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Monday, 09 Jan 2017

Jordan fuel prices will increase by 7% in January 2017 due to increase in global petrol prices.


Insights MENA

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Economic Outlook

Economic Outlook

  • Jordan fuel prices will increase by 7% in January 2017 due to increase in global petrol prices. The 90 octane gasoline liter will be sold at 0.62 JOD which is 4 piasters up, while the 95 octane gasoline will be 0.81 JOD per liter.
  • Qatar's ongoing public investments could heat up the economy but a rise in the US interest rate may complicate efforts to boost the real GDP growth which is expected to be 3.4% this year according to the International Monetary Fund (IMF).
  • Qatar's will be able to meet its external debt obligation due to its huge foreign reserves and large asset base at its sovereign wealth fund. Furthermore, Qatar's fiscal and current account deficit is set to decline this year while supporting growth through higher capital spending.
  • Egypt's net foreign reserves have increased to 24.265 BN USD in December 2016 compared to 23.058 BN USD in November 2016, according to the Central Bank of Egypt (CBE).
  • According to Economist Intelligence Unit (EIU), EGP is to appreciate by 14% 2017.
  • Egypt has approved bankruptcy law as part of the reform program to encourage investment. The law aims to minimize the need for companies or individuals to resort to the courts, and to eliminate imprisonment in cases of bankruptcy.
  • Egypt electricity bills has reached 5.3 BN EGP in November 2016.
  • The government of Oman has approached banks for an international bond issue likely to be around 1 BN USD or more with tranches of five and 10 years as the country plugs a budget deficit caused by lower oil prices.
  • Dubai financial market announced plans for allowing covered short selling on its stock market for a selected number of securities in the next few months in a step that may boost foreign institutions' interest in local equities and raise the trading liquidity.
  • Iran has sold more than 13 million barrels of oil, almost half the oil it had held in float storage, due to an OPEC output cut deal.
Political Events

Political Events

  • Saudi Arabia has organized a fundraising campaign to provide humanitarian assistance to the Syrian people. The Saudi cabinet allocated 100 MM SAR (26.7 MM USD) for the campaign.
  • Egyptian activist Ahmed Maher, a Nobel Peace Prize nominee and a founder of the April 6 movement, has been released after three years in prison for breaking a law that bans unapproved protests.
  • UAE has warned its citizens against travelling to Turkey due to the deadly Daesh-claimed attach on a packed Istanbul nightclub, in which 39 people were killed who were mostly foreigners.
  • Saudi police arrested 6 Syrians in ATM fraud case. The accused were caught with meter readers and other equipment in their possession, installing electronic devices on ATM machines at banks in Jeddah to steal customers' card details.
Stock Market

Stock Market

  • .EGX30 index climbs 76% to hit 12500 level in 2016, the highest in its history, and the market capitalization reaches the highest level since 2008.
  • .TASI banking sector declined led by Ahli.
  • .KWSE banking sector has increased led by National Bank of Kuwait and real estate sector led by Al Enmaa.
  • .QSI real estate sector has increased led by United Development company.
  • .ADI banking sector increased led by Abu Dhabi Commercial Bank (ADCB) and National Bank of Abu Dhabi (NBAD).
Index Watch list
Weekly % Change
YTD% Change
Egypt
.EGX30
3.9%
3.9%
Construction & Materials
1.5%
1.5%
Telecommunication
7.3%
7.3%
Banking
1.0%
1.0%
KSA
.TASI
-0.2%
-0.2%
Petrochemicals
-0.4%
-0.4%
Banks & Financial Services
-1.7%
-1.7%
Telecommunication & Information
0.0%
0.0%
Kuwait
.KWSE
1.4%
1.4%
Banking
1.1%
1.2%
Telecommunication
-1.6%
-1.6%
Financial Services
3.3%
3.4%
Real Estate
2.8%
2.9%
Industrials
0.3%
0.3%
Qatar
.QSI
2.7%
2.7%
Banking & Financial Services
1.8%
1.8%
Industrials
2.4%
2.4%
Real Estate
4.2%
4.2%
Telecommunication
3.2%
3.2%
UAE, Abu Dhabi
.ADI
1.2%
1.2%
Banking
1.7%
1.7%
Telecommunication
0.0%
0.0%
Real Estate
1.2%
1.2%
UAE, Dubai
.DFMGI
2.7%
2.7%
Banking
2.4%
2.4%
Real Estate & Construction
3.5%
3.5%
Investments & Financial Services
5.5%
5.5%
Telecommunication
-0.5%
-0.5%
Companies Transactions

Companies Transactions

  • Qatar International Islamic Bank (QIIB), the Gulf state's third-largest listed Islamic bank by assets, had received approval to open a branch in Morocco with local lender Credit Immobilier et Hotelier (CIH).
  • Al Jazeera Media Network (AJMN) and Huawei, have signed a non-binding Memorandum of Understanding (MoU) to examine the best available options to launch the next generation platform for Al Jazeera's online content, in a bid to enhance the Network's online offering.
  • Qatar Airways partners with The White Company to provide exclusively-designed sleepwear to First and Business Class passengers, providing a world-leading premium service. On the other hand, Qatar airways will swap its order for up to 80 Airbus A320neos for the larger A321 version due to problems with the aircraft's engine.
  • Muscat Electricity Distribution's (MEDC), a subsidiary of Electricity Holding Company (EHC), privatization will be completed in H1-2017.
  • Turkmenistan signed an MoU on gas exports to the Islamic Republic of Iran; continuing the country's gas exports to Iran.
  • Dubai Islamic Bank (DIB), the largest Islamic bank in the United Arab Emirates, has sold its 20.8% stake in Jordan Dubai Islamic Bank.
  • Oman Arab Bank (OAB) has signed strategic partnership with Visa to enable the customers to utilize their cards equipped with the EMV chip-and-pin technology to ensure all payments are made conveniently and securely at millions of merchants around the world.
Sports and Culture

Sports and Culture

  • Egyptians squash players opened up 2017 at the top of the world, still dominating the top of the world, for both men and women.
  • Saudi women are now employed in airports guiding passengers. This was a move in line with Vision 2030 that states a dramatic outline for the development of women's work.
  • Saudi Arabia approved procedures for sports authority to organize and develop the sports sector. The authority would also work to spread the culture of voluntarism, encourage societal participation in sports, and take part with specialized agencies in developing sports medicine.
  • Turkey is trying to ease the process of women joining the labor force and increasing the procedures that support women in force. The next step Turkey is considering to implement is providing 416 EUR monthly employments for elder women babysitting the working women's children.

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