OVERVIEW June 2019
Total Page:16
File Type:pdf, Size:1020Kb
MIDDLE EAST OVERVIEW June 2019 MIDDLE EAST OVERVIEW | June 2019 Contents 1. BACKGROUND ......................................................................................................................................... 2 2. THE SOCIO-ECONOMIC SITUATION......................................................................................................... 3 Egypt ............................................................................................................................................................ 3 Jordan .......................................................................................................................................................... 3 Iraq ............................................................................................................................................................... 4 Lebanon ....................................................................................................................................................... 5 Palestine ...................................................................................................................................................... 6 Syria ............................................................................................................................................................. 6 Cyprus .......................................................................................................................................................... 7 3. THE REFUGEE SITUATION (Updated) ...................................................................................................... 7 Egypt ............................................................................................................................................................ 7 Jordan .......................................................................................................................................................... 8 Iraq ............................................................................................................................................................... 9 Lebanon ....................................................................................................................................................... 9 Syria ........................................................................................................................................................... 10 Cyprus ........................................................................................................................................................ 11 4. CHURCH ACTIVITIES ............................................................................................................................... 11 5. MECC HEADQUARTERS ACTIVITIES ....................................................................................................... 14 6. MECC Humanitarian activities June 2019 ............................................................................................. 23 7. CONCLUSION ......................................................................................................................................... 28 1 | P a g e MIDDLE EAST OVERVIEW | June 2019 1. BACKGROUND This month, the region witnessed some heated confrontations with two major powers in the region, impacting oil prices and the socio-economic stability of the region. While many refugees and IDPs throughout this year, have succeeded in returning to their homes, any escalation or armed struggle can stridently diminish what local governments, NGOs, and other communities have achieved in this regard. To make things more problematic the Trump administration is moving forward with implementing the “Deal of the Century” at the expense of the Palestinian cause and the refugees displaced within the Middle East, again thwarting attempts for a more lasting peace. The MECC is well aware of such events and therefore is solidifying its relationship with Faith Based Organizations locally and internationally. Throughout this month, it has participated in conferences which aimed to discuss progress relating to the refugee crisis. Moreover, it has conducted visits to Church leaders in the Middle East and Europe, hoping to unify attempts in responding to any imminent threat or source of instability, which may arise from regional tensions. 2 | P a g e MIDDLE EAST OVERVIEW | June 2019 2. THE SOCIO-ECONOMIC SITUATION Egypt The month of June, started with a deadly attack on security personnel, killing eight.1 Egypt’s foreign exchange reserves amounted to 44.27 billion USD at the end of May.2 The country’s non-oil business sector has contracted from April to the beginning of June. Tourist activity has been cited to have decreased.3 Egypt decreased its debt to gross domestic ratio to less than 93% by the end of June.4 Inflation has decreased from 13% in April to 12.4-12.9% in June.5 Egypt attended the Conference on Palestinian Economy set in Bahrain which is part of the US’s “Deal of the Century”.6 16. 7117 EG/USD official currency exchange rate.7 Jordan The World Bank has approved a $1.45 billion financing package to Jordan to help the country in creating new jobs and stimulate growth.8 Jordan is set to increase its reliance on renewable energy up to 2400MW by the end of 2021. It expects that renewable energy by 2025 will account for 20% of the energy sector.9 1 Reuters, June 5, 2019, https://www.reuters.com/article/us-egypt-security/militant-attack-in-sinai-kills-eight- egyptian-security-personnel-idUSKCN1T60J4 2 Egypt Today, https://www.egypttoday.com/Article/3/71215/Rise-of-Egypt-s-forex-reserves-indicates-strong- economy-MPs 3 The National, June 10, 2019, https://www.thenational.ae/business/economy/egypt-s-non-oil-business-activity- contracts-in-may-on-fewer-new-orders-1.872551 4 Zawya, June 9, 2019, https://www.zawya.com/mena/en/economy/story/Egypt_cuts_debttoGDP_ratio_to_93_by_endJune__minister- SNG_146368449/ 5 MENAFN, June 10, 2019, https://menafn.com/1098599174/Egypts-headline-inflation-down-to-124129-in-May- Naeem-expects 6 Arab News, June 17, 2019, http://www.arabnews.com/node/1509451/middle-east 7 http://www.cbe.org.eg/en/EconomicResearch/Statistics/Pages/ExchangeRatesListing.aspx 8 Zawya, June 9, 2019, https://www.zawya.com/mena/en/economy/story/World_Bank_approves_145bln_financing_package_to_Jordan- SNG_146323771/ 9 Power Technology, June 4, 2019, https://www.power-technology.com/comment/jordan-renewable-energy-2019/ 3 | P a g e MIDDLE EAST OVERVIEW | June 2019 Jordan attended the Conference on Palestinian Economy set in Bahrain which is part of the US’s “Deal of the Century”.10 The Country’s Social Security Corporation’s (SSC) investments in electricity generation and distribution projects has recently exceeded 100 million JD.11 According to the rating agency Fitch, Jordan's long-term foreign-currency issuer scored a default rating BB- with a stable outlook citing the country's track record of fiscal and economic reforms.12 The latest projections for Jordan’s GDP for the year 2019 is estimated to be 2.4%.13 1.428 USD Jordanian official currency value.14 Iraq After long negotiations with Washington, the United States has agreed to grant Iraq another 120- day waiver allowing Iraq to purchase energy imports from Iran.15 General Electric is set to win a large share of multibillion-dollar contracts to rebuild Iraq’s electricity system.16 Pestech International Bhd, a major construction engineering company, has secured a 7.16 million USD contract to supply mobile substations to Iraq’s electricity ministry.17 Iraq did not participate in the Conference on Palestinian Economy set in Bahrain which is part of the US’s “Deal of the Century”. 18 22 foreign employees of oil giant Exxon Mobil returned to Iraq’s southern West Qurna 1 oilfield in Basra, Following their evacuation nearly a month earlier. Production has increased by 25,000 bpd to 465,000 bpd. 19 10 Arab News, June 17, 2019, http://www.arabnews.com/node/1509451/middle-east 11Jordan Times, June 13, 2019, http://www.jordantimes.com/news/local/ssc-investments-power-generation- renewable-energy-surpass-jd100m 12 The National, June 15, 2019, https://www.thenational.ae/business/economy/jordan-s-long-term-credit-rating- outlook-stable-fitch-says-1.874685 13Zawya, June 9, 2019, https://www.zawya.com/mena/en/economy/story/Jordans_economy_to_grow_22_amid_anticipated_slowdown- SNG_146323772/ 14 http://statisticaldb.cbj.gov.jo/index?action=level4 15 France 24, June 15, 2019, https://www.france24.com/en/20190615-us-grants-energy-hungry-iraq-new-iran- sanctions-waiver-source 16 Reuters, June 14, 2019, https://www.reuters.com/article/us-iraq-power/ge-poised-for-significant-power-orders-in- iraq-after-u-s-push-sources-idUSKCN1TF24I 17 The Edge Markets, June 17, 2019, https://www.theedgemarkets.com/article/pestech-bags-first-contract-middle- east-worth-rm30m 18 Aawsat, June 12, 2019, https://aawsat.com/english/home/article/1764341/lebanon-iraq-will-not-attend-bahrain- conference-palestinian-economy 4 | P a g e MIDDLE EAST OVERVIEW | June 2019 On June 16, Iraq and Japan signed an agreement for a $1 billion to upgrade the Basra oil refinery. On June 16, U.S. Ambassador Matthew Tueller announced that the Mosul Dam Project will be handed over to Iraqi authorities this summer. 539 Dinar /USD Iraqi official currency exchange rate.20 Lebanon Lebanon did not participate in the Conference on Palestinian Economy set in Bahrain which is part of the US’s “Deal of