Issue  No.81
04 July 2016

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


        50.27  USD          1,353  USD


    Economic Outlook
  • According to Smart Dubai Government (SDG), Dubai's government has saved over 4.3 BN AED through the shared smart services implemented between 2003 and 2015.

  • The communications and information technology industry is ranked as the country's second biggest economic sector in Egypt. Moreover, the Egyptian communication and IT industry is expected to achieve a growth rate of 8.9 BN USD in 2016.
  • Amid its steps to reduce its financial pressure caused by low oil prices, Qatar's central bank will offer 1.55 BN QAR of treasury bills in auction. The offer comprises of 550 MM QAR of three-month bills, 500 MM QAR of six-month bills and 500 MM QAR of nine-month bills.
  • According to Egyptian Central Bank, Egypt has received 2.8 BN USD in foreign direct investment (FDI) in the first nine months of the fiscal year 2015/2016 up from 1.7 BN USD in the same period last year.
  • Kuwait plans to issue up to 10 BN USD in dollar-denominated bonds and sukuk in international markets during the current fiscal year 2016/2017, to reduce financial pressure on its budget caused by low oil prices.
  • As low oil prices forced Saudi Arabia's government to reduce its spending, the kingdom's economic growth rate has reached its lowest in 3 years amounting to 1.5% in Q1-2016 compared to the same period last year.
  • To bridge its budget deficit caused by low oil prices, Oman's government has turned to tap the debt market through the issuance of 500 MM USD six-year sukuk in a private placement.
  • Jordan's government has put a plan to reduce unemployment through allocating 25 MM JOD f or the Development and Employment Fund to extend easy loans to youth for self-employing entrepreneurial projects, especially in underprivileged regions. Moreover, the government has allocated 20 MM JOD to be distributed as loans and advances to social security pensioners and their widows at lower interests.
  • According to the central bank of Tunisia, the country's current account deficit has widened in Q1-2016 to reach 1.9% of the country's GDP compared to 1.6% in the same period in 2015.
  • Egypt's current account deficit is almost the double as it has reached 14 BN USD in the first nine months of the fiscal year 2015/2016 compared to 8 BN USD in the same period last year.
  • Egypt has paid 1 BN USD to Qatar marking the last tranche of debts to the Gulf nation amid tension between the two Arab countries.
  • In order to help Iraq overcome its critical stage, Kuwait's finance minister announced that the country has agreed to postpone Iraq's debt payment for one year ending on the first of January 2018.
  • As a result of a severe drought hitting its agricultural sector, Morocco's GDP has declined to 1.4% (y-o-y) in Q2-2016 down from 1.7% in Q1-2016.
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