Issue  No.79
20 June 2016

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


        50.34  USD          1,285  USD


    Economic Outlook
  • Local farmers sell 4.88 million tons of wheat to the Egyptian government for a fixed price of 420 EGP per ardeb (150 kg). On the other hand, the Egyptian government has bought 5.3 million tons of wheat in 2015 compared to 3.7 million tons in 2014.
  • Abu Dhabi will impose taxes of 9.35 USD on airline passengers and hotel guests starting from June. The tax revenue is targeted to cover the loss that resulted from low oil prices.
  • Food and beverage prices dropped by 0.5% in Dubai while the cost of housing and utility increased by 3.3%.
  • UAE issues value added taxes (VAT) based on revenue ranges of the companies. The companies that record higher than 3.75 MM AED will be obligated to the VAT, while it is optional for companies with revenues between 1.87 and 3.75 MM AED.
  • The Sultanate of Oman; the fast and attractive tourist destination in MICE (meeting, incentives, conferencing and exhibitions) is expected to witness an increase of 15-20% in the number of Indian tourists this year.  Moreover, number of Indian tourists in 2015 has reached 2.9 million with an increase of 17% compared to 2014.
  • Telecom sector in Qatar recorded revenues of 10 BN QAR in excess in 2015 compared to 9.45 BN QAR. The largest portion of the revenue was covered by the mobile market.
  • Profits of the banking sector in Qatar rose by 1.7% in Q1-2016. On the other hand, profits dropped by 10.1% in Kuwait and 7.7% in UAE.
  • Lebanon's failure to apply economic and fiscal reforms since the murder of former Prime Minister Rafik Hariri, is keeping it at a financial deficit and with a negative outlook.
  • Saudi Arabia allows for larger foreign investment by opening an international retail sector that allows for 100% ownership. The decision was taken in line with the vision of 2030 plan.
  • Saudi Arabia's aid to developing countries has exceeded UN's rate of development target of 0.7% of GDP of fund-providing countries.
  • Egyptian chemical exports have declined by 10% in Q1-2016 amounting to a value of 226.9 MM EGP compared to 252.9 MM EGP. 
  • In Egypt, the rice prices have surged from 4.5 EGP to 8 EGP and 10 EGP for higher quality per kilogram during Ramadan season and the market faces a shortage.
  • The sales in the gold market has increased by 60% due to Ramadan and summer vacation, and is expected to rise even more till after Haj period and the marriages that follow.
  • Cairo neighborhoods are about to witness a great development and utilization of main roads and squares in different areas within Egypt's capital city. The government is going to invest 100 MM EGP to implement the development plans.
  • Consumer price index fell by 1.2% in Jordan at the end of the first five months of 2016, due to slowdown in prices of transportation, fuel and lighting.
  • Kuwait International Airport faces a 7% increase in the number of passengers as the number of passengers in May 2015 has exceeded 1 million passengers compared to 937,070 million passengers in May 2014.

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