Issue  No.73
9 May 2016

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


         44.54  USD          1,323  USD


    Economic Outlook
  • Egypt's finance ministry will issue 1.25 BN USD one-year, dollar-denominated treasury bills to local banks and foreign financial institutions according to the central bank announcement.
  • As part of a new comprehensive building classification system, Dubai Land department has announced that the emirate's buildings are to rated based on star rating according to 60 tailored requirements.
  • According to Saudi Arabia's labor minister, the Kingdom's government is planning a new set of labor quotas and incentives as it aims to reduce unemployment and diversify its economy away from depending on oil exports.
  • Kuwait's official KUNA agency has reported that the chief executive officer of Kuwait Petroleum international has expected that the oil prices will settle at 50-60 USD per barrel by the end of 2016 or early 2017.
  • The Indian oil minister reported that the central banks of India and Iran have reached an agreement to use European banks to process pending oil payments to Tehran.
  • The new governor of Saudi Arabia's central bank has stated that his main priorities will be to maintain monetary stability and support the government 2030 vison. He also assured that the central bank will keep the currency peg to the dollar.
  • To bridge their budget deficit caused by low oil prices, the Gulf Cooperation Council (GCC) governments are planning to raise between 255-390 BN USD cumulatively by 2020 through issuance of local and international bonds.

  • According to the Sudanese minister of minerals, Saudi Arabia and Sudan have agreed on cooperating to start exploring for mineral resources - including silver and gold - in the red sea by 2020. It is expected to generate revenues of around 20 BN USD.
  • Iran contracts for international oil firms will be ready by July according to the oil minister. It is also worth mentioning that the country is planning to export 500,000 bpd of oil and gas condensates to Europe.
  • To assist Lebanon in handling the Syrian refugee crisis, the Dutch prime minister has pledged 80 MM EUR to the Lebanese government. It is worthy to note that Netherlands have contributed around 111 MM EUR to aid Syrian refugees in Lebanon since 2012.
  • In Q1 2016, Oman's natural gas production and imports grew by 8.3% to reach 10,206 million cubic meters (MNCM) compared to 9,426 (MNCM) in the same period of the last year.
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