Issue  No.111
6 February 2017

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


        56.76  USD         1,222  USD


  Economic Outlook
  • Saudi Arabia's construction market is expected to grow more than the double in 2025, reaching 362 BN SAR, compared to 170 BN SAR in 2016.
  • Central Bank of Egypt (CBE) has received a 4 BN USD from Eurobonds sale, which has raised twice the sum targeted and at lower yields than expected. Egypt has decided that it will not issue more international bonds during FY 2016/2017.
  • Egypt's M2 money supply has increased by 39.52 % compared to the previous year, reaching 2.7 TR EGP.
  • Egypt will raise the cooking oil price from 10 to 12 EGP per 800 ml bottle while sugar price will increase from 7 to 8 EGP per kg.   
  • Bahrain and GCC are implementing Value Added Tax (VAT) starting from January 2018 as a part of the government policy reform to achieve economic development.
  • Iraq has started to double its crude oil capacity to 1.2 million barrels per day at one of its two Southern offshore oil export terminals.
  • The Jordanian government is aiming to raise the sales tax on non-essentials commodities to cover the budget deficit by generating 450 MM JOD (635.2 MM USD) in revenues, around 35% of this amount will come from an increase in sales tax.
  • Kuwait has set its vision for 2035, starting with a five-year development plan that amounts to 15 BN USD during 2017 and 2018 and 100 BN USD until 2021. The 2035 plan aims to diversify the economy away from its independence on oil revenues and transform Kuwait into business and cultural hub for the region.
  • Qatar's total domestic public debt has increased by 29.7 BN QAR reaching 427.8 BN QAR in 2016.
  • An increase in the value of crude exports, helped Qatar's trade surplus to amount to 10.75 BN QAR in December 2016, showing 21.7% growth year-on-year and 10.7% month-on-month.
  • Tunisia plans to cut 50,000 public sector jobs in 2017 as a part of a government reform to reduce the government high expenditure. 
   Political Events
  • Morocco has been formally readmitted by the African Union as a member after more than 30 years.
  • In response to Trump's immigration curbs from 7 Muslim countries, Starbucks has announced that it will employ 10,000 refugees over the next five years. While Uber has taken a different stand as it lowered the cost of the ride during the protest when people flooded to the airport against Trump's call.
  • Saudi Arabia's king has agreed on a phone call with Trump to establish safe zones to protect Syrian and Yemeni refugees. However, Iraq Shi'itie paramilitary groups urge the Iraqi government to suspend Americans from entering Iraq in reaction to Trump's travel curbs. Yet, Iran's foreign minister stated that Americans with Iran's visa are allowed to enter the country.
  • An off-duty policeman was killed in Bahrain in what the interior minister called terrorist act as he was not on his duty based on the initial indications.
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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