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Adnoc Ready To Roll Out Murban Futures Contract
...mand in Fujairah. It can go from Fujairah to Asia, it can go to Africa, it can go to Europe.” With Fujairah emerging as the largest bunkering hub in the Middle East, storage capacity has expanded rapidly “from 3.2mn m³ [20.2mn barrels] in 2011 to more than 10mn m³ in 2018," according to Salem al-Ha...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Coronavirus Set To Crush North Africa’s Tourism Sector
...direct effects on supply chains and investment are factored in (see table). Egypt’s tourism sector was already struggling to recover from the chaos of the 2011 ‘Arab Spring’ when in 2015 disaster struck. Islamic State terrorists blew up a Russian passenger jet over the Sinai, killing all 224 on bo...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...reign assets as of end-January falling below SR2 trillion for the first time since October 2011. At $524bn they are 30% below the record $746bn level hit in mid-2014 (MEES, 10 March). The country’s 2017 budget projects a whopping $53bn deficit, albeit down by a third from 2016 (MEES, 6 January). Fi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...rdan’s $32bn end-2015 stock of public debt, a full $7bn is due to accumulated Nepco losses. All in all a conservative estimate would be that Jordan will add at least 5% of GDP to its national debt in 2016, and likely somewhat more. This follows a five-year period corresponding with the “Arab Spring” (2011...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Egypt Open For Business With $175Bn Of Deals Signed At Development Conference
...ch of these will be split 50/50 between cash deposits at the Central Bank of Egypt (CBE) and project investments. Fresh CBE deposits will help boost Egypt’s foreign exchange reserves, which stood at $15.5bn at the end of February, down by more than half since the January 2011 revolution. Mr Sa...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Sadara Gets Go Ahead To Offer Sukuk To Finance $20Bn Project
...tober 2011 (MEES, 17 October 2011). Ultimately, the two sponsors will decide on the size of the offer based on the price they pay for the debt. Typically as the offer size climbs, the pricing the issuer will pay to investors also rises, so the sponsors will need to determine whether taking more of the Su...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
SAMA Projects 4.2% GDP Growth In 2013
...at the public debt fell to below SR100bn ($27bn), representing less than 4% of GDP. The kingdom also realized the highest ever balance of payments surplus of SR670bn ($179bn). The inflation rate fell to 4.6% in 2012 from 5% in 2011, with the main component of inflation being rents and the cost of fo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Syria Reiterates Need To Eliminate Fuel Subsidies
...ere prices are higher. This is not the first time that a minister has called for the elimination of subsidies – other ministers advocated the removal of the energy subsidies before the beginning of the civil war in Syria two years ago (MEES, 1 August 2011). Mr ‘Abbas pointed out that the “un...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
S&P: Gulf Banks Continue Recovery
...erage unweighted risk-adjusted capital (RAC), according to S&P’s framework, of about 12%-13% as of 31 December 2012. This is about five percentage points higher than the unweighted average of 6.9% for the 100 largest banks that S&P rates, based on data ranging from year-end 2011 to 30 June, 2012. As Eu...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013