Issue  No.118
27 March 2017

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


        50.62  USD         1,257  USD


  Economic Outlook
  • The Kuwait Fund for Arab Economic Development (KFAED) offered Lebanon a loan of 36.9 MM USD to provide the country with a steady supply of water for consumption and irrigation. The loan will also fund a project to build tube wells to ensure a sufficient supply of water. The loan will be repaid over a 25-year timeframe with annual installments to cover the expenses of the projects.

  • Saudi Arabia and Bahrain will sign 9 agreements worth 1 BN SAR (266 MM USD) to carry out projects in Bahrain covering various sectors such as housing, roads, electricity, water and infrastructure.
  • Egypt attracted 3.1 BN USD of foreign investments in domestic debt instruments since the floatation of the pound in November 2016 until mid-March 2017.
  • Egypt is aiming to raise 6 BN EGP (329 MM USD) from the sale of minority stakes of 20-30% mainly through stock exchange offerings in state-owned companies in 2017/2018 financial year. Exact names of companies and shares to be offered to investors are not revealed yet.
  • Iran renewable energy output is expected to hit 850 megawatts in the current fiscal year (started March 21), 90% of which will come from wind and solar power. In addition, 3 BN USD worth projects in the renewable energy sector have been proposed by foreign investors.
  • Jordan and Palestine signed an agricultural Memorandum of Understanding (MoU) in order to boost cooperation in the areas of agricultural financing and credit and the exchange of expertise and visits.
  • Jordan had signed a 10 MM EUR agreement with France, in an attempt to reduce energy consumption, to carry out a project to boost resilience of the water sector to cut water loss.
  • Oman Central Bank has signed an MoU with the Iranian Central Bank to strengthen the financial and economic cooperation between the two countries. The agreement is expected to boost bilateral trade and include training for the Iranian central bankers.
  • Qatar fiscal deficit is projected to fall from 8.2% to 5% of GDP. The deficit is expected to shrink further through 2019 due to increasing hydrocarbon receipts and the ongoing consolidation of the current spending.
  • Saudi Arabia crude export to the United States is expected to fall by around 300,000 barrels per day from February to March; in line with the OPEC agreement to reduce the supply of crude oil. 
   Political Events


  • Japan has approved a loan of 100 MM USD for Iraq to support humanitarian, counter-terrorism and infrastructure projects in Iraq as a result of the damage imposed by the terrorist attacks.
  • Moroccan authorities have arrested suspected Lebanese Hesbollah financier, Kassim Tajideen, and is planning to extradite him to the United States as the Interpol is accusing him of making illegal money transfer worth 27 MM USD.
  • The Georgian ambassador has announced that his government is eager to strengthen its relationship with Saudi Arabia. The diplomatic relations between the two countries were established since 1994; reflecting on a bilateral trade increase by 360%.
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   Stock Market
  • .QSI baking sector significantly increased led by Ahli Bank and Qatar International Islamic Bank (QIIB).
  • .ADI banking sector has increased led by RAKBANK and First Gulf Bank (FGB). In addition, the real estate sector increased led by Eshraq Properties and Aldar Properties.
  • .DFMGI banking sector declined led by Dubai Islamic Bank (DIB) and real estate sector led by Arabtec Holding. 

Note: Weekly values are calculated on Thursday of each week.
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Cairo Office:
Z epter Office Building  S5-6,  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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