The Most Highlighted News
  • The minister of communications and information technology (MCIT) Amr Talaat announced that the information and communications technology (ICT) sector grew by about 16% in Q1-2018/2019, and technological exports reached 3.2 BN USD, stressing that MCIT has prioritized digital transformation.
  • He added that the ministry aims to launch the unified card in Q2-2019, noting that the first service to offer will be subsidies.
  • Each card will be linked to a bank account or an Egypt Post account, based on citizen’s desire, which is the first step towards financial inclusion. The minister noted that some 28 million people use government services, so opening new bank accounts for them will push financial inclusion forward.
  • Misr Italia Properties announced that Vinci project is covering an area of 110 feddan at a value of 6.17 BN EGP, while the initial investment cost is estimated at 9 BN EGP. Vinci project is located in the diplomatic zone which is the best location in New Capital.
  • The project will include different varieties of Villas, Twin houses, Townhouses, in addition to luxurious apartments that range from one to four bedrooms.
  • The project’s footprint totals to only 17% of the land leaving the remaining 83% to be developed into a luxurious mesmerizing greenery, a captivating entertainment sector, and a vibrant commercial area.
Egyptian gas is expected to reach Jordan in January 2019 after experimental pumping started in September 2018, noting that Jordan aims to increase natural gas imports from Egypt to cover a third of its demand . The two countries are currently in talks to agree on the pricing of the Egyptian gas. 
Egypt, which depends on the Nile for almost all its water, is trying to expand sugar beet planting , as it consumes less water than cane . Accordingly, Egypt Delta Sugar, Middle East's largest beet sugar producer , has contracted farmers to plant more than 114,000 feddans (118,314 acres) of sugar beet in 2018, an increase of around 20,000 feddans over the area planted in 2017. 
  • According to the International Monetary Fund (IMF), Saudi Arabia reform process is heading in the right direction, but the Kingdom needs to “scale up” in certain areas of the economy. Saudi Arabia fiscal reform process is heading in the right direction but improving employment prospects are subject to continued structural reform and the Vision 2030 program.
  • Allowing women to drive is expected to have a positive effect on growth, but more progress is still needed.
  • Also, it needs to scale up especially in education for local skills.
  • Allowing small-to-medium enterprises to grow with access to finance.
Saudi Crown Prince Mohammed bin Salman and Bahraini King Hamad bin Isa Al Khalifa opened a new oil pipeline between the two countries . It is a cooperative project between Saudi oil company Aramco and Bahrain Petroleum Company ( Bapco ). The pipeline connects Saudi oil processing facilities at Abqaiq with Bapco refinery in Bahrain, with a flow that currently reaches 220,000 barrels per day , and a trans port capacity of up to 350,000 barrels per day . 

Saudi Arabia annual inflation rate increased to 2.4% in October 2018 compared to 2.1% in September 2018, largely because of a faster increase in food prices. Food and beverage prices jumped 7.3% in October 2018 compared to October 2017, after a gain of 6.7% in September 2018.
Saudi Arabia King Salman inaugurated Phase One of Waad Al Shamaal , an 85 BN SAR (23 BN USD) mega city for mining industries which will come up over 440 sq-km area in the country’s northern region. The project is part of an industrial scheme aimed to develop Saudi Arabia northern region in order to create job opportunities. Mining is key to Saudi Arabia reform plan to diversify its economy away from hydrocarbons, as the government aims to more than triple this sector’s contribution to the nation’s economic output by 2030. 
  • UAE remains an attractive destination for professionals from around the globe and has been ranked the 5th most attractive country in the world, this was due to the tax-free packages, safety and security, top quality lifestyle, opportunities to work with Fortune 500 companies and incredibly good opportunities for career growth.
  • UAE has a higher appeal than some developed countries like Germany, Sweden, Norway, France, Singapore, Japan, Spain, Italy and South Korea when it comes to tapping the overseas talent pool.
  • More importantly, the UAE boasts an even higher ranking when it comes to the availability of skills and competencies. UAE has been ranked 4th after jumping 3 positions, surpassing countries like Canada, Finland, Denmark, Norway, Hong Kong, the UK, US and France. 
The Development Bank of Singapore ( DBS ) announced its expansion plans in the Middle East over the next five years. DBS aims to make its Dubai office a strategic hub for its Middle East private banking arm , positioning itself as a partner for clients wishing to access the Asian market.
  • With over 518 BN SGD in assets, DBS has a diverse employee workforce from over 40 nationalities across 18 markets and is strongly positioned to be the Asian partner for a growing Middle Eastern investor segment.
Dubai Roads and Transport Authority ( RTA ) has won two Middle East Customers Experience Excellence Awards during the American Congress of Customer Experience Week Middle East hosted by International Quality and Productivity Center ( IQPC ). The event attracted huge participation of public and private entities representing business sectors in various countries. RTA was the winner in the categories of Customer Experience Change Management Leader , and the Best Use of Technology for Customer Engagement. 
Nokia and du , from Emirates Integrate Telecommunications Company ( EITC ), have signed an MoU to enable the youth through key public and private institutions, including universities, to better understand and leverage technological trends and their impact.
  • The collaboration will help drive innovation and entrepreneurship to support the government in creating more sustainable living and making UAE the best country in the world in line with the goals of UAE Vision 2021.
Indian real estate investment tops the foreign investors list in Dubai real estate market reaching 20 BN AED . Many factors lead Indian investors to look to Dubai such as lucrative yields, value for money, timely delivery, proximity to home country, strong regulations, safe and friendly environment and the economic benefits of the US dollar linked investments.
  • Beside the completed original 300 MM AED Splendor residential project at Sobha Hartland within the Mohammed Bin Rashid (MBR) City, Gemini Property Developers are showcasing upcoming G+29-storey Symphony residential project at Dubai Property Show, which is being held in Mumbai from 7th to 9th December 2018.
Qatar Islamic Bank ( QIB ) has officially launched the first Islamic Point of Sale ( POS ) and Online Payment Gateway solutions in collaboration with QPAY international, a Qatari based Fintech company offering a wide portfolio of electronic payment solutions. This solution has been introduced to serve QIB’s corporate and SME clients and support their business banking needs.
Sidra Medicine , Qatar specialist women and children hospital, announced the launch a Child Advocacy Helpline - 4003 4000 - for the safety and well being of children. The helpline is for children, families, caregivers and the community to report any form of child abuse and it is operational from 7.00 a.m. to 3.00 p.m. during weekdays. For after hours, callers will be requested to leave their name and contact information and a Sidra Medicine representative will contact them the next working day.
Qatar expects six F-15 war planes will be delivered to its air force by March 2021, the first batch of 36 it agreed to buy from the United States in 2017 in a deal worth 12 BN USD. Qatar signed agreements as well with Europe in 2017 after a political dispute broke out between it and neighbors Saudi Arabia, UAE, Egypt, and Bahrain.
Goals101 Data Solutions , India leading Fintech & Big Data Technology platform has announced the opening of their new full-fledged office within the exclusive Qatar Financial Centre ( QFC ), Doha.
  • Goals101 aims to target the banks that are increasingly looking at the potential benefits of financial technology and digital platforms.
  • Goals101 is a technology disrupter redefining next generation intelligent banking powered by transaction behavior, location and social intelligence.
  • The company has partnerships across 21 leading banks in Asia and solves multitude of use cases.
Qatar cabinet approved a 2019 draft budget , including provisions for the 2022 World Cup as well as Qatar National Vision 2030. No figures were immediately available, but officials have said previously that they expected to achieve a budget surplus in 2019 on the back of higher energy prices. Moreover, the IMF expected as well that Qatar GDP growth is projected to rise to 3.1% in 2019 and a rise in its foreign exchange reserves reaching 36 BN USD. 
Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE. 
Tel:  +97142820301
Cairo Office:
Z epter Office Building   S5-6 ,   Area 5, District 1, 5th Settlement,  New Cairo, Egypt.  P.O. Box:  1147