Issue  No.40
21 September 2015

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


 



        47.47 USD        1,139 USD

 
/USD
/EUR
EGP
7.83
8.84
AED
3.67
4.15
QAR
3.64
4.11   
SAR
3.75 
4.24
BHD 
0.38
0.43  
OMR 
0.38  
0.43

 Economic Outlook
  
 
  • To help cover its budget deficit, Saudi Arabia sold a new tranche of 5,7 and 10 years bonds that is worth 20 BN SAR (5.33 BN USD) to banks.

  • The Egyptian central bank governor announced that Egypt's unemployment rate fell to 12.7% by the end of June 2015 compared to 13.3% during the same period of last year.

  • The UAE central bank announced that the bank lending growth rate in Emirates grew to 8.6% Y-o-Y in August compared to 8.2% in July.

  • Kuwait's financial minister announced that the country is willing to issue local currency bonds by the end of this year to help the Gulf Arab States in bridging its budget deficit.

  • The Dubai statistics Center announced that Dubai's August inflation rate reached 4.4% Y-o-Y; this is mainly due to the rise in housing and utility costs -which accounts for 44% of CPI- by 6.6% compared to the previous year.

  • Oman's nominal GDP dropped by 14% in Q1 2015 compared to a rise of 2.7% in the same period of last year, this is mainly caused by 36.8% drop in the petroleum sector.
  • For the first time, the Saudi Council of Ministers granted a license for a Qatari lender (Qatar National Bank) to establish a branch inside the kingdom.
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