- Egypt's Social Fund for Development (SFD) has announced that it has financed 9,295 small projects with 112 MM USD during H1-2016. It is worthy to note that these projects have provided 26,135 job opportunities.
- Ras AlKhaimah, UAE's northern emirate has witnessed a 7% rise in the number of visitors in the first seven months of 2016. This was mainly driven by a 65% rise in German tourists followed by a 33.2% rise in the number of British tourists.
- Qatar's economic growth rate has witnessed its lowest level since 2011 reaching 1.1% (y-o-y) in Q1-2016 mainly driven by a decline in mining and quarrying sector which shrank by 3% (y-o-y) and 2.5% (q-o-q).
- Kuwait has witnessed an 80% rise in the number of commercial licenses issued in H1-2016. This rise is mainly attributed to the amendment in Kuwait's companies' law in 2015, which lowered the minimum capital requirements to start a new business.
- UAE's international development arm, The Abu Dhabi Fund for Development (ADFD) has formalized a contract with Bahrain to grant the country 2.9 BN AED to finance a construction development project.
- The Saudi Arabian port city, Jeddah, has witnessed a 30% hike in the prices of its residential units. The reasons of the rise are mainly granted to the increase in construction and building materials' prices as well as the increasing wages of contractors and workers.
- The International Monetary Fund has agreed to finance Jordan with a 723 MM USD loan in a 3-years program. The loan is aimed to support the country's reforms to lower its public debt and accelerate growth.
- According to Saudi Arabia's central department of statistics and information, the Kingdom's imports have plunged by 24% (y-o-y) while non-oil exports have dropped by 10%.
- Amid its steps to bridge its budget deficit caused by low oil prices, Saudi Arabia has raised 5.3 BN USD through the sale of domestic bonds to banks.
- The Jordanian government has signed a 97.5 MM USD grant agreement in which donors have granted to the country to support the Jordan Compact Education Fund.
- Algeria's trade deficit has increased to reach 26.5% in H1-2016 compared to the same period last year. This was mainly driven by low oil prices which resulted in declining gas and oil exports.
- Egypt has signed a loan agreement with the UAE where the former is to provide the latter with a 1 BN USD deposit for a duration of six years. The main aim of the loan is to support Egypt's economic reforms' program.
- A 6.2 magnitude earthquake hit central Italy causing buildings to collapse and leaving an extensive damage in the town with reports of victims.
- Turkish special forces units and jets supported by warplanes from the U.S.-led coalition launched an operation in northern Syria to wipe out Islamic State militants along the Turkey-Syria border.
- .EGX 30 has witnessed a decline in the banking sector led by Commercial International Bank (CIB) bank.
- .QSI's banking sector has declined 1.6% lead by Gulf Commercial Bank and Doha Bank. Moreover, the industrial sector went down 2.1% driven by Qatar Industrial Manufacturing.
- .ADI's real estate sector has fallen at a rate of 1.5% lead by Aldar properties. In addition, the banking sector went down by 0.02% due to a decline in Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD). On the other hand, the telecom sector increased by 0.8% lead by Etisalat.
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Banks & Financial Services
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UAE, Abu Dhabi
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Investments & Financial Services
- The Ride-hailing giant Uber Technologies Inc. lost at least 1.27 BN USD in H1-2016. The loss was mainly driven by subsidies granted by the company to its drivers.
- According to an official statement by Dubai municipality, six companies have submitted bids for construction of the 1 BN AED Mohammed bin Rashid Library. It is worth mentioning that the seven-floor project is to be built on a 1 million square feet area.
- During H1-2016, Egypt's Orascom Telecom Media and Technology Holding (OTMT) has witnessed a net loss amounted to 3.635 MM. This was mainly driven by a hike in the company's total costs.
- An alliance of 3 major lenders, including: The National Bank of Egypt (NBE), Bank Audi Egypt, and the Egyptian Gulf Bank (EGB) will lend the property developer, Misr Italia, a 712 MM EGP loan to finance its Cairo Business Park project.
- The Jordanian Drug maker Hikma Pharmaceuticals Plc has reported a 14% fall in its operating profits in H1-2016 hurt by lower contribution from specific market opportunities for its generics business.
- Al Kharafi's affiliate, EMAC contracting, is planning to deliver a 77-KM among the first phase of its national road network project in Cairo.
- Qatar's minister of municipality and environment has signed an agreement with Turkish company Tekfen for construction of 7.6 BN QAR highway as part of Al Khor Expressway project.
Sports and Culture
- The Abu Dhabi international chess festival is running in the period between the 23rd and the 29th of August attracting more than 650 players from 52 countries where the winner will be granted a 270,000 AED prize. It is worth mentioning that Andreikin Dmitry from Russia was ranked first place.
- Facebook is launching a new application that aims to connect teens under 21 years old. The application mainly allows its users to create a daily video diary.
- Bethany Hamilton has to win the semi-finals in elite World Surf League competition in Fiji although the surfer has lost her left arm after a shark attack in 2003 while surfing.