Home > Insights > According to the National Bank of Abu Dhabi, UAE’s personal loans have reached 430 BN AED amounting to a 7.5% rise in the country’s total debt levels compared to the last year.
Tuesday, 23 Aug 2016

According to the National Bank of Abu Dhabi, UAE’s personal loans have reached 430 BN AED amounting to a 7.5% rise in the country’s total debt levels compared to the last year.

Insights MENA

Economic Outlook

Economic Outlook

  • According to the National Bank of Abu Dhabi, UAE's personal loans have reached 430 BN AED amounting to a 7.5% rise in the country's total debt levels compared to the last year.
  • According to Qatar Rail, the construction of the Doha metro is running at full capacity and its first three lines are expected to be up and running by the end of 2020 as more than a 100 KM of the project tunnels out of the total of 111 KM have been dug.
  • Abu Dhabi's new health insurance law is burdening Emirati families as they are now obliged to pay 20% of the total cost of care at any private health facility. It is worth mentioning that 95% of the patients at private care facilities are local citizens.
  • Amid the country's steps to cut energy subsidies, Oman's Public Authority for Electricity and Water (PAEW) has reported that it is working with the Electricity Regulation Authority and other agencies to introduce a fully cost-reflective tariff for large industrial consumers of electricity.
  • Tunisia's economic growth rate has witnessed a 1.4% rise in Q2-2016 compared to the same period last year. The rise is mainly driven by the increase in the added value of the manufacturing industries.
  • Egypt has signed a 2 BN USD deal with Saudi Arabia as the former is struggling to obtain a bilateral financing in the range of 5 to 6 BN USD in order to ensure being granted the International Monetary Fund loan of 12 BN USD.
  • An Omani startup is launching the production of the first solar panel production in the sultanate. It is worth mentioning that the project is currently in the design stage while the construction part is expected to start once it is granted officials' approval.
  • The UAE's employment market is witnessing a 22%  decline in job opportunities with online job listings dropping significantly for the first time in July 2016.
  • Saudi Arabia's imports have decreased by 20.3% in May 2016 and non-oil exports have fell by 0.4% compared to a year earlier.
  • Egypt's telecoms regulator has approved revised terms for 4G mobile broadband network licenses in which the government has offered to Telecom Egypt and to the country's 3 mobile services' providers. Yet, only Telecom Egypt accepted the terms.
  • Iran's crude oil exports in July 2016 have reached more than 2.1 MM barrels per day. However, the country has not yet managed to reach its pre-sanctions' level which amounted to 2.35 MM barrels of crude per day.
  • According to Jordan's department of statistics, the country's inflation rate has witnessed a 1.3% drop in the first seven months of 2016 compared to the same period last year.
Political Events

Political Events

  • Palestinian political parties have started taking steps to register their candidates to run for the country's municipal elections which will take place on the 8th of October, 2016 with an estimated 2 million Palestinians eligible to vote.
  • Several western governments, including that of France, Germany, Italy, Spain, Britain and the United States have welcomed the appointment of an interim panel to run the country's 67 BN USD sovereign wealth fund.
  • The cost of Yemen's civil war has amounted to 14 BN USD as a result of infrastructure damages and economic losses.
Stock Market

Stock Market

  • . EGX30 has witnessed a decline which was mainly driven by foreign investors' selling pressure.
  • .QSI's telecommunications sector advanced mainly driven by Oreedo and Vodafone Qatar.
  • ADI's real estate sector has witnessed an increase led by Eshraq and Aldar Properties.
  • .DFMGI witnessed a significant rise in the investment sector driven by DFM Company and Dubai investments. On the other hand, the real estate sector increased led by Emaar properties.
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Companies Transactions

Companies Transactions

  • After running two successful initial public offerings (IPOs) worth 167.54 MM USD in 2016, Egypt's EFG Hermes is planning to make four new initial public offerings in the local stock market before H1-2017.

  • The National Iranian South Oil Company (NISOC) is planning to implement 14 projects to establish gas injection stations - worth 645 MM USD - and hence raise oil recovery rate from oilfields.
  • The Abu Dhabi-based Masdar company has announced the completion of more than 50% of its project to construct 16.6 MW solar power plant in the Islamic Republic of Mauritania.
  • As a result of softer market conditions, DP world, one of the world's largest port operators is postponing its plan to add 1.5 MM twenty-foot equivalent units (TEU) of capacity to Terminal 3 at Dubai's Jebel Ali port to 2017.
  • Al Baraka Bank Egypt, is planning to pump 1 BN EGP into vital projects including energy businesses in addition to projects in the high-profile Suez Canal development axis.
  • Tunisair has reported a 7.4% rise in its commercial activity in the first seven months of 2016 compared to the same period last year. Yet, Tunisian airports have witnessed a 9.4% decline in air navigation in July 2016 compared to the same period in 2015.
  • Mokhtar Ibrahim, Egypt's leading construction firm, has been directly assigned to construction projects worth 901 MM USD during the last two years.
Sports and Culture

Sports and Culture

  • Google has launched a new video call application which allows the user to start a video call with any contact who uses an Android or iOS-based smartphone competing with Apple Inc's Face Time,Microsoft Corp's Skype, Facebook Inc's Messenger and even its own Hangout app.
  • The US Federal Reserves has launched a Facebook page and has reported that the page had "the aim of increasing the accessibility and availability of Federal Reserve Board news and educational content."
  • Rio Olympics closes with the USA ranking the top country followed by Great Britain and China with 46, 27 and 26 gold medals respectively.
  • Egypt scores 3 Bronze medals in Rio 2016 Olympics, 2 in Weightlifting and 1 in Taekwondo. Egypt was ranked 75 in the overall Olympics' ranking.


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