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Monday, 13 Mar 2017

According to Central Bank of the UAE statistics, the UAE’s banking sector is the first on the list of the banking sector.


Insights MENA

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Economic Outlook

Economic Outlook

  • According to Central Bank of the UAE statistics, the UAE's banking sector is the first on the list of the banking sectors in terms of asset volume in the GCC region, with total value of 711 BN USD (2.61 TR AED) in 2016, while Saudi Arabia banking sector came second with total asset value of 602 BN USD, third is Qatar with 349 BN USD, fourth is Kuwait with 198 BN USD, followed by Bahrain with 193 BN USD and finally Oman with 70 BN USD.
  • Egypt's annual urban consumer price has recorded its highest level reaching 30.2% in February 2017 compared to 28.1% in January 2017. In addition, Egypt's current deficit recorded 9.65 BN USD in H1-2016/2017 fiscal year compared to 9.38 BN USD last year.
  • Jordan total income from tourism and remittance by Jordanian expatriates has increased by 8.5% in January 2017 reaching 664 MM USD compared to 612 MM USD in January 2016. In addition, the revenues from tourism has recorded a 12.2% increase reaching 368 MM USD in January 2017 compared to 328 MM USD in January 2016.
  • Oman has witnessed a 36.8% decline in the traded value of real estate properties in January 2017 reaching 235.1 MM OMR (610.4 MM USD). In addition, the number of contracts has declined by 35.8% reaching 5,582 contract in January 2017 compared to 8,308 contract in January 2016.
  • Qatar works towards it 2030 vision to welcome 10 million visitors a year and generate 17.8 BN USD receipts. Moreover, the country is expecting to generate 5.2% of its GDP from tourism over the coming years.
  • Qatar's population has reached 2,673,000 on 28th of February 2017 representing a 3.8% increase compared to January 2017.
  • Saudi Banking sector's monthly profits increased by 16% in January 2017. This is reflecting the sector's benefit from the repricing of assets given the higher benchmark rates on year-on-year basis.
  • Real growth in the non-oil sector of Bahrain's economy reached an annual rate of 4.7% in Q3-2016. This marked a clear increase from the 3.6% level recorded during Q2-2016.
  • The government of Lebanon intends to apply new fees on certain imported items to protect the local industry. The Minister of Industry said that the items that will be subject to the new fees are white cheese, yogurt, eggs, cut stones, industrial paper, garments, jewelry, shoes, steel, aluminum, plastic, flour and artifacts.
Political Events

Political Events

  • Jordan and Bahrain have signed a military agreement to promote military ties at various domains and exchange military training expertise between the armies of the two countries.
  • Iranian Foreign Minister, Mohammed Javad Zarif had visited Qatar last week for talks with his Qatari counterpart. This visit follows the Iranian's President Hassan Rouhani's visit to Oman and Kuwait last month; all aiming to defuse tension with the Gulf states.
  • Saudi security forces killed a suspected Islamic State militant when he pulled a gun on a patrol in the capital Riyadh.
  • King Salman has visited several Asian countries in order to carry investment mega-opportunities that will help achieve the objectives of Vision 2030. Strengthening the relations between Saudi Arabia and Asian countries will allow the Kingdom to benefit from trade locations.
Stock Market

Stock Market

  • .EGX30 banking sector increased led by Commercial International Bank (CIB) and telecommunication sector led by Orascom Telecom.
  • .TASI telecommunication sector has declined led by Mobily and Zain. In addition, banking sector declined led by Al Rajhi.
  • .KWSE telecommunication sector has declined led by Viva. In addition, banking sector has declined led by Gulf Bank of Kuwait (GBK) and Commercial Bank of Kuwait (CBK).
  • .QSI banking sector has declined led by Doha Bank and real estate sector led by Barwa Real Estate.
Index Watch list
Weekly % Change
YTD% Change
Egypt
.EGX30
4.4%
0.4%
Construction & Materials
7.7%
2.7%
Telecommunication
3.2%
-4.3%
Banking
3.7%
4.5%
KSA
.TASI
-1.4%
-4.1%
Real Estate Mgmt & Dev't
0.2%
-5.0%
Banks
-1.3%
-6.3%
Telecommunication Services
-1.0%
-8.4%
Kuwait
.KWSE
-0.8%
16.8%
Banking
-1.5%
14.3%
Telecommunication
-2.2%
-0.7%
Financial Services
-2.0%
25.0%
Real Estate
0.3%
22.8%
Industrials
-0.9%
10.7%
Qatar
.QSI
-2.4%
0.3%
Banking & Financial Services
-0.5%
3.6%
Industrials
-1.0%
1.5%
Real Estate
-2.3%
4.3%
Telecommunication
-6.5%
-2.1%
UAE, Abu Dhabi
.ADI
-3.0%
-2.0%
Banking
-5.7%
-0.5%
Telecommunication
1.1%
-5.1%
Real Estate
-1.6%
-5.7%
UAE, Dubai
.DFMGI
-1.8%
-0.3%
Banking
-1.4%
-1.0%
Real Estate & Construction
-2.8%
-0.3%
Investments & Financial Services
-3.7%
5.0%
Telecommunication
0.0%
-3.2%
Companies Transactions

Companies Transactions

  • Al Baraka Bank Egypt's net income had jumped by 93% in 2016 reaching 512.5 MM EGP (29 MM USD) compared to 265.1 MM EGP (15 MM USD) in 2015. In addition, total assets reached 42.5 BN EGP (2.42 BN USD) in 2016 increasing by 47% compared to 2015.
  • Oman Air, the national carrier of the sultanate of Oman signed a partnership with DHL Express, allowing the guests of Oman Air to use DHL Express to deliver their baggage to their final destination through DHL Express at affordable rates.
  • Shell Oil Co, the U.S. unit of Royal Dutch Shell Plc, expects to split assets of its Motiva Enterprises venture with co-owner Saudi Aramco in Q2-2017. As part of the deal, Aramco will make a 2.2 BN USD balancing payment to Shell.
  • The Union National Bank (UNB), 50% owned by Abu Dhabi government has no intention of merging with any other bank. UNB has issued bonds worth 1 BN USD under its 3 BN USD bond program. On the other hand, UNB is tending to open a branch in China next month.
  • Ajman Bank, an Islamic bank has signed a memorandum of understanding (MoU) with Ajman University on the sidelines of the Ajman International Education and Training Exhibition "AETEX 2017", to provide a variety of Sharia Compliant Education Financing facilities that cater directly to the students of the University to finance their university education expenses.
  • Zain Bahrain, a leading telecoms service provider in the Kingdom of Bahrain, has signed a strategic partnership agreement with Rapid Telecom, a licensed Bahraini telecommunications and information services company. The agreement will enable the operators to provide innovative international connectivity solutions specially to the untapped enterprise segment and enhance the international connectivity of the Kingdom.
  • Careem, ride-hailing app in Jordan has announced launching yellow taxis under Careem app. Yellow taxis drivers will receive a training on how to deal with customers including the importance of uniforms and the cleanliness of the car.
Sports and Culture

Sports and Culture

  • Majid Al Futtaim has opened a 165,000 square-meter shopping complex in Cairo (Mall of Egypt) located in 6th of October City with an indoor ski slope similar to Ski Dubai, 350 outlets and 50 food & beverage outlets.
  • Al Ahly and Uber have signed an unprecedented partnership to make Uber the official transportation partner of Al Ahly Club.
  • Jeddah municipality is finalizing the two women-exclusive public parks in the city. One will be opened near the Falak (astronomical) square while the second will be at Prince Fawaz housing district in south Jeddah.
  • Archaeologists from Egypt and Germany had found a giant, eight-meter statue thought to depict Pharaoh Ramses II, who ruled Egypt from 1279 to 1213 BCE, that was discovered submerged in groundwater in Matariya Cairo.

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