Issue  No.56
11 January 2016

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


        33.2  USD        1,102  USD


    Economic Outlook

  • 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 16 th in global exports with a growth of 4% from 2010 to 2014 compared to 6% global average, and ranked the 20 th 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).
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