Home > Insights > Egypt’s sugar crisis has expanded after the authorities seized all private sugar stocks.
Monday, 07 Nov 2016

Egypt’s sugar crisis has expanded after the authorities seized all private sugar stocks.

Insights MENA

Economic Outlook

Economic Outlook

  • Egypt's sugar crisis has expanded after the authorities seized all private sugar stocks. It is worth mentioning that Egypt consumes 3 million tons of sugar per year but produces around 2 million tones, with the gap bridged by government and private imports usually purchased between July and October.
  • Morocco's unemployment rate has dropped to 9.6% in Q3-2016 compared to 10.1% in the same period last year. The decline was driven by the creation of new jobs in the constructions sector.
  • In a move to rebalance currency markets, Egypt's Central Bank has floated the pound currency, devaluing by 32.3% to an initial guidance level of 13 pounds to the USD.
  • Egypt's central bank has hiked interest rates by 300 basis points. The move was accompanied by the bank's move to float its currency to rebalance currency markets.
  • 72% of private health centers in Saudi Arabia are facing the threat of closure as they fail to fulfill the kingdom's ministry of health requirements to hire 2,670 consultants.
  • Dubai Statistics Center has reported that the construction rate in the emirate has increased by 90% in 2016 reaching 6,483 buildings that were completed in the first 9 months of the year.
  • As the Saudi Arabian government drew down reserves to cover its budget deficit, the net foreign assets at the kingdom's central bank fell by 7.4 BN USD to reach 546.7 BN USD in September compared to August 2016.
  • After the removal of sanctions on Iran, the country's oil exports to Asia increased by 92% in October 2016 reaching 1.6 million bpd compared to October 2016.
  • According to Qatar's Ministry of Development Planning and Statistics, Qatar's Q2-2016 GDP has increased by 2.7% compared to Q1-2016 reaching 135.378 BN QAR.
Political Events

Political Events

  • According to the United Nations migration agency, 239 migrants have died in a shipwreck near the Libyan costs. The victims are believed to be West African.
  • To solve the political deadlock that the country has been experiencing for 29 months, The Lebanese President, Michel Aoun, has mandated the Sunni-politician, Saad Al-Hariri, to form a new government.
  • Saudi Arabia has appointed a new finance minister, Mohammed al-Jaddan, to replace Ibrahim Alassaf who held his post since 1996.
  • Qatar has implemented a new transit visa scheme which allows passengers with layovers of five hours or more in Hamad International Airport to request a complimentary transit visa.
Stock Market

Stock Market

  • .KWSE's banking sector rose backed by Ithmaar Bank and Warba Bank. Also, the real estate sector increased backed by Kuwait Remal Real Estate. On the flipside, the telecom sector declined pressured by the fall in Ooredoo. Moreover, the financial services sector dropped as Kuwait and Middle East Financial Investment led decliners.
  • .QSI's telecom sector declined  led by Vodafone Qatar. In addition, the banking sector slipped down driven by QIIB and Islamic Holding.
  • .ADI's banking sector went up led by First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD).
  • .DFMGI's real estate sector declined led by Emaar properties. In addition, telecommunications sector declined driven by du. Moreover, the banking sector also declined led by Dubai Islamic Bank.
Index Watch list
Weekly % Change
YTD% Change
Construction & Materials
Banks & Financial Services
Telecommunication & Information
Financial Services
Real Estate
Banking & Financial Services
Real Estate
UAE, Abu Dhabi
Real Estate
UAE, Dubai
Real Estate & Construction
Investments & Financial Services
Companies Transactions

Companies Transactions

  • The Abu-Dhabi based National Petroleum Construction Company (NPCC)a was awarded a 141 MM USD contract by India's Oil and Natural Gas Corporation (ONGC) to construct a project involving the replacement of 10 wellhead platform topsides at ONGC's Mumbai High North and South fields.
  • Batelco, the Bahraini Telecommunications Company, has posted a 26.9% fall in its third quarter net profits which reached 9.8 MM BHD compared to 13.4 MM BHD in Q3-2015.
  • Careem, the app-based car booking service, has strengthened its position in Saudi Arabia operating in 22 cities in 2016 compared to only 3 cities 3 years ago.
  • Due to rising income from finance, Kuwait Finance House (KFH) the country's biggest Islamic lender, reported a 20.5% rise in its Q3 net profit reaching 52.3 MM KWD compared to 43.4 MM KWD in Q3-2015.
  • Petroleum Development Oman (PDO) has signed a 200 MM USD pipe supply contract with an Omani factory. As part of its In-Country value strategy to retain more of the oil and gas industry's wealth in the Sultanate.
  • The Commercial Bank of Qatar (CBQ) - the gulf  state's third-largest lender by assets - will ask shareholders on November 16 , 2016 to approve a 1.5 BN QAR rights issue.
  • To finance the expansion of Al-Maktoum Airport, the government of Dubai has chosen HSBC to arrange an initial funding of 3 BN USD. The financing will be raised by a consortium of Dubai state entities.
  • Sonatrach's oil and gas exports, the Algerian state-run energy company has exported 89 million tons of oil equivalent (TOE) in the first 10 months of 2016, a 9% rise compared with the same period in 2015.
  • Qatar Airways has witnessed a 1.4% improvement in fuel efficiency in 2015/2016 compared to last year.
  • According to a statement from Majid Al Futtaim, Hypermarket chain Carrefour plans to open ten new stores in UAE in 2017.
  • Emaar Properties, Dubai property developer will be launching a new residential tower in Dubai. The 17-storey freehold tower will comprise 170 units and will be launched in Al Barsha.
Sports and Culture

Sports and Culture

  • In partnership with Harvard University, Dubai Real Estate Institute (DREI), the educational arm of Dubai Land Department (DLD), has announced the launch of an executive course focusing on 'Building Better Cities in the Digital Age.
  • For the 60,000 fans who will walk up to the Al Bayt Stadium - Al Khor City for the semifinals of the 2022 FIFA World Cup Qatar. The stadium inspired by the Bedouin tent is taking shape on a 14-metre raised hill to replicate the traditional placement of such tents in the past to make them more visible to welcome travelers. This will also serve to enhance the acoustics as the stadium is placed in a bowl in the middle of the raised area.
  • The Mohammed bin Rashid Al Maktoum Foundation (MBRF), will take part in the 35th Sharjah International Book Fair (SIBF). The fair will be held between the 2nd and 12th of November, 2016 at the Sharjah Expo Centre.


Office No. N307, North Tower,
Emirates Financial Towers, DIFC, Dubai, UAE
P.O Box: 506726
Tel: +9714 351 8187


Zepter Office Building,
S5-6, Area 5, District 1, New Cairo, Egypt.
P.O Box: 11477


Kenya Block C, Ground Floor, Fortis Office Park Muthangari
Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800