Home > Insights > According to Egypt’s Central Bank, the country’s current account deficit has increased reaching 18.7 BN USD in the fiscal year.
Monday, 26 Sep 2016

According to Egypt’s Central Bank, the country’s current account deficit has increased reaching 18.7 BN USD in the fiscal year.

Insights MENA

Economic Outlook

Economic Outlook

  • According to Egypt's Central Bank, the country's current account deficit has increased reaching 18.7 BN USD in the fiscal year 2015/2016 that ended in June compared to 12.1 BN USD last year. This was a reflection of the sharp depreciation that the local currency.
  • The Middle East optical market value has reached 2.67 BN USD and is expected to grow. The market growth expectations are driven by the increasing number of the region's aging population.
  • As Egypt is seeking to finance actuarial studies on national health and social insurance, the country has signed a 252,000 USD grant with the African Development Bank (AFDB).
  • Dubai's monthly inflation rate for August 2016 has increased by 0.38% compared to July 2016. The increase was mainly attributed to a rise in the prices of clothing and footwear.
  • To fund its budget deficit caused by low oil prices, the Saudi Arabian government is selling 20 BN SAR bonds in its domestic debt sale this month which will be allocated in the week starting 24th of September.
  • Ministry of Electricity in Egypt announced that the country is building its first coal-fired power plant within the next four to five years aiming to fill the country's power shortage. The new plant will provide 3,960 megawatts of electricity.
  • Oman's government has raised the tax on tobacco products by 100% for the first time in 17 years. It is worthy to note that talks overincreasing tobacco taxes were going on for the last six years.
  • Abu Dhabi's consumer inflation has increased by 2.4% in the first 8 months of 2016. The rise was mainly granted to increasing prices in the housing, power, water and fuel items.
  • Oman's Small and medium enterprises (SME) development fund has deployed 16 MM OMR to finance 160 small and medium projects; which indicates an average size of 100,000 OMR per project.
Political Events

Political Events

  • An immigrant boat had sunk off Egypt's coast where over a 162 immigrants were drowned and 160 were rescued. It is worthy to note that the boat was carrying above 300 immigrants.
  • The UAE has announced that it is planning to host 15,000 Syrian refugees over the next five years, with the aim of sharing the responsibility of addressing the Syrian refugee
  • 26 people were killed amid the Saudi-led collation airstrikes on Yemen. It is worth mentioning that the airstrikes took place at a residential neighborhood in the Red Sea port city of Hodeidah where Houthi leaders were staying.
  • Warplanes mounted the heaviest air strikes in months against rebel-held districts of the city of Aleppo in Syria killing 45 civiliansas Russia and the Syrian government rejected a U.S. plea to halt flights.
  • An Egyptian court sentenced nine policemen to three years in prison for physically and verbally assaulting two doctors at a Cairo hospital in January after refusing to falsify medical records.
Stock Market

Stock Market

  • QSI's banking and financial services' sector has declined led by the Commercial Bank of Qatar and Qatar Islamic Bank (QIB).
  • .ADI's telecommunications sector has dropped led by Etisalat.
  • .DFMGI's real estate and constructions' sector has deteriorated pressured by Emaar properties and Damac properties.
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Companies Transactions

Companies Transactions

  • To finance its projects, Saudi Electricity Co. (SEC) has signed a 7 year- 5 BN SAR murabaha-structured Islamic fund. The facility was supplied by three local banks including: Banque Saudi Fransi, National Commercial Bank and Samba Financial Group.
  • Facebook Inc. picture sharing app, Instagram, has announced that its advertising base has doubled in the past six months. It is worthy to note that the company is expected to generate 1.5 BN USD advertising revenues this year.
  • The investments of the Dubai-based conglomerate, Al-Futtaim Group in Egypt, have exceeded 1 BN USD. It is worth mentioning that the group has launched its investments in the country starting 2008.
  • After production resumed at the Nafoura and Hamada fields, Libya's Arabian Gulf Oil Company (AGOCO) has reported that its output had risen to 210,000 barrels per day (bpd).
  • The Saudi contractor KAD was granted a contract from Saudi Aramco, the national energy giant for extending the role of natural gas in the oil producer's energy mix.
  • Stanbic Bank Uganda, a subsidiary of Standard Bank Group has signed a 55 MM USD two-year term loan facility in Dubai. The loan is to be used to finance general corporate purposes.
Sports and Culture

Sports and Culture

  • Lego has opened its largest store in Shanghai with a dragon, skyscrapers and other constructions made out of its colorful plastic bricks.
  • The Egyptian team Zamalek reached their first African Champions League final in 14 years despite losing 5-2 at Morocco's brave Wydad Casablanca.
  • A jury panel chose the 18-year-old Nadeen Osama from 21 contestants to be crowned as miss Egypt 2016.


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