Home > Insights > The Egyptian government has increased the price it pays local farmers for sugar cane by 25% from 400 EGP to 500 EGP per ton.
Monday, 26 Dec 2016

The Egyptian government has increased the price it pays local farmers for sugar cane by 25% from 400 EGP to 500 EGP per ton.

Insights MENA

Economic Outlook

Economic Outlook

  • The Egyptian government has increased the price it pays local farmers for sugar cane by 25% from 400 EGP to 500 EGP per ton. Sugar Companies which belongs to Ministry of Supplies will pay according to this increase.
  • Banque Misr has signed a memorandum of understanding (MoU) with the Industrial and Commercial Bank of China (ICBC) worth 500 MM USD to boost dollar liquidity and finance joint Egyptian-Chinese projects.
  • European Union (EU) has signed a new agreement as an assistance to Jordan worth 747 MM EUR. This assistance will support economic development and Syrian refugees.
  • Kuwait's Warba Bank has directed nine banks to arrange an Islamic bond or sukuk up to 250 MM USD. This is expected to boost the bank's capital reserves.
  • Oman's merchandise exports have declined by 28.2% to 5.79 BN OMR in the first seven months of 2016 compared to 8.07 BN OMR of the same period in 2015. Moreover, the imports declined by 24% to 4.95 BN OMR by the end of July compared to 6.51 BN OMR of the same period in 2015.
  • Oman's budget deficit has increased to 4.8 BN OMR (12.6 BN USD) in the first ten months of 2016. The total public spending has declined by 8.6% and the total revenues also declined by 25.5% to 5.51 BN OMR (14.3 BN USD) in the first 10 months of 2016.
  • Jet fuel consumption in Qatar has boomed with the country registering a demand growth of 96.6% between 2010 and 2016.
  • As transportation costs increased by 7.7% and housing increased by 6.4% while food and beverage fell by 2.6%, the Saudi Arabia's inflation rate has recorded its lowest during the year; marking a 0.2% decline compared to last month while 2.3% increase compared to last year.
  • The board of Saudi Telecom Co (STC) has agreed to buy 10% stake in Middle Eastern ride-hailing app Careem for 100 MM USD.
  • Dubai plans to post a small budget deficit of 2.5 BN AED (681 MM USD) for 2017 or 0.6% of GDP as it will increase the spending on infrastructure such as metro and airports. The total spending will rise to 47.3 BN AED in 2017 compared to 46.1 BN AED (12.5 BN USD) in 2016; the infrastructure spending will represent 17% of total expenditure as the emirate prepares for hosting the world fair Expo 2020.
  • Emaar Properties has signed an agreement with Al Marjan Island (AMI) to develop 2 million square with mixed-use projects including high-end residential, hospitality and retail components in Ras Al Khaimah. The project development value is over 1.8 BN USD.
Political Events

Political Events

  • Russian military plan Tu-154 has crushed in the south of the Black Sea resort city of Sochi, on its way to Syria, all 92 people on board were dead.
  • Mevlut Mert Altinates, 22, has shoot 9 bullets into the Russian ambassador to Ankara Andrei karlov at an art exhibition after shouting in Turkish "Don't forget Aleppo, don't forget Syria" then he was killed by the Turkish police.
  • Four Jordanian policemen and 10 civilians were killed in a terrorist attack near a popular tourist site in Karak (Jordan).
Stock Market

Stock Market

  • Egypt Stock Market has increased sharply since the Egyptian pound was floated on 3rd November. Moreover, .EGX30 telecommunication sector has highly increased led by Telecom Egypt and banking sector led by Commercial International Bank (CIB).
  • .TASI petrochemical sector has declined led by SABIC and banking sector led by Al Ahli and Al Rajhi Bank.
  • .KWSE industrial sector declined led by ALAFCO and telecommunication sector led by Zain. On the other hand, banking sector increased slightly led by National Bank of Kuwait (NBK) and Burgan Bank.
  • Nasdaq Dubai and Amman Stock Exchanges has signed Memorandum of Understanding (MoU) to explore cooperation possibilities, including facilitating a process for dual listings.
  • .ADI banking sector declined led by Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD). Moreover, real estate sector declined led by Al Dar National Real Estate.
  • .DFMGI real estate sector declined led by Emaar and Arabtec. Moreover, banking sector declined led by Emirates NBD and Dubai Islamic Bank.
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Companies Transactions

Companies Transactions

  • Commercial Bank of Qatar (CBQ) had completed the acquisition of the outstanding 25% stake in Turkey's Alternatifbank for 224.9 MM USD.
  • Nebras Power, majority owned by Qatar Electricity and Water Company has signed a 430 MM USD revolving credit facility led by the Japanese Sumitomo Mitsui Banking Corporation (SMBC). The transaction will be used to strengthen the company's capital structure and provide long-term financial flexibility.
  • United Development Company (UDC) and Commercial Bank have signed an agreement worth 30 MM QAR (8.2 MM USD) to fund the construction of "Al-Mutahidah Towers" within The Pearl of Doha. The agreement will support UDC's five-year business plan.
  • Qatar's United Development Company has sold Abraj Quartier Tower 2 for 343.28 MM USD to a strategic property investor.
  • The Public Authority for Civil Aviation (PACA) has signed a bilateral air services agreement with its counterpart Oman in India to increase 6,260 seats per week.
  • Saudi Arabia's Etihad Etisalat (Mobily) has signed an agreement to obtain 533 MM USD credit facility from Alinma Bank to fund operating and capital expenditures.
  • Dubai Taxi Corporation (DTC) has signed a partnership with Irish Cartrawler company to transport passengers and to increase the productivity and the commercial reach of Dubai Taxi services worldwide.
  • The Sharjah Chamber of Commerce and Industry has signed an MoU with China Council for the Promotion of International Trade involving economic collaboration in various sectors.
Sports and Culture

Sports and Culture

  • Ahly and Zamalek match will be held on Thursday 29th of December in Petrosport after it was planned in Burj Arab Alexandria.
  • The Egyptian-owned Taxi Plus company announced the launch of its cab-hailing service to Egyptians. Taxi Plus will operate through an online app and a hotline. On the other hand, Taxi drivers will have physical and mental examinations, security checks and training.
  • Egyptian writer Adel Esmat has won Naguib Mahfouz Medal for Literature for his novel "Tales of Yusuf Tadros", as announced at a Prize ceremony at the American University in Cairo.
  • Tourists will be allowed to visit the top of the Makkah Clock Tower, one of the tallest buildings in the world at 601 meters, for the first time after the Haj season.


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