Issue  No.49
23 November 2015

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


 



        44.46 USD        1,070 USD

 
/USD
/EUR
EGP
7.83
8.34
AED
3.67
3.90
QAR
3.64
3.90  
SAR
3.75 
4.00
BHD 
0.38
0.40
OMR 
0.38  
0.41

 
    Economic Outlook
  • 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.
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