Issue  No.70
19 April 2016

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


         42 .1  USD          1,238  USD


    Economic Outlook
  • Fitch ratings has announced that it has cut Saudi Arabia's long-term foreign and local currency issuer default ratings from "AA" to "AA-" since oil prices remain weak.
  • To meet the demands for an integrated comprehensive transportation system for the country, Qatar Rail has announced that 89% of the tunneling works has been completed in the Doha metro project.
  • Dubai Gold & Commodities Exchange (DGCX) announced that it had agreed to collaborate with two of China's biggest banks. Moreover, one of the banks will support cross border derivatives business in the Middle East and Asia and explore the possibility of becoming a settlement bank with the DGCX's clearing house
  • The Central Bank of Jordan announced that the volume of excess reserves, including overnight window deposits, held at the bank has reached 2.66 BN JOD.
  • After the approval of the Egyptian parliament on the government's economic program, the World Bank has agreed to finance the country with a 3 BN USD loan where the first 1 BN USD tranche will be provided by the bank in December.
  • According to the sixth annual CFA Middle East Societies Market Sentiment Survey, Low oil prices, geo-political instability and lower government expenditure are found to be the three most important economic issues for the region in 2016.
  • Qatar's prime minister has inaugurated the first phase of "Imdad" project along with the minister of interior. It is worth mentioning that the project aims to develop a national information system to achieve sustainability of economic and urbanization levels in Qatar.
  • According to a new report published by the Arab Petroleum Investments Corporation (APICORP), the MENA region total committed and planned energy investments are expected to reach 900 BN USD over the next five years.
  • Kuwait's state-run Kuwait Petroleum International (KPI) along with the Japanese oil refiner Idemitsu Kosan Co. have applied with Vietnam to set up a joint venture that aims to launch fuel service stations in Vietnam starting early next year and begin wholesale oil operations or direct sales to businesses in the future.
  • Amid the fall in oil prices, UAE has invited Algerian business community to explore investment opportunities in a step to diversify its economy and shifts focus to non-oil related industries to boost revenue.
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