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Tuesday, 18 Oct 2016

Dabaa: Egypt is entering the atomic age

Insights MENA

Economic Outlook

Economic Outlook

  • Doha bank is the first bank in Qatar that achieved accredited certification ISO 9001:2015, the world's most widely recognized standard for quality management systems.
  • Real estate sector acquired 70% of the total financial leasing contracts signed in Egypt in September 2016 worth 10 BN EGP.
  • Jordan has signed an agreement with the World Bank worth 300 MM USD soft loan. It is worthy to note that the loan will be paid back after 35 years.
  • Oman's inward investment and export promotion agency and Iran's Trade Promotion Organization has signed a memorandum of understanding (MoU) to further broaden mutual co-operation in trade and investment.
  • Saudi Arabia construction costs have fallen by 20% from around 1,500 SAR to 1,200 SAR per square meter. This was mainly due to fewer government projects that has pushed down the prices of land, steel, cement and labor.
  • The Emirates Red Crescent, on behalf of the United Arab Emirates (UAE), signed two co-operation agreements with the World Health Organization (WHO) worth 50.5 MM AED, aimed at implementing new healthcare and humanitarian projects in Yemen.
  • Syria's state grain-buying agency Hoboob has bought one million tons of Russian wheat costing 150 EUR a ton. This amount will cover the government needs for this year until the next local wheat buying season in 2017.
  • The World Bank forecasted that Jordan's economic growth will witness a 3.1% by 2018 compared to 2.3% this year. The growth is expected to average 2.7% 2016-2018.
Political Events

Political Events

  • The Egyptian military has launched airstrikes on "terrorist positions" in the Sinai Peninsula "to avenge the blood" of its soldiers killed in an attack on a military checkpoint last Friday. ISIS claimed responsibility for Friday's attack that left at least 12 soldiers and 15 of the assailants dead.
  • Egypt has reached an alternative for fuel imports after Saudi Arabia abruptly decided to halt shipments of fuel. This was the kingdom's reaction to Egypt's voting in the UN favoring separate Russian and French draft resolutions on Syria in the UN Security Council. It was the first public dispute between Egypt and Saudi Arabia during the ruling of the current Egyptian President el-Sisi.
  • Jordanians have turned their lights off for one-hour last week to protest the recent gas deal between Jordan's National Electric Power Company (NEPCO) and Israel.
  • An Egyptian taxi driver set himself on fire in Alexandria due to the recent increase in prices. Alexandria's authorities have mentioned that Shahin has burned 95% of his body and is currently in critical condition.
Stock Market

Stock Market

  • .TASI's banking sector increased slightly led by Banque Saudi Fransi and Al-Rajhi Bank.
  • .QSI's banking sector increased led by Al khalij Commercial Bank and telecommunication sector led by Ooredoo.
  • .ADI's banking sector declined led by Abu Dhabi Commercial Bank and real estate sector led by Eshraq Properties.
  • .DFMGI's banking sector declined led by Emirates NBD and Dubai Islamic Bank (DIB). In addition, real estate sector slid led by Union Properties and Arabtec Holding.
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Companies Transactions

Companies Transactions

  • Petroleum Development Oman (PDO) has signed three contracts worth 330 MM USD to Omani businesses for work in the north of its operations. The contract will run for four years with options to extend in the future.
  • Orange, Etisalat and Vodafone are allowed to operate fourth generation (4G) mobile services in Egypt. Each company will operate according to priority in buying additional spectrum. Orange was the first to launch it, signing a deal worth 484 MM USD for the license, while Vodafone agreed to pay 335 MM USD.
  • Total, the French multinational integrated oil and gas company, will invest 200 MM USD in the Egyptian Market within the upcoming 5 years.
  • Serka Taahhut Insaat, the engineering construction subsidiary of Turkish conglomerate Abdali Holding was awarded a contract to build the infrastructure of the commercial quay at the Port of Duqm worth 107 OMR.
  • With the inauguration of the new 90 MM SAR Jeddah Gateway, DHL will provide a direct network flight service into Jeddah's King Abdulaziz Airport. It is worthy to note that DHL Express has become the first international express provider with direct flight.
Sports and Culture

Sports and Culture

  • IKEA Saudi Arabia, the leading home furnishings company has officially launched new e-commerce platform that will allow the customers to select IKEA products online and have them delivered to their doorsteps. The e-commerce platform is available in selected cities and will be later covering all the Kingdom.
  • Qatar Airways flies 33 times per week to Egypt following the new daily service to Luxor. It is worthy to note that the daily service is an increase on Qatar Airways' current five-times weekly service to the Egyptian city.
  • Xposure, the first International Photography Festival in Sharjah will begin this month. It will be organized by the Sharjah Media Centre, the four-day event is the official photography,educational and imaging platform that combines a broad range of photography events including exhibitions, workshops, seminars, presentations, competitions, photo walks and a photographic product trade show.
  • Qatar starts first concrete work on FIFA World Cup 2022 stadium. The concrete was transferred to Al Rayyan Stadium's West.


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