- According to Saudi Arabia's General Authority for Civil Aviation (GACA), the Kingdom is planning to privatize 11 airports by 2020. On the other hand, the country's ministry of health is planning to privatize 295 hospitals by 2030.
- In order to regain its market share, Iran has refused to join the supply freeze initiative. As a result, Kuwait's deputy foreign minister has stressed on freezing oil production by exporting countries and that the oil market could not support further supply increase from Iran.
- Amid its steps to boost mobility in the labor market, Emirate's ministry of human resources and Emiratization has announced that employees with fixed-term contracts will have the freedom to move to a new job once their contract has expired.
- Dubai hotels' occupancy rates have registered a 0.9% decline (y-o-y) reaching 79.7% in April where the average daily rate declined by 15.4% reaching 771.74 AED per room which pushed down revenue per available room by 16.1%.
- The Egyptian government has directed The General Authority for Supply Commodities (GASC) - the state's grains buyer - to import 80,000 tons of rice ahead of the Muslim fasting month of Ramadan.
- According to UAE's ministry of Economy, The UAE's total non-oil foreign trade has registered a 10% increase reaching 1.75 TR AED in 2015 compared to 2014.
- For the first time since December 2015, Iraq has surpassed Saudi Arabia to be the top crude exporter to India in April 2016 as the two biggest OPEC producers fight for market share in Asia's fastest growing oil market.
- The majority of small and medium-sized enterprises (SMEs) in the United Arab Emirates (UAE) has reported an increase in orders during Q1 2016, yet, collecting payments remains to be an obstacle.
- Egypt's Telecom minister has announced that the country is planning to offer high-speed 4G license to companies operating in the country within two weeks in a move that could allow Egypt's fixed-line monopoly Telecom Egypt to enter the mobile phone services market.
- Qatar's ministry of municipality and environment is planning to establish partnerships with private companies to develop 60 new smart public parks across the country.
- Amid Kuwait's government's steps to solve the problems of "Bedouins", the country's national assembly has agreed to grant the Kuwaiti citizenship to 4,000 deserving applicants each year.
- After the fatal shooting of a real estate investor in the country last week, Dubai's police are looking for two Canadians and one Iranian who are suspected to be in connections with the crime.
- According to sources at U.N. backed peace talks, Warring parties in Yemen reached a preliminary agreement to release all prisoners. It is worth mentioning that the agreement is to be implemented within 20 days from its convention.
- .TASI banking sector increased led by Alinma Bank and National Commercial Bank (NCB).
- .KWSE real estate sector declined led by Munshaat and Taameer Real Estate. On the other hand, banking sector increased slightly led by National Bank of Kuwait (NBK).
- .QSI banking sector declined led by Qatar First Bank (QFB). On the other hand, telecommunication sector increased led by Ooredoo and Vodafone Qatar.
Weekly % Change
Construction & Materials
Banks & Financial Services
Telecommunication & Information
Banking & Financial Services
UAE, Abu Dhabi
Real Estate & Construction
Investments & Financial Services
- Dnata - the aviation service division of the Dubai Government owned Emirates group - has purchased 100% stake of Ground service international Inc. - a U.S. airport ground handling operator - .
- Dubai contractor, Arabtec, has reported a narrowing net loss in the first quarter of 2016 due to higher revenues. It is worth mentioning that the firm has been experiencing losses for the last five consecutive quarters as a result of increasing costs and tougher market conditions.
- Nissan motor company has agreed to buy 34% stake in Mitsubishi Motors Corporation for 2.2 BN USD.
- As a result of higher operating costs and losses from foreign exchange, Kuwait Food Company (Americana) has posted a 12.3 % fall in its net profits for the first quarter of 2016.
- Amid its plans to restructure its 2.7 BN USD debt, Kuwait's investment Dar has offered to immediately hand assets to creditors in order to gain their support on the new restructuring plan.
- Abu-Dhabi state-owned International Petroleum Investment Company (IPIC) has mandated nine banks to arrange the issuance of the company's euro-denominated bonds.
- To try to reverse a decision placing it in liquidation Corral, Petroleum Holdings is committed to injecting 680 MM USD into its Moroccan refiner Samir. It is worthy to note that Morocco's sole refiner has halted production in August due to financial difficulties.
- To refinance existing debt, Dubai's largest bank, Emirates NBD (ENBD) and Commercial Bank of Dubai (CBD) are both talking to banks to raise a combined total of up to 1.7 BN USD in loans.
- The Bahraini Islamic lender, Al Baraka Banking Group, has reported a 5.1 % fall in its first-quarter net profit to reach 37.8 MM USD compared to 39.8 MN USD in the corresponding period of 2015.
- As lower oil prices had contributed to reducing its operating costs, Dubai's Emirates airlines has reported a 56% hike in its annual net profit amounting to 7.1 BN AED from its airline operation.