This report is designed to give you a snapshot about the MENA region tackling multiple issues:
50.72 USD 1,312 USD
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 calendarinstead 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.
The former Israeli leader Shimon Peres died on Wednesday 28th of September 2016. It is worth mentioning that the Palestinian President Mahmoud Abbas and Egypt's Foreign Minister Sameh Shoukry have attended the funeral in Israel.
Over 800 workers in Saudi Arabia have protested over salary delay and blocked the streets. The police had to rush to the scene to disperse the crowd and ease traffic jam on Dammam-Abqaiq Road.
Intense air strikes have pounded rebel-held areas of Aleppo city and triggered major fires. On the other hand, international powers with a stake in Syria's civil war are meeting in New York amid efforts to revive a collapsed ceasefire.
The chairman of Libya's Arabian Gulf Oil Company (AGOCO) has announced that the company has increased its production from 150,000 to 290,000 barrels per day.
Symbolizing the bilateral ties between the two Arab nations, Kuwait Airways has announced that it has become the first airline to arrive in Cairo International Airport's (CAI) new Terminal 2.
The French carmaker, Peugeot, has announced that it plans to sell more than 15,000 vehicles in Iran in H2-2016 to regain its leading position it once had in the country after it halted its productions during sanctions on the country.
Phoenix Power Company SAOG has announced that Qatar Electricity and Water Company (QEWC) - one of its founder shareholders - has transferred its 9.75% stake in the company to one of QEWC's affiliates in Qatar, Nebras Power QSC.
Abu Dhabi's Yas Island is planning to add developments to the island including 1,500 new hotel rooms aiming to increase the number of its visitors with a target of attracting 48 million visitors annually starting 2022. In 2015, the number of visitors were 25 million and is expected to reach 30 million visitors in 2018.
The British Airway's owner IAG has announced that British airways has signed a revenue-sharing agreement with Qatar Airways, allowing the pair to cooperate on scheduling and pricing. It is worthy to note that State-owned Qatar Airways owns 20% of IAG.
Egypt's 20th national cinema festival will be held between the 12th and 20th of October 2016. The festival will screen 48 short features, seven animations, 21 documentary films and 21 short documentaries under 15 minutes.
Sharjah Media City, one of the newest free zones in the emirate established in January 2016, will start issuing licenses to media professionals in Q1-2017.
Kuwait has started implementing the new smart parking system to help resolve its parking problems. The system will be launched by ACICO Construction which has become the leading turnkey building solutions provider in the region.
The Egyptian player Mohamed Salah helps Roma beat Inter Milan as it claimed a 2-1 win over the rival team after a thrilling match that took place in Italy.
FIFA President Gianni Infantino has proposed a 48-team world cup tournament. He suggested that 16 of those teams would leave the tournament after one knockout match, and the remainder of the tournament would be played with a 32-team group stage.