This report is designed to give you a snapshot about the MENA region tackling multiple issues:
33.2 USD 1,102 USD
In 2016 budget plan Saudi Arabia aims to cut spending by 135 BN SAR (14%) reaching 840 BN SAR this year down from 975 BN SAR in 2015. It is worth noting that the Saudi Government has recorded a budget deficit of 367 BN SAR last year.
In efforts to diversify the Omani economy, 2016-2020 plan aims to cut oil industry contribution to gross domestic product to 22 % down from 44 % through focusing on other sectors such as manufacturing, mining, transport and tourism according to the Supreme Council for Planning.
According to World Trade Organization (WTO), UAE is ranked the 16th in global exports with a growth of 4% from 2010 to 2014 compared to 6% global average, and ranked the 20th in global imports with a 12% growth compared to 5% global growth.
According to Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's Consumer Price Inflation (CPI) in December 2015 was the same as the previous month at 11.1%
Oman's five-years plan is expecting annual investment to reach around 28% of GDP and the cumulative investment to be total of 41 BN OMR compared to 38 BN OMR in the previous five year plan. Moreover, private sector is aimed to contribute by 52% of total investment.
According to the Ministry of Finance, Egypt's GDP increased in the FY 2014/2015 by 4.2% compared to 2.2% in FY 2013/2014. On the other hand the inflation rate was 9.3% in the first quarter of FY 2015/2016 compared to 10.9% in the same period last year
Qatar government signed a loan deal of 5.5 BN USD. The deal is organized by several banks including Qatar National Bank, Barclays, Deutsche Bank and SMBC.
Morocco's trade deficit dropped by 19.7% in the first 11 months of 2015 compared to the previous year reaching 140.02 BN MAD. This drop can be attributed to lower energy costs and higher exports.
Egypt's President Abdel Fattah El-Sisi announced a total of 200 BN EGP to be given by the banking sector to support the small and medium-sized enterprises (SMEs).
Iran's government decided to ban imports from Saudi Arabia after blaming Saudi jets for the attack happening to Iran's Embassy in Yemen. Saudi Arabia has called for boycotts of Iranian products. Moreover, Saudi Arabia, Bahrain, Sudan, Djibouti and Somalia have broken all their diplomatic ties with Iran.
Iraq is trying to mediate between Iran and Saudi Arabia to end the dispute that was the result of Riyadh's execution of prominent Shi'ite cleric. However, Saudi Arabia did not respond to Iraq's offer to mediate.
Two Swedish tourists were wounded at the Bella Vista Hotel in Hurghada, Egypt. Security killed two of the attackers and the rest were caught and injured. It's worthy to mention that after the attack, Egypt's Minister of Tourism announced that the government will make additional security measures to protect tourists.
Saudi Arabia's Almarai Co., one of the largest dairy companies in the Gulf, has bought a land in California for 31.8 MM USD to supply its business with alfalfa hay.
The famous web TV Netflix has been launched in UAE and Middle East. Netflix will add Arabic to its selection of languages and will offer its visitors a one month free access service
Al Habtoor Group in UAE is planning to start 8.5 BN USD project in Egypt. The project will include 1,476 roomed hotel, 274 apartments and villas, golf club, and equestrian club, according to the chairman Al Habtoor Group.
According to Electricity Minister, Egypt approved a contract with Dongfang Electric Corporation to build a coal-fired plant with a total capacity of 1,980 MW to produce electricity and approved another contract with Shanghi Electric to build four plants with a total capacity of 2,400 MW.
Abu Dhabi Ports finished implementing stage 1 of the Port Community System, Maqta Gateway. The Gateway will offer a single point of access and real-time information to all the shipping lines, agents, terminal operators, and other government agencies.
United States has frozen Ali Youssef Charara's assets, a Lebanese financier, and the assets of his company 'Investment Group Holding SAL' for supporting Hezbollah. Also prohibited Americans from engaging in transactions with them