Home > Insights > The head of Egyptian’s gas board revealed that Egypt is looking to rent a third floating storag.
Monday, 26 Oct 2015

The head of Egyptian’s gas board revealed that Egypt is looking to rent a third floating storag.


Insights MENA

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Economic Outlook

Economic Outlook

  • The head of Egyptian's gas board revealed that Egypt is looking to rent a third floating storage and regasification unit (FSRU) late next year or early 2017 as it works to plug serious energy shortages.
  • According to the Egyptian finance minister, Egypt will receive 3 BN USD loan from the World Bank in installments over the next three years to support the country's budget.
  • Qatar country report released by the US Energy Information Administration stated that Qatar exported a total of 595,000 barrels per day (bpd) of crude oil and 522,000 bpd of refined petroleum products last year. Moreover, their entire crude oil refined products have been exported to Asian countries.
  • The Qatari Minister of Public Health announced the Implementation of the national health insurance scheme for expatriates including domestic workers starting next year through private insurance providers.
  • The IMF global economic outlook expects the unemployment rate to increase across the oil exporting countries in the region including the GCC as governments are gearing to cut spending to cope with rising fiscal deficits.
  • According to the latest Global Built Asset Wealth Index published by Arcadis, Saudi Arabia is the region's leader in built asset wealth. The index calculates the value of all the buildings and infrastructure that contribute to economic productivity in 32 countries, which collectively make up 87 percent of global GDP.
  • The General Service Company (Musanada) and The Department of Transport in Abu Dhabi announced that 60% of construction work has been completed on the new 62 km Abu Dhabi-Dubai Highway.
  • In order to increase the tourist flow between Tunisia and Jordan, Tunisian nationals will be soon exempted from visa to enter Jordan. As Tunisia suggested to the Jordanian side to lift visa requirements for both countries' citizens.
Political Events

Political Events

  • Through a telephone conversation, the Russian Foreign Minister and his Egyptian counterpart have agreed to continue cooperation in order to help find a political solution to the Syrian conflict.
  • The public prosecutor's office said that 24 people face trial in Bahrain for trying to set up a branch of the Islamic State militant group and promoting the overthrow of the Gulf Arab state's monarchy.
Stock Market

Stock Market

  • .TASI banking sector declined led by Al-Rajhi Bank.
  • .KWSE witnessed a slight increase in real estate sector led by Al Dar National Real Estate and Injazzat Real Estate Development. Moreover, banking sector increased led by The National Bank of Kuwait.
  • .ADI declined in real estate sector led by Aldar Properties, while banking sector declined led by Abu Dhai Commercial Bank. On the other hand, telecommunication sector increased slightly led by Etisalat.
  • .DFMGI declined in most of the sectors such as real estate which is led by Emaar Properties, followed by investments and financial sector led by Dubai Investments and finally banking sector led by Dubai Islamic Bank.
Index Watchlist
Weekly % Change
YTD% Change
Egypt
.EGX30
-0.8%
-14.9%
Construction & Materials
0.4%
-30.0%
Telecommunication
-0.9%
-45.4%
Banking
-2.4%
8.3%
KSA
.TASI
-5.1%
-12.2%
Petrochemicals
1.6%
-11.5%
Banks & Financial Services
-3.9%
-12.3%
Telecommunication & Information
-5.0%
-20.3%
Kuwait
.KWSE
0.9%
-11.7%
Banking
1.1%
-8.5%
Telecommunication
-1.8%
-21.0%
Financial Services
0.2%
-19.6%
Real Estate
1.1%
-8.3%
Industrials
1.5%
-7.7%
Qatar
.QSI
-2.1%
-5.3%
Banking & Financial Services
-2.1%
-0.4%
Industrials
-1.6%
-12.1%
Real Estate
-3.7%
21.1%
Telecommunication
-1.3%
-27.5%
UAE, Abu Dhabi
.ADI
-1.7%
0.8%
Banking
-2.2%
-8.0%
Telecommunication
1.0%
53.3%
Real Estate
-6.4%
-7.2%
UAE, Dubai
.DFMGI
-3.3%
-2.7%
Banking
-1.2%
-0.7%
Real Estate & Construction
-4.8%
-8.8%
Investments & Financial Services
-7.2%
-0.6%
Telecommunication
0.0%
-0.2%
Companies Transactions

Companies Transactions

  • According to the firm's consolidated financial statements, Mobinil, the Egyptian mobile operator, incurred losses estimated at 20.6 MM EGP at the end of September 2015 compared to 390.6 MM EGP in the same period last year.
  • AccorHotels, one of the leading global hotel operators, has announced the signing of a management agreement with Al Jassim Group, a prominent Qatari business group, to operate the first Majlis Grand Mercure hotel in Qatar. The new upscale property will be AccorHotels' seventh hotel in Qatar, and is expected to be completed by mid-2018.
  • Due to the increase in its expenses, Saudi Arabia's Etihad Etisalat (Mobily), which restated 27 months of earnings earlier this year, swung to third quarter net loss.
  • Majid Al Futtaim, the Dubai-based retail and leisure developer, has picked five banks to arrange a global investor call ahead of a potential 10 year-U.S. dollar-denominated sukuk issue.
  • The Aviation Lease And Finance Company (ALAFCO) announces net profit of 16 MM KD for the year ended 30 September 2015. Moreover, Shareholders' equity has increased 11% which translates into Earnings per Share of 19.6 fils.
  • Mobile operator Ooredoo Kuwait plans to provide domestic customers with free mobile data when using apps like WhatsApp and Skype in order to help it win back market share as part of a revamp of its operations.

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