Home > Insights > Egypt Central Bank announced that Egypt foreign reserves jumped by 57 MM USD in May 2019
Monday, 10 Jun 2019

Egypt Central Bank announced that Egypt foreign reserves jumped by 57 MM USD in May 2019

Insights MENA

Economic Outlook

Economic Outlook

  • Egypt Central Bank announced that Egypt foreign reserves jumped by 57 MM USD in May 2019 on a monthly basis reaching 44.275 BN USD in May 2019 compared to 44.218 BN USD in April 2019.
  • Egypt Central Bank will auction 715 MM USD worth of one-year dollar-denominated treasury bills today. The auction will be settled on June 11, the same day one-year dollar T-bills worth 715 MM USD are due to mature.
  • The International Forum of Sovereign Wealth (IFSWF) has recently approved Egypt request to be a full member of the London-based forum for 3 years. The IFSWF's main focus is to help its members to raise their expected risk-adjusted returns by sharing its members perspectives on governance, investment and operational issues.
  • Saudi Arabia retail and wholesale business sector has seen an increase of 25% more jobs in Q1-2019, with about 440,000 Saudi workforces of both genders compared to 330,000 Saudi workforces of both genders in Q1-2018.
  • Russian Direct Investment Fund (RDIF) stated that it plans to invest more than 2 BN USD in Saudi Arabia in 2019. Noting that RDIF is expecting to conclude a deal with Saudi Aramco to acquire a stake in Novomet, the oil equipment manufacturer.
  • UAE Purchasing Managers' Index (PMI) recorded its 3rd successive monthly increase in May 2019 to hit its highest since October 2014 registering 59.4 in May compared to 57.6 in April.
  • Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai approved the National Strategy for Well being 2031 to improve the quality of life in UAE, with 90 projects related to physical, psychological and digital health and enhancing the appeal of living in our cities.
  • The Central Bank of Kuwait (CBK) announced that total bank deposits held by people residing in Kuwait increased by 1.33% reaching 43.34 BN KWD (142.86 BN USD) in April 2019 compared to 42.77 BN KWD (140.98 BN USD) in April 2018.
Political Events

Political Events

  • Egypt Finance Minister Mohamed Maait has issued amendments stating that individual companies will have to submit their tax declarations through the government services portal, or any other portal selected by the Ministry of Finance (MOF) starting from 1 January 2020. Legal entities are required to submit their tax declarations online, while individual taxpayers will be allowed to use this service.
  • Etihad Airways has suspended until further notice flights EY632 and EY633 between Abu Dhabi and Khartoum, due to security concerns in the city.Moreover, flydubai and Emirates Airlines had also suspended flights to Sudan earlier, following the situation on the ground.
Stock Market

Stock Market

  • .TASI real estate sector increased led by Saudi Real Estate company (Al Akaria).
  • .QSI banking sector declined led by Qatar First Bank (QFB) and telecommunication sector led by Vodafone Qatar.
  • .DFMGI banking sector increased led by Dubai Islamic Bank (DIB) and Mashreq Bank.
Companies Transactions

Companies Transactions

  • BP has agreed to sell its interests in Gulf of Suez oil concessions in Egypt to Dragon Oil, the Dubai-based oil and gas company. Dragon Oil is a wholly owned subsidiary of the Emirates National Oil Company (Enoc).
  • Sahara International Petrochemical Company (Sipchem) signed a 20-year hydrogen supply agreement with Saudi Aramco Shell Refinery Company (SASREF) in order to supply SASREF with the Hydrogen Gas that is required in SASREF's future production operations starting in 2020.
  • Saudi-based Taleem Real Estate Investment Trust (REIT) has signed a shariah-compliant facilities agreement worth 350 MM SAR (93.2 MM USD) with Banque Saudi Fransi (BSF).
  • Britain-based INEOS plans to spend 2 BN USD to build three chemical plants in Saudi Arabia as the group enters the Middle East for the first time by signing an MoU with Saudi Aramco and Total to build three plants as part of the Jubail 2 complex.
  • Emirates SkyCargo started handling pharmaceutical cargo at a new purpose-built facility in Chicago in a bid to reinforce its position as the global market leader for the air transport of temperature-sensitive pharmaceuticals.
  • XtreeE, a Paris-based technology company focusing on large-scale 3D-printing solutions for the architecture, engineering and construction industryhas collaborated with Concreative, the first large scale concrete 3D printing company in UAE, to open a new production unit in UAE.
  • IndiGo, India largest airline, started two new daily direct flights from Delhi and Mumbai to Abu Dhabi.
  • In UAE, Ghalia, Damac's first Shariah-compliant offering, welcomes residents as the project enters the handover phase. The development houses 727 fully furnished, luxury apartments and is located in the heart of the Jumeirah Village Circle community.
  • Qatar-based Hamad Bin Khalifa University (HBKU), a leading higher education institution, has expanded its academic offerings with the introduction of eight new academic programs across six of its colleges.
  • Jazeera Airways, Kuwait leading low-cost airline, has partnered with the Kuwait-based convenience stores chain, Trolley, to provide a complete on-board convenience store experience for passengers flying with the airline.
Sports and Culture

Sports and Culture

  • Women's World Cup 2019 has started last Friday 7th June with 24 countries battling it out over a month, taking place in France which is the first time the country is hosting the tournament. It's the 8th edition of the competition, most recently won by the US in Canada 2015, their 3rd success. Today, Argentina will play against Japan by 17:00 and Canada against Cameroon by 20:00.
  • UAE has been ranked among the top 10 countries globally in terms of the number of billionaires as the nation is home to 55 of them, controlling 165 BN USD in wealth. UAE was the 10th biggest market for billionaires worldwide, dropping one place from last year, and sharing the 10th position with France as both countries host the same number of billionaires.


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