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Saudi Arabia Struggling To Reform Economy Despite Ambitious Plans
...is was a 0.9% fall in real terms. Overall, non-oil’s share of Saudi GDP dipped from 74.3% in 2016 to 71.5% last year. By contrast, in 2014 prior to the worst of the oil price fall, non-oil accounted for just 57.0% of the total, and Riyadh is keen to prevent a return to those days. But it will prove a ha...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Gulf Bond Issues To Set New Highs As Cash Crunch Continues
...ound $60bn annually in 2013 and 2014, $70bn in 2015 and $78bn last year. If the current trends continue, bonds could overtake loans this year. This would be significant for a region traditionally dominated by relationship-driven bank lending. Diversifying funding sources would also help to si...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iran’s Budget Deficit Soars In 2016-17
...VENUE FIGURES (IR TRN) 2016-17 vs 2015-16 2015-16 vs 2014-16 2014...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Algeria’s Economy: Sinking Fast Despite ‘Titanic Efforts’
...Algeria has been rapidly drawing down its foreign currency reserves: from $194bn at the start of July 2014, just before oil prices started to slide, to $143bn at the end of 2015 and $137bn at the end of May (see chart). Speaking on 15 June, Prime Minister Abdelmalek Sellal said that he ex...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Saudi Taps Domestic Market For $4bn Amid Soaring Deficit
...gh oil prices put the country in a position to maintain spending despite the decline in oil revenues, Mr Mubarak says. But these surpluses are gradually being eroded. Saudi net foreign assets fell to $680bn at end-May, down $66bn, or 9% from their August 2014 peak of $746bn (MEES, 3 July). Sa...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
SEC Seeks Expansion Cash
...e exploring all options available in the debt market.” SEC last year issued SR4.5bn ($1.2bn) of sukuk and $2.5bn of international bonds to help fund its expansion program. Two previous Sukuk raised $2bn in 2013 and $1.75bn in 2012 (MEES, 31 January 2014). Like all regional state-owned ge...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iraq To Slash 2016 Investment Budget
...an 90% of total Iraqi revenues (MEES, 20 March). 2015 REVENUES BELOW BUDGET, WAY DOWN ON 2014 This year’s federal budget forecast is based on 3.3mn b/d of oil exports at an average price of $56/B – implying revenue of $67.5bn, down 20% on 2014’s $84.1bn takings. Iraqi crude export revenues hi...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Iran Fronts Syria $1Bn
...pport to Syria has been essential since the beginning of the Syrian uprising, which began in early 2011. It continues to offer a lifeline of economic support in the form of oil supplies and credit. In 2014 Iran’s oil deliveries to Syria ranged between 50,000 b/d and 70,000 b/d, probably free of charge (ME...
Volume: 58Issue: 29Published at Fri, 17 Jul 2015 -
Egypt Looks to Reform To Attract Investment, Boost Growth
...2% for the current 2014-15 fiscal year, which began on 1 July. Egypt’s growth rate has been stuck at around 2% for the past three years (see graph, MEES 4 July) – that is to say since the Arab Spring ‘Revolution’ of early 2011. Without the two economic stimulus packages of $4.3bn and $4.9bn in...
Volume: 57Issue: 29Published at Fri, 18 Jul 2014 -
Qatar GDP Growth Projected At 6.5% In 2013
... QATAR Qatar GDP Growth Projected At 6.5% In 2013 Qatar’s GDP growth is expected to accelerate during the remainder of 2013 to reach 6.5% for the full year and 6.8% in 2014, supported by large infrastructure investments and associated population growth, according to th...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013 -
China Crisis Would Threaten Saudi Economy
...udi GDP undershooting by 0.3-0.4% one year hence, according to the IMF’s findings. The IMF itself was predicting 8.1% 2013 GDP growth for China – and 8.3% for 2014 – as recently as its April World Economic outlook; by the time of the 9 July update these figures had been slashed to 7.8% and 7.7% re...
Volume: 56Issue: 29Published at Fri, 19 Jul 2013