Issue  No.68
4 April 2016

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


         38 .86  USD          1,218  USD


    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.
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