Home > Insights > Egypt budget deficit has declined to 8% of GDP in the first nine months of 2016/2017 compared to 9.4% in the same period last year.
Monday, 29 May 2017

Egypt budget deficit has declined to 8% of GDP in the first nine months of 2016/2017 compared to 9.4% in the same period last year.


Insights MENA

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Economic Outlook

Economic Outlook

  • Egypt budget deficit has declined to 8% of GDP in the first nine months of 2016/2017 compared to 9.4% in the same period last year.
  • Egypt has launched a 3 BN USD triple-tranche bond which taps its 1.75 BN USD bond maturing in 2022, the 1 BN USD notes due in 2027 and the 1.25 BN USD notes due in 2047.
  • Germany has extended 97.4 MM EUR grant to Jordan in order to carry out a number of development-oriented projects in the Kingdom.
  • Jordan has imposed 16% taxes on gyms. The gym owners objected the announcement as they have to increase the prices of registration and training programs while the clients will not accept that increase.
  • Qatar power generation capacity is projected to increase by 50% in the next two years. Qatar plans to increase the country's power capacity to 13.1 GW by 2018. Accordingly, Qatar needs 9 BN USD investment in its power sector from 2016 to 2020.
  • Abu Dhabi government-owned power utility has closed 872 MM USD (3.2 BN AED) financing package to the world's largest solar power plant. Abu Dhabi Water & Electricity Authority (ADWEA) raised 650 MM USD in debt with the remaining 222 MM USD raised in equity.
  • Tunisia will invest 166 MM USD to produce more than 210 MW of renewable energy.
Political Events

Political Events

  • Ten unidentified gunmen opened fire on a bus carrying Coptic Christians near Minya in Upper Egypt leaving 28 people dead and 23 injured.
  • Jordan and Switzerland have signed an MoU to enhance political and security consultations and boost cooperation.
  • The UAE foreign minister has warned Europe that some countries could be classified as "incubators of terrorism" if they fail to better address extremism.
Stock Market

Stock Market

  • .EGX30 telecommunication sector has significantly increased led by Orascom Telecom and Telecom Egypt. In addition, banking sector increased led by Commercial International Bank (CIB).
  • .TASI real estate sector declined led by Dar Al Arkan.
  • .KWSE banking sector has declined led by National Bank of Kuwait (NBK).

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

Companies Transactions

Companies Transactions

  • Dana Gas has received an additional 74 MM AED (20 MM USD) from the Egyptian government as another partial payment of its outstanding receivables. Egypt has paid 25% of Dana Gas total overdue receivables of 283 MM USD.
  • Kuwait National Petroleum Co. (KNPC) has signed a 6.25 BN USD loan with international lenders to back its planned Clean Fuels project. In addition, KNPC is planning to build a large storage plant for oil products at a cost of 1.32 BN USD.
  • Kuwait Finance House (KFH) and Kuwait Credit Bank (KCB) have signed a protocol agreement for electronic payments. KFH customers will pay their installments to KCB through KFH website.
  • Petroleum Development Oman (PDO) has signed three contracts worth 35 MM USD with Omani Firms for the supply and servicing of compressors.
  • Qatar Islamic Bank (QIB) has announced opening a new branch in Doha Festival City, one of the largest shopping destinations.
  • Al-Enmaa Investment Company has established a real estate development fund to build the Darb Al Haramain complex that costs 4 BN SAR (1.07 BN USD) located in the old airport area in Jeddah. The project is planned to be completed by the beginning of 2018.
  • General Electric (GE) signed a 1 BN SAR (267 MM USD) joint venture agreement with Saudi Arabia's state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam.
  • Dubai Emaar Malls will buy a 51% stake in e-commerce fashion website Namshi from Global Fashion Group (GFG), a start-up set up by Rocket Internet worth 151 MM USD as competition for technology deals heats up in the Middle East.
  • Julphar Gulf Pharmaceutical Industries has achieved sales amounting to 369.3 MM AED (107.89 MM USD) with a net profit of 44.1 MM AED (12.01 MM USD) in Q1-2017.
Sports and Culture

Sports and Culture

  • Omar Hegazy, a 26-year-old Egyptian adventurer and banker who had lost his left leg two years ago in motorcycle accident, has become the first amputee to swim from Egypt to Jordan crossing 20-kilometer stretch of the Red Sea's Gulf to Aqaba in less than nine hours.
  • Uber has announced operating in Al Mansoura City. Uber now is covering 3 key cities; Cairo, Alexandria and Al Mansoura which is a first move in Uber plan to expand in more cities in Egypt.
  • According to statistics issued by Ministry of Justice, 60% of marriages in Kuwait have ended in divorce this year. The first 2 months the total number registered in marriages was 2,001 while the divorces reached 1,193.

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