Home > Insights > The head of General Authority of Suez Canal Economic Zone announced that Egypt is working on the area’s infrastructure to prepare it for investment and to allow industry investing in the area to start production by 2020.
Monday, 08 Feb 2016

The head of General Authority of Suez Canal Economic Zone announced that Egypt is working on the area’s infrastructure to prepare it for investment and to allow industry investing in the area to start production by 2020.

Insights MENA

Economic Outlook

Economic Outlook

  • The head of General Authority of Suez Canal Economic Zone announced that Egypt is working on the area's infrastructure to prepare it for investment and to allow industry investing in the area to start production by 2020.
  • According to Iran's President Hassan Rouhani, Iran is welcoming U.S companies to invest in the country after the sanctions have been removed in order to diversify the investments away from oil sector. Yet, many contracts have not been finalized due to the presence of some risks caused by the remaining sanctions.
  • UAE non-oil trade imports dropped in the first nine months of 2015 by 2% compared to the same period of 2014 to reach 504.4 BN AED. On the other hand, non-oil trade exports increased by 25% in the first 9 months of 2015 compared to the same period of 2014 to reach 122 BN AED.
  • Qatar's Central Bank has announced the cancellation of its monthly sale of 3, 6, and 9-months treasury bills. Bankers interpret that high bids were the main reason behind the cancellation which reflects tighter liquidity in the country's banking system as well as rising rates.
  • After the lifting of international sanctions on the country, Iran's oil minister reported that the country's crude oil exports to Europe have reached more than 300,000 barrels.
  • Canada will fund two sustainable economic growth projects in Jordan of worth 39 MM CAD. It is worthy to note that the allocated funds for the two projects will be withdrawn from the total fund worth 185 MM CAD which was given to the country by the former Canadian Prime Minister in 2014.
  • To reduce its financial pressure caused by low energy prices, Qatar is heading to tap international debt markets; this is likely to cover its expected 12.8 BN USD deficit for the current fiscal year through bond sales in international and local markets.
  • Oman plans to issue new FDI laws in coordination with the World Bank to increase investment incentives. However, the draft has not yet been approved by the government agencies and the private sector.
  • The number of passengers travelling through Beirut airport has increased by 8.94% in January 2016 compared to the same period last year. On the other hand, the number of imported cargoes through the airport rose by 2.75% to reach 3,707 tons while the number of exported cargoes fell by 12% to reach 1,904 tons.
Political Events

Political Events

  • A 28- year-old Italian graduate has been found dead in Cairo with signs of torture on his body. It is worth mentioning that the student published an article describing the difficulties faced by independent unions in Egypt under the presidency of Abdel Fattah al-Sisi right before his disappearance on the 25th of Jan, 2016.
  • According to spokesman for the Saudi-led coalition in Yemen, 375 Saudi civilians were killed as a result of Houthi militia's mortars and rockets fired at Saudi Arabian towns and villages since the beginning of the Saudi-led military campaign in Yemen in late March.
  • Lebanon is seeking 12 BN USD from international donors over the next five years to be able to cope with the increasing number of Syrian refugees.
  • The White House welcomed Saudi Arabia's announcements about being prepared to ramp up its commitment to fight the Islamic state in Syria.
Stock Market

Stock Market

  • .TASI petrochemical sector declined led by SABIC.
  • .KWSE witnessed a significant increase in real estate sector led by Taameer Real Estate, followed by banking sector which is led by Ithmaar Bank and National Bank of Kuwait (NBK).
  • .QSI banking sector increased led by Qatar National Bank (QNB), Al Rayan Bank and Qatar Islamic Bank.
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Companies Transactions

Companies Transactions

  • Gulf group will buy majority stake (worth of 1.7 BN USD) in Kuwait food co Americana, which owns the Middle East franchises for popular fast food chains KFC and Pizza Hut as well as producing a range of branded consumer foods for markets throughout the region, has a total market value of around 2.52 BN USD.
  • Dubai Airports' chief executive has announced the company's plans to expand the airport by 2023 to accommodate 118 MM passengers, which is 18 MM higher than the previously slated cap of 100 MM passengers.
  • Simmons & Simmons, a London-based law firm, announced that they are planning to close their office in Abu Dhabi and will continue serving their clients through their office in London as low oil prices hinder their business.
  • Iran's minister of trade announced that Peugeot -The French car-maker- would pay compensation to the country according to a new contract signed with Tehran last month due to its sudden withdrawal from its market post sanctions.
  • Twitter Inc. reported on a blog post that it has closed more than 125,000 terrorism-related accounts since the middle of 2015 most of which are linked to the Islamic state group.
  • Three LNG industry resources have announced that the state-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) which will be supplied by U.S. gas shipping company Excelerate Energy.
  • Yahoo Inc. Chief Executive, Marissa Mayer, has revealed that the company is adopting cost cutting plans which includes, laying off 15% of the company's workforce -which is equal to 1,600 jobs and closing several business units.
  • Egypt's HC securities' chairman has reported that the company is working on acquisitions in Egypt worth more than 5 BN EGP (638.6 MN USD) this year where the sellers in all deals taking place in 2016 are Egyptians while the buyers are foreigners and Arabs.
  • During the past two years, Loss-making Kuwait Airways has laid off 1,350 Kuwaiti nationals as a part of its plans to cut costs and return to making profits by 2019.


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