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Monday, 13 May 2019

Egypt annual urban consumer price inflation reached 13.0% in April 2019


Insights MENA

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Economic Outlook

Economic Outlook

  • Egypt annual urban consumer price inflation reached 13.0% in April 2019 compared to 14.2% in March 2019 noting that urban inflation increased 0.5% month-on-month in April 2019. Moreover, Egypt expects to receive the final tranche of IMF loan in July 2019 amounted to 2 BN USD.
  • The Egyptian government will finalize regulations for the production and sale of electricity produced from new private and renewable power plants directly to consumers by September 2019.
  • Egypt spent 60.1 BN EGP (3.51 BN USD) on fuel subsidies in the first nine months of 2018/2019, with a drop of 28.45% from the same period last year as part of the IMF-backed reform program that began in 2016.
  • Saudi Arabia Water & Electricity Company (WEC) announced that 10 global industry giants have been qualified to bid for the development of an independent sewage treatment plant (ISTP) near the city of Taif in the Makkah province of Saudi Arabia that will boast a total treatment capacity of up to 270,000 cu m per day.
  • Saudi Arabia is expected to keep its crude exports below 7 million barrels per day in June 2019, while output will stay under its production quota under a global deal to cut oil supply.
  • Souq Al Haraj for Cars, a project by Sharjah Asset Management, is seeing an increasing demand from African dealers, particularly from Sudan. The average daily number of car export transactions to Sudan ranges from 30 to 40 and the average weekly number of the same ranges from 200 to 250 transactions.
  • The seasonally adjusted Emirates NBD Dubai Economy Tracker Index, designed to give an accurate overview about Dubai non-oil private sector, increased from 57.6 in March 2019 to 57.9 in April 2019, the highest since February 2015.
  • Trade exchange between the Netherlands and Kuwait reached around 2 BN USD (608.2 MM KWD) noting that Netherlands' exports to Kuwait reached 800 MM USD (243.28 MM KWD), while Kuwaiti crude oil exports to the European nation amounted to 3.9 BN USD (1.2 BN KWD).
Political Events

Political Events

  • In Egypt, the Ministry of Finance has drafted a law to keep a tax on stock exchange transactions at 1.5 pounds per 1,000, cancelling an increase to 1.75 pounds per 1,000 that was due to take effect on June 1.
  • In Kuwait, the Public Authority for Manpower plans to impose new conditions on transactions for expats older than 65 who hold no university degrees noting that the total number of expats older than 65 is 23,500 in the private sector, 2,250 as domestic helpers, 9,516 housewives, 488 retirees with special income and 1,094 unemployed.
Stock Market

Stock Market

  • In Egypt, the Ministry of Finance has drafted a law to keep a tax on stock exchange transactions at 1.5 pounds per 1,000, cancelling an increase to 1.75 pounds per 1,000 that was due to take effect on June 1.
  • In Kuwait, the Public Authority for Manpower plans to impose new conditions on transactions for expats older than 65 who hold no university degrees noting that the total number of expats older than 65 is 23,500 in the private sector, 2,250 as domestic helpers, 9,516 housewives, 488 retirees with special income and 1,094 unemployed.
Companies Transactions

Companies Transactions

  • Uber became a publicly traded company on May 10, 2019 with its initial public offering of stock valued at 45 USD a share on the New York Stock Exchange, but quickly lost value as it started selling at 42 USD a share almost immediately.
  • The Malls division of Al-Futtaim has announced the launch of a new 22,143 sqm expansion to Cairo Festival City Mall strengthening its position as the leading Malls and retail experience developer with its strong portfolio of Festival City Malls in the MENA region, called "Festival Avenue".
  • Savola Group, Saudi Arabia largest food products company, posted an increase in Q1-2019 net profit reaching 6.3 MM SAR (1.68 MM USD), compared to a net loss of 84.3 MM SAR (22.48 MM USD) in Q1-2018.
  • The American University of Ras Al Khaimah (AURAK) and the Accountants and Auditor's Association (AAA) in UAE, signed an MoU in order to collaborate in providing professional accounting courses and financial management.
  • First Abu Dhabi Bank has partnered with MoneyGram, a global provider of innovative money transfer and payment services, to launch its services through the bank's payit mobile wallet in the UAE.
  • Ali & Sons announced the renewal of the agreement in which all Porsche, VW and Audi cars serviced in Ali & Sons' workshops in Abu Dhabi will continue to reap the benefits of Mobil's leading-edge automotive technology.
  • Exxon Mobil Corp and Qatar Petroleum informed the U.S. Federal Energy Regulatory Commission (FERC) that they would start construction of the 10 BN USD Golden Pass liquefied natural gas (LNG) export terminal in Texas on May 13.
  • Qatar Islamic Bank (QIB) is pleased to announce the launch of an affordable Takaful product for low-income workers called "Family Sheild - WPS", underwritten by Daman Islamic Insurance company (Beema).
  • Bahrain telecommunications provider, Batelco has announced that it has completed the sale of its 90% shareholding in its Kuwait subsidiary, QualityNet General Trading and Contracting Company, to Kuwait Telecommunications Company (Viva).
Sports and Culture

Sports and Culture

  • Lewis Hamilton and Mercedes have discussed the possibility of the five times Formula One champion one day racing for Ferrari. Hamilton has a contract with Mercedes until the end of 2020, by which time he could have equaled Ferrari great Michael Schumacher's unprecedented seven titles and broken other records.
  • Sportswomen of the Sharjah Women's Sports Club have won 25 colored medals in local and international tournaments in April 2019 in six sports disciplines.

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