Home > Insights > According to People’s Bank of China (PBOC), China and the United Arab Emirates have renewed their local currency swap agreement for further three years.
Monday, 14 Dec 2015

According to People’s Bank of China (PBOC), China and the United Arab Emirates have renewed their local currency swap agreement for further three years.

Insights MENA

Economic Outlook

Economic Outlook

  • According to People's Bank of China (PBOC), China and the United Arab Emirates have renewed their local currency swap agreement for further three years, with a swap line of 35 BN Yuan (5.42 BN USD).
  • A survey by Saudi's Information and Statistics Department has revealed that 49.3% of the kingdom's undergraduates were unemployed in H1 of 2015. On the other hand, the unemployment rate of those with Secondary School Certificates was 32%, while those holding non-university diplomas reached 9.1%.
  • Amid preparing Qatar's 2016 budget, Qatar's Finance minister announced the country's willingness to use a lower break-even oil price, less than the previous 65 USD per barrel- to base its budget on.
  • Oman's companies of the refineries and petroleum industry have increased the sultanate's output by 2.6% -amounting to 70 MM barrels- in October 2015 compared to the same period last year.
  • According to Egypt's central bank, Egypt's core inflation, which omits volatile food items, has increased from 6.26% in October to 7.44% in November.
  • Kuwait's commerce minister announced that the country might raise corporate tax rate to 10% for local firms and limit energy subsidies in a trial to lower the country's budget deficit caused by low oil prices.
  • The UAE's economy minister has announced that the country is expecting its gross domestic product to grow between 3% and 3.5% in 2015 and 2016.
Political Events

Political Events

  • The prisoner-swap deal between Egypt and Israel that sent Israeli Ouda Tarabin back to Tel Aviv has sparked a wave of debate amongst Egyptians. On the other hand, Egyptian authorities announced that in return for Tarabin, the Israeli government has released two Egyptian prisoners who were held in Israel.
  • At least two women were elected for a public office in the conservative Islamic kingdom after winning seats on municipal councils in Mecca and al-Jawf in Saturday's election. It's worth mentioning that this is Saudi's first time to allow women to vote or run as candidates.
  • After The U.S presidential Candidate Donald Trump's proposal to ban Muslims from entering the USA, major department stores has stopped the sale of his lamps, mirrors and jewelry boxes' line 'Trump home'.
Stock Market

Stock Market

    • .EGX witnessed a significant increase in banking sector led by Commercial International Bank (CIB).
    • .KWSE real estate sector declined led by Al-Safat Real Estate.
    • .QSI witnessed a slight increase in telecommunication sector led by Vodafone Qatar.
    • .ADI real estate sector declined led by Aldar Properties, followed by banking sector led by National Bank of Abu Dhabi and Abu Dhabi Commercial Bank. Finally telecommunication sector led by du.
    • .DFMGI real estate declined led by Arabtec Holding and Emaar Properties, followed by banking sector which is led by Dubai Islamic Bank and Emirates NBD.
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Companies Transactions

Companies Transactions

  • For general corporate purposes, Qatar's Doha bank has signed a two-year, 575 MM USD syndicated unsecured loan.
  • Saudi Telecom Company (STC)'s offer to raise its stake in its Kuwaiti affiliate Viva from 26% to 100% was approved by Kuwait's Capital Market Authority.
  • DAMAC Properties has stripped its partner's -TRUMP- image and name from a luxury golf project site after his proposal to ban all Muslims from entering the USA.
  • United Airlines has announced that it will stop its flights from Washington to Dubai starting late January 2016.
  • Egyptian General Petroleum Corp has denied that it is negotiating with banks to delay its dollar debts after failing to cover its dollar needs from the central bank.
  • Saudi's electricity company said that it has signed a three-year 3 BN USD loan with the Export-import bank of Korea.


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