Home > Insights > The European Bank for Reconstruction and Development (EBRD) has approved 200 MM EUR (217 MM USD) loan for wastewater treatment projects in 84 villages in Fayoum governorate.
Monday, 15 May 2017

The European Bank for Reconstruction and Development (EBRD) has approved 200 MM EUR (217 MM USD) loan for wastewater treatment projects in 84 villages in Fayoum governorate.


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Economic Outlook

Economic Outlook

  • The European Bank for Reconstruction and Development (EBRD) has approved 200 MM EUR (217 MM USD) loan for wastewater treatment projects in 84 villages in Fayoum governorate.
  • Egypt annual urban consumer price inflation has increased to 31.5% in April 2017 compared to 30.9% in March 2017.
  • US aids to Jordan has totaled 1.3 BN USD in 2017. It is worthy to mention that Jordan has suffered from instability resulting from the Syrian crisis after hosting 1.3 million Syrians, which has put significant strain on the Kingdom resources and state budget.
  • Cement demand in Jordan has declined by 40% over the past seven years this drop was due to lower project activity, higher land prices and decline in consumption. It is worthy to mention that domestic cement demand has reached 1.2 million tons in the first four months in 2017.
  • Oman Investment Fund has closed the syndication of 600 MM USD of conventional and Islamic finance loan facilities for its wholly owned subsidiary United Telecommunication Limited (UTL). The proceeds will be directed to the acquisition of a 51% stake in Omantel.
  • Qatar has increased the official selling price (OSP) to 51.45 USD per barrel for Marine Crude oil in April 2017, which is 90 cents higher compared to last month.
  • Qatar real GDP growth is expected to increase to reach 2.6% in 2017 and 3.6% in 2018 driven by the non-hydrocarbon sector as higher oil prices ease liquidity and fiscal constraints.
  • Saudi Arabia fiscal deficit has declined by 71% y-o-y in Q1-2017 reaching 26 BN SAR (6.93 BN USD). On the other hand, revenues have increased by 72% in the same period reaching 144 BN SAR.
Political Events

Political Events

  • Turkish President Recep Tayyip Erdogan has visited Kuwait last Tuesday to hold talks with the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.
  • Royal Oman Police (ROP) has warned the public against sharing personal information and photographs on social media. The warning comes after a recent incident of cyber blackmail which ended in a murder.
  • Tunisia President Beji Caid Essebsi has ordered the army to protect facilities linked to phosphate, gas and oil production after protests aimed at disrupting output broke out in the south of the country.
Stock Market

Stock Market

  • .KWSE telecommunication sector has declined led by Viva and Ooredoo.
  • .ADI banking sector has declined led by Sharjah Islamic Bank. On the other hand, the real estate sector has increased led by Aldar Properties and telecommunication sector led by Etisalat.
  • .DFMGI banking sector has increased led by Dubai Islamic Bank (DIB) and real estate sector led by Emaar Properties. On the other hand, the investments & financial services sector declined led by SHUAA Capital.

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

Companies Transactions

Companies Transactions

  • Qalaa Holdings has completed 92% of the work in the Egyptian Refining Company (ERC) anticipated oil refinery project with investments worth 3.6 BN USD. Qalaa plans to complete the project works by the end of 2017.
  • SAIB and World Bank launched "Tamweely", a website and application connecting small and medium-sized project owners with financiers from banks and institutions.
  • Honeywell UOP has signed an agreement with the Jordan Petroleum Refinery Company (JPRC) to facilitate 1.6 BN USD expansion of its refinery in Zarqa. It is worthy to mention that the expansion will increase the capacity of the facility to 120,000 barrels per day (bpd).
  • Oman Wanfang, which is the master developer of the China Oman Industrial Park in Duqm, is planning to invest 400 MM OMR (1.3 BN USD) over the next five to seven years to develop the basic infrastructure of the industrial park.
  • Siemens has won a contract worth 3.1 BN QAR (790 MM EUR) to expand works of Qatar General Electricity and Qatar Cooperation (Kahramaa) power transmission network.
  • Waha Capital, a leading investment company based in Abu Dhabi, has reported a net profit of 87.6 MM AED (24 MM USD) in Q1-2017.
  • Emirates airlines annual net profit has declined by 82% reaching 1.3 BN AED (353.99 MM USD) for the financial year till March 2017.
  • Tunisia date export revenues have increased by 31.5% reaching 87,000 tons from the beginning of the season (1st of October 2016) till 8th of May 2017 compared to the same period last season which recorded 80,600 tons.
Sports and Culture

Sports and Culture

  • Oman Air has launched a new initiative for its employees called "Wings of Support". The initiative is an Employee Support Fund which offers and maintains financial support to employees.
  • Japan has extended 1.3 MM USD grant to UN Women and UN's Food and Agriculture Organization to finance the project of "Supporting rural women's food security in Jordan". The project aims to support rural women rights in the society.
  • Qatar has announced "Green Car" initiative to reduce carbon emissions and increase electric and hybrid vehicles by 10% by 2030 through setting up electric charging points.

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