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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17.30
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19.44
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AED
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3.67
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4.13
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QAR
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3.64
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4.09
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SAR
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3.75
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4.22
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BHD
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0.38
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0.42
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OMR
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0.39
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0.43
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Economic Outlook
- Egypt issued international bonds worth 2 BN EUR (2.24 BN USD) in 6-year bonds worth 750 MM EUR, maturing on April 11, 2025 in addition to 12-year bonds at a value of 1.25 BN EUR, maturing on April 11, 2031. Noting that Cairo received about 9 BN EUR (10.10 BN USD) worth of offers representing more than four times of the bonds value.
- Prime Minister Mostafa Madbouli formed a committee comprised of representatives from several Ministries in order to study the offers of international companies working in the field of manufacturing electric cars and buses due to the increasing demand by electric car and bus manufacturers to explore investment opportunities available in Egypt.
- Egypt will remove subsidies on most energy products by June 15 according to the IMF released letter which implies increasing the price of gasoline, diesel, kerosene and fuel oil, which are now at 85-90% of their international cost.
- Minister of Transport Nabeel Al-Amoudi stated that Saudi Arabia aviation sector is ready to soar. Civil aviation generates an estimated 126 BN USD annually, as well as providing 527,000 jobs, leading to an ambitious expansion plan at the flag carrier Saudia and the opening of a massive new terminal at Jeddah airport.
- Saudi Arabia and UAE non-oil sector grew in March 2019. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index (PMI) increased to 56.8 in March 2019 compared to 56.6 in February 2019. As for UAE, it increased to 55.7 in March 2019 compared to 53.4 in February 2019.
- Registration is now open for Project Qatar 2019, the nation's biggest and longest-established construction event, which will take place between 29 April and 1 May.
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Political Events
- Egypt, Bahrain, Saudi Arabia and UAE have confirmed that they will boycott the 140th General Assembly of the Inter-Parliamentary Union of 2019, which has begun in Qatar on Saturday 6.
- UAE Federal Tax Authority (FTA) has started implementing the Value Added Tax (VAT) Refunds for Business Visitors procedure, noting that a dedicated form for refunding VAT to business visitors has been made available through its website.
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Major Companies Transaction
- Orascom Investment Holding (OIH) will acquire all the outstanding shares of Nile Sugar by the end of 2019, adding that due diligence on the transaction is ongoing. OIH is currently prioritizing investment in the financial, real estate, agriculture, and logistics sectors.
- International Finance Corporation (IFC), a member of the World Bank Group, is providing up to 100 MM USD in financing to the Middle East Glass Manufacturing Company (MEG), Egypt leading maker of glass containers. The partnership is designed to support the firm's capital expenditure program, create new jobs, and boost Egypt manufacturing sector.
- Saudi Arabian Mining Company Maaden is seeking to more than double gold output within five years. Maaden plans to boost gold output from about 415,000 ounces in 2019 to one million by 2025.
- Saudi Aramco will offer 140 contracts worth 60 BN SAR (16 BN USD) to SMEs in Saudi Arabia as it spends 170 BN SAR (45.29 BN USD) on different services a year to boost the cooperation with SMEs.
- Saudi Arabian dairy company Almarai reporteda 2.58% drop in Q1-2019 net profit after zakat and tax reaching 336 MM SAR (89.5 MM USD) compared to 344.9 MM SAR (91.8 MM USD) in Q1-2018.
- Emirates Islamic bank and Emirates NBD have announced the launch of Chat Banking services for customers via WhatsApp Business Solution, a first in the region.
- The Italian Trade Agency (ITA) will participate in the 9th Annual Investment Meeting (AIM) 2019 in Dubai from 8-10th April to showcase FDI opportunities in Italy by bringing together experts from more than 140 countries to share up-to-date information, strategies and knowledge on attracting FDI.
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Sports and Culture
- Egypt Tourism Minister Rania Al-Mashat won the World Travel Tourism Council (WTTC) Global Champion Award at the 2019 Global Summit in Seville, Spain, for her significant leadership role in promoting tourism resilience.
- Mohamed Salah scored the 50th goal of his Premier League career with Liverpool in Friday's 3-1 win at Southampton as he helped the Reds to get back to the top of the Premier League.
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| Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel:
+97142820301
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Cairo Office:
Z
epter Office Building
S5-6 ,
Area 5, District 1, 5th Settlement,
New Cairo, Egypt.
P.O. Box:
1147
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Kenya Office:
Block C, Ground Floor, Fortis Office Park Muthangari Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800
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