technology sector was awarded the highest increase which amounted to 6.2%.
  • Egypt's central bank has announced that the country's M2 money supply has increased by 17.95% reaching 2.122 TR EGP in July compared to the same month last year.
  • The Iraqi prime minister has announced that the country is supporting OPEC's decision to freeze oil output to increase prices. It is worthy to note that Iraq finances 95% of its budget through oil sales.
  • The Jordanian government spending on development projects in Madaba (southwest of the capital Amman) has reached 58.3 MM JOD in 2016 as part of the ministry's program to enhance the country's social and economic productivity.
  • Morocco's central bank has reported a decline in the country's M2 money supply annual growth reaching 6.9% in July 2016 compared to 7.8% in June 2016.
  • Despite a 25% rise in barley purchases, Algeria's grain imports have dropped by 5.9% in the first seven months of 2016 reaching 7.3 million tones compared to the same period last year.
  • Saudi Arabia's oil exports have dropped by 27% in the first eight months of 2016 reaching 1.89 billion barrels of crude oil compared to the same period in 2015.
  • During the last three years, Iran has witnessed a 46% rise in the country's petrochemical exports. In addition, the country's petrochemical production has increased by 14% in the mentioned period.
  • Egypt's parliament has approved a law to introduce a 13% value-added tax (VAT) which is considered as a key part of the Egyptian government's plan to reform the economy and bridge the country's budget deficit.
  • Affected by low oil prices, Qatar's trade surplus has declined by 18.8% in July 2016 reaching 6.7 BN QAR compared to 8.24 BN QAR in June 2016.
  • South Sudan's government is seeking 300 MM USD in aid and loans to support its next budget, as it aims to stabilize the country which has been witnessing civil conflict since its independence in 2011.
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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