- Jordan investments in Egypt has reached 530.3 MM USD. Jordan has occupied the 23rd place among states investing in the Egyptian market. In addition, Jordan investments was injected through 1,614 firms in different fields.
- Saudi Arabia is launching a renewable energy program in the coming period that is expected to invest 30-50 BN USD by 2030. In addition, the country is studying its first two commercial nuclear reactors.
- Oman's new electricity tariff system constitutes the removal of subsidies on electricity from 10,000 government, commercial and industrial customers who consume more than 30% of total electricity supply to save around 260 MM USD.
- Sudan's central bank governor had signed an agreement with the Abu Dhabi Fund for Development (ADFD) worth 500 MM USD deposit to help Sudan in resolving some of its economic problems that had been building up since the south split in 2011.
- Egypt's economy is expected to reach 3.9% in the fiscal year that ends in June 2017, missing the government's target at 5% and even slowing from last year's growth rate that was 4.2%.
- Egypt is considering temporarily reintroducing a stamp tax duty on the stock market. This proposal had come after the IMF had revealed some of the agreement terms one of which was that Egypt had committed to imposing either a capital gains tax or stamp duty on stock market.
- Egypt's exports to UAE had jumped to 178.9% reaching to 18.3 BN EGP (971 MM USD) in January-October 2016 compared to 6.5 BN EGP (345 MM USD) a year earlier according to CAPMAS.
- Qatar's central bank had sold 15 BN QAR (4.1 BN USD) of conventional and Islamic government bonds in its first domestic government debt offer this year. The issue was oversubscribed by 100 MM QAR.
- Dubai Economy grew by 2.7% despite the decrease in oil prices in 2016 and is expected to grow by 3.1% in 2017.
- Syria and Iran had signed five contracts for the corporation in the fields of agriculture, animal resources, industry, oil and communications based on the joint economic cooperation agreement signed more than 3 years ago.
- Donald Trump inauguration was last Saturday. Trump sworn in as 45th US president, in a historic power transfer from President Barak Obama.
- Lufthansa airlines had announced that there was no evidence of bomb on board of Germany Eurowings plane that landed in Kuwait, and that passengers would fly back to Germany from Kuwait.
- Syria's deputy foreign minister, Faisal Mekdad, had rejected the participation of Saudi Arabia and Qatar at the forthcoming peace talk as they are backing terrorism.
- At least 75 people, including 45 firefighters had been hurt in Tehran building collapse in Iran. The building was a commercial building and one of the oldest buildings in Tehran. However, the cause of the collapse is not yet known.
- The United Arab Emirates and Britain had launched a joint military exercise which aimed at training on the planning, implementation and management of joint military operations taking place as Gulf Arab and American rivalry with nearby Iran continues to simmer.
- .KWSE telecommunication sector witnessed a significant increase led by Zain and banking sector led by Ithmaar.
- .ADI banking sector increased slightly led by Abu Dhabi Commercial Bank (ADCB) and real estate sector led by Manazel Real Estate.
- .DFMGI real estate sector declined led by Arabtec and Emaar. On the other hand, the banking sector increased led by Emirates NBD.
Index Watch list
Weekly % Change
Construction & Materials
Banking & Financial Services
UAE, Abu Dhabi
Real Estate & Construction
Investments & Financial Services
- Al Futtaim Real Estate, a world's leading conglomerate in real estate development, has allocated 4 BN EGP for investing in Egypt Festival City during 2017. The real estate company had begun the construction process of one of the two hotels planned for the project as well as completing a number of hotel apartments onsite.
- Qatari businessmen are considering implementing agricultural projects in Jordan due to suitable investment environment, privileges and incentives Jordan offers to Arab and foreign investors.
- Saudi Telecom Co (STC) had completed the procedures for the purchase of the remaining 40% stake in Sale Advanced Co, financing the bid by the company's own resources.
- The Saudi Alsamaani Factory for Metal Industries Company, has obtained the approval for offering 225,000 shares representing 20% of the company's share capital to be listed in Nomu-Parallel Market, after fulfilling all the listing requirements.
- The Omani Port service corporation (PSC) shareholders had agreed to extend the concession agreement regarding the liquidation of the company to December 2017 after a rise in the operating income by 25.4%.
- As a subsidiary of Naeem Holdings, Naeem shares and bonds joined Nasdaq Dubai's equity futures platform as a member in order to connect its UAE, Egyptian and international clients to the fast-growing market.
- Nestlé SA, a Swiss transnational food and drink company, had signed an agreement to acquire the Egyptian Caravan Marketing Company, the owner of Bonjorno instant coffee brand.
- Emaar Properties PJSC is launching a new residential project in Dubai Creek Harbour which is expected to be completed in 2020.
- Dubai Electricity and Water Authority (DEWA) had signed a memorandum of understanding (MoU) with Enel, a global market in Electricity and natural gas, to enhance sharing of information and knowledge in these fields.
Sports and Culture
- Egypt had scored 1-0 in its match with Uganda, knocking Uganda out of the Africa Cup of Nations. Accordingly, Egypt will have a next match with Ghana on Wednesday 25th of January 2017.
- Egypt is out of the Handball World Championship after losing to Croatia 21-19. The Egyptian team has failed to progress past this stage of the championship since 2001.
- Egypt's Museum of Islamic Art was officially reopened by the Egyptian president Abdel Fattah el Sisi after it was badly damaged by a car bomb and closed for three years.
- Iran's first two womenvolleyball players to compete outside the Islamic Republic joined Bulgarian Club Shumen this month, a move that might break down some gender barriers in Iran.