Issue  No.116
13 March 2017

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


        51.36  USD         1,210  USD


  Economic Outlook
  • According to Central Bank of the UAE statistics, the UAE's banking sector is the first on the list of the banking sectors in terms of asset volume in the GCC region, with total value of 711 BN USD (2.61 TR AED) in 2016, while Saudi Arabia banking sector came second with total asset value of 602 BN USD, third is Qatar with 349 BN USD, fourth is Kuwait with 198 BN USD, followed by Bahrain with 193 BN USD and finally Oman with 70 BN USD.
  • Egypt's annual urban consumer price has recorded its highest level reaching 30.2% in February 2017 compared to 28.1% in January 2017. In addition, Egypt's current deficit recorded 9.65 BN USD in H1-2016/2017 fiscal year compared to 9.38 BN USD last year.
  • Jordan total income from tourism and remittance by Jordanian expatriates has increased by 8.5% in January 2017 reaching 664 MM USD compared to 612 MM USD in January 2016. In addition, the revenues from tourism has recorded a 12.2% increase reaching 368 MM USD in January 2017 compared to 328 MM USD in January 2016.
  • Oman has witnessed a 36.8% decline in the traded value of real estate properties in January 2017 reaching 235.1 MM OMR (610.4 MM USD). In addition, the number of contracts has declined by 35.8% reaching 5,582 contract in January 2017 compared to 8,308 contract in January 2016.
  • Qatar works towards it 2030 vision to welcome 10 million visitors a year and generate 17.8 BN USD receipts. Moreover, the country is expecting to generate 5.2% of its GDP from tourism over the coming years.
  • Qatar's population has reached 2,673,000 on 28th of February 2017 representing a 3.8% increase compared to January 2017.
  • Saudi Banking sector's monthly profits increased by 16% in January 2017. This is reflecting the sector's benefit from the repricing of assets given the higher benchmark rates on year-on-year basis.
  • Real growth in the non-oil sector of Bahrain's economy reached an annual rate of 4.7% in Q3-2016. This marked a clear increase from the 3.6% level recorded during Q2-2016.
  • The government of Lebanon intends to apply new fees on certain imported items to protect the local industry. The Minister of Industry said that the items that will be subject to the new fees are white cheese, yogurt, eggs, cut stones, industrial paper, garments, jewelry, shoes, steel, aluminum, plastic, flour and artifacts.
   Political Events
  • Jordan and Bahrain have signed a military agreement to promote military ties at various domains and exchange military training expertise between the armies of the two countries.
  • Iranian Foreign Minister, Mohammed Javad Zarif had visited Qatar last week for talks with his Qatari counterpart. This visit follows the Iranian's President Hassan Rouhani's visit to Oman and Kuwait last month; all aiming to defuse tension with the Gulf states.
  • Saudi security forces killed a suspected Islamic State militant when he pulled a gun on a patrol in the capital Riyadh.
  • King Salman has visited several Asian countries in order to carry investment mega-opportunities that will help achieve the objectives of Vision 2030. Strengthening the relations between Saudi Arabia and Asian countries will allow the Kingdom to benefit from trade locations.
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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
Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel: +97143518187

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