Home > Insights > United Arab Emirates (UAE) has a three-decade energy plan aiming to clean 44% of the total energy production to contribute to sustainable economic growth for the country in the long run as part of UAE 2050 energy plan.
Monday, 30 Jan 2017

United Arab Emirates (UAE) has a three-decade energy plan aiming to clean 44% of the total energy production to contribute to sustainable economic growth for the country in the long run as part of UAE 2050 energy plan.


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Economic Outlook

Economic Outlook

  • United Arab Emirates (UAE) has a three-decade energy plan aiming to clean 44% of the total energy production to contribute to sustainable economic growth for the country in the long run as part of UAE 2050 energy plan.
  • Qatar's total domestic public debt has increased by 29.7 BN QAR (8.16 BN USD) to reach 427.8 BN QAR (117.48 BN USD) at the end of 2016.
  • Saudi Arabia's inflation declined by 1.7% in 2016, that is the lowest in 10 years, due to a fall in the food and beverages prices by 4.3% compared to 2015.
  • Bahrain's Gulf International Bank (GIB) had launched a 500 MM USD bond with a final spread of 170 basis points (1.7%) over mid-swaps with GIB Capital and JP Morgan as joint global coordinators.
  • Egypt's non-oil exports had witnessed a 7.4% increase during 2016 to reach 19.1 BN USD compared to 17.8 BN USD in 2015. This was a result of an increase in the export of building materials, chemicals and fertilizers, furniture and food.
  • Egypt had raised 4 BN USD due to the strong demand on its dollar denominated bond that is listed on the Luxembourg Stock Exchange. The bonds have maturities starting from 5 years up to 30 years with yields ranging from 6.375% to 8.875%.
  • Iraq has cut its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month abiding by the OPEC agreement.
  • Tunisia had announced its plan to issue a Eurobond that is worth 1 BN EUR on the 5th of February 2017 and is expected to yield from 5% to 6%.
  • Kuwait had criticized the proposal of tax on expat remittances that was previously planned to be applied and which has been assailed as nonsensical by lawmakers.
  • The World Food Programme (WFP), a UN agency, had cut the food distribution to 1.4 million displaced Iraqis by 50% because of delays in the payments from donor States.
Political Events

Political Events

  • Germany had lifted restriction on flights to Sharm El Sheikh, whereas airlines can now resume flying directly to Sharm El Sheikh and St. Catherine international airports without paying additional insurance fees.
  • Donald Trump had put a four-month hold on allowing refugees into the United States and temporarily barred visitors from Syria, Iran, Iraq, Libya, Somalia, Sudan and Yemen to enter the country in order to protect Americans from terrorist attacks.
  • Qatar has issued a new data protection law aiming to establish a certain degree of protection for the processing of, personal data within Qatar. The law is not yet applied but it is anticipated to be in effect soon after its publication.
  • Iran's Bank Tjarat had filed a lawsuit in European court of justice and called for the compensation of losses it suffered during the EU illegal sanctions that were imposed on several Iranian institutions and banks.
Stock Market

Stock Market

  • .EGX30 telecommunication sector increased led by Telecom Egypt and banking sector led by Commercial International Bank (CIB).
  • .TASI telecommunication sector increased led by STC and Zain. In addition, banking sector increased led by National Commercial Bank (NCB).
  • .KWSE real estate sector increased led by Taameer. In addition, banking sector increased led by Kuwait Finance House (KFH) and National Bank of Kuwait (NBK).
  • .QSI real estate sector declined led by Mazaya Qatar. On the other hand, the banking sector increased led by Qatar International Islamic Bank (QIIB).
Index Watch list
Weekly % Change
YTD% Change
Egypt
.EGX30
2.2%
6.0%
Construction & Materials
3.6%
4.2%
Telecommunication
1.5%
0.9%
Banking
1.6%
5.6%
KSA
.TASI
3.6%
-1.1%
Real Estate Mgmt & Dev't
0.6%
-3.7%
Banks
3.5%
-1.0%
Telecommunication Services
5.9%
-4.5%
Kuwait
.KWSE
6.5%
19.2%
Banking
7.8%
18.9%
Telecommunication
2.3%
13.4%
Financial Services
7.3%
32.8%
Real Estate
8.2%
29.3%
Industrials
2.7%
8.4%
Qatar
.QSI
0.4%
5.3%
Banking & Financial Services
1.9%
6.3%
Industrials
-0.7%
2.9%
Real Estate
-1.5%
5.1%
Telecommunication
1.4%
5.8%
UAE, Abu Dhabi
.ADI
-1.7%
1.7%
Banking
-2.0%
2.6%
Telecommunication
-2.9%
-2.9%
Real Estate
-0.6%
2.4%
UAE, Dubai
.DFMGI
0.3%
4.8%
Banking
1.8%
9.3%
Real Estate & Construction
-0.4%
4.4%
Investments & Financial Services
-0.8%
6.7%
Telecommunication
-1.6%
-3.5%
Companies Transactions

Companies Transactions

  • Foursan Group, a leading Middle Eastern private equity firm, had announced its successful exit from its investment in Jordan Dubai Islamic Bank (JDIB), a premier listed Islamic banking institution after realizing 2.5x on the sale.
  • Total Marketing Middle East (TMME) and Saudi Total Petroleum Products Co. Ltd (STPP), subsidiaries of Total, had approved to manufacture Scania Oils targeting the Heavy Duty Automotive segment in Dubai and Saudi Arabia.
  • Palm Hills Development, the Egyptian leading real estate company, is planning to acquire 6000-feddan in West Cairo, in addition to a new piece of land in the north coast that is yet under negotiation to further expand its operations in the Egyptian market.
  • Dubai Electricity and water Authority (DEWA) had signed a memorandum of understanding (MoU) with Enel, an Italian multinational manufacturer and distributor of electricity and gas, to enhance sharing of information and knowledge in these fields.
  • Bahrain's Securities and Investment Company (CISCO) and UAE's Trucial Investment Partners had signed a strategic partnership for a new 50 MM USD real estate fund that will be focusing on income-generating residential multi-family and single-family properties in attractive conurbations in the US.
  • Hyundai Rotem is the sole preferred bidder for an agreement with Egypt to supply 256 train cars at a cost of 420 MM USD.The train cars are intended to make up half of the 500 cars on Cairo Metro Line.
  • Etihad Airways, the second largest airline in the UAE, had plans to deploy its new Boeing 787-9 Dreamliner to Levant and Far East to be gradually introduced on a number of routes beginning on the 1st of March 2017.
Sports and Culture

Sports and Culture

  • Egypt had secured a semi-final berth at the African Cup of Nations after winning the match with Morocco 1-0 yesterday.
  • Roger Frederer had defeated long-time rival Rafael Nadal to win Australian open final 2017, his 18th major title.
  • The world's snow sculpting competition has begun in Colorado where 12 of the 16 teams are competing in the championship are outside the United States. India is the first Asian country to be qualified for the Snow Sculptures competition.

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