Issue  No.66
21 March 2016

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


          41.2  USD          1,242  USD


    Economic Outlook
  • To bridge its budget deficit caused by low oil prices, the Saudi government plans to issue 20 BN SAR (5.3 BN USD) bonds of three, five and seven years with floating as well as fixed rates.
  • Egypt Central Bank will cut its foreign currency auctions from three per week -selling 40 MM USD at each- to one auction per week where it will sell 120 MM USD.
  • The Saudi Minister of Municipal and Rural Affairs, Abdul Lateef Al-Sheikh, has canceled a project for building a bridge in Jeddah due to lack of finance. However, the municipality has announced that it would build six overpasses and underpasses.
  • Due to the negative effect that growing domestic demand for power generation has on the amount of gas available for exports, Oman is rescheduling around five percent of its liquefied natural gas (LNG) shipments in 2016.
  • According to Abu Dhabi's Statistics Center, consumer prices rose by 3.3% during the first two months of 2016 compared to the same period last year. It is worthy to note that housing, water, electricity, gas, and other fuel group accounted for the largest rise in the Consumer Price Index (CPI).
  • To ease the strain on government finances caused by low oil prices, Kuwait's cabinet has approved economic reforms that aim to boost non-oil revenues, including the introduction of a 10% tax on corporate profits.
  • The Saudi Arabian government is planning to spend 2 BN SAR to enhance water security in Makkah. The project is being run by the National Water Company (NWC) in Makkah and covers Makkah, Jeddah and Taif and will increase the capacity by 5.4 MM cubic meters.
  • To narrow its budget deficit caused by low oil prices, Qatar is aiming to boost its private sector through passing a new law covering the use of public-private partnerships (PPPs) to be put into force by the end of 2016.
  • According to a statement from Abu Dhabi's General Administration of Customs, the value of non-oil foreign trade passing through customs' ports recorded an 11% increase to reach 169.1 BN AED in 2015 compared to 2014.
  • After Dubai'sAirport opened a new concourse last month,passengers usingDubai's International Airport have increased by 6.3% to reach 7.33 MM people in January. Moreover, this would help boost traffic to 85 MM passengers in 2016 compared to 78 MM last year.
  • Saudi Arabia's Central Bank will allow mortgage companies to supply a greater share of funding for home purchases, raising the maximum permitted contribution from 70% to 85% of the value of the house.
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