Issue  No.60
8 February 2016

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


         34.4  USD           1,164  USD


    Economic Outlook
  • The head of General Authority of Suez Canal Economic Zone announced that Egypt is working on the area's infrastructure to prepare it for investment and to allow industry investing in the area to start production by 2020.
  • According to Iran's President Hassan Rouhani, Iran is welcoming U.S companies to invest in the country after the sanctions have been removed in order to diversify the investments away from oil sector. Yet, many contracts have not been finalized due to the presence of some risks caused by the remaining sanctions.
  • UAE non-oil trade imports dropped in the first nine months of 2015 by 2% compared to the same period of 2014 to reach 504.4 BN AED. On the other hand, non-oil trade exports increased by 25% in the first 9 months of 2015 compared to the same period of 2014 to reach 122 BN AED.
  • Qatar's Central Bank has announced the cancellation of its monthly sale of 3, 6, and 9-months treasury bills. Bankers interpret that high bids were the main reason behind the cancellation which reflects tighter liquidity in the country's banking system as well as rising rates.
  • After the lifting of international sanctions on the country, Iran's oil minister reported that the country's crude oil exports to Europe have reached more than 300,000 barrels.
  • Canada will fund two sustainable economic growth projects in Jordan of worth 39 MM CAD. It is worthy to note that the allocated funds for the two projects will be withdrawn from the total fund worth 185 MM CAD which was given to the country by the former Canadian Prime Minister in 2014.
  • To reduce its financial pressure caused by low energy prices, Qatar is heading to tap international debt markets; this is likely to cover its expected 12.8 BN USD deficit for the current fiscal year through bond sales in international and local markets.
  • Oman plans to issue new FDI laws in coordination with the World Bank to increase investment incentives. However, the draft has not yet been approved by the government agencies and the private sector.
  • The number of passengers travelling through Beirut airport has increased by 8.94% in January 2016 compared to the same period last year. On the other hand, the number of imported cargoes through the airport rose by 2.75% to reach 3,707 tons while the number of exported cargoes fell by 12% to reach 1,904 tons.
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