- Last week, Egypt's top two state banks - Banque Misr and National Bank of Egypt - had provided 800 MM USD to clients to release their goods held up at the ports due to the dollar crisis which has been delaying imports.
- The UAE's job market witnessed a decline of 5% in Q3 2015 to reach 7,621 available job opportunities compared to 8,002 jobs in the same period last year.
- As reported by the local Saba news agency and banking sources, Yemen's central bank has reached an agreement with commercial banks in order to support the Yemeni Rial which has tumbled over during the civil war.
- The Egyptian oil ministry has announced that Abdelfattah elsisi -Egypt's president- has approved six new oil and gas exploration contracts for investments worth 2.2 BN USD.
- After regional turmoil hit its main trade links, Jordan will start negotiating new extended facility fund, to replace the three-year 2 BN USD standby arrangement program that ended this summer, with the IMF to help support its economic growth rate.
- After the Business Opportunities Forum conducted by Oman Airport Management Company (OAMC), A senior official reported that Muscat's new international airport will award 100 MM OMR contracts in which 10% of them will be given to small and medium businesses.
- The High Commission For the Development of Arriyadh (HCDA) has approved investment projects worth 21 BN SAR in the Saudi Arabian capital to promote recreational aspects of the city to the latest designs in the world. It is worth mentioning that these projects are expected to create more than 8,000 job opportunities.
- According to a new survey by Nielsen, UAE's consumer confidence index fell by one point in the third quarter of 2015 -compared to the second quarter- reaching a score of 107.
- According to RIA Russian news agency, Egypt is in contact with Russia to supply it with new defense systems like Antey-2500 and BUK systems.
- Bahrain had sentenced 5 Bahrainis to life imprisonment and striped their citizenship for accusing them of conspiring with Iran to carry out attacks inside the country.
- Egypt's top-court has postponed the former president's -Hosni Mubarak- trial over the killing of protesters during Jan, 2011's revolution.
- .TASI telecommunication sector declined led by Saudi Telecom.
- .KWSE banking sector increased led by Gulf Bank of Kuwait, while real estate sector increased led by Al Dar National Real Estate.
- .QSI real estate sector declined led by Barwa Real Estate.
- .ADI banking sector declined led by First Gulf Bank and Abu Dhabi Islamic Bank, followed by telecommunication sector led by Etisalat. On the other hand, real estate sector increased led by Aldar Properties and Eshraq Properties.
- .DFMGI telecommunication sector declined led by du, while banking sector declined led by Emirates NBD.
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Banks & Financial Services
Telecommunication & Information
Banking & Financial Services
UAE, Abu Dhabi
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Investments & Financial Services
- In order to stimulate private sector investment in renewable energy in Morocco, Egypt, Tunisia and Jordan, The European Bank for Reconstruction and Development (EBRD) has launched a 250 MM USD financing program.
- Abu Dhabi Islamic Bank, Abu Dhabi's largest sharia' compliant bank, reported that it has repaid its five-years-maturing sukuk -worth 750 MM USD- from its own sources without refinancing it.
- TAQA, Abu Dhabi's national energy company, had started providing electricity through its hydro-power plant in north India. This provided a new source of revenue to the company after the adverse effect of low oil prices.
- Emirates' airline's profit has increased by 65% reaching 3.1 BN AED in the first half of 2015. This was mainly caused by falling oil prices which cut the firm's costs by 28%.
- Saudi international petrochemical company (Sipchem) has reported a 55.4% y-o-y drop in the third quarter's net profit. As a result, it might not be able to pay dividends in H2-2015.
- A top executive in Abu Dhabi national oil company announced that the company is willing to cut its operating costs by 25%, taking advantage of the sharp fall in crude oil prices.
- NBK's economic report has reflected that Kuwait's real estate prices had decreased due to a fall in sales by 26% in the first nine months of 2015 compared to the same period of last year.