Issue  No.93
04 October 2016

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


        50.72  USD          1,312  USD


  Economic Outlook
  • Abu Dhabi's International Airport (AUH) visitors have reached Over 2.3 million passengers in August 2016, achieving 2.3% increase compared to the same month in 2015.
  • As a result of low oil prices, Oman's budget deficit has increased by 68% in H1-2016 amounting to 4 BN OMR compared to 2.39 BN OMR in the corresponding period of 2015. In addition, net oil revenues declined by 46% to 1.79 BN OMR in the first 7 months of 2016 compared to 3.32 BN OMR last year.
  • According to UAE's Ministry of Energy, the fuel prices in UAE is expected to rise in October as the special 95 will rise from 1.64 to 1.70 AED, while diesel will rise from 1.72 to 1.76 AED.
  • Despite regional recession, Saudi Arabia has spent 300 BN USD on construction projects according to the chairman of the National Committee for Contractors at the Council of Saudi Chambers (CSC).
  • According to HSBC, Qatar has topped Middle East ranking reporting the highest levels of disposable income, the country is also ranked second globally for personal finance due to increasing disposable income.
  • Central Bank of Egypt will be offering treasury bonds totaling 1 BN EGP in the form of two treasury bonds; the first is worth 750 MM EGP, to mature in 5 years. The second is worth250 MM EGP, to mature in 10 years.
  • Iraq's government has published its 2017 budget assuming that the country will be exporting more crude oil. The OPEC nations are expected to sell 3.75 million barrels per day at a higher price of 42 USD per barrel.
  • As a result of Oman's budget deficit caused by low oil prices, Oman has launched a combined 1.5 BN USD tap of its June 2021 and June 2026 bonds. The five-year tranche will raise 500 MM USD at 235 bp over treasuries, while the 10-year note will be for 1 BN USD at plus 315 bp.
  • The European Union (EU)'s head of operations in Egypt has announced that EU has secured a 70 MM EUR grant to support Egypt's Emergency Employment Investment Project. The Emergency Employment Investment Project is being implemented by the World Bank in cooperation with the Egyptian Social Fund for Development (SFD).
  • Qatar will invest 40 BN USD in the hospitality sector with nearly 105 upcoming hotels and approximately 21,000 rooms at various stages of construction within the next 15 years.
  • Saudi government workers will be paid according to the Gregorian calendar instead of the Islamic Hijri calendar. This shift will indicate a 3% less spending on salaries. It is worth mentioning that Saudi Arabia used Hijri calendar for 86 years.
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
Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel: +97143518187

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