Issue  No.69
11 April 2016

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


         41.94  USD          1,249  USD


    Economic Outlook
  • To support the global oil market, Qatar's oil minister has announced that his country is inviting all OPEC members and major producers from outside the exporting group to attend talks on April 17th regarding a deal to freeze output at January's levels.
  • Abu-Dhabi's hotel occupancy rates have witnessed a 78% decline in February 2016. In addition, profits per room registered a decline of 37% (y-o-y) with average room rates falling by 27% reaching 158 USD compared to 217 USD in February 2015.
  • The Egyptian state-owned television has reported that the country has signed an agreement with Saudi-Arabia to set up a 60 BN SAR worth investment fund among other investment agreements including an economic free-zone to develop Egypt's Sinai region.
  • Iran's foreign minister has reported that his country is taking steps to regain its oil share in the market, in cooperation with other oil producing countries, after sanctions has been removed.
  • Egyptian 2016/2017 released budget indicated that the country is willing to decrease its spending on fuel subsidies by 43% from 61 BN EGP in 2015/2016 to 35 BN EGP amid the country's steps to reduce its budget deficit.
  • As announced by the International Monetary Fund (IMF) and a senior Iraqi government official, Iraq is lowering its oil price forecasts to around 32 USD per barrel instead of 45 USD in its 2016 budget.
  • Saudi Arabia has increased its construction of housing units by 50% to keep up with the increasing demand where the total value of the projects under this program has reached 34 BN SAR as reported by the country's ministry of commerce and industry.
  • Dubai's retail market has witnessed an annual growth rate of 3.5% to 7.5% during the period between 2010 and 2015 and is estimated to reach 35.4 BN USD according to Dubai Chamber of Commerce and Industry analysis.
  • After lifting Iran's sanctions, India's cabinet raised the credit line of Iran to 450 MM USD as New Delhi aims to boost trade ties with Tehran.
  • Egypt's supply minister has announced that the country is banning the trade of imported wheat inside the country, a move which could reduce smuggling of the grain that cost the country hundreds of millions of dollars.
  • In the first quarter of 2016, Egypt's debt to foreign oil companies has reached 3.2 BN USD compared to 3 BN USD in the fourth quarter of 2015.
  • Amid its steps to apply Saudization policies, the Saudi Arabian ministry of labor revealed plans to restrict all jobs related to human resources (HR) as well as positions in the departments dealing with hiring of workers in the private sector to Saudi nationals.
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