This report is designed to give you a snapshot about the MENA region tackling multiple issues:
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/USD
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/EUR
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EGP
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16.71
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18.92
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AED
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3.67
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4.16
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QAR
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3.64
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4.12
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SAR
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3.75
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4.25
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BHD
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0.38
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0.43
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OMR
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0.39
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0.44
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Economic Outlook
- Remittances from Egyptian expatriates in UAE increased by 200 MM AED (55 MM USD) in Q1-2019. Money transfers from Egyptians working in the GCC nation amounted to 2.3 BN AED (627 MM USD) in Q1-2019 compared to 2.1 BN AED (572 MM USD) in Q1-2018.
- The trade exchange between Japan and Egypt reached 401 MM USD in Q1-2019 compared to 376 MM USD in Q1-2018. Egypt exports to Japan went up to 93 MM USD in Q1-2019 compared to 64 MM USD in Q1-2018.
- Egypt exports to Germany grew 10.6% reaching 410.97 MM USD in Q1-2019 compared to 371.39 MM USD in Q1-2018. Egyptian oil exports to Germany went up 23.5% registering 191.44 MM USD in Q1-2019 compared to 155.04 MM USD in Q1-2018.
- Saudi Arabia economic growth more than doubled on a quarterly basis to 1.66% in Q1-2019, in line with expectations of only a modest pick up as oil production cuts weigh on the world's top crude exporter.
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Saudi Arabia state oil giant Aramco has set its July propane price at 375 USD per ton, compared to 430 USD in June. Moreover, July butane price is set at 355 USD per ton, down from 415 USD in June. The price provides a benchmark against which Middle East sales of liquefied petroleum gas (LPG) to Asia are priced.
- The value of UAE Central Bank reserve of gold bars amounted to 1.147 BN AED (312 MM USD) in May, up 1.1%, compared to 1.134 BN AED (308.7 MM USD) by the end of 2018.
- Cities in UAE have been listed as among the most expensive for expatriates in the Middle East in the 2019 Cost of Living survey published by global consultancy firm Mercer. The survey ranks Dubai at 21 and Abu Dhabi at 33.
- Qatar has bought some Lebanese government bonds as part of its planned 500 MM USD investment in the Lebanese economy to support Lebanon struggling economy.
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Political Events
- Kuwait has strongly condemned attack on Abha International Airport in southern Saudi Arabia, which led to the death of one person and injury of seven others.
- UAE and Uganda have signed a Memorandum of Understanding (MoU) with the aim of reinforcing their cooperation in adopting the best labour practices. The MoU highlights the important role of regulating private recruitment offices in both countries.
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Major Companies Transaction
- Venture capital (VC) firms in UAE and Saudi Arabia played a key role in driving many deals in Q2-2019. The top five disclosed VC deals in MENA region amounted to 98.5 MM USD which are; Swvl for 42 MM USD, AWOK.com for 30 MM USD, Mawdoo3 for 23.5 MM USD, Noon Academy for 8.6 MM USD and Sprii.com for 8.5 MM USD.
- Prime Holding's (PRMH) board approved on June 25 submitting an acquisition proposal to Pharos Holding for Financial Investments. As per the proposal, Prime would acquire 100% of the shares of Pharos Holding in Pharos Securities Brokerage and Pharos Investment Banking.
- Dana Gas has announced that it received payments of 48 MM USD (177 MM AED) from its operations in Egypt in June. These collections comprise 38 MM USD (139 MM AED) in payments from the government and 10 MM USD (36.7 MM AED) from the sale of the second El Wastani condensate shipment in 2019.
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Egypt Ministry of Education (MoE) has signed a cooperation protocol with the multinational information technology company (IBM) to establish the first IT school operating on the Pathways in Technology Early College High Schools model (P-TECH) system in Egypt.
- Saudi low-cost carrier flynas has signed a multilateral interline traffic agreement with Egypt national carrier, EgyptAir. The agreement aims to offer passengers of both airlines a wider range of air travel options.
- Saudi German Hospitals (SGH) Group has revealed the signing of a new strategic partnership agreement with Careem to provide its patients with convenient transportation services to and from the hospitals across Saudi Arabia.
- The Etihad Energy Services Company (Etihad ESCO) has announced the successful completion of the Jebel Ali Free Zone (JAFZA) project, phases I and II, which guarantees energy savings for residential areas housing for around 40,000 occupants.
- Etihad Airways, the national carrier of UAE, has upgraded services on three key Asian routes this week, introducing larger aircraft to accommodate growing demand. Flights between UAE, Abu Dhabi, and major two Chinese cities, Shanghai and Chengdu, have been upgraded with next-generation Boeing 787 Dreamliners.
- Ebn Sina Medical has recently signed a new agreement with the Italian company (GPI Group) to implement automation for the Ebn Sina Medical Warehouse, where medications will be properly stored, priced & dispensed automatically with very high speed & accuracy.
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Sports and Culture
- Egypt maintained their perfect start to their Africa Cup of Nations campaign by beating Uganda to advance into the last 16 as Group A winners. Liverpool forward Mohamed Salah opened the scoring with a superb free-kick midway through the first half. Then Ahmed Elmohamady doubled the Pharaohs' lead before half-time with a powerful drive.
- Qatar has been announced as the host country for the 2020 Micro, Small and Medium Enterprises (MSME) Forum, an event owned by the International Council for Small Business (ICSB).
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| Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel:
+97142820301
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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
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Kenya Office:
Block C, Ground Floor, Fortis Office Park Muthangari Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800
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