Issue  No.108
16 January 2017

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


        55.65  USD         1,202  USD


  Economic Outlook

  • Lebanon will receive an aid from Japan amounting to 17.9 MM USD to assist in hosting Syrian refugees where the total figure of registered Syrian refuges in Lebanon has reached to 1.1 million refugees according to the United Nations High Commissioner for Refugees (UNHCR).
  • Egypt's annual urban consumer price inflation (CPI) has jumped to 23.3% in December 2016 compared to 19.4% in November 2016 due to the dramatic change in the currency exchange rate regime.
  • Egypt had issued one-year dollar denominated treasury bills worth 888 MM USD at an average yield of 3.7%.
  • Oman is negotiating with several Gulf countries to secure a multi-billion dollar deposit in its central bank to boost its foreign exchange reserves combating the impact of the fall in oil prices over the last two years.
  • Oman is planning to provide unemployment benefits for laid off employees from the private sector. The plan provides financial support for six months and equivalent to 60% of the monthly salary the laid off employee used to receive.
  • Qatar's central bank is offering local currency government bonds with maturities ranging from three to ten years and returns ranging from 2.50% to 4.25%. It is worthy to mention that the issue would be about 15 MM QAR (4.1 BN USD).
  • Jordan's budget deficit had declined to 803.3 MM JOD (1.1 BN USD) at the end of November 2016 compared to 1.209 BN JOD at the same period due to foreign grants.
  • Kuwait has agreed to reduce its oil production by 131 thousand barrels a day starting on 1st of January 2017 under the OPEC agreement. However, the oil production was cut by more than what was agreed upon in the deal as announced by the Kuwaiti Oil Minister Essam Al-Marzouq.
  • Saudi Arabia had succeeded to cut the State's budget deficit from 367 BN SAR (98 BN USD) in 2015 to 297 BN SAR (79.19 BN USD) in 2016. Furthermore, the budget is expected to decrease to 198 BN SAR (52.79 BN USD) this year but there will still be great volatility in the State's financials due to the swings in the oil prices.
  • Dubai has received its first public roll-out of its 100 MM USD for its Expo 2020 live program to help fund and promote creative projects submitted by entrepreneurs, NGOS, start-ups and others to improve people's lives while preserving the planet.
   Political Events
  • Jordan and Turkey celebrated 7 decades of diplomatic ties where the Turkish Ambassador highlighted the "historical and unwavering bonds of solidarity and friendship" between the countries since ancient times.
  • A U.S Navy destroyer had fired three warning shots at four Iranian fast-attack vessels after they came within 900 yards of the Mahan at a high speed and didn't respond to all the requests to slow down.
  • Kuwait has issued law No 1 in 2017 regulating the entry, exit and residence of expatriates. The new law gives the expatriate workers the right to exit the country permanently before the expiry of the employment contract or for a vacation but after informing the recruiter.
  • Lebanon's President Aoun has visited Saudi Arabia and is intending to visit Qatar as well in an effort to normalize ties with the Arab Gulf states and seeking to lift the ban on Gulf citizens travelling to Lebanon.
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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