Home > Insights > Kuwait fund for Arab Economic Development will lend 7 MM KWD (23.8 MM USD) to the Republic of Cote d’lvoire to assist in financing the ADZOPE 90/33 kV Substation Construction Project.
Monday, 02 Jan 2017

Kuwait fund for Arab Economic Development will lend 7 MM KWD (23.8 MM USD) to the Republic of Cote d’lvoire to assist in financing the ADZOPE 90/33 kV Substation Construction Project.


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Economic Outlook

Economic Outlook

  • Kuwait fund for Arab Economic Development will lend 7 MM KWD (23.8 MM USD) to the Republic of Cote d'lvoire to assist in financing the ADZOPE 90/33 kV Substation Construction Project.
  • Kuwait's Central Bank has issued new governance rules for Islamic Bank; including requirements for external sharia audits. The aim is to increase client confidence in Islamic banking.
  • Egypt's Petroleum Minister is trying to finalize a crude oil deal with Iraq in Q1-2017 to import between 1-2 million barrels per month.
  • India's oil imports from Iran has declined by 19% in November 2016 compared to a high percentage in October 2016 after regional rivals Saudi Arabia and Iraq raised sales to the world's third-biggest oil consumer.
  • 30% of local travel agencies in Jordan are expected to shut down and turn into online businesses in 2017 due to the increase in expenses.
  • The Ministry of Tourism in Oman has stated a list of Hotels that will be opened over the next two or three years for both domestic and international tourists. The Hotels will range from three to five stars and will offer around 1,600 rooms.
  • Qatar Airways registered a very strong operating profit in 2016 reaching 3 BN QAR (823 MM USD).
  • Qatar's foreign merchandise trade surplus in November 2016 reached 9.6 BN QAR (2.64 BN USD) showing a year-on-year decrease by 8% reaching 800 MM QAR (219.5 MM USD).
  • 830,000 Saudi families need financial support; accordingly, the Ministry of Labor and Social Development will launch a program to help low- and middle-income families in February 2017.
  • Investment Corporation of Dubai (ICD) has announced its revenues for H1-2016 which reached 82.5 BN AED and net profit 10.3 BN AED (2.8 BN USD).
  • Banque Misr is negotiating 500 MM USD agreements with Credit Suisse Group and Abu Dhabi Islamic Bank (ADIB) to boost the bank's dollar liquidity to satisfy clients' needs.
Political Events

Political Events

  • U.S. State Department has warned Americans traveling to Egypt as a result of the recent terrorist attacks that happened in the country including Coptic cathedral attack.
  • According to National Centre for Statistics and Information in Oman, one crime is committed every 28 minutes in the Sultanate. Registered criminals represent represents 0.64% of the population.
  • A gunman has stormed into an Istanbul night club killing 39; at least 16 foreign nationals were among the dead.
Stock Market

Stock Market

  • .TASI petrochemical sector increased led by Methanol Chemicals and National Petrochemical Company. In addition, banking sector went up led by National Commercial Bank (NCB) and Rajhi Bank. On the other hand, telecommunication sector declined led by Mobily.
  • .KWSE telecommunication sector increased led by Ooredoo and banking sector led by Ithmaar Bank.
  • .QSI banking sector increased led by Qatar First Bank and Qatar National Bank. On the other hand, telecommunication sector declined led by Vodafone Qatar.
Index Watch list
Weekly % Change
YTD% Change
Egypt
.EGX30
-0.2%
76.2%
Construction & Materials
-5.1%
-9.0%
Telecommunication
-6.3%
137.6%
Banking
1.8%
73.1%
KSA
.TASI
2.1%
4.3%
Petrochemicals
2.2%
25.0%
Banks & Financial Services
2.1%
1.9%
Telecommunication & Information
-1.3%
-1.8%
Kuwait
.KWSE
1.3%
2.4%
Banking
0.1%
-7.7%
Telecommunication
1.2%
6.3%
Financial Services
1.2%
0.3%
Real Estate
-0.4%
-7.5%
Industrials
3.9%
28.9%
Qatar
.QSI
0.43%
0.1%
Banking & Financial Services
0.4%
3.8%
Industrials
1.3%
3.8%
Real Estate
-1.8%
-3.8%
Telecommunication
-0.2%
22.3%
UAE, Abu Dhabi
.ADI
1.77%
5.6%
Banking
1.6%
0.4%
Telecommunication
1.90%
16.8%
Real Estate
0.0%
20.4%
UAE, Dubai
.DFMGI
0.3%
12.1%
Banking
0.54%
2.5%
Real Estate & Construction
-0.1%
17.1%
Investments & Financial Services
-0.1%
19.2%
Telecommunication
1.3%
21.6%
Companies Transactions

Companies Transactions

  • Qatar Development Bank (QDB) and Al Meera Consumer Goods Company signed an MoU to strengthen the cooperation through the exchange of industrial information and support funding to the small and medium-sized enterprises (SME) sector in Qatar.
  • QInvest, Qatar's leading investment bank and Maccen Capital has signed a strategic distribution agreement to enhance the services offered to Saudi investors through opening channels of asset management and advisory services as well as investment funds in regional and international markets.
  • Oman's telecommunication companies will pay to the government 12% royalty in 2017.
  • Etihad Airways, the national airline of the UAE, and Montenegro Airlines, the flag carrier of the Republic of Montenegro, have signed a codeshare agreement that to enhance the connectivity for travelers when flying between Southeast Europe and the Middle East.
  • Egyptian Oil Minister has signed three offshore oil and gas exploration and production deal worth 220 MM USD with France's Total, Britain's BP, and Italian oil major ENI's Egyptian subsidiary IEOC. The deal will include drilling six wells and signing bonus of 9 MM USD.
Sports and Culture

Sports and Culture

  • Ahly has maintained a nine-year winning run in the Egyptian Premier League against Zamalek after scoring 2-0 at Petrosport Stadium on Thursday 29th of December 2016. Ahly will renew the contracts for Emad Meteb and Hossam Ghaly.
  • UAE has won two gold medals in the Western Asia Youth Rapid Chess Championship at the Hili Rayhaan Rotana Hotel in Al Ain. There were 150 players from 14 countries including India, Iran, Iraq, Jordan, Kazakhstan, Kyrgyzstanm, Kuwait, Lebanon, Oman, Palestine, Sri Lanka, Turkmenistan, and Uzbekistan.

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