- Edita Food Industries announced that it will increase prices by percent ranging from 20 to 50% amid higher input costs due to the pound devaluation and the inflation increase.
- The African Development Bank (AFDB) has approved 500 MM USD loan to Egypt, as a second out of three expected disbursals.
- Jordan's government has allocated 180 MM JOD to subsidise wheat and fodder for 2017. It is worthy to note that government allocated 215 MM JOD to subsidise wheat in 2016 but they spent only 150 MM JOD due to the decline in international prices of wheat.
- The Jordanian Ministry of Planning and International Cooperation has announced that the total aid commitments from Germany to Jordan in 2016 have reached 471.7 MM EUR of which 153 MM EUR was humanitarian aid for Syrian refugees. All the aid agreements were signed by both countries except for 130 MM EUR to be signed in Q1-2017.
- Jordan has signed a loan agreement with World Bank to support the electricity and water sectors. The loan is worth 250 MM USD and the payback period is 35 years with 1.25% interest rate and a 5-year grace period.
- Qatar has become the first country in the region who conduct successfully 5G trials, implemented by Ooredoo. It is worthy to note that Ooredoo was able to apply the fastest mobile data service in the world with 35.46 GB per second.
- Saudi Arabia's tourism sector will employ 1.7 million by 2020. On the other hand, Saudi is planning to boost investment with the private sector to enhance education infrastructure as a part of Vison 2030.
- Dubai is working with HSBC on financing Expo 2020 Dubai. The exhibition financing is estimated at 7 BN USD and is expected to attract 12 million visitors. The Expo will run from October 2020 to April 2021.
- Abu Dhabi has signed the United Arab Emirates' second hyperloop feasibility study to build a futuristic high-speed transport system connecting the cities of Abu Dhabi and Al Ain. A hyperloop route could connect Abu Dhabi and Al Ain in eight to 12 minutes.
- Blom Bank was awarded "The Best Bank in Lebanon in 2016" from the International Financial Institution "The banker". This award was due to the steady performance, financial strength and diverse expansion despite the tough conditions.
- Donald Trump has shut down some of his companies, including four linked to potential business deals in Saudi Arabia.
- President Abdel Fattah Al-Sisi has announced that the suicide bomber of the church accident is named Shafik Mahmoud Mohamed, 22-years old. It is worthy to note that suicide bomber has killed 24 people at Cairo's main cathedral a week ago.
- Lebanon has abolished the law protecting rapists, Article 522, which protects rapists who marry their victim.
- The UN Special envoy for Syria estimated that 470,000 people have been killed throughout the past five years. Moreover, 11.5% of Syrian's population has been wounded or killed since 2011.
- .TASI petrochemicals sector declined led by SABIC and SAFCO. On the other hand, the banking sector increased sightly led by Alinma Bank and Al Ahli.
- .KWSE telecommunication sector increased slightly led by Zain and real estate sector led by Mena Real Estate.
- .QSI banking sector has increased led by Qatar Islamic Bank and QNB. In addition, real estate sector increased led by Mazaya Qatar Real Estate Development and Barwa Real Estate.
Index Watch list
Weekly % Change
Construction & Materials
Banks & Financial Services
Telecommunication & Information
Banking & Financial Services
UAE, Abu Dhabi
Real Estate & Construction
Investments & Financial Services
- Ghabbour Auto has took a permission to establish a new factory for manufacturing motorcycles and auto rickshaws (Tuk Tuk) in Suez Canal economic zone costing 54 MM USD.
- Egypt's construction firm, Moukhtar Ibrahim has won a new tender to implement a water project in Dubai costing 10.5 MM USD.
- Eni, the Italian energy company has sold 30% stake in a giant Egyptian offshore gas field to Russia's Rosneft for 1.57 BN USD. It is worth mentioning that selling down stakes in oil and gas fields is a part of Eni's "dual exploration" to raise cash for future development and support dividends.
- Oman and Egypt has signed a Memorandum of Understanding (MoU) on tourism. The main aim of the MoU is to invest in tourism and hospitality sector participation in travel fairs, exhibitions in each other's country and encouraging cooperation between tourism stakeholders, including hotels and tour operators.
- LNG producers Qatargas and RasGas will be merged to create a new energy giant and reduce operation costs. The merger is expected to be completed within the next 12 months.
- United Arab Emirates-based healthcare provider NMC Health has bought Al Zahra Hospital in Sharjah worth 560 MM USD. The funding is a mix of debt and equity on a transaction to be completed by end of Q1-2017.
- DAMAC Properties has won 15 major construction and consultancy contracts worth 1.26 BN AED from August to November 2016, making the total contracts value of 2016 worth 6.52 BN AED.
Sports and Culture
- Omar Khairat, Egyptian composer will perform in Kuwait's National Concert Hall of the new Kuwaiti Opera House on the 23rd of December 2016.
- Spanish giants Real Madrid won their 21st international title surpassing major international rivals Barcelona and Al-Ahly both winning 20 titles. From starting the year in third place with 18 titles Real ended it with 21 after winning their 11th UEFA Champions League, 3rd European Super Cup and 2nd Club World Cup.
- Paris is suffering its worst and most prolonged winter pollution for at least 10 years due to the combination of emissions from vehicles and from domestic wood-fires as well as near windless conditions.
- Cairo Wedding Festival will take place on 28th of December 2016 at The Club House in Uptown Cairo. The aim of the Festival is to bring together the brides-to-be and suppliers of all details of wedding preparations.