Issue  No.72
2 May 2016

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


         46.85  USD          1,295  USD


    Economic Outlook
  • Dubai's airport - the world's busiest airport for international travel - has received 7.4% more passengers - who reached 7.24 million -  in March 2016 compared to the same month of the last year.
  • Kuwait's national assembly passed a law that allows the government to raise water and electricity charges for expatriates excluding the Kuwaiti citizens, however, the law will only be enforced by September, 2017.
  • Oman's oil and gas minister has announced that the government will build a major oil storage terminal on its southeastern coast. Oman will spend between 300-400 MM USD on the first phase of the project.
  • As Qatar's government seeks to reduce the waste of fuel and save money for the state budget, it has announced that it will allow its domestic gasoline and diesel prices to fluctuate in response to changes in the global markets.
  • According to Iran's vice president, Iran's tourism revenues in the last Iranian calendar year (ended in March 20), has reached to 8 BN USD with 5.5 million foreign tourist visiting the country.
  • According to Egypt's minister for international cooperation, Egypt is negotiating a 500 MM USD loan from the World Bank to finance some of the country's development projects in Upper Egypt.
  • In Line with Saudi Vision 2030, Saudi Arabia's government has announced that it will provide housing for 100,000 low-income families during the next year as part of a reform program to strengthen the economy and reduce the dependence on oil revenues.
  • Qatar's central bank will offer 2 BN QAR of treasury bills in an auction. It is worth mentioning that, the offer comprises 1 BN QAR of three-month bills, 500 MM QAR of six-month bills and 500 MM QAR of nine-month bills.
  • As oil prices decline, Saudi Arabia's central bank net foreign assets has declined by 1% in March 2016 compared to the last month reaching 579 BN USD.
  • The United Arab Emirates government will raise the domestic prices for gasoline and diesel where the price of octane 95 gasoline will increase from 1.51 to 1.67 AED while the domestic diesel price will increase from 1.56 to 1.60 AED per liter.
  • According to Jordan news agency, Jordan's government will increase the prices of gasoline, Kerosene and Diesel by 1.43% to 2.81% in May, it is worth mentioning that the government's decision was taken in accordance to the recommendations of the fuel pricing committee.
  • After it witnessed a sharp decline in energy earnings, Algeria has drafted a new investment law that offers incentives to local and foreign investors in the non-oil sector as part of its steps to open its economy.
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