- Royal Dutch Shell has announced new natural gas discoveries in Egypt in a concession area of north Alam El-Shawish in Egypt's western desert. The initial quantities discovered were estimated at about half a trillion cubic feet of gas with more possible reserves.
- Despite poor economic conditions caused by low oil prices, Saudi companies have increased the salaries of their employees by an average of 3.9% in 2016 where the technology sector was awarded the highest increase which amounted to 6.2%.
- Egypt's central bank has announced that the country's M2 money supply has increased by 17.95% reaching 2.122 TR EGP in July compared to the same month last year.
- The Iraqi prime minister has announced that the country is supporting OPEC's decision to freeze oil output to increase prices. It is worthy to note that Iraq finances 95% of its budget through oil sales.
- The Jordanian government spending on development projects in Madaba (southwest of the capital Amman) has reached 58.3 MM JOD in 2016 as part of the ministry's program to enhance the country's social and economic productivity.
- Morocco's central bank has reported a decline in the country's M2 money supply annual growth reaching 6.9% in July 2016 compared to 7.8% in June 2016.
- Despite a 25% rise in barley purchases, Algeria's grain imports have dropped by 5.9% in the first seven months of 2016 reaching 7.3 million tones compared to the same period last year.
- Saudi Arabia's oil exports have dropped by 27% in the first eight months of 2016 reaching 1.89 billion barrels of crude oil compared to the same period in 2015.
- During the last three years, Iran has witnessed a 46% rise in the country's petrochemical exports. In addition, the country's petrochemical production has increased by 14% in the mentioned period.
- Egypt's parliament has approved a law to introduce a 13% value-added tax (VAT) which is considered as a key part of the Egyptian government's plan to reform the economy and bridge the country's budget deficit.
- Affected by low oil prices, Qatar's trade surplus has declined by 18.8% in July 2016 reaching 6.7 BN QAR compared to 8.24 BN QAR in June 2016.
- South Sudan's government is seeking 300 MM USD in aid and loans to support its next budget, as it aims to stabilize the country which has been witnessing civil conflict since its independence in 2011.
- Uber and Careem transportation companies' services have been suspended in Abu Dhabi and over 50 drivers from both companies were arrested over violation of regulations.
- Lebanon's parliament reaches a political deadlock as the country's trash crisis deepens with more garbage piled up again in its streets. It is worth mentioning that in 2015, the country has witnessed protests against the governments waste management policies.
- Iran's vice president and head of Atomic Energy Organization has announced that the country will establish the construction of two nuclear power plants in the coming days. The construction is expected to be done over 10 years and cost 10 BN USD.
- A bomb has blasted in the Lebanese Bekka valley killing 1 person and wounding 11 with no immediate claim of responsibility.
- Russia's defense military has announced that the Russian airstrikes have succeeded to kill one of the Islamic state's most prominent leaders, Abu Muhammad al-Adnani.
- Egypt's parliament has approved a law that governs building and renovating churches, the new law empowers provincial governors to approve church building and renovation permits, previously the domain of security services.
- .EGX30 has witnessed a decline in the banking sector led by Commercial International Bank (CIB).
- .TASI's petrochemicals sector has increased led by Saudi Basic Industries (SABIC) and Saudi Arabian Fertilizers Company (SAFCO).
- .ADI's real estate sector has increased led by Al Dar properties. On the other hand, the telecommunication sector has declined led by Etisalat.
Weekly % Change
Construction & Materials
Banks & Financial Services
Telecommunication & Information
Banking & Financial Services
UAE, Abu Dhabi
Real Estate & Construction
Investments & Financial Services
- Fly Dubai, Dubai's budget airlines has posted a 24.49 MM USD loss in H1-2016 driven by low demand resulting from the company's jet crash in Southern Russia in March which caused the death of 62 people on board.
- Nakheel Properties has reported its plan to build a 1.2 million square feet mall at Nad Al Sheba, Dubai. The mall will have 200 shops, restaurants and entertainment outlets.
- Petroleum development Oman's (PDO) managing director has announced that the company is planning to raise its primary and secondary crude oil production instead of focusing on enhanced oil recovery (EOR) projects.
- According to Qatar Airways' CEO, the company is planning to make major aircraft purchases to meet fleet expansion plans and boost its global network.
- Egypt's landline monopoly, Telecom Egypt, has acquired the country's first 4G mobile license at a cost of 7.08 BN EGP paving the way to become the fourth mobile service provider in Egypt. The license is valid for 15 years and services should be made available within six months.
Sports and Culture
- Dubai is opening a new opera house in the shadow of the world's tallest building, Burj Khalifa. The 2000-seat opera will welcome its first guests on the 7th of September 2016.
- Kuwait was ranked last among the world's friendliest countries in the latest list from expat insider, while Taiwan and Malta topped the list.
- The Manchester United striker, Ibrahimovic, has revealed he previously had offers to join Arsenal and Manchester City before eventually moving to the Premier League this summer.