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Saudi PIF Aims To Kickstart Kingdom’s Services Sector With ADES Buyout
...cused on Egypt. But the company has expanded since its 2017 listing on the London Stock Exchange. In 2018 it tapped $450mn in loans, including $125mn from the EBRD, for “expansion of ADES outside of its home market in Egypt via the purchase and refurbishment of rigs or acquisition of entities operating su...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...so see a slump. Doha projected a modest $100mn budget surplus this year and may well flip into deficit for the first time since 2017 (MEES, 31 January). KEY ECONOMIC DEVELOPMENTS *Without implementing swingeing cuts Saudi Arabia’s 2020 budget deficit risks ballooning by 70%. *Th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Lebanon Looks To Put Fiscal House In Order
...pan can boast higher). Before passing the 2017 budget last year (MEES, 4 August 2017), parliament hadn’t passed a budget since 2005. Despite this the country posted annual GDP growth averaging 7.7% from 2006 to 2010. Lebanon’s political class used the absence of a budget to rack up massive deficits wh...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq Budget Under Threat
...maining $3.23bn yet to be disbursed (MEES, 4 August 2017). The IMF funds themselves are important but not necessarily crucial for the Iraqi economy given that MEES estimates Iraq’s oil exports are on track to rise $10bn in value this year (MEES, 9 March). But the IMF’s seal of approval on Iraq’s halting ec...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...Kuwait this week raised $8bn in a debut Eurobond slated to cover its expected budget deficit for the 2017-18 year starting 1 April. The issue was three times oversubscribed, attracting $29bn in bids. Kuwait previously said it would seek to raise $10bn from its debut foray in the debt ma...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran Fiscal Outlook Improves As New Year Dawns
...ound 68 million Iranians only and not the 77 million current recipients. So the government will have the unenviable task of cutting out a few million recipients, or diverting resources from the development budget. The Guardian Council this week approved the draft 2017-18 budget, with some am...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran FDI: Set For Takeoff?
...rve a second term, or be replaced by a hardline opponent (MEES, 10 February). IRAN’S FDI INFLOWS SET TO SOAR ($BN) IRANIAN YEARS ENDING c.20MAR. *2016-17 NUMBERS ARE PROVISIONAL, 2017-18 A PROJECTION. **ONLY SOME ANNOUNCED PROJECTS WILL RESULT IN ACTUAL INVESTMENT, TYPICALLY IN SUBSEQUENT YE...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Oman Presses On With Key Energy Projects Despite Revenue Slump
...l-time record of 73; in the MENA region only Saudi Arabia is running more rigs (see graph and MEES, 11 March). Some 10 of these rigs are working on the BP-led Khazzan gas project which the major says is on target for first gas in 2017 ramping up to 1.5bn cfd plateau from 2020 (MEES, 11 March). LI...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Kuwait Plans Economic Reforms In Light Of Revenue Collapse
...soline in Kuwait. Additionally the reform plan envisages the rationalization of water and electricity subsidies, but that this will not happen before 2017, he notes. Kuwait’s latest budget envisages spending on subsidies of KD2.9bn ($9.6bn) for the 2016-17 financial year, down 22% in real terms (19% in...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016