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Saudi Energy Minister: We Will Make Money From The Energy Transition
...edstock through ten projects. The improved generation efficiency this will yield is a key part of plans to boost overall efficiency from 40% last year to 44% by 2030 – up from 37% in 2017. The conversion projects aren’t named, but with an average capacity of 2.3GW per project they clearly entail the up...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Saudi Deficit Falls To $11bn For Q3 As Non-Oil Sector Surges
...venues stay flat then the deficit could conceivably come in above $80bn. Q4 deficits in both 2017 and 2018 were more than $30bn. FINANCING THE DEFICIT In order to finance last quarter’s $10.9bn deficit, the government turned to domestic debt. Overall, it raised $11.2bn domestically, opting en...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Qatar Government Revenues Drop in Q3
...rink by 4.5% this year. This would be the first time that the economy has shrunk on an annual basis since 2017, and this year’s decline is expected to dwarf that year’s 1.5%. The latest government figures show that the economy shrank by a massive 6.1% in Q2 versus a year earlier (see chart 1), and wh...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...Egypt’s economy is on the mend. Its current account deficit shrunk by almost 60% to $6bn for the 2017-18 financial year. But higher oil prices could derail the country’s subsidy reforms and it’s still on track for a massive budget deficit this year. Two years on from Cairo’s November 20...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Saudi Eyes Blowout Budget For 2018 Despite Low Oil Revenue
...ivate sector which has hitherto been reliant on state patronage. Mr Jad’an says Saudi Arabia plans to boost spending to SR928bn ($247.5bn) in 2018. On this face of it this is a 4.3% increase from the SR890bn ($237.3bn) budget figure for 2017. However actual spending in the first half of 2017, at SR...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
IMF Latest Breakeven Oil Price* Estimates ($/B)
...FOR GCC COUNTRIES... …AND OTHER KEY MENA OIL EXPORTERS *OIL PRICE AT WHICH FISCAL BALANCE IS ZERO. SOURCE: IMF REGIONAL ECONOMIC OUTLOOK, OCT 2017....
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iran Tells Banks To Comply
...ogress in implementing the set “Action Plan” (MEES, 1 July 2016). The waiver was extended in June 2017 for a further unspecified period of time. Ensuring compliance by these institutions comes at a crucial time as more US sanctions loom. President Donald Trump in mid-October refused to certify Ir...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
UAE Plans 3% Spending Cut For 2017
...The UAE cabinet has approved a federal budget of Dh48.7bn ($13.3bn at a fixed $1=Dh3.673) for 2017, which is part of a five-year budget of Dh 248bn ($67.5bn) for 2017-21, the Emirates News Agency WAM said on 30 October. The 2017 budget in nominal terms is virtually unchanged from the Dh...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Algeria: Forex Down Again, On Track For $20bn Deficit
...w banks but said that it hopes to set up in Algeria joint ventures with large international banks. The country has sought to get to grips with declining revenue by, for the first time in years, adopting a realistic oil price assumption in its 2017 draft budget (MEES, 14 October). However, wh...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Saudi: New Finance Chief
...eat confidence in the Saudi Vision 2030 “despite all the challenges.” The new finance minister’s first major task will be to put the finishing touches on the 2017 budget expected to be unveiled toward the end of the year. The Saudi government has introduced a series of austerity measures, in...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016