Issue  No.98
07 November 2016

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


        46.09  USD         1,284  USD


  Economic Outlook
  • Egypt's sugar crisis has expanded after the authorities seized all private sugar stocks. It is worth mentioning that Egypt consumes 3 million tons of sugar per year but produces around 2 million tones, with the gap bridged by government and private imports usually purchased between July and October.
  • Morocco's unemployment rate has dropped to 9.6% in Q3-2016 compared to 10.1% in the same period last year. The decline was driven by the creation of new jobs in the constructions sector.
  • In a move to rebalance currency markets, Egypt's Central Bank has floated the pound currency, devaluing by 32.3% to an initial guidance level of 13 pounds to the USD.
  • Egypt's central bank has hiked interest rates by 300 basis points. The move was accompanied by the bank's move to float its currency to rebalance currency markets.
  • 72% of private health centers in Saudi Arabia are facing the threat of closure as they fail to fulfill the kingdom's ministry of health requirements to hire 2,670 consultants.
  • Dubai Statistics Center has reported that the construction rate in the emirate has increased by 90% in 2016 reaching 6,483 buildings that were completed in the first 9 months of the year.
  • As the Saudi Arabian government drew down reserves to cover its budget deficit, the net foreign assets at the kingdom's central bank fell by 7.4 BN USD to reach 546.7 BN USD in September compared to August 2016.
  • After the removal of sanctions on Iran, the country's oil exports to Asia increased by 92% in October 2016 reaching 1.6 million bpd compared to October 2016.
  • According to Qatar's Ministry of Development Planning and Statistics, Qatar's Q2-2016 GDP has increased by 2.7% compared to Q1-2016 reaching 135.378 BN QAR.
   Political Events
  • According to the United Nations migration agency, 239 migrants have died in a shipwreck near the Libyan costs. The victims are believed to be West African.
  • To solve the political deadlock that the country has been experiencing for 29 months, The Lebanese President, Michel Aoun, has mandated the Sunni-politician, Saad Al-Hariri, to form a new government.
  • Saudi Arabia has appointed a new finance minister, Mohammed al-Jaddan, to replace Ibrahim Alassaf who held his post since 1996.
  • Qatar has implemented a new transit visa scheme which allows passengers with layovers of five hours or more in Hamad International Airport to request a complimentary transit visa.
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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