Home > Insights > According to Makkah government, the new king Abdul-Aziz airport project will be ready by 2016.
Monday, 07 Dec 2015

According to Makkah government, the new king Abdul-Aziz airport project will be ready by 2016.

Insights MENA

Economic Outlook

Economic Outlook

  • According to Makkah government, the new king Abdul-Aziz airport project will be ready by 2016. It is worth mentioning that the new airport is expected to accommodate at least 30 million passengers.
  • UAE's ministry of international cooperation and development reported that the country has provided foreign aid that is worth 174 BN AED to 178 countries over 44 years.
  • Responding to a long-running currency crisis, Egypt's presidency announced that the country's central bank will inject dollar liquidity into the market this month. In addition, it is planning an exceptional foreign exchange auction.
  • Due to finance pressures caused by low oil prices, Qatar invited banks to provide it with a 5.5 BN USD loan.
  • An official from the UAE ministry of finance has revealed that Gulf states have agreed on key issues for implementing value-added tax in the region, moving the six nations closer to introducing direct taxation for the first time.
  • According to Jordan's ministry of planning and international cooperation, the volume of financial assistance, grants and soft loans committed to by donor partners, during the perio d between January and October 2015,  reached 2.119 BN USD.
  • According to the latest World Travel & Tourism Council
     (WTTC) report, Oman's tourism sector's contribution to its GDP is expected to rise from 2.2% to 6.1% per year till 2025 to reach 3.3% of GDP.
  • The Kuwaiti ambassador in Cairo announced that his country's total investments in Egypt amounted to 2.8 BN USD. This includes investments in 964 Egyptian projects.
Political Events

Political Events

  • After the British parliament voted to target Islamic state targets in Syria, British bombers started strikes on Syria.
  • Sheikh Mohammad Abdullah al-Sabah, Kuwait's minister of state for cabinet affairs, confirmed that the government sent a request for a special budget of 20.4 BN USD to fund weapon purchases for the military over 10 years.
  • Amid Saudi Arabia's fighting the Houthi group in Yemen, three Saudi border soldiers were killed after exchanging fire with enemies who tried to cross the border from Yemen to attack two watch towers.
Stock Market

Stock Market

  • .EGX witness a slight increase in banking sector led by Commercial International Bank (CIB).
  • .QSI banking sector declined led by Qatar National Bank.
  • .ADI banking sector declined led by Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and First Gulf Bank, while real estate sector declined led by Eshraq Properties. On the other hand the telecommunication sector witnessed a significant increase led by Etisalat.
  • .DFMGI real estate sector declined led by Arabtec and Emaar. On the other hand telecommunication sector increased slightly led by du while banking sector increased led by Dubai Islamic Bank (DIB).
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UAE, Abu Dhabi
Real Estate
UAE, Dubai
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Companies Transactions

Companies Transactions

  • According to the Swiss exchange in Zurich, Saudi Arabia's Olayan stake in the bank has fallen by 26% since the end of 2014. It is worth mentioning that Olayan owns 4.95% of Credit Suisse.
  • Commercial Bank of Qatar is seeking to find a buyer for its 40% stake in the Emirati lender United Arab Bank.
  • Abraaj Group -a Dubai based private equity firm- is to close its office in Saudi Arabia. The closure comes at a time when many other private equity firms have been targeting Saudi.
  • Saudi Aramco -the kingdom's oil giant- is planning to increase the amount of goods and services it provides by 70% spending 300 MM USD on its supply chain in the next 10 years.
  • The Abu Dhabi government-controlled venture that produces and transports natural gas to the United Arab Emirates and Oman, Dolphin Energy, has arranged to raise a 15-years loan that is worth 863 MM USD from banks.
  • Arcapita, the Bahrain-based investment management firm, and Saudi Arabia's Al Rajhi Capital, had sold their jointly owned real estate assets for 359.81 MM USD


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