Home > Insights > Despite the regional economic implications after the fall of global oil prices, UAE private sector companies are expected to increase employees’ salaries above the inflation level next year.
Monday, 05 Oct 2015

Despite the regional economic implications after the fall of global oil prices, UAE private sector companies are expected to increase employees’ salaries above the inflation level next year.


Insights MENA

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Economic Outlook

Economic Outlook

  • Despite the regional economic implications after the fall of global oil prices, UAE private sector companies are expected to increase employees' salaries above the inflation level next year.
  • Egypt aims to generate around 98.5 BN EGP of additional revenue this financial year through implementing the value-added tax (VAT) by the end of 2015, re-examining the existing service fees, applying steel licenses, issuing telecom licenses and agricultural land settlement.
  • According to the Central Bank of Egypt, Egypt's M2 money supply has increased by 16.8% compared to the last year reaching 1.82 TN EGP.
  • In 2014, the petrochemical production in the GCC rose by 8.3%, it also contributed to 31% of the GCC's total manufacturing GDP, with revenues reaching almost 88 BN USD.
  • The combined value of inter-Arab investments in Qatar along the last 12 years is estimated to hit 22 BN USD, while the total value of inter-Arab investment projects between 2003 and 2014 is estimated at more than 370 BN USD.
  • UAE's Ministry of Interior has announced receiving visa applications for citizens, residents and other stakeholders for a short-term visit visa either via the ministry website or its smartphone app.
  • As low oil prices have slashed the government's revenues, Bahrain has more than doubled the prices of beef and chicken after removing meat subsidies in order to save money.
  • In Kuwait, the National Assembly's financial and economic affairs committee has rejected the IMF proposals to impose taxes and lift subsidies on public services in order to cut the state budget deficit.
  • In a major step to develop its Islamic finance industry, Oman will open subscriptions for its first sovereign issue of Islamic bonds, giving the government a new channel to raise money.
Political Events

Political Events

  • After the death of 464 Iranians in Mecca, Iran and Saudi Arabia started to mitigate the war of words over last week's haj disaster, as Riyadh sent the king's condolences to Tehran.
  • In Yemen, The death toll from an air strike on a wedding party has jumped to 131, which drew strong condemnation from the U.N. secretary-general with Saudi Arabia denying any role in the wedding party carnage.
  • A day after discovering a large bomb-making factory and arresting a number of suspects linked to Iran's Revolutionary Guards, Bahrain had recalled its ambassador to Iran.
Stock Market

Stock Market

  • .EGX witnessed a slight increase in its overall performance, however telecommunication sector declined led by Telecom Egypt. On the other hand, banking sector increased led by Commercial International Bank (CIB).
  • .TASI banking sector declined led by Rajhi Bank.
  • .KWSE witnessed a slight increase in banking sector led by Ithmaar Bank and Commercial Bank of Kuwait, while real estate sector declined led by Taameer Real Estate Investment.
  • .QSI witnessed a slight increase in only two sectors; Telecommunication sector led by Vodafone Qatar and banking sector increased led by Al Khaliji Commercial Bank.
  • .ADI increased in telecommunication sector led by Etisalat followed by banking sector led by Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank (FGB), while real estate sector declined led by Aldar and Eshraq.
  • .DFMGI declined in all sectors; as banking sector was led by Dubai Islamic Bank (DIB) and Emirates NBD, followed by telecommunication sector led by du, while investment and financials sector led by Dubai Investments and finally real estate sector led by Emar Properties.
Index Watchlist
Weekly % Change
YTD% Change
Egypt
.EGX30
0.3%
-18.2%
Construction & Materials
-0.4%
-31.5%
Telecommunication
-0.9%
-47.7%
Banking
1.5%
6.4%
KSA
.TASI
-1.4%
-12.7%
Petrochemicals
-0.8%
-15.7%
Banks & Financial Services
-1.8%
-11.9%
Telecommunication & Information
-2.2%
-23.4%
Kuwait
.KWSE
-0.7%
-12.6%
Banking
0.1%
-9.5%
Telecommunication
0.6%
-19.5%
Financial Services
-0.9%
-19.8%
Real Estate
-1.5%
-11.0%
Industrials
-2.1%
-9.8%
Qatar
.QSI
-0.1%
-6.3%
Banking & Financial Services
0.1%
-0.1%
Industrials
-0.7%
-13.9%
Real Estate
-0.04%
18.9%
Telecommunication
1.3%
-29.8%
UAE, Abu Dhabi
.ADI
0.4%
1.6%
Banking
0.5%
-5.0%
Telecommunication
0.7%
43.7%
Real Estate
-2.0%
-6.0%
UAE, Dubai
.DFMGI
-1.1%
-1.9%
Banking
-1.8%
-0.05%
Real Estate & Construction
-1.1%
-7.9%
Investments & Financial Services
-0.9%
2.2%
Telecommunication
-3.2%
-0.4%
Companies Transactions

Companies Transactions

  • Cisco, Microsoft, and Mentor Graphics, the world leaders in IT and Electronics, revealed their willingness to expand their investments in Egypt.
  • Glencore, one of the world's largest global diversified natural resource companies, is in talks with a Saudi Arabian sovereign wealth fund, China's state-backed grain trader COFC and the Canadian pension funds to sell a stake in its agricultural assets.
  • Despite being a relatively new entrant in the local car market, Q-Auto, the official dealer for Audi in Qatar, has witnessed 25% growth in sales in 2014 compared to previous year.
  • The official dealer of Mitsubishi Fuso Truck & Bus Corporation in the UAE, Al Habtoor Motors, has expanded its regional presence as it has been awarded the franchise of Mitsubishi Fuso in the Kingdom of Saudi Arabia.
  • By the end of 2015, Arab Contractors is going to deliver 50 housing units in Halayeb as a part of the Egyptian government's national project to resettle at least 5 MM people in Halayeb.

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