- Egypt government will increase the electricity prices by up to 42% this fiscal year for households but will keep the energy subsidies in place three years longer than expected.
- Egypt is expected to meet more than 90% of fuel needed for local consumption as Egypt is to be self-sufficient in natural gas by 2018.
- Egypt attracted almost a nine-fold increase in foreign investment in domestic debt instruments in the 2016/2017 fiscal year. Foreign investments have reached 9.8 BN USD in 2016/2017 compared to 1.1 BN USD last year. On the other hand, Egypt foreign reserves increased to 31.305 BN USD at the end of June 2017 compared to 31.126 in May 2017.
- Egypt inflation rate is expected to increase by 3-4.5% following the last week fuel price hike. It is worthy to mention that inflation rate has reached 30% in May 2016.
- Jordan has invited bids to convert its Amman chartered and VIP airport into a regular passenger airport, as part of plans to ease growing air traffic in the kingdom.
- Kuwait oil price has increased by 1.83 USD reaching 46.10 USD per barrel due to the decrease in US oil production, however gains might be restricted due to news on OPEC intentions to increase production.
- Oman population recorded 4,558,847 by the end of June 2017 with a decrease of 1.2% compared to the previous month. Expats number dropped by more than 6,000, according to the National Centre for Statistics and Information (NCSI).
- Rental rates in Makkah have declined by 30% due to the signs of "apartments for rent" hanging on buildings in the holy capital as owners and investors have lost their confidence in real estate offices to rent their units.
- Saudi Arabia would cancel all export duties on steel for two years to encourage local industries. The Cement export tariffs will also be reduced by 50%.
- A total of 12 new private hospitals will open in Dubai by the year 2020, providing 875 beds and totaling the number of private hospitals in Dubai to 38 in addition to seven more hospitals undergoing expansions to include 750 beds.
- Bayt.com has announced that more than 37,000 new jobs were posted to serve the Middle East job seekers in Q2-2017.
- Passenger traffic at Dubai International Airport (DXB), has increased by 1.9% reaching 6.85 million in May 2017.
- Libyan aid workers recovered the bodies of 19 Egyptian migrants in Libya eastern desert. The migrants appeared to have been smuggled into Libya by foot and have died due to high temperatures and hunger. Seven of the migrants were identified from papers or identity cards, and the rest were assumed Egyptians.
- The Arab Parliament has called on its members to urgently address the growing Israeli influence in Africa, in light of the current preparations to hold an African-Israeli summit in Lome, Togo, which is next October.
- King Abdullah II of Jordan has held a series of meetings with top US administration to discuss the developments in Middle East during his visit to the United States.
- Top advisers to President Donald Trump declined that Trump had accepted the Russian interference in the US election.
- .TASI banking sector has declined led by National Commercial Bank (NCB).
- .KWSE banking sector has declined led by Ahli United Bank (AUB).
- .QSI banking sector has declined led by Qatar National Bank (QNB) and Qatar Islamic Bank (QIB).
Note: Weekly values are calculated on Thursday of each week.
- MenaITech, the largest human resource management software company in the region, has announced the acquisition of SOURCEitHR, a company specializing in HR outsourcing and consulting for corporations and institutions.
- Egypt Investment Ministry had selected a consortium led by CI Capital to act as lead managers and bookrunners for the initial public offering of ENPPI. Egypt plans to embark on its first sale of shares in a state-owned company in 12 years, aiming to raise 150 MM USD from the stock market listing of the company.
- Siemens has won an order to supply the key power generation equipment for the Sabiya Extension 3 combined cycle power plant in Kuwait. The contract was awarded by the Ministry of Electricity and Water (MEW), to Alghanim International for execution of engineering, procurement and construction (EPC). The power train will provide an electrical capacity of about 900 megawatts (MW).
- National oil giant Saudi Aramco has signed a memorandum of understanding (MoU) with South Korea Hyundai Heavy Industries to make engines and marine pumps in the kingdom.
- PARK Inn by Radisson, opens in the holy city of Makkah in Saudi Arabia with the opening in Makkah Al Naseem. The group has a large presence in Saudi Arabia with 35 hotels and more than 9,000 rooms in operation or under development.
Sports and Culture
- Disney has lifted a ban on having its merchandise manufactured in Egypt due to the unprecedented economic and political reforms that are currently being executed in Egypt in coordination with the IMF and World Bank. Disney imposed the ban in February after a drop in Egypt ratings in the worldwide governance indicator and the country not joining the International Labor Organization (ILO) Better Work Program.
- According to the Ministry of Labor and Social Development, the number of Saudi women in the workforce has increased by 130% over the past four years.