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Oman’s State Energy Firm Profits From Improved Credit Rating As Economy Picks Up
...pths of the Covid-19 pandemic. The sultanate even achieved a $2.98bn surplus in 2022 which brought an end to a run of 13 consecutive budget deficits. That extended run in the red meant debt levels ballooned in recent years, especially after the 2014 oil price crash. From 4.9% of GDP in 2013 debt surged to...
Volume: 66Issue: 17Published at Fri, 28 Apr 2023 -
Qatar Exports Top $10bn For First Time Since August 2014
...ISED TO SURGE Export revenues totaled $10.08bn in March, the highest monthly figure since August 2014. The gains came despite relatively soft figures from Qatar’s key gas exports, hinting at significant increases in the coming months as the emirate begins to reap the lagging rewards from its oil-li...
Volume: 65Issue: 17Published at Fri, 29 Apr 2022 -
Saudi Arabia’s Vision 2030: Five Years On
...venues fell to a multi-year low of 69.4% in 2020, but that was essentially down to the coronavirus pandemic decimating oil revenues (see chart 1). Indeed, non-oil revenues of $53.7bn in 2020 were not just down on 2019 levels, they were also less than the 2014-figure of $57.9bn, in large part because they in...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...is was followed up by an $81bn drop in 2016 and a $39bn drop in 2017 as reserves fell from $732bn at the end of 2014 to $496bn at the end of 2017. Foreign reserves have since stabilized, but not significantly grown, exiting 2019 at $500bn, and declining slightly in early 2020. If Saudi Arabia fo...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Total, Eni, Shell Downgraded; BP Escapes
...Moody’s downgraded its credit ratings on four of the seven international oil majors in late March and early April following a review started 22 January in the light of the 60%-plus oil price collapse since mid 2014. France’s Total had its rating cut by two notches to Aa3 with the co...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Japanese Banks Plug The Financing Gap Amid Tightening Gulf Liquidity
...ring 2014 to around 3% during 2015 and we expect liquidity to remain tight over 2016,” it adds. GULF BANKS LOSS, ASIAN BANKS GAIN But this change in fortune for GCC banks is creating the opportunity for foreign banks to regain lost ground in the region’s financial sector where Gulf lenders had do...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Saudi Wraps Up $10bn Loan
...s aimed at countering its dwindling oil revenues which has led Saudi Arabia to draw on roughly $150bn in financial reserves since late 2014, with reserves standing at $593bn as of end-February (see chart). According to the FT, bankers close to the deal said it had priced at around 120 basis points ov...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Egypt: UAE Joins Saudi In Bolstering Sisi With $4bn In Aid
...om E£37.7bn in the current year 2015-16. The cut in energy subsidies will be resented by consumers as was the case in July 2014, when petroleum product prices where hiked by up to 78%. The 2016-17 budget is based on an oil price assumption of $40/B and an official exchange rate of $1=E£9. But the va...
Volume: 59Issue: 17Published at Fri, 29 Apr 2016 -
Saudi Bourse To Open To Foreign Investors in June
...ades stocks in 168 Saudi companies, for which the value of shares traded in 2014 amounted to SR2.15 trillion ($573bn). CMA President Muhammad al-Jad’an said on 22 April that this opening to foreign investors will make the Saudi stock exchange part of the wider global market and noted that Saudi Ar...
Volume: 58Issue: 17Published at Fri, 24 Apr 2015 -
Iran Kicks Off Phase II Of Subsidy Reform
...pular support for Mr Rohani into the new year. Under the first phase of the plan, which began in December 2010, the cash handouts paid out exceeded the savings from reduced subsidies. This raised the already existing budget deficit. In the year which ended on 20 March 2014, the government paid $18bn in...
Volume: 57Issue: 17Published at Fri, 25 Apr 2014 -
Libya: Oil Income Slips
...LIBYA Libya: Oil Income Slips Libya’s oil revenue in the first quarter of 2014 was “less than $4bn,” Acting Oil Minister ‘Umar Shakmak says. This implies average oil exports of around 400,000 b/d. The minister is optimistic that production can be quickly raised to 1....
Volume: 57Issue: 17Published at Fri, 25 Apr 2014