Issue  No.110
30 January 2017

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


        55.47  USD         1,191  USD


  Economic Outlook
  • United Arab Emirates (UAE) has a three-decade energy plan aiming to clean 44% of the total energy production to contribute to sustainable economic growth for the country in the long run as part of UAE 2050 energy plan.

  • Qatar's total domestic public debt has increased by 29.7 BN QAR (8.16 BN USD) to reach 427.8 BN QAR (117.48 BN USD) at the end of 2016.
  • Saudi Arabia's inflation declined by 1.7% in 2016, that is the lowest in 10 years, due to a fall in the food and beverages prices by 4.3% compared to 2015.
  • Bahrain's Gulf International Bank (GIB) had launched a 500 MM USD bond with a final spread of 170 basis points (1.7%) over mid-swaps with GIB Capital and JP Morgan as joint global coordinators. 
  • Egypt's non-oil exports had witnessed a 7.4% increase during 2016 to reach 19.1 BN USD compared to 17.8 BN USD in 2015. This was a result of an increase in the export of building materials, chemicals and fertilizers, furniture and food.
  • Egypt had raised 4 BN USD due to the strong demand on its dollar denominated bond that is listed on the Luxembourg Stock Exchange. The bonds have maturities starting from 5 years up to 30 years with yields ranging from 6.375% to 8.875%.
  • Iraq has cut its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month abiding by the OPEC agreement.
  • Tunisia had announced its plan to issue a Eurobond that is worth 1 BN EUR on the 5th of February 2017 and is expected to yield from 5% to 6%.
  • Kuwait had criticized the proposal of tax on expat remittances that was previously planned to be applied and which has been assailed as nonsensical by lawmakers.
  • The World Food Programme (WFP), a UN agency, had cut the food distribution to 1.4 million displaced Iraqis by 50% because of delays in the payments from donor States.
   Political Events
  • Germany had lifted restriction on flights to Sharm El Sheikhwhereas airlines can now resume flying directly to Sharm El Sheikh and St. Catherine international airports without paying additional insurance fees.

  • Donald Trump had put a four-month hold on allowing refugees into the United States and temporarily barred visitors from Syria, Iran, Iraq, Libya, Somalia, Sudan and Yemen to enter the country in order to protect Americans from terrorist attacks.
  • Qatar has issued a new data protection law aiming to establish a certain degree of protection for the processing of, personal data within Qatar. The law is not yet applied but it is anticipated to be in effect soon after its publication. 
  • Iran's Bank Tjarat had filed a lawsuit in European court of justice and called for the compensation of losses it suffered during the EU illegal sanctions that were imposed on several Iranian institutions and banks.
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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