Home > Insights > Egypt Central Bank announced that Egyptian expats’ remittances jumped 27.8%
Monday, 03 Jun 2019

Egypt Central Bank announced that Egyptian expats’ remittances jumped 27.8%


Insights MENA

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Economic Outlook

Economic Outlook

  • Egypt Central Bank announced that Egyptian expats' remittances jumped 27.8%, or 426.1 MM USD reaching 2.3 BN USD in March, compared to 1.8 BN USD in February. Moreover, Egypt foreign reserves increased registering 44.112 BN USD in March 2019.
  • Egypt M2 money supply growth slowed in April to an annual 11.33% reaching 3.76 TR EGP (224.88 BN USD) compared to 11.39% in March 2019 reaching 3.72 TR EGP (222.68 BN USD).
  • Egypt Ministry of Transport has launched a real estate project in El Fayoum governorate expecting it to generate 800 MM EGP (4.7 MM USD) in revenue. The project would be executed through a partnership between ERA's M.O.T investments & projects and a consortium of developers.
  • Al Rajhi Capital reported that Saudi Arabian economy improved as credit to the private sector increased by 2.1% y-o-y and 0.4% m-o-m, while credit to the public sector also grew by 25.5% y-o-y and 2.7% m-o-m in April 2019.
  • Standard & Poor's agency announced that Abu Dhabi GDP growth will increase reaching 2% in 2019 and continue to gradually increase registering 3% by 2022.
  • The total real estate transactions in Dubai valued at more than 34 BN AED (9.25 BN USD) in the first five months of 2019, up 33% compared to 24 BN AED (6.5 BN USD) in 2018.
  • Kuwait sovereign fund ranked 4th among the 81 biggest sovereign funds all over the world in terms of assets. The total assets of Kuwait sovereign fund reached 592 BN USD, which is the 2nd in the Middle East after Abu Dhabi with 696.66 BN USD.
Political Events

Political Events

  • Arab leaders met in Saudi Arabia for emergency summit as Riyadh delivered a strong message to Iran that regional powers will defend their interests against any threat following attacks on Gulf oil assets in June 2019.
  • The World Trade Organization (WTO) agreed to investigate the complaint filed by UAE against the ban imposed by Qatar on Emirati products. The WTO has decided to constitute an arbitration committee to investigate UAE complaint.
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

  • The Egyptian Fin-Tech company "Vapulus" finally launched the 1st E-payment gateway in the world with 0% fees, no subscription fees, no fixed fees per transaction, and 0% transaction fees, unlike all global players and E-payment processing companies.
  • Qalaa Capital has received 2 BN EGP (119.4 MM USD) last financing tranche for Egyptian Refining Company project (ERC), which includes 1.16 MM EGP (69.2 MM USD) from capital hike and 835.27 MM EGP (50 MM USD) from shareholders' loans.
  • In Egypt, Al Bostany Real Estate Development Co. is planning to establish a residential and administrative project in the district of Maadi with investments valued at 200 MM EGP (11.9 MM USD).
  • Saudi Real Estate Refinance Company (SRC), a subsidiary of Saudi Public Investment fund (PIF), announced that it has reduced rates for its long term, fixed rate (LTFR) mortgages offered to eligible borrowers.
  • Ataa Educational Company received the approval of the Capital Market Authority (CMA) for an initial public offering (IPO) by offering 12 million shares, representing 30% of the company's capital share.
  • In Q1-2019, Saudi Arabia led the MENA IPO market raising a cumulative value of 58.3 MM USD in capital, contributed by the listing of Saudi software & services company, Al Moammar Information Systems Company (Saudi SE) on Tadawul.
  • Gulf Islamic Investments LLC (GII) has announced the acquisition of an office property in BirminghamUnited Kingdom, for about 149 MM AED (188 MM USD).
  • Emirates Aviation University (EAU) announced yesterday that its undergraduate and graduate engineering programs are now accredited by the Royal Aeronautical Society.
  • UAE-based GEMS Education has bought Ma'arif Education Group, the largest private school owner and operator in Saudi Arabia, through a joint venture with Hassana Investment.
  • Qatar Petroleum awarded McDermott Middle East Inc. an engineering and design contract for pipelines and other facilities in the project to expand the offshore North Field.
  • Kuwait International Bank (KIB) issued 300 MM USD AT1 sukuk. The issuance was arranged with efforts made by a group of participating parties including Citi and Standard Chartered who acted as joint global coordinators.
Sports and Culture

Sports and Culture

  • Liverpool ended an incredible season by winning Europe's biggest prize after beating Tottenham Hotspur 2-0 in Saturday's all-English Champions League final. Mohamed Salah scored the second-quickest goal in a Champions League final by converting from the penalty spot in the second minute while Divock Origi sealed victory in the 87th minute.
  • Egypt hospitality market emerged as the top performer in MENA for Q1-2019, reporting significant growth in occupancy and rates. Moreover, the 2019 Africa Cup of Nations will be held in Egypt and is expected to attract 50,000 tourists in June and July 2019.

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