Home > Insights > Mohammed bin Rashid honors surgeon Magdy Yacoub for his tremendous charitable efforts.
Monday, 17 Aug 2015

Mohammed bin Rashid honors surgeon Magdy Yacoub for his tremendous charitable efforts.

Insights MENA

Economic Outlook

Economic Outlook

Egypt's economy has witnessed a significant drop in core annual inflation rate from 8.07% in June to 6.49% in July 2015.  Jordon launched a workforce development project which aims to improve the quality of Jordanian labor and hence lower the rates f unemployment through providing around 25,000 new jobs.  Eight days after banning cotton imports, the Egyptian ministry of agriculture withdrew its decision causing a negative impact on local producers.  According to a LinkedIn study, Dubai was rated as the best destination for professionals who seek work outside their countries beating job markets like Canada, Singapore and Australia.  UAE seeks to finance the Suez Canal projects through the parent branch of Emirates national bank of Dubai along with its branch in Egypt.  Saudi sold 20 BN SAR of 5, 7 and 10 year bonds to cover its budget deficit caused by the fall in oil prices, eventually; this led to tightening liquidity in the Kingdom's money markets.  Consumption in Dubai market through debit and credit cards witnessed a significant increase of 14% during last Ramadan.  In the MENA region, private equity deals were worth 2.6 BN USD in H1 2015 despite oil price falls which makes growth expectations for oil exporting countries up to 2.4% while that of oil importing countries from 3.0% to 4.0% this year.  A new labor law draft was introduced by the Egyptian government which includes 270 articles covering all aspects of labor Egyptian market including: the conditions in which an employer can terminate a contract, health and safety procedures at work and giving the right to employees to carry out peaceful strikes.
Political Events

Political Events

 With the rising number of Syrian refugees in Lebanon, the EU increased the aid sent to them with additional 17 BN USD.  According to the Egyptian ministry of health, the heat wave in Egypt killed more than 85 people and caused nearly 600 to be hospitalized.  Egypt's military court sentenced 253 prisoners to life in prison in absentia and 203 to shorter prison terms for their accusation of destroying public buildings in 2013.
Companies Transactions

Companies Transactions

Qatar general electricity and Water Corporation is launching water security mega reservoirs project banked by Doha bank in terms of financing construction with 2.2 BN SAR (604.3 MM USD).  Juhayna's shares owned by its chairman Safwan Thabet will be frozen by Egypt's stock exchange because of his alleged links to the banned Muslim Brotherhood.  Google announces that it launched a new holding company "Alphabet" to separate the core web advertising business from newer ventures like self-driving cars, surprisingly; this raised the value of Google shares by 7%.  Union properties -one of the UAE's leading property investment developers- reports a profit fall of 96% in Q2.  Orascom constructions won the Texas A&M university housing project at 245 MM USD which is expected to be the largest student housing complex in the USA.


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