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UAE-Oman Relations: Brotherly Love Or Sibling Rivalry?
...licy. Muscat has generally followed a regional foreign policy guided by mediation and diplomatic engagement. Meanwhile, Abu Dhabi has been keen to flex its military and economic strength, most recently in Sudan (MEES, 3 May). When the UAE joined Saudi Arabia and Bahrain in its blockade of Qatar in 2017...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Saudi Arabia Surges To $15bn Q1 Surplus
...INS Total revenues in the first quarter amounted to $74.1bn, the highest quarterly figure in ministry data stretching back to 1Q 2017. Within this, oil amounted to $49bn (66%), the highest figure since 3Q 2018’s $49.1bn (see chart 2), as Brent crude averaged $98/B for the quarter. With oil prices co...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Adnoc Prepares To IPO Fertilizer & Drilling JVs
...19). When it comes to IPOs, Adnoc has prior experience. It initially floated 10% of its retail arm, Adnoc Distribution, in December 2017, raising $851mn (MEES, 16 February 2018), and followed this up last year with a further 10%-placement which raised $1bn (MEES, 18 September 2020). 20% of Adnoc Di...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
Saudi Reverts To Austerity To Shore Up Government Finances
...llowing urging from the IMF – to adopt a more expansionary economic strategy in late 2017 (MEES, 22 December 2017). The government pushed plans to balance the budget back from 2020 to 2023 as it sought to invigorate the private sector through fiscal stimulus. Large budget deficits were therefore ma...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Gets Much-Needed IMF Cash
...URCE: ECB, IMF, MEES. EGYPT: PRICES AT THE PUMP RESERVES SLUMP Egypt’s net international reserves fell to $37.0bn at the end of April, the lowest end-monthly figure since November 2017 when reserves were on the opposite trajectory with the influx of IMF cash. Reserves rose to...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Korea: April Iran Imports At 18-Month High
...Korea’s crude sourcing in recent times has been the sliding share from the Middle East: from 86.4% of 2016 imports to 82.3% for 2017, 74.4% for 2018 and 74.0% for the first four months of 2019. And this has been the result of a deliberate policy with the government offering the country’s im...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
LNG Markets Under Pressure From Soaring Us Exports
...nce the 10% tariff was introduced last year trade has slowed to a trickle, with just three US cargoes sailing for China in the first three months of 2019, versus a quarterly record of 20 for Q4 2017. *In the absence of former top buyer China, US cargoes have headed far and wide. India took a re...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Mubadala’s SWF Acquisitions To Create Global Champions
...vereign wealth funds have been watched with a keen interest since their inception - particularly over the last year. After acquiring International Petroleum Investment Co (IPIC) in January 2017 (MEES, 24 February 2017), Mubadala announced in March this year that it is planning a takeover of Abu Dhabi In...
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Qatar Boosts Earnings
...trochemicals expansion strategy and plans to construct a 1.6mn t/y ethane cracker (MEES, 8 December 2017). Qatar Petroleum (QP) announced on 15 May that “engineering design of the Petrochemicals Complex should commence shortly, leading to a planned start-up in 2025.” It will receive feedstock from the 4....
Volume: 61Issue: 20Published at Fri, 18 May 2018 -
Egypt Economic Reforms Remain On Track But Long Road Ahead
...the draft 2017-18 budget, which has just been submitted to parliament but not yet approved. Mr Molla says the restructuring and rationalization of subsidies across the board, covering petroleum products, electricity and consumer goods among others, are part of a comprehensive government plan to...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Oman Export Revenues Down, Rating Junked
...port for the first time since 2015. EXPORTS DOWN, REVENUES UP Despite crude and condensate exports falling, export revenues have steadily increased from Q2 2016 through Q1 2017. MEES calculates Omani crude revenues totaled $3.7bn in Q1, up $800mn year-on-year and the highest since Q3 2015 (see ch...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Mubadala Taps Softbank
...ami says the fund “is a significant opportunity for good financial returns.” Its net profit for the year ending in March 2017 tripled to ¥1,439bn ($12.5bn) from ¥474bn the previous year – it attributes much of this to the sale of an undisclosed number of its shares in Chinese online retailer Al...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Saudi 2030 Plans: Turning The Vision Into Reality
...troChina’s valuation briefly topped $1 trillion in the wake of its November 2007 floatation: it is now worth $192bn. LATE 2017: 5% ARAMCO LISTING? “What we’ve been hearing from the local banks and brokers we’ve been speaking to, who are among the biggest in the region, is that the Aramco listing will ta...
Volume: 59Issue: 20Published at Fri, 20 May 2016 -
Libya Could Run Out Of Cash Sooner Rather Than Later
...sses of $2.4bn a month. If the rate of decline continues, reserves would be exhausted by August 2017. But in the past two years, the depletion in reserves has been accelerating, meaning that Libya could run out of funds by early 2017, according to MEES calculations. The IMF, in its latest regional ec...
Volume: 58Issue: 20Published at Fri, 15 May 2015