The Most Highlighted News
Egyptians’ remittances , especially from the GCC, have increased recently despite the policies applied by the governments in the region to decrease foreign employment and promote nationalization. Egyptians’ remittances increased by 8% reaching 21.4 BN USD in the first ten months of 2018, compared to 19.8 BN USD in the same period of 2017. This increase was due to the implementation of new fees on expats’ companions which is 100 SAR for every companion and it will be increased gradually to reach 400 SAR in 2020, have resulted in the return of many companions to Egypt and, consequently, the increase in remittances.
Egypt Ministry of Housing, Utilities and Urban Communities reported that the average price of reinforced steel increased in December 2018 by 4.4% y-o-y and 2% m-o-m. The average price per ton registered 12,50 EGP in December 2018 compared to 11,97 EGP in December 2017 and compared to 12,25 EGP per ton in November 2018. The highest price logged in 2018 was in March at 12,50 EGP per ton.
Egypt annual inflation rate declined in November 2018, unexpectedly dropping back within the central bank target range as prices of core goods and services increased at their slowest rate in more than two years. Urban consumer price inflation declined to 15.7% in November 2018 compared to 17.7% in October 2018. The rate had been increasing steadily since August 2018, reflecting the impact of fuel and power subsidy cuts as well as supply problems in the domestic fruit and vegetable market. But fruit and vegetable prices fell sharply in November 2018, when prices overall fell by an average of 0.8 % .

President Abdel Fattah al-Sisi announced that Egypt is looking to enter the list of the best countries in the world in the field of agriculture. During the inauguration of a national development project on greenhouses at the 10 th of Ramadan city, Sisi added that the largest farm to produce dates in the world is currently being established and is set to include 2.5 million palm trees
Wamda Capital recently invested in t wo Egyptian tech startups which are Aqarmap; an online real estate marketplace based in Egypt that helped sell more than 15,000 properties in 2017 and Crowd Analyzer. Wamda stresses that the pipeline potential in the MENA region’s most populous country looks promising with the Egyptian startups getting bigger. Wamda Capital became one of three Series A investors in Aqarmap,. Wamda Capital also participated in a 1.1 MM USD funding round for Crowd Analyzer – an Arabic focused social media monitoring platform founded and developed in Egypt in 2013, with headquarters in Dubai.
King Salman of Saudi Arabia reported that the 2019 budget is the largest in the kingdom's history. The Saudi budget includes a total expenditure projected at 1.106 TR SAR (294.8 BN USD) , with revenue expected at 975 BN SAR (259.9 BN USD) . This means that the budget deficit will reach 131 BN SAR or 4.2% of the GDP , with public debt amounting to 678 BN SAR or 21.7% of GDP. Meanwhile, oil revenues are estimated at 662 BN SAR, considering the financial impact of correcting energy prices, compared to 607 BN SAR in 2018. The Saudi government also expects non-oil revenue to increase by 9% reaching 313 BN SAR in 2019 compared to 287 BN SAR in 2018. 
Saudi Arabia first robot employee has started work at one of Saudi Arabia government entities. The Minister of Education Ahmed Al-Issa has handed over the robot’s job ID under which it will begin work as a technician at the Technical and Vocational Training Corporation ( TVTC ). This comes within the framework of the corporation’s strategy in bolstering robots and artificial intelligence (AI). 
The Saudi Human Resources Development Fund reported that the number of employees joining the private sector reached 30,310 from January to November 2018. About 860 disabled persons received their jobs in the eleven-month period ended November 2018. The state-owned fund is providing support for the Saudi job seekers and contributing to implementing Saudization. Saudi minister of labor and social development Ahmed bin Suleiman Al Rajhi called on companies operating in the kingdom’s private sector to raise employees’ salaries and wages
Two female citizens have become the first certified female firefighters in Saudi Arabia , meeting the National Fire Protection Association’s ( NFPA ) rigorous professional qualifications standards. The two women are Abeer O. Aljab r, an industrial engineering and engineering management graduate from the University of Sharjah; and Jazyah E. Aldossary, a chemical engineering graduate from the University of Missouri in the US. 
The Central Bank of the UAE ( CBUAE ) revealed that it has provided credit facilities worth 791 BN AED (215.3 BN USD) to the industrial and business sectors during the first eleven months of 2018. The central bank’s lending to the two sectors in Q1 and Q2-2018 recorded 15.3 BN AED (4.16 BN USD). As for Q3-2018, the two sectors have obtained credit facilities worth 2.3 BN AED (626 MM USD).
The Ministry of Human Resources and Emiratization ( MoHRE ) has started the activation of Article 14 of the labor law that gives Emiratis priority over expats when it comes to employment. The article states that non-UAE citizens are not allowed to be employed in case of having an unemployed Emirati. The enforcement of the law will boost job opportunities for qualified Emirati job-seekers and serve the interests of employers. The labor permit system will be connected to the ministry's database, which will help activate the provision of the law that grants qualified Emiratis priority.
Emaar Properties announced that it has sold some of its hospitality assets at a total value of 2.19 BN AED (596 MM USD). The Dubai-based and listed developer will use the proceeds of the sales to finance commercial properties which generate a higher return on investment. In November 2018, Emaar announced a 28% y-o-y growth in net profits reaching 5.26 BN AED (1.43 BN USD) compared to 4.10 BN AED (1.12 BN USD). Meanwhile, revenues registered 30% amounted to 17.39 BN AED (4.7 BN USD) between January and September 2018 compared to 13.35 BN AED (4.1 BN USD) in the same period of 2017.
UAE President Sheikh Khalifa bin Zayed Al Nahyan has issued a new decree for the establishment of Emirates Water and Electricity Company (Ewec) as a public shareholding company replacing the Abu Dhabi Water and Electricity Company ( Adwec ). Ewec, which will be under the umbrella of Abu Dhabi Power Corporation, will pave the way for the Federal Electricity and Water Authority ( Fewa ) to join the new company, with the objective of unifying water production and power generation efforts in Abu Dhabi and the emirates that are currently served by Few. 
Qatar domestic debt instruments declined 22.2% y-o-y in 2018, issuing domestic debts worth 36.2 BN QAR (9.9 BN USD) in 2018, compared to 46.5 BN QAR (12.8 BN USD) in 2017. The total number of the Qatar Central Bank ( QCB ) issues also declined to 45 in 2018, versus 48 in 2017, including treasury bonds, bills and sukuk. This drop was due to many factors, including the issuance of 12 BN USD bonds by the Ministry of Finance in April 2018, higher oil prices, and budget surplus versus a deficit of 28.1 BN USD in 2017.
Qatar has opened a permanent shipping line with its GCC neighbors Oman and Kuwait on Monday, 24 th of December 2018. In a 20-minute journey, the shipping operations will take place through Doha Hamad Port , Oman Sohar port and Shuwaikh port in Kuwait . With a capacity of 250 passenger rooms , the ship will transport both goods and passengers. The ship also features cinema hall, a games hall, a free market, restaurants and cafes. The new vessel can transport more than 700 cars .
Qatar non-oil exports surged 24.7% y-o-y in November 2018 amounted to 2.24 BN QAR (615 MM USD), compared to 1.8 BN QAR (494.5 MM USD). Oman ranked first with 23.4% of Qatar total exports in November 2018 at a value of 525.97 MM QAR (144.46 MM USD). Netherlands ranked second with 15.3% at a value of 342.8 MM QAR (94.15 MM USD), while the UK came third with 211.8 MM QAR (58.17 MM USD). Qatar exports levelled up 13.3% in November 2018 compared to 1.98 BN QAR (543.8 MM USD) in October 2018. During the first eleven months of 2018, the total value of Qatar non-oil exports reached 22.25 BN QAR (6.1 BN USD).
Qatar Industrial Manufacturing Company ( QIMC ) announced that its subsidiary, Gulf Glass Factory , has signed an engineering, procurement, and construction ( EPC ) contract with the Italian company Falorni Gianfranco to build the first glass containers project in Qatar.
  • The project aims to produce glass containers used in the packaging of water, soft drinks, dairy products and various foodstuffs as well as medicines and perfumes.
  • The project first phase is set to produce 200 tons per day with a total cost of 238 MM QAR, while the second phase cost worth 300 MM QAR raising the production capacity to about 450 tons per day.
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