Issue  No.91
20 September 2016

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


        45.59  USD          1,316  USD


  Economic Outlook
  • Dubai's hotels have witnessed a 3.4% (y-o-y) rise in occupancy rates which amounted to 76.1% in August 2016. Yet, the average daily rate dropped by 10.2% and hence revenues per available room fell by 7.1%.
  • Tunisia's manufacturing industries exports have increased by 5.1% reaching 17.1 BN TND in the first eight months of 2016 compared to last year. This was mainly driven by the positive performance of mechanical and electrical industries whose exports have increased by 13.8%.
  • According to Egypt's minister of housing, Egypt's government is allocating 330 MM EGP for the development of slums in Red Sea cities.The project is set to build around 460 homes and 35 buildings in Hurghada, Safaga and Al-Qusayr.
  • The Iranian oil minister has announced that the country's oil exports have been increasing throughout 3 consecutive months by 62% reaching 257,000 barrels per day (bpd) in July 2016 compared to the same period last year.
  • Saudi Arabia's public taxi companies raised their transportation fees by 50% on Arafat day-Eid night-. It is worthy to note that this is considered one of the most important seasons for them.
  • Due to falling oil prices and liquidity shortage, the earnings of Gulf-listed firms dropped by 8% in H1-2016, where the net profits of over 650 firms on the region's stock market reaching 32.8 BN USD compared to 35.6 BN USD in H1-2015. 
  • According to the annual report issued by the Saline Water Conversion Corporation (SWCC), Saudi Arabia produces 18% of the world's desalinated water. It is worthy to note that SWCC runs the kingdom's 28 desalination plants on the Red Sea and Arabian Gulf coasts.
  • Qatar's exports to its top five destinations - Japan, India, South Korea, United Arab Emirates, and Thailand - have reached 9.86 BN QAR, where Japan and India were ranked first and second top importers.
  • Over 2,000 employees lost their jobs in Lebanon's capital, Beirut, as Companies, firms, NGOs and some news and advertising agencies are laying off staff due to the sharp decline in the business volume in Beirut.
  • Egypt's international cooperation minister has announced that the country has received the first 1 BN USD tranche of a 3 BN USD three-year loan from the World Bank aimed at supporting the government reform program.
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

     Like us on Facebook  View our profile on LinkedIn Find us on Google+ Follow us on Twitter View our videos on YouTube View on Instagram