Home > Insights > Egypt foreign reserves has increased to 36.143 BN USD in August 2017 compared to 36.036 BN USD in July 2017.
Monday, 11 Sep 2017

Egypt foreign reserves has increased to 36.143 BN USD in August 2017 compared to 36.036 BN USD in July 2017.

Insights MENA

Economic Outlook

Economic Outlook

  • Egypt foreign reserves has increased to 36.143 BN USD in August 2017 compared to 36.036 BN USD in July 2017.
  • Egypt tourism sector revenues witnessed an increase by 170% in the first seven months of 2017 reaching 3.5 BN USD. It is worthy to mention that 75% of visitors represented Europeans while Arabs represented 20%.
  • The Kuwaiti Secretary General of Manpower and Government Restructuring Program (MGRP) Fawzi Al-Majdali exposed a five-year plan to replace 85,000 expatriate employees of the private sector with Kuwaiti citizens. The plan will target jobs related to administrative affairs, human resources, public relations, reception and customer service in the private sector.
  • The GDP of the Sultanate of Oman has reached more than 4 BN OMR (10.39 BN USD) in H1-2017. The state budget seeks to achieve 8.7 BN OMR (22.59 BN USD) public revenues this year. In addition, the non-oil and non-tax revenues has increased to 748.2 MM OMR (2 BN USD) in H1-2017 compared to 532.7 MM OMR (1.3 BN USD) in H1-2016 recording a growth of 40.5%.
  • Saudi Arabia Economic Cities Authority (ECA) will implement a new system for real estate fees starting February 2018 aiming to enhance the competitiveness of the Saudi Economic Cities and to regulate the real estate sector.The fees will be 1% of the sales value as per the registered Sales and Purchase Agreement or the approved valuation by the Real Estate Department, whichever is higher, in addition to 100 SAR for every property registration transaction, and the same amount for covenant registration.
  • Foreign investments in the Emirati Fujariah Free Zone amounted to more than 8 BN AED (2.1 BN USD), with FFZ Authority accommodating more than 3,500 companies from over 44 countries.
  • The number of passengers using Rafik Hariri International Airport has surged by half a million in the first eight month of 2017 compared to the same period last year. The number of passengers up to August of this year reached 5,538,185. In August, the number of passengers increased by 17% to reach 1 million.
Political Events

Political Events

  • Hurricane Irma made landfall at Cudjoe Key in the Florida Keys as a mammoth, Category 4 storm with winds of 130 mph, the National Hurricane Center said. The landfall marks the first time in U.S. history that two consecutive Category 4 hurricanes have hit the U.S., following Hurricane Harvey in Texas last month. Irma also represents Florida's first major hurricane landfall since Wilma in 2005. Irma was downgraded to a Category 1 storm early yesterday after it tore through southwest Florida and left more than 4 million people without power.
  • President Abdel Fattah El-Sisi has participated in the BRICS Summit 2017 including China, Brazil, Russia, India and South Africa. President Sisi has signed two agreements and one memorandum of understanding (MoU), securing investment for Egypt in technical areas and strengthening security.
  • Saudi Arabia suspended any dialogue with Qatar, accusing it of "distorting facts", just after a report of a phone call between Saudi Arabia Crown Prince Mohammed bin Salman and Qatar Emir Sheikh Tamim bin Hamad al-Thani on Friday when they discussed the Gulf dispute.
  • Saudi King Salman will visit the White House early next year. In a phone call, Trump and Salman discussed "ways to continue advancing shared priorities, including enhancing security and prosperity in the Middle East."
  • Trade between Jordan and Iraq received a major boost following the reopening of their main border crossing after a two-year closure.
Stock Market

Stock Market

  • .EGX30 banking sector has slightly increased led by Commercial International Bank (CIB) and telecommunication sector led by Telecom Egypt.
  • .QSI banking sector has declined led by Doha Bank and Qatar Islamic Bank. In addition, real estate sector declined led by Barwa Real Estate.
  • .ADI telecommunication sector has declined led by Etisalat.
  • .DFMGI real Estate sector has increased led by Emaar Properties.

Note:  Weekly values are calculated on Thursday of each week.

Companies Transactions

Companies Transactions

  • Egypt Pharos Holding is targeting deals over the next 18 months' worth 7.5 BN EGP (428 MM USD). Pharos is planning to move into non-banking sector in 2018.
  • Egypt has signed a memorandum of understanding (MoU) with China worth 739 MM USD for Beijing to finance a rail link. The link will connect the new capital, under construction in desert 45 km north of Cairo to an industrial zone. In addition, Egypt has signed an agreement for a non-refundable grant from China worth 45 MM USD for a research satellite project.
  • Oman Air, the national carrier of the Sultanate of Oman, has signed an agreement with Takatuf Oman LLC, the Human Capital solutions provider, to provide an assessment Services as part of the company's drive to enhance management processes.
  • Radisson Blu has announced the opening of two new hotels in Saudi Arabia in the cities of Buraidah and Jeddah.
  • Dubai-based United Engineering Construction (UNEC) plans to raise around 1 BN AED (272 MM USD) in debt to finance its building work on a major shopping mall project. The company is building the Deira Mall in Dubai for United Arab Emirates property developer Nakheel, a project that will involve total investments of 6.1 BN AED.
  • The net income of commercial and Islamic banks in the Emirate of Abu Dhabi amounted to 7.6 BN AED (2.07 BN USD) in Q2-2017, with commercial banks accounting for 83.1% of the net income of all banks operating in the Emirate.
  • Emaar Hospitality Group, the hotel management arm of Dubai-based Emaar Properties, will expand into South Asia after closing a deal to manage a new Address Hotels-branded resort in the Maldives. The resort is scheduled to open in 2020 and will have a dedicated spa island and a water sports island offering diving, surfing and other activities.
  • Virgin Mobile has become the third mobile phone brand to operate in UAE. The brand has been launched by existing operator du's parent company, Emirates Integrated Telecommunications Company (EITC), which is part of Dubai Holding. Although Virgin Mobile will use du's network, it is planning to offer different price points and contract terms.
  • Aldar Properties, an Abu Dhabi-based real estate developer, has launched a 2.4 BN AED (650 MM USD) waterfront development on Yas Island. It will target the mid-market segment of the property market with price starting from 480,000 AED. The project will include 13 residential buildings and 2,255 apartments, with studios.
  • In partnership with VPS HealthcareCareem is providing their Captains with free annual health checks to help keep them healthy and safe on the UAE roads. VPS Healthcare is providing this service as part of their mission to improve the health of the population through the introduction of regular screenings that assess general well-being.
Sports and Culture

Sports and Culture

  • gypt Minister of Antiquities Khaled Al-Anany announced the discovery of a 3500-year-old tomb that belongs to royal goldsmith Amenemhat, his wife Amenhotep, and his son, who lived during the 18th dynasty. The tomb is located on the west bank at the Draa Abul Nagaa necropolis including mummies, pots, and various artifacts.
  • A report released by the Ministry of Labor and Social Development revealed that the number of Saudi female workers in the retail sector has reached about 200,000 despite the difficulties facing the Saudization of the female workforce in this sector since 2011.
  • Madinah experienced a sales boom during the Hajj season, due to the great number of shoppers, especially pilgrims visiting both cities after the Hajj. Textiles, ready-made garments, gold, silver, jewelry and electronics are the most popular items.
  • The 90th Academy Awards "The Oscars", will be held next year on 4th of March 2018. The ceremony will honor 24 movies that belong to different categories. Among these categories is the "Best Foreign Language Film" category, of which the Lebanese movie "The Insult" is participating. The movie represents the relationship between a Christian Lebanese and a Palestinian refugee in Lebanon.


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