Egypt’s Suez Canal Insurance has increased by 73 MM EGP from 357 MM EGP at the end of March 2015.

Egypt’s Suez Canal Insurance has increased by 73 MM EGP from 357 MM EGP at the end of March 2015. The paid compensations have reached 124 MM EGP at the end of March 2015 compared to 97 MM EGP at the end of March 2014 with 27.8% growth rate.  Egypt’s current deficit account reached 9.38 BN USD in Q1 2015, compared to 543.1 MM USD in Q1 2014. Gulf Arab countries have given to Egypt an aid of 35 BN USD in the form of oil shipments, cash grants and deposits in Egypt’s central bank since July 2014.  The Jordanian government and the Saudi Development Fund signed a funding grant agreement of 30 MM USD to finance infrastructure project for new industrial cities. The three industrial cities will be established in the governorates of Tafila, Madaba, Jersah and Balqa.  Kuwait’s inflation in the consumer price index (CPI) increased by 3.3% year-on-year (y/y) in March to 3.4 % y/y in April. On the other hand, Kuwait’s low-cost carrier Jazeera Airways has begun the bidding process for acquiring a 35% stake in loss-making state carrier Kuwait Airways.  Oman’s natural gas production and imports increased by 5.5% to reach 10,216 million cubic meters (MNCM) in Q1 2015, from 11,750 MNCM for the same period last year, while non-associated gas showed a growth of 7.6% to 10,216 MNCM, associated gas production decreased 3.1% to 2,185 MNCM.  The value of Qatar’s total exports of goods decreased by 36% to reach 25.5 BN in April 2015 compared to the same month in 2014, as the total exports declined by 4.8% monthon-month basis. On the other hand, the imports of goods in April 2015 reached 10.6 BN QAR with an increase by 19.5% over April 2014, while on a M-o-M the imports increased by 2.2%. The foreign merchandise trade balance (difference between total exports and total imports) achieved a surplus of 14.9 BN QAR. However, the trade balance of goods decreased by 1.5 BN QAR or 9.2% compared to March 2015.  The Industrial and Commercial Bank of China Ltd. (ICBC) plans to establish its first branch in the Kingdom in the capital, the Riyadh branch is the fifth branch of China’s largest commercial bank in the Middle East.  Dubai is targeting 3,000 megawatts (MW) of solar power by 2030, which is 15% of the overall energy mix. A 13 MW solar plant has already been commissioned and another plant of 200 MW capacities is under construction in Seih Al Dahal between Hatta and Dubai.  Bahrain will begin cutting subsidies for goods and services to reduce state spending on its foreign population as low oil prices pressure its budget. Bahraini citizens will receive cash payments from the state to offset price rises when subsidies are removed.

•  An Egyptian appeals court cancelled a ruling to list the Palestinian group Hamas as a terrorist organization. On the other hand, the ousted President Hosni Mubarak will face a second and final retrial over the killing of protesters during 2011.  Kuwait has pledged 15 MM USD to the United Nations Relief Works Agency (UNRWA), to meet the need of the Palestinian refugees fleeing Syria, while the Kingdom of Saudi Arabia has signed seven agreements worth 111 MM USD.  Expats who leave Saudi Arabia on re-entry visas and fail to return before their expiry will be banned from re-entering the Kingdom for 3 years.

 Siemens signs 9 BN USD power deal with Egypt German industrial company Siemens signed a 9 BN USD deal with Egypt to supply gas and wind power plants to boost the North African country’s electricity generation by 50%. Egypt is passing through worst energy crisis in decades with power cuts and the rapid grow of demand for electricity in a country of 87 million people. Siemens will add 16.4 gig watts (GW) to Egypt’s national grid.  Greater Amman Municipality (GAM) signed deal with French Agency for Development (AFD) to fund rapid bus project. GAM and AFD signed an agreement to fund Bus Rapid Transit (BRT) project of 152 MM USD. The private sector will be responsible for supplying the busses, IT management, activation and maintenance. The construction of the project will last for 30 months.  Shell Oman signed agreement with Sayarti Shell Oman Marketing Company signed an agreement for distribution of Shell Lubricants in retails service stations.  Kidney transplant project deal signed Qatar Red Crescent (QRC) Hamad Medical Corporation (HMC) have signed an agreement to pursue joint work on the kidney transplantation project being undertaken by QRC under the Patient Support Fund. QRC will raise funds to cover surgeries for kidney and liver transplant patients at HMC, in addition to non-medical costs such as travel, visa, and accommodation for patients, donors, and caretakers from outside Qatar.  Emaar Economic City Company signed two agreements on development of hotel and residential complex Emaar Economic City (EEC) company signed an agreement with Abdulmohsen bin Abdulaziz Al-Hokhair Group for operation and maintenance to develop a 4-star hotel in Al-Bilasan quarter at King Abdullah Economic City with an investment of 100 MM SAR including the value of the project’s land.