Remittances from Egyptian expatriates in UAE increased by 200 MM AED (55 MM USD) in Q1-2019. Money transfers from Egyptians working in the GCC nation amounted to 2.3 BN AED (627 MM USD) in Q1-2019 compared to 2.1 BN AED (572 MM USD) in Q1-2018. Issue 233
Joblessness among Saudis declined to 12.5% in Q1-2019, but the number of citizens working in the private sector actually fell. The government has added 20,000 people to its payroll since Q3-2018. The numbers show the challenges of Crown Prince Mohammed Bin Salman's ambitious plan to get more Saudis to work in the private sector. Issue 234
Tourists travelling to UAE during the summer won't need to pay visa fees for dependents aged 18 years or below. The fee exemption will be applicable between July 15 and September 15 every year and is expected to boost tourist numbers during the off-peak season. Issue 235
The International Monetary Fund (IMF) is due to vote on the payment of the final tranche of the 12 BN USD loan to Egypt on July 24. The vote follows Egypt decision to implement the final round of fuel subsidy cuts, which raised domestic prices 16% and 30% to bring them into line with their real cost. Issue 236
Insights Africa
Namibia international investment position improved in Q1-2019. This comes after the position registered a net liability of 11.8 BN NAD (837.87 MM USD) in Q1-2019, a lower position compared to 15 BN NAD (1.06 MM USD) in Q1-2018. Issue 27
Rwanda is regarded as the fastest growing economy and most advanced country in Africa. Rwanda is considered to be on the right path to development with an economy advancing 8.4% y-o-y in Q1-2019. Issue 28
Women, youth and small business owners will get loans from the State at 6% interest under the new Biashara Kenya Fund that will receive 2 BN KES (19.4 MM USD) to start operations in 2019. Issue 29
The annual headline inflation rates for both Tanzania and Uganda increased in June 2019 while Kenya decreased reaching 3.7%, 3.4% and 5.7%, respectively. However, Kenya inflation rate remains the highest compared to the other two countries.Issue 30
