Home > Insights > Oman’s Public Authority for Civil Aviation (PACA) is planning to raise air traffic fees throughout the sultanate.
Monday, 28 Mar 2016

Oman’s Public Authority for Civil Aviation (PACA) is planning to raise air traffic fees throughout the sultanate.

Insights MENA

Economic Outlook

Economic Outlook

  • Oman's Public Authority for Civil Aviation (PACA) is planning to raise air traffic fees throughout the sultanate. It is worth mentioning that the decision is part of a series of steps taken by the country to strengthen its finances as it grapples with a big budget deficit caused by low oil prices.
  • The Egyptian central bank's governor has announced that the country's step to devaluate the currency has attracted 500 MM USD of foreign investments in treasury bills. Moreover, he added that 22 BN USD were pumped into the banking system to clear the heaped imports at Egyptian ports.
  • The Pakistani Prime minister has revealed that his country is planning to cooperate with Iran to increase the annual trade volumes between the two countries to 5 BN USD by 2021.
  • Oman's government has announced plans for the development of a major Airport City at Seeb anchored by Muscat International Airport with 5 BN USD investments.
  • The United Arab Emirates central bank's foreign assets has reached 306.1 BN AED (83.4 BN USD) with 11.4% growth compared to last year.
  • Oman's ministry of oil and gas has announced planning to cut state subsidies for liquefied petroleum gas (LPG) as part of its steps to ease the strain on government finances caused by low oil prices.
  • Bahrain's statistical center has announced that the country's consumer price index (CPI) for February 2016 has risen at a rate of 2.9% mainly affected by the increase in the prices of food and non-alcoholic beverages.
  • Abu Dhabi's gross domestic product (GDP) has reached around 200 BN AED in the third quarter of 2015, with a growth rate of 5.5 % compared to the same period last year.
  • Qatar's foreign merchandise trade surplus has reached 7.4 BN QAR in February 2016 with 3% increase compared to January same year.
  • According to Jordan's ministry of finance, the country's net public debt has increased reaching 22.8 BN JOD at the end of 2015 up from 20.5 BN JOD last year.
Political Events

Political Events

  • A court in the United Arab Emirates has sentenced 11 people to life imprisonment over being accused of terrorism and raising money for Al Qaeda and Islamic State in Syria.
  • Backed by heavy Russian air support, the Syrian Government has successfully driven the Islamic State militants out of the Syrian ancient city Palmyra.
  • According to Amnesty International, Saudi Arabia has sentenced a journalist to 5 years' imprisonment over insulting the kingdom's rulers and provoking public opinion on Twitter.
  • Three suicide bombers struck security checkpoints in the southern Yemeni city of Aden killing at least 26 people. It is worth mentioning that the Islamic State has claimed responsibility for the bombing.
  • The Egyptian President Abdel Fattah Al-Sisi has appointed 10 new ministers including ones for the finance and investment portfolios amid Egypt's struggles to revive its economy.
Stock Market

Stock Market

    • .TASI banking sector declined led by Riyad Bank and petrochemical sector led by Chemanol and SABIC.
    • .KWSI banking sector declined led by Ithmaar Bank, telecommunication sector led by Zain and real estate sector led by National Real Estate.
    • .QSI banking sector declined led by Commercial Bank of Qatar (CBQ) and real estate sector led by Mazaya Qatar Real Estate.
    • .DFMGI banking sector declined led by Dubai Islamic Bank (DIB) and real estate sector led by Emaar Properties.
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    Companies Transactions

    Companies Transactions

    • Qatar's state owned broadcasting network, Aljazeera, has laid off around 500 of its employees, nearly 10% of the company's staff, reflecting financial pressures on the Gulf state due to falling oil prices.
    • The Egyptian central bank governor announced that the country will issue 40% stake in Arab African International Bank (AAIB) and 20% of Banque du Caire on the Egyptian stock market at the end of the year.
    • The state owned, Oman Oil Company, the national petroleum investment company, is seeking a 1 BN USD loan from banks to finance one of its subsidiaries.
    • Americana Kuwait's food company has registered a 14.8% fall in its net profit in the fourth quarter of 2015 compared to the same period last year.
    • DAEP, a subsidiary of Dubai Aviation City Corporation, has appointed UAE-based Al Jaber LEGT Engineering and Contracting (ALEC) to expand the passenger terminal area at Dubai's second airport from the current 66,107 (sqm)  to 145,926 square (sqm).
    • Algeria's Sonatrach has announced that it is shifting its strategy after the fall in oil prices to offer foreign firms direct negotiations to buy stakes in 20 oil and gas fields in a bid to attract investors and increase output.
    • The state-owned national carrier, Saudia, is seeking to raise 5 BN SAR (1.3 BN USD) through the first tranche of the sukuk issuance program in the second or third quarter of 2016.


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