This report is designed to give you a snapshot about the MENA region tackling multiple issues:
46.85 USD 1,295 USD
/USD
/EUR
EGP
8.88
10.19
AED
3.67
4.21
QAR
3.64
4.18
SAR
3.75
4.30
BHD
0.38
0.43
OMR
0.39
0.44
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.
An airstrike on a pediatric hospital in Syria has killed 50 people, according to rights and humanitarian groups. Also, the United Nations added that the situation in Aleppo has become "catastrophic" amid intensified fighting in recent days.
Lebanon municipal elections will take place next month. It is worth mentioning that the ministry of interior has spent 20.5 MM USD on the election's logistics.
Bahrain police have arrested 11 people suspected of involvement in a terrorist attack that took place on April 16th in Karbabad village; west of the country's capital, Manama, and resulted in the death of a policeman and serious injuries to two others.
A female suicide bomber has caused an explosion in the northwestern Turkish city of Bursa which injured eight passersby as she blew herself up near the city's main mosque. This attack was the fifth suicide bombing in Turkey this year.
Qatar airways has raised its stake in the British Airways International Airlines group (IAG) to around 12% up from 9.99% according to the company's chief executive officer.
Greenland Hong Kong Holdings Ltd has signed a deal with Kuwait strategic investor to set up an 8 BN USD real estate fund and to take a 41% stake in the luxury project Lane real estate development in New York city.
Emaar Properties - Dubai's property developer - has posted a 17% rise in its net profits in Q1 2016 mainly driven by an increase in sales in addition to hospitality and retail units' prosperity.
Binladen Group - Saudi's construction company - has laid off 50,000 workers as pressure on the industry rises amid government spending cuts as oil prices decline.
The United National Bank (UNB) - the fifth largest lender by assets in the United Arab Emirates - has posted a 27% fall in net profits in Q1 2016. It is worth mentioning that the Abu Dhabi government owns 50% of the bank's stakes.
Kuwait National Petroleum Company (KNPC) - The State-owned refiner - has signed the first tranche of financing for its multi-billion-dollar Clean Fuels Project, a major plank of the country's economic development plan. The loan will amount to 3.98 BN USD led by National Bank of Kuwait and Kuwait Finance House.
Abu Dhabi's state-owned Etihad Airways has reported a net profit of 103 MM USD in 2015 compared to 73 MM USD in 2014, and this was mainly driven by strong passenger growth.
Economic Outlook
Stock Market
Major Companies Transactions
