According to Smart Dubai Government (SDG), Dubai's government has saved over 4.3 BN AED through the shared smart services implemented between 2003 and 2015.
- The communications and information technology industry is ranked as the country's second biggest economic sector in Egypt. Moreover, the Egyptian communication and IT industry is expected to achieve a growth rate of 8.9 BN USD in 2016.
- Amid its steps to reduce its financial pressure caused by low oil prices, Qatar's central bank will offer 1.55 BN QAR of treasury bills in auction. The offer comprises of 550 MM QAR of three-month bills, 500 MM QAR of six-month bills and 500 MM QAR of nine-month bills.
- According to Egyptian Central Bank, Egypt has received 2.8 BN USD in foreign direct investment (FDI) in the first nine months of the fiscal year 2015/2016 up from 1.7 BN USD in the same period last year.
- Kuwait plans to issue up to 10 BN USD in dollar-denominated bonds and sukuk in international markets during the current fiscal year 2016/2017, to reduce financial pressure on its budget caused by low oil prices.
- As low oil prices forced Saudi Arabia's government to reduce its spending, the kingdom's economic growth rate has reached its lowest in 3 years amounting to 1.5% in Q1-2016 compared to the same period last year.
- To bridge its budget deficit caused by low oil prices, Oman's government has turned to tap the debt market through the issuance of 500 MM USD six-year sukuk in a private placement.
- Jordan's government has put a plan to reduce unemployment through allocating 25 MM JOD f or the Development and Employment Fund to extend easy loans to youth for self-employing entrepreneurial projects, especially in underprivileged regions. Moreover, the government has allocated 20 MM JOD to be distributed as loans and advances to social security pensioners and their widows at lower interests.
- According to the central bank of Tunisia, the country's current account deficit has widened in Q1-2016 to reach 1.9% of the country's GDP compared to 1.6% in the same period in 2015.
- Egypt's current account deficit is almost the double as it has reached 14 BN USD in the first nine months of the fiscal year 2015/2016 compared to 8 BN USD in the same period last year.
- Egypt has paid 1 BN USD to Qatar marking the last tranche of debts to the Gulf nation amid tension between the two Arab countries.
- In order to help Iraq overcome its critical stage, Kuwait's finance minister announced that the country has agreed to postpone Iraq's debt payment for one year ending on the first of January 2018.
- As a result of a severe drought hitting its agricultural sector, Morocco's GDP has declined to 1.4% (y-o-y) in Q2-2016 down from 1.7% in Q1-2016.
- A suicide bomber opened fire and blew himself up in Istanbul's main airport killing 41 people and wounding 239. It is worthy to note that the Islamic State militants are the prime suspects for the attack.
- After eight suicide bombers hit a Lebanese Christian village bordering Syria, several people have been killed while over a dozen were injured. It is worth mentioning that security officials believe that Islamic State militants were behind the attack.
- Iraq has secured a 2.7 BN USD from the United States in order to fund military equipment for use in the war against Islamic State. The loan is to be repaid in eight and a half years with 6.45% interest.
- .KWSE telecommunication sector declined led by Ooredoo and Telecom. Moreover, the real estate sector declined led by Tamdeen Real Estate and Mena Real Estate.
- .ADI real estate sector declined led by Eshraq Properties and banking sector led by National Bank of Abu Dhabi (NBAD).
- .DFMGI banking sector declined led by Mashreq bank and Emirates NBD. Moreover, real estate sector declined led by Arabtec and Emaar.
Weekly % Change
Construction & Materials
Banks & Financial Services
Telecommunication & Information
Banking & Financial Services
UAE, Abu Dhabi
Real Estate & Construction
Investments & Financial Services
- As low oil prices strain state finances, Petroleum Development Oman (PDO); the country's top oil and gas exploration and production company, has obtained a 4 BN USD loan from international banks.
- New Vision - Egypt-based real estate firm - has reported that it will pump 70 MM EGP to establish 5 new real estate projects in Cairo. Moreover, New Vision plans to increase its investments in Egypt to 1 BN EGP by 2019 through increasing its volume of business in the local market.
- The Moroccan government has sold 40% stake in its state-owned port operator Marsa Maroc, raising 197 MM USD in the country's first initial public offering in years.
- Abu Dhabi government has ordered the merging of state investment funds: "Mubadala Development Company" and "International Petroleum Investment Company".
- The merger of First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) is expected to result in a cost-saving that would reach 500 MM AED per year with the cost-benefit representing 8% of the combined asset base.
- To help recovering Libya's oil sector, Libya's state energy company, National Oil Corporation, has agreed to merge with a rival company established in the east by one of the country's two former competing governments.
- Qatar's Barwa real state has reported trebling net profits in Q2-2016 which amounted to 550 MM QAR compared to 193 MM QAR in the same period last year.
Sports and Culture
- Cristiano Ronaldo and Antoine Griezmann were nominated to be considered as Euro 2016's unstoppable players.
- After completing her ascent to the peak of Alaska's mount Denali earlier this month, Palestinian born Houby was officially deemed the first Arab woman to scale all seven summits, from Mt. Kilimanjaro to Mt. Everest.
- France makes history after its match with Iceland scoring 5 goals against 2 goals scored by Iceland.
- Saudi Arabia will introduce electronic identification bracelets for all hajj pilgrims to Makkah starting this year, as part of a safety drive a year after the annual Islamic rite suffered its deadliest disaster in a generation. The bracelets will help authorities provide care and identify people. It is Water-resistant and connected to GPS.