This report is designed to give you a snapshot about the MENA region tackling multiple issues:
38.86 USD 1,218 USD
/USD
/EUR
EGP
8.87
10.1
AED
3.67
4.13
QAR
3.64
4.10
SAR
3.75
4.22
BHD
0.38
0.43
OMR
0.38
0.44
Economic Outlook
Jordan government has decided to increase the prices of gasoline, kerosene and diesel, under the decision, kerosene and diesel will be sold at 0.355 JOD per liter, up from 0.32 JOD per liter with an increase of around 11% while maintained the price of gas cylinders unchanged at 7 JOD.
Kuwaiti Oil Minister called for the coordination among oil producers inside and outside OPEC to help stabilizing the market after the Saudi Arabian Deputy Crown Prince has revealed that Riyadh would not join an output freeze without the participation of Iran and other major producers.
In order to encourage companies to replace expats with Omanis, a proposal has been discussed in Oman by Shura council members to charge a 3% monthly fee on expatriates according to the chairman of General Federation of Trade Unions.
The Iranian Oil Minister Bijan Zanganeh has announced that Iran will continue increasing its oil production and exports until it reaches the market position it enjoyed before the imposition of sanctions.
The Egyptian Minister of Housing has revealed that Egypt's local construction companies has started working on the infra-structure of the new administrative capital city first phase last Saturday.
The Institute of International Finance (IIF) is expecting that the fiscal deficit in the Gulf Cooperation Council (GCC) will reach 143 BN USD or 10.5% of the gross domestic product (GDP) this year and the region may increasingly tap global debts to finance the deficit in the medium to long term.
Qatar's debt market is expected to deepen till 2019, with Qatar announcing to plug its deficit gap through the issuance of debt. Moreover, the Ministry of Finance has previously announced that any deficits would be funded entirely through debt issuance rather than the drawing down of reserves.
According to Sidra Capital, the investment advisor to a group of investors, a luxurious residential project will be held in Jeddah proving that there are still profitable investment opportunities locally amidst all the economic uncertainties prevailing in the region.
Kuwait latest government data has shown that Kuwait's crude oil exports to Japan has jumped 12.2% in February from a year earlier to 8.13 MM barrels, or 280,000 barrels per day (bpd), up for the second month in a row.
According to AlKhabeer Capital, the recent budgets in Saudi Arabia, Qatar, Oman and the UAE, for the first time in decades, saw cutbacks in expenditure, subsidy reforms and plans to diversify the revenue base, indicating that the Gulf countries are gearing up to cope with the recent downturn in oil markets.
Amid Tunisia struggles with lower tourism revenues after Islamist militant attacks last year, the World Bank has decided to lend Tunisia 5 BN USD over five years to support democratic transition in the North Africa country and revive its economy.
An Egyptian court has sentenced a policeman to life imprisonment for killing a rickshaw driver during an argument over a fare, a case that has fuelled public anger about perceived police brutality.
According to the Saudi Interior Ministry, an improvised explosive device planted next to a police station south of the Saudi capital Riyadh killed one person without giving details on who was behind the attack. However, An Islamic State affiliate has claimed responsibility for the explosion.
Lebanon's armed forces acquired three U.S. helicopters worth 26 MM USD to help in efforts to stop Syria's civil war spilling over its border, along with almost 29 MM USD of British aid as EU countries also step up their support.
In order to buy the French fashion house, Pierre Balmain, the Italian fashion house Valentino, owned by Qatar's Mayhoola for Investments, has offered 500 MM EUR.
According to Egypt's Oriental Weavers, the world's biggest machine-woven carpet maker, the company will pay a dividend of 0.5 EGP per share. It is worth noting that the company has reported a fourth-quarter net profit of 66 MM EGP, up from 55 MM EGP a year earlier.
British Gas Egypt (BG) is negotiating with the Egyptian General Petroleum Corporation (EGPC) to increase the price paid for gas produced in the 9B concession area in Egypt's Mediterranean waters. Accordingly Egypt may soon end up paying more for locally produced natural gas.
Ooredoo has announced a multi-channel deal with Rotana Media Group, the world's largest producer of Arabic music and films. The agreement will include eight new Rotana HD channels as part of its basic package, giving viewers a boost of Arabic content.
Saudi Arabia's Almarai Company, the largest dairy company in the Gulf, revealed that shareholders have approved a capital increase for the company through bonus shares with a share price of 51.67 SAR (13.78 USD).
Oman Air and SATS Ltd., has signed a joint venture agreement for cargo handling at Muscat International Airport. Under the agreement, Oman Air will transfer its cargo handling business and related assets to its wholly-owned subsidiary Oman Air Cargo LLC. Accordingly, SATS will acquire a 33% equity stake in the subsidiary.
Economic Outlook
Stock Market
Major Companies Transactions
