Home > Insights > Egypt’s finance minister announced that Egypt will return to the international bond market in H1 2016.
Monday, 14 Sep 2015

Egypt’s finance minister announced that Egypt will return to the international bond market in H1 2016.


Insights MENA

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Economic Outlook

Economic Outlook

  • Egypt's finance minister announced that Egypt will return to the international bond market in H1 2016.
  • In July 2015, Qatari banking system's net domestic credit surged to 567 BN QAR from 430 BN QAR last year; this represents a 32.1% rise. On the other hand, the banking system's net foreign assets fell by 32.1% to 89 BN QAR (y-o-y).
  • Agriculture experts predict that Middle East food imports bill will be doubled in 2 decades reaching 70 BN USD annually due to population increase and climate change that affects crop yields.
  • In a trial to finance its budget deficit -caused by low oil prices- Iraq has launched an investor road show for its first international bond issue since nine years. It is worth mentioning that Baghdad needs to raise up to 6 BN USD this year.
 
  • According to the figures published by the Lebanese central bank, in the first seven months in 2015 Lebanon's balance of payments posted a budget deficit of 1.32 BN USD, compared to a surplus of 131 BN USD in the same period last year. 
    • The Egyptian ministry of tourism announced that Saudi Arabian tourists visiting Egypt have increased by 53.1% in the first seven months of 2015. The ministry also reported that the number of tourists visiting Egypt rose by 2.9% especially with a rise of 39.5% of Arab tourists compared to the same period in 2014.
 
  • Despite the fall in oil prices and the concerns about global economy, UAE salaries rose by an average of 4% this year. Moreover, Automotive and retail employees received a rise of 6.4% and 6.6% respectively.
  • According to Iranian officials, Iran and Oman plan to form a mutual committee to explore the potential of Iranian companies' participation in dam construction projects in Oman
Political Events

Political Events

    • A crane toppled over at Mecca's grand Mosque killing nearly  107 people and leaving around 238 injured.
    • This week, the Egyptian government presented its resignation to President Abdul Fattah Elsisi who accepted it and asked former oil minister, Sharif Ismail, to start forming the new government.
    • This Wednesday, Israel reopened its embassy in Egypt after four years of its closure due to heavy protests.
Stock Market

Stock Market

    • .TASI was ranked among the world's 20 worst performing markets by capitalization in August, as it lost 16.4% or 88.2 USD BN to 451.2 USD BN compared with to 539.5 USD BN in July.
 
    • Most of .QSI sectors declined except for the banking sector that was led by Qatar International Islamic Bank and Commercial Bank of Qatar. However, telecommunication sector decline was led by Ooredoo followed by real estate sector led by Ezdan Holding Group.
 
  • .DFMGI decline in investments and financial services was led by Dubai Investments and Dubai Financial Market, followed by banking sector led by Dubai Islamic Bank.
  • TASI showed a positive index in most of the sectors such as banking sector which was led by Alinma bank.
  • .KWSE financial services sector ended in green last week led by Al Madina for Finance and Investment, while real estate sector decline was led by Alargan International Real Estate and banking sector decline was led by both The National Bank of Kuwait and the Commercial Bank of Kuwait.
  • .QSI witnessed a significant increase in telecommunication sector led by Ooredoo, followed by banking sector led by Qatar Islamic Bank and Doha bank, and finally real estate sector led by Barwa Real Estate and Ezdan Holding Group.
  • .ADI recorded this week its biggest weekly rise in two and a half months, backed by telecommunication, banks and real estate stocks. Telecommunication sector increased led by Etisalat, followed by real estate sector led by Aldar, and finally banking sector led by National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB).
  • .DFMGI witnessed a slight increase in telecommunication sector led by du, followed by banking sector led by Emirates NBD and Dubai Islamic Bank (DIB), and finally real estate sector led by Emaar and Arabtec.
Index Watchlist
Weekly % Change
YTD% Change
Egypt
.EGX30
-3.5%
3.8%
Construction & Materials
0.2%
-10.0%
Telecommunication
-6.1%
-50.7%
Banking
-0.7%
49.6%
KSA
.TASI
4.2%
-9.8%
Petrochemicals
2.9%
-32.8%
Banks & Financial Services
4.6%
0.6%
Telecommunication & Information
3.8%
-43.7%
Kuwait
.KWSE
0.1%
-23.6%
Banking
-1.2%
-9.0%
Telecommunication
3.2%
-35.5%
Financial Services
0.5%
-24.1%
Real Estate
-0.9%
-17.3%
Industrials
1.2%
-8.9%
Qatar
.QSI
4.5%
14.2%
Banking & Financial Services
4.8%
31.9%
Industrials
4.0%
2.6%
Real Estate
2.3%
34.3%
Telecommunication
7.6%
-30.2%
UAE, Abu Dhabi
.ADI
3.6%
5.8%
Banking
0.6%
6.1%
Telecommunication
14.6%
36.9%
Real Estate
4.3%
-20.7%
UAE, Dubai
.DFMGI
1.4%
7.5%
Banking
1.4%
30.0%
Real Estate & Construction
0.9%
4.9%
Investments & Financial Services
3.2%
-5.8%
Telecommunication
3.3%
-21.2%
Companies Transactions

Companies Transactions

  • The Abu-Dhabi owned air-line Etihad airways have launched investor road shows for its benchmark debut dollar bond issue.
  • After six years, China Railway Construction Corporation is successfully done with the Masha'er railway project at Saudi Arabia's holly site.
  • The state-owned Saudi Arabian company "Aramco" is planning to build 8,521 homes in addition to schools and community facilities for its employees on a 10 sq. km land in Dhahran.
  • Targeting the middle-east seafood market, Thai Union Frozen Products pcl -the world's largest canned tuna maker- signed a joint venture agreement with a subsidiary of Saudi Arabia's Savola Group.
  • As liquidity in the economy tightens, the third largest lender by assets in the UAE, First Gulf Bank (FGB) has planned to raise 1 BN USD in order to boost lending.
  • To improve its position in the Egyptian market, "Hikma" pharmaceuticals announced its intentions to buy the entire share capital of the drug maker-specializing in oncology products- "EIMC" from a consortium of shareholder.
  • Nakilat, the Qatar Gas Transport Company, announced its intention to increase its foreign ownership limit to 49% up from the existing 25%.

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