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Adnoc $1bn Sell-Off
...cember 2017 with a 10% flotation (MEES, 16 February 2018). Following this week’s placement, 20% of Adnoc Distribution is now listed on the Abu Dhabi stock exchange. Adnoc retains 80%. Adnoc CEO Sultan al-Jaber says the firm’s fuel sales subsidiary “has delivered solid business results and de...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Morocco Renewables Plans Get Wind In Their Sails
...e blades for the turbines from its Tangier factory built in 2017. Siemens Gamesa has so far installed 856MW worth of wind capacity across eight separate projects in Morocco. It is also currently in the final stages of completing the MD2.5bn ($260mn), 180MW Midelt wind farm, which forms the first st...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Vision 2030: Is The Public Investment Fund’s Strategy Due An Overhaul?
...ers of banking services in the region.” At last October’s Future Investment Initiative forum, PIF announced that it was aiming to beef up its assets to $400bn by 2020 from its current $240bn (MEES, 27 October 2017). A year later there is little evidence of a major increase having occurred. With it...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iran Offers Big Discounts To Retain Customers
...dn’t have to cut prices to such levels even during the previous tightening of sanctions from 2011-2016 (see chart 1). Iran’s five key Asian buyers took 1.66mn b/d for 2017, 68% of Iran’s 2.46mn b/d crude and condensate sales, highlighting their critical importance to the Iranian economy. In 2011, th...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iran Signs For $10bn Chinese Credit, Eyes A Further $25bn
...int projects (MEES, 1 September). Iran is among the Middle East’s main suppliers of crude to China, with exports averaging 612,000 b/d in the second quarter of 2017, although Russia and Angola have recently been top suppliers, followed by Saudi Arabia (MEES, 28 July). Chinese energy companies have be...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Bahrain Taps Debt Market For Record $3bn
...gative reviews in recent months. It is therefore paying considerably higher rates on the bond than its fellow GCC states. S&P lowered its assessment of Bahrain to BB-, three notches below investment grade, in December 2016 and furthermore added a negative watch on 2 June. “At the end of February 2017...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Oman Oil $1bn Loan
...er Libor with the firm flagging it up as a “competitive new source of funding [which] will enable us to reduce reliance on government funding, so [the government] can redeploy resources to other areas of the economy” (MEES, 1 July 2016). Faced with a gaping 2017 budget deficit of OR3bn ($7.8bn) ca...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Islamic Finance: A Young Industry Put To The Test
...eir assets by 12% in 2014 but this fell to 7% in 2015, according to a report published by S&P Global earlier this month (see chart 1). S&P Global predicts this slowdown will persist in 2016 and 2017, with growth stabilizing at around 5%. S&P cites two key factors as acting as a brake in 2017: the im...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Qatar Taps Debt Market
...e budget was almost balanced in 2015, a fiscal deficit of 5.3% of GDP is projected in 2016 ($8.7bn) and 2.2% in 2017 ($4.1bn), before recovering to near balance in 2018. The QNB estimate for the 2016 deficit is almost half the $17.8bn projected by the Ministry of Development Planning and Statistics (ME...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Kuwait Subsidies Row Hampers Efforts To Cut Record Deficit
...an its neighbor’s $17.8bn shortfall (see chart and MEES, 9 September). Under the budget law, passed in July, Kuwait is set to run a budget deficit of KD8.65bn ($28.7bn) for the financial year ending 31 March 2017. This rises to KD9.68bn ($31.9bn) after a further KD1.02bn ($3.4bn), 10% of re...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016