Issue  No.106
02 January 2017

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


        56.74  USD         1,151  USD


  Economic Outlook
  • Kuwait fund for Arab Economic Development will lend 7 MM KWD (23.8 MM USD) to the Republic of Cote d'lvoire to assist in financing the ADZOPE 90/33 kV Substation Construction Project.
  • Kuwait's Central Bank has issued new governance rules for Islamic Bank; including requirements for external sharia audits. The aim is to increase client confidence in Islamic banking.
  • Egypt's Petroleum Minister is trying to finalize a crude oil deal with Iraq in Q1-2017 to import between 1-2 million barrels per month.
  • India's oil imports from Iran has declined by 19% in November 2016 compared to a high percentage in October 2016 after regional rivals Saudi Arabia and Iraq raised sales to the world's third-biggest oil consumer.
  • 30% of local travel agencies in Jordan are expected to shut down and turn into online businesses in 2017 due to the increase in expenses.
  • The Ministry of Tourism in Oman has stated a list of Hotels that will be opened over the next two or three years for both domestic and international tourists. The Hotels will range from three to five stars and will offer around 1,600 rooms.
  • Qatar Airways registered a very strong operating profit in 2016 reaching 3 BN QAR (823 MM USD).
  • Qatar's foreign merchandise trade surplus in November 2016 reached 9.6 BN QAR (2.64 BN USD) showing a year-on-year decrease by 8% reaching 800 MM QAR (219.5 MM USD).
  • 830,000 Saudi families need financial support; accordingly, the Ministry of Labor and Social Development will launch a program to help low- and middle-income families in February 2017.
  • Investment Corporation of Dubai (ICD) has announced its revenues for H1-2016 which reached 82.5 BN AED and net profit 10.3 BN AED (2.8 BN USD).
  • Banque Misr is negotiating 500 MM USD agreements with Credit Suisse Group and Abu Dhabi Islamic Bank (ADIB) to boost the bank's dollar liquidity to satisfy clients' needs. 
   Political Events
  • U.S. State Department has warned Americans traveling to Egypt as a result of the recent terrorist attacks that happened in the country including Coptic cathedral attack.
  • According to National Centre for Statistics and Information in Oman, one crime is committed every 28 minutes in the Sultanate. Registered criminals represent represents 0.64% of the population.
  • A gunman has stormed into an Istanbul night club killing 39; at least 16 foreign nationals were among the dead.
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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