Home > Insights > Residential rents in Oman’s capital, Muscat, have fallen by 12.7% as a result of increasing supply in addition to the cutting of housing allowances by many companies in the country.
Tuesday, 12 Jul 2016

Residential rents in Oman’s capital, Muscat, have fallen by 12.7% as a result of increasing supply in addition to the cutting of housing allowances by many companies in the country.


Insights MENA

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Economic Outlook

Economic Outlook

  • Residential rents in Oman's capital, Muscat, have fallen by 12.7% as a result of increasing supply in addition to the cutting of housing allowances by many companies in the country.
  • According to Saudi Arabia's central department of statistics, 91% of jobs in the Kingdom's private hospitals are held by non-Saudi's while they hold 40.6% of the jobs in the country's state-run hospitals.
  • According to the central bank of Oman, China accounts for 77% of the sultanate's total crude exports in 2015 of a total 308.1 MM barrels of Omani crude oil exports that were shipped last year.
  • Jordan will host the World Economic Forum on the Middle East and North Africa which will be held on 19-21 May 2017. It is worth mentioning that the meeting will convene over 1,000 governments, business and civil society leaders from over 50 countries.
  • Oman's GDP has witnessed a severe contraction in 2015 which amounted to 14.1% this was mainly driven by falling international oil prices and the global economic slowdown according to the sultanate's central bank.
  • Egypt's central bank has reported a slight rise in the country's foreign reserves to reach 17.546 BN USD in June 2016 compared to 17.520 BN USD at the end of May 2016.
  • The Saudi Arabian government has launched plans to offer 1 MM retail sector jobs by 2020 as a part of the Kingdom's concrete steps to achieve the goals of Vision 2030.
  • Jordan's GDP growth rate has reached 2.3% in Q1-2016 compared to the same quarter in 2015. It is worthy to note that the rise is mainly driven by the high growth rate of electricity and water sectors which amounted to 16.4%.
Political Events

Political Events

  • As the Syrian conflict enters its fifth year, the Turkish president; Erdogan, has outlined plans to grant nearly 3 million Syrian immigrants the Turkish citizenship particularly those with qualifications of use to Turkey.
  • The Egyptian government has announced that it was considering retaliation over Italy's decision to stop military supplies to the country protesting against the killing of an Italian student earlier this year.
  • An army based attack on Yemen's southern city of Aden has killed at least six Yemini troops and 20 militant attackers.
Stock Market

Stock Market

  • .KWSE banking sector declined led by Ahli United Bank (AUB). On the other hand, telecommunication sector increased led by Zain and real estate sector led by Kuwait Real Estate.
  • .QSI real estate sector witnessed a significant increased led by Barwa Real Estate and banking sector led by Doha Bank.
  • .ADI banking sector increased led by Abu Dhabi Islamic Bank (ADIB), Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB).
  • .DFMGI real estate sector increased led by Arabtec Holding and Emaar Properties.
Index Watchlist
Weekly % Change
YTD% Change
Egypt
.EGX30
3.5%
2.5%
Construction & Materials
0.9%
-14.1%
Telecommunication
3.9%
32.2%
Banking
1.5%
3.4%
KSA
.TASI
-0.8%
-6.0%
Petrochemicals
-1.4%
2.0%
Banks & Financial Services
-0.9%
-9.2%
Telecommunication & Information
-1.3%
-4.8%
Kuwait
.KWSE
0.3%
-4.0%
Banking
-1.6%
-13.6%
Telecommunication
1.7%
2.5%
Financial Services
0.0%
-6.5%
Real Estate
0.5%
-10.9%
Industrials
0.9%
1.9%
Qatar
.QSI
1.0%
-4.3%
Banking & Financial Services
0.7%
-4.5%
Industrials
1.2%
-4.2%
Real Estate
1.5%
8.8%
Telecommunication
1.2%
12.3%
UAE, Abu Dhabi
.ADI
3.6%
6.2%
Banking
6.0%
0.4%
Telecommunication
0.0%
17.7%
Real Estate
0.4%
17.6%
UAE, Dubai
.DFMGI
3.1%
7.0%
Banking
3.5%
0.6%
Real Estate & Construction
3.3%
8.5%
Investments & Financial Services
2.2%
3.6%
Telecommunication
2.2%
26.5%
Companies Transactions

Companies Transactions

  • Marks and Spencer witnessed the biggest fall in its clothes sales since 2005, accordingly Steve Rowe - Marks & Spencer new boss decided to cut prices and offer new promotions.
  • An English judge has sent four former Barclays bankers to between 33 months and six-and-a-half years in jail after their trial to conspire to fraudulently rig global benchmark interest rates.
  • Despite the uncertainty that has highlighted the British market after the Brexit, Emaar group; Dubai's property developer has promoted 5 MM USD Dubai apartments in London.
  • According to the International Air Transport Association, Middle eastern carriers have witnessed a growth in air freight demand which amounted to 3.2% in addition to a growth in capacity which amounted to 9.5% at the end of May 2016 compared to the same period last year.
  • Despite lower costs resulting from lower labor costs, Abu Dhabi's hotels have been seeing a decline in May 2016 net profits which amounted to 6.9% mainly driven by lower room rates which decreased by 10% in the mentioned period.
Sports and Culture

Sports and Culture

  • Portugal beat France to win Euro cup 2016 final for the first time thanks to Éder's extra-time goal.
  • Dubai opens its Mohamed Bin Rashed city to residents which expectations of many to come. The city is considered as one of the most expensive residential areas in Dubai and located within easy reach of downtown Dubai.
  • Barcelona's soccer star Messi was sentenced to 21 months in jail and fined 2.2 MM USD over tax fraud, yet, the football player is unlikely to execute the judgment.

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