Issue  No.71
25 April 2016

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


         45 .1  USD          1,232  USD


    Economic Outlook
  • Fitch Ratings has expressed its concern over Saudi's financial position after the country's move to raise a 10 BN USD loan through international banks which reflects pressure on its fiscal balance caused by low oil prices.
  • Abu Dhabi Statistics center has posted a 2.8 % fall in Abu Dhabi's March inflation rate (year-on-year) mainly affected by the fall in transportation prices which declined by 3.1% after the UAE cut the domestic gasoline prices.
  • According to the United Arab Emirates state agency, WAM, the UAE has allocated 4 BN USD to Egypt where half of it will be given in the form of investments and the rest as central bank deposits to support cash reserves. On the other hand, Saudi Arabia signed a contract for 16 BN USD as an investment fund.
  • Iraq's central bank governor has announced that the country is planning to borrow around 16 BN USD over the next two years from the IMF, World Bank and members of the Group of Seven leading industrialized nations. Moreover, there are other plans to issue 2 BN USD in bonds during the next three months.
  • Oman's government will issue international bonds for the first time in 20 years. It is worth mentioning that the sultanate's government has chosen five banks to arrange the issuance of the bonds.
  • Iran's deputy oil minister has announced that the country's oil production is expected to reach pre-sanctions levels within the next 2 months.
  • Oman's power sector regulator has reported that the country is on its way for the introduction of solar rooftop generation in the Sultanate, adding that the renewable energy option will not be limited to residential homes alone, but also will be available to industrial and commercial buildings as well.
  • Kuwait oil and gas workers have ended their 3-days strike that has caused a temporary fall in Kuwait's oil production by almost half, as reported by the trade union. 
  • The Lebanese Republic has launched a 1 BN USD dual tranche bond which is split between 700 MM USD 2024 tranche paying a yield of 6.65% and a 300 MM USD 2031 tranche yielding 7%.
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