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Thursday, 06 Feb 2014

Egypt to Launch an International Exploration Tender for Gold on March 15


Insights MENA

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Economic Outlook

Economic Outlook

In the United Arab of Emirates, echoing to winning the Expo 2020 and the governmental actions to promote the event, His Highness Sheikh Mohamed AL Maktoum announced lately the establishment of 'Dubai Tourism and Commercial Association'. The Association’s main mission is to promote for the Emirate of Dubai in the coming period, besides establishing several offices for it outside the UAE. The Emirate of Dubai is expecting the number of tourists to be doubled by year 2020.  The Egyptian Deputy Prime Minister announced the start of governmental economic package worth 30 BN EGP ($4.35 BN). UAE is committed to participate by no less than 20 BN EGP out of it. The Egyptian Government also announced last December that it will launch a second stimulus package, following an initial package worth 29.6 BN EGP to stimulate the economy shrunken by the ongoing political unrest through the last three years since January 2011.  For the Saudi economy, the level of oil production, the price of oil and the size of government spending remain the most impacting variables. These variables are still growing solidly according to HSBC’s prediction of a 4.0% growth this year after an estimated growth of 3.8% in 2013.  Kuwait's sovereign wealth fund will invest 500 MM Euros in Italian companies in coordination with Italy's strategic investment fund. Kuwait and Italy will establish a company of a capital worth 2.5 BN euros, of which 80% are contributed by Italy's strategic investment fund, and the remainder from the Kuwait Investment Authority.
Political Events

Political Events

Approving the new Egyptian constitution The supreme elections commission has announced that more than 20 million voters participated in the two-day elections. 98% of them voted “Yes”. Most Egyptians view this as the key first step for renovating stability after the ousted president Mohamed Morsi by the army in July is to approve the constitution.  Saudi Arabia's counter-terrorism law went into effect as of 1st of February Saudi Arabia's counter-terrorism law passed by the council of ministers in December 2013 went into effect on the 1stof February. The legislation, made up of 40 clauses, is meant to fight terrorism and enforce tough penalties on those who fund it. This law came up after announcing Muslim Brotherhood as a terrorist group in Egypt.

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