This report is designed to give you a snapshot about the MENA region tackling multiple issues:
The Saudi Arabian consultative Shoura council has approved a legislation to impose a 2.5% tax on white land in urban centers which is expected to generate 75 BN SAR to the government, bring down real estate prices, and help in solving housing problems.
The UAE central bank governor announced that the country is expected to reach an economic growth rate of 3% by the end of 2015.
After Oman's budget deficit reached 7.63 BN USD in the first 9 months of 2015, the Sultanate's government has invited banks to participate in a 1 BN USD sovereign loan to help bridge the gap in its finances.
Anas Al-Saleh, Kuwait's finance minister, announced that the government is planning to rationalize its expenditure, review subsidies and diversify sources of revenue.
The European Bank for Reconstruction and Development (EBRD) announced that Lebanon is seeking its membership. The final approval of the request is expected to be announced in the middle of next month.
Australia and the UAE launched an agreement to boost the flight number between the two countries, a move that is expected to increase tourism rates and eventually lower the ticket prices.
In its plan to bridge its budget deficit caused by low oil prices, Bahrain plans to cut electricity and fuel subsidies and impose higher charges for government services next year.
Al Mal financial website reported that Saudi Arabia's government is pursuing talks with local banks to sell them local currency bonds, that is worth 20 BN SAR (5.3 BN USD).
Abu Dhabi statistics center announced that the inflation rate in Abu Dhabi has dropped to 5.5% in October compared to the previous month. A fall in transport and food and beverage costs had the largest contribution in this fall with -4.5% and -2.3 respectively.
.EGX30 banking sector declined led by Commercial International Bank (CIB).
.KWSE real estate sector witnessed a slight increase led by Al Dar National Real Estate. While banking sector declined led by National Bank of Kuwait.
.ADI banking sector increased led by Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and First Gulf Bank, while real estate sector increased led by Eshraq and Aldar Properties and finally telecommunication sector led by Etisalat.
.DFMGI witnessed a slight increase in banking sector led by Dubai Islamic Bank. On the other hand real estate sector declined led by Emaar.
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.
To refinance its debt, State-owned Emirates Global Aluminum (EGA) agreed with 7 banks -including: BNP Paribas, Citi, Dubai Islamic Bank, Emirates NBD, ING, National Bank of Abu Dhabi and Natixis- to provide it with a 4.9 BN USD loan.
Saudi Arabia-based Arab Petroleum Investments Corp. (APICORP) will close a deal of acquiring a shipping asset either by the end of this year or the first quarter of the next year.
Saudi Telecom Company (STC) is pending approval from Kuwait's market regulator for its submitted offer to increase its stake in Kuwait's VIVA to 100%.
The Dubai based Construction Company - Arabtec has submitted a proposal to the Egyptian government to build 13,000 homes in the country. It is worth mentioning that the company has signed a 1 MM home construction contract in Egypt last year.
Petronet - India's biggest gas importer - which has a 25-year contract with RAGAS, is planning to renegotiate a contract with its partner to decrease the gas shipment expenses and avoid a 1.5 BN USD penalty for lifting gas lass than agreed.
NBK - Kuwait's largest lender - had launched capital boosting bonds that have raised 125 MM KD (412 MM USD) for the bank.