Home > Insights > Egypt’s finance ministry will issue 1.25 BN USD one-year, dollar-denominated treasury bills to local banks and foreign financial institutions according to the central bank announcement.
Monday, 09 May 2016

Egypt’s finance ministry will issue 1.25 BN USD one-year, dollar-denominated treasury bills to local banks and foreign financial institutions according to the central bank announcement.


Insights MENA

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Economic Outlook

Economic Outlook

  • Egypt's finance ministry will issue 1.25 BN USD one-year, dollar-denominated treasury bills to local banks and foreign financial institutions according to the central bank announcement.
  • As part of a new comprehensive building classification system, Dubai Land department has announced that the emirate's buildings are to rated based on star rating according to 60 tailored requirements.
  • According to Saudi Arabia's labor minister, the Kingdom's government is planning a new set of labor quotas and incentives as it aims to reduce unemployment and diversify its economy away from depending on oil exports.
  • Kuwait's official KUNA agency has reported that the chief executive officer of Kuwait Petroleum international has expected that the oil prices will settle at 50-60 USD per barrel by the end of 2016 or early 2017.
  • The Indian oil minister reported that the central banks of India and Iran have reached an agreement to use European banks to process pending oil payments to Tehran.
  • The new governor of Saudi Arabia's central bank has stated that his main priorities will be to maintain monetary stability and support the government 2030 vison. He also assured that the central bank will keep the currency peg to the dollar.
  • To bridge their budget deficit caused by low oil prices, the Gulf Cooperation Council (GCC) governments are planning to raise between 255-390 BN USD cumulatively by 2020 through issuance of local and international bonds.
  • According to the Sudanese minister of minerals, Saudi Arabia and Sudan have agreed on cooperating to start exploring for mineral resources - including silver and gold - in the red sea by 2020. It is expected to generate revenues of around 20 BN USD.
  • Iran contracts for international oil firms will be ready by July according to the oil minister. It is also worth mentioning that the country is planning to export 500,000 bpd of oil and gas condensates to Europe.
  • To assist Lebanon in handling the Syrian refugee crisis, the Dutch prime minister has pledged 80 MM EUR to the Lebanese government. It is worthy to note that Netherlands have contributed around 111 MM EUR to aid Syrian refugees in Lebanon since 2012.
  • In Q1 2016, Oman's natural gas production and imports grew by 8.3% to reach 10,206 million cubic meters (MNCM) compared to 9,426 (MNCM) in the same period of the last year.
Political Events

Political Events

  • Kuwait has removed its 26-years ban on Palestinian teachers after the country's interior minister has stated that their residency problems has been resolved.
  • To prevent Green Zone protests, Iraqi security forces has blocked most major roads and bridges to keep followers of Shi'ite Muslim cleric Moqtada al-Sadr from reaching the government district which they stormed a week earlier.
  • Lebanese Hezbollah Shi'ite group has blamed Saudi Arabia for the collapse of ceasefires in Syria and preventing peace talks by providing support to armed groups fighting against Syria's President Bashar al-Assad.
  • During their flight to Jakarta, 31 passengers flying on Abu-Dhabi Etihad airways were injured during severe turbulence.
Stock Market

Stock Market

    • TASI banking sector declined led by Al Rajhi and National Commercial Bank (NCB), while telecommunication sector declined led by Mobily.
    • .KWSE banking sector declined led by National Bank of Kuwait (NBK) and real estate sector led by Al Dar National Real Estate.
    • .ADI banking sector declined led by National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB). On the other hand, telecommunication sector increased slightly led by Etisalat.
    • .DFMGI investments and financial services witnessed a huge decline led by Shuaa Capital and Dubai Investments, while real estate sector declined led by Emaar Properties.
 
Index Watchlist
Weekly % Change
YTD% Change
Egypt
.EGX30
-4.3%
6.2%
Construction & Materials
2.5%
-15.1%
Telecommunication
-6.0%
19.3%
Banking
-3.1%
10.2%
KSA
.TASI
-3.2%
-4.7%
Petrochemicals
-4.1%
2.6%
Banks & Financial Services
-4.3%
-5.8%
Telecommunication & Information
-0.8%
-2.6%
Kuwait
.KWSE
-0.3%
-4.3%
Banking
-0.2%
-8.7%
Telecommunication
-2.9%
2.5%
Financial Services
-0.1%
-1.5%
Real Estate
-1.3%
-8.5%
Industrials
0.9%
-2.4%
Qatar
.QSI
-3.3%
-5.5%
Banking & Financial Services
-2.4%
-4.7%
Industrials
-3.6%
-4.6%
Real Estate
-4.9%
4.0%
Telecommunication
-2.8%
14.6%
UAE, Abu Dhabi
.ADI
-2.5%
2.8%
Banking
-3.9%
-4.8%
Telecommunication
0.5%
18.0%
Real Estate
-4.2%
14.6%
UAE, Dubai
.DFMGI
-5.3%
5.0%
Banking
-3.1%
-0.7%
Real Estate & Construction
-7.2%
8.0%
Investments & Financial Services
-11.1%
0.4%
Telecommunication
-0.2%
26.3%
Companies Transactions

Companies Transactions

  • Kuwait Burgan Bank - the country's third largest lender by assets - has reported an 18.5% fall in its net profits in Q1 2016 due to lower income flows from foreign exchange.
  • As a result of declining revenues and the shrinking of its subscribers' base, Bahrain's telecommunication company (Batelco) has registered a 33% fall in its net profits in Q1 2016.
  • In a decision which might ease financial pressures on the firm, Saudi Arabia's government has lift project bidding ban on its major builder (Binladen Group) allowing it to resume bidding for state projects.
  • EFG Hermes, Egypt's infrastructure private equity firm, is planning to increase the investments it manages in renewable energy from 730 MM EUR to 1.5-2 BN EUR within the next 2 years.
  • Dana Gas, Abu Dhabi's listed energy firm, has reported a 50% drop in Q1 2016 due to lower hydrocarbon prices and reduced output in Egypt and Kurdistan.
  • Gulf Capital private equity firm has bought multi Saudi Arabian food and drinks distributors brands. In addition, the company's CEO has announced that the company is planning to spend around 250 MM USD this year across defensive sectors.
  • Ezdan holding, Qatar's property developer, has mandated HSBC and Dubai-based Mashreq as joint global coordinators for its planned 2 BN USD sukuk program.

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