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  1. Saudi Export Revenues Topped $400bn For First Time For 2022

    ...SPITE A LATE-YEAR DIP AS CRUDE PRICES FELL BACK BELOW $90/B, OIL EXPORT REVENUES REMAIN WELL ABOVE RECENT LEVELS ($BN)... SOURCE: GENERAL AUTHORITY FOR STATISTICS, MEES.   3: ...AND WERE THE HIGHEST SINCE THE 2014 OIL PRICE CRASH FOR EVERY MONTH LAST YEAR($BN) SOURCE: GE...

    Volume: 66
    Issue: 09
    Published at Fri, 03 Mar 2023

  2. Qatar Achieves Eight-Year High $24.5bn Surplus For 2022

    ...bounded following a $2.9bn deficit just two years earlier amid the Covid-19 pandemic. The latest figures from the Ministry of Finance show that last year’s surplus was the biggest since $29.8bn for 2014-15 (see chart 1). Qatar entered last year budgeting for a $2.3bn deficit. While few could have pr...

    Volume: 66
    Issue: 09
    Published at Fri, 03 Mar 2023

  3. Growing Saudi’s Non-Oil Economy: A Mirage In The Desert?

    ...onomy contracted 0.7% in 2017. Riyadh heeded this advice. Its 2018 budget projected a $52bn deficit, the largest since 2014, with plans to balance the budget pushed back to 2023. The idea now is that the resultant economic stimulus, alongside continued reforms, will facilitate non-oil sector gr...

    Volume: 61
    Issue: 09
    Published at Fri, 02 Mar 2018

  4. QP Petchem Merger

    ...bsite, Qapco saw revenues peak at QR4.45bn ($1.22bn) in 2013, before easing by 1% to QR4.40bn ($1.21bn) in 2014 and falling 8% to QR4.04bn ($1.11bn) in 2015. QVC has capacity to produce 230,000 tons/year of vinyl chloride monomer and 175,000 t/y of ethylene dichloride at its Mesaieed complex. Its ma...

    Volume: 60
    Issue: 09
    Published at Fri, 03 Mar 2017

  5. Oman Downgrades Threaten Bond Issue

    ...4.07bn ($10.6bn) in the first 11 months of 2015, compared to a small surplus of OR233mn ($606mn) in the same period of 2014. This compares with an earlier forecast of the deficit for 2015 at OR4.50bn, as projected by the Oman Finance Ministry in early January (MEES, 8 January). Revenue in the first 11 mo...

    Volume: 59
    Issue: 09
    Published at Fri, 04 Mar 2016

  6. Syria’s Economic Hardships Intensify With Fuel Shortage

    ...ude production from the government-controlled areas slumped to 9,325 b/d in 2014, or a mere 2.4% of 385,000 b/d output before the start of uprising in March 2011. Syria’s imports of crude oil in the first nine months of 2014 were estimated at 124,600 b/d, according to The Syria Report. The tiny oi...

    Volume: 58
    Issue: 09
    Published at Fri, 27 Feb 2015

  7. Egypt’s Qalaa Raises Capital

    ...th majority stakes in its core infrastructure and industrial investments. In 2014 Qalaa raised its capital to E£8bn ($1.05bn) from E£3.64bn ($478mn). According to Qalaa’s chairman Ahmad Heikal, the time is right to complete the company’s transformation through the acquisition of additional stakes in...

    Volume: 58
    Issue: 09
    Published at Fri, 27 Feb 2015

  8. Lebanon Launches ‘Largest Ever’ $2.2Bn Eurobond

    ...a low cost, given that a 10-year bond in local currency would be priced at 7.46%. DEBT BURDEN TO EASE According to the minister, total debt stood at $66.5bn at the end of 2014, 62% of which is denominated in Lebanese Pounds, and the remaining 38% in foreign currency. He forecasts that the de...

    Volume: 58
    Issue: 09
    Published at Fri, 27 Feb 2015

  9. Dubai’s DEWA Adding 700mw, Repays $1bn

    ...ndering for the 1.2GW Hassyan coal-fired plant, which will comprise two 600MW units due online in 2020 and 2021 (MEES, 19 September 2014). DEWA, meanwhile, says in a Nasdaq Dubai filing that it plans to repay a $1bn bond that matures in April out of its own cash reserves. The filing says DEWA’s ne...

    Volume: 58
    Issue: 09
    Published at Fri, 27 Feb 2015

  10. UAE: Bonds Not Needed

    ...UAE   UAE: Bonds Not Needed   The UAE has no urgent need to issue federal bonds, the Minister of Finance and Dubai Crown Prince Shaikh Hamdan bin Rashid al-Maktum said on 22 February at a press conference to review the 2014 budget. But he said that the government, together wi...

    Volume: 57
    Issue: 09
    Published at Fri, 28 Feb 2014

  11. Iran Advances Subsidies Reform

    ...ipulated minimum will have to pay a penalty of three times the amount of the subsidies received.    $2bn Savings The government expects the reform to translate into savings of IR480,000bn ($19.2bn) over the 2014-15 Iranian year. However, almost 90% of these ‘savings,’ some IR425,000bn ($17bn), has be...

    Volume: 57
    Issue: 09
    Published at Fri, 28 Feb 2014

  12. Egypt Banks: Moody’s Wary

    ...pply 150,000 tons of gasoline and diesel every month with effect from 1 March until the end of 2014, as part of the Kuwaiti grant to Egypt.   Dimian Heads Finance Minister Prime Minister Ibrahim Mahlab has appointed Hani Qadri Dimian as Finance Minister, replacing Ahmad Jalal. Mr Dimian was as...

    Volume: 57
    Issue: 09
    Published at Fri, 28 Feb 2014

  13. GCC Aid Flows To Bahrain And Morocco

    ...0bn) in 2014. And Bahrain needs an oil price of $122/B for 2013 and $126/B for 2014, higher than the budget’s $90/B oil price assumption, the Undersecretary of the Bahrain Ministry of Finance, ‘Arif Khamis, said in November when the budget was first announced (MEES, 23 November 2012).   Ba...

    Volume: 56
    Issue: 09
    Published at Fri, 01 Mar 2013