This report is designed to give you a snapshot about the MENA region tackling multiple issues:
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/USD
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/EUR
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EGP
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18.75
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20.17
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AED
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3.67
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3.94
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QAR
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3.64
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3.91
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SAR
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3.75
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4.03
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BHD
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0.38
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0.40
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OMR
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0.39
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0.41
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 Economic Outlook
- Jordan investments in Egypt has reached 530.3 MM USD. Jordan has occupied the 23rd place among states investing in the Egyptian market. In addition, Jordan investments was injected through 1,614 firms in different fields.
- Saudi Arabia is launching a renewable energy program in the coming period that is expected to invest 30-50 BN USD by 2030. In addition, the country is studying its first two commercial nuclear reactors.
- Oman's new electricity tariff system constitutes the removal of subsidies on electricity from 10,000 government, commercial and industrial customers who consume more than 30% of total electricity supply to save around 260 MM USD.
- Sudan's central bank governor had signed an agreement with the Abu Dhabi Fund for Development (ADFD) worth 500 MM USD deposit to help Sudan in resolving some of its economic problems that had been building up since the south split in 2011.
- Egypt's economy is expected to reach 3.9% in the fiscal year that ends in June 2017, missing the government's target at 5% and even slowing from last year's growth rate that was 4.2%.
- Egypt is considering temporarily reintroducing a stamp tax duty on the stock market. This proposal had come after the IMF had revealed some of the agreement terms one of which was that Egypt had committed to imposing either a capital gains tax or stamp duty on stock market.
- Egypt's exports to UAE had jumped to 178.9% reaching to 18.3 BN EGP (971 MM USD) in January-October 2016 compared to 6.5 BN EGP (345 MM USD) a year earlier according to CAPMAS.
- Qatar's central bank had sold 15 BN QAR (4.1 BN USD) of conventional and Islamic government bonds in its first domestic government debt offer this year. The issue was oversubscribed by 100 MM QAR.
- Dubai Economy grew by 2.7% despite the decrease in oil prices in 2016 and is expected to grow by 3.1% in 2017.
- Syria and Iran had signed five contracts for the corporation in the fields of agriculture, animal resources, industry, oil and communications based on the joint economic cooperation agreement signed more than 3 years ago.
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 Political Events
- Donald Trump inauguration was last Saturday. Trump sworn in as 45th US president, in a historic power transfer from President Barak Obama.
- Lufthansa airlines had announced that there was no evidence of bomb on board of Germany Eurowings plane that landed in Kuwait, and that passengers would fly back to Germany from Kuwait.
- Syria's deputy foreign minister, Faisal Mekdad, had rejected the participation of Saudi Arabia and Qatar at the forthcoming peace talk as they are backing terrorism.
- At least 75 people, including 45 firefighters had been hurt in Tehran building collapse in Iran. The building was a commercial building and one of the oldest buildings in Tehran. However, the cause of the collapse is not yet known.
- The United Arab Emirates and Britain had launched a joint military exercise which aimed at training on the planning, implementation and management of joint military operations taking place as Gulf Arab and American rivalry with nearby Iran continues to simmer.
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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
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Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel: +97143518187
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