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Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...om the KRG and $125mn in Egypt where Dana’s receivables bill fell to $65mn as of end-September, the lowest level in over a decade and down $17mn versus the figure three months earlier. Energean, likewise, saw its receivables fall in Q3, to $145mn, the lowest level since 2014 though down only sl...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Oman To Introduce Income Tax: Will Rest Of GCC Follow?
...er $100/B prior to late 2014, Oman was still unable to balance the budget as Muscat looked to avoid contagion from the 2011 ‘Arab Spring’ with 2012-14 spending blowouts. While the government is seemingly unable to reduce spending on salaries, the looming implementation of 5% VAT will have a si...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Tunisia Struggles To Cash In On Democracy
...nis had an opportunity following the 2014 oil price slump to reduce its burden on the budget, but that train has come and gone and higher prices are now causing a massive headache for the fractured government. Although Tunis has incrementally raised fuel prices, thereby reducing subsidies, the su...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Gulf SWFs Overhaul Their Strategies For A ‘Lower For Longer’ World
...plug deficits,” Elliot Hentov of State Street Global Advisors tells MEES. “The net effect is that they are still providing liquidity but the trend has dramatically slowed.” GCC SWFs’ total assets increased by $404bn from $2,519bn in October 2014 to $2,923bn in November 2017, a 16% rise, ac...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Algeria Raises $5.1bn In Bonds, Taps ADB For $1bn
...ven that spending this year is budgeted at $81.5bn, whilst the country is on track to earn just $25bn from oil and gas exports. Oil and gas export revenue was $60bn in 2014 and $63bn in 2013 when it accounted for a whopping 97% of export revenue (see table). With the collapse in earnings Algeria’s re...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Jordan Budgets For Ambitious 2016 Spending, Revenue Hike
...nefited from project aid from the $5bn GCC development fund set up in December 2011 by Saudi Arabia, Kuwait, Qatar and the UAE following the eruption of the Arab Spring, with each country pledging $1.25bn for the kingdom (MEES, 10 May 2013). He notes that this fund has already disbursed JD456mn in 2014...
Volume: 58Issue: 46Published at Fri, 13 Nov 2015 -
Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do
...EGYPT Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do Egypt cut its budget deficit to 12.8% of GDP for the year to June 2014. This is down from 13.7% for 2012-13, though still well up on 9.8% for 2010-11. Though the deficit rose in nominal terms to E£255.4bn from E£239.8bn the pr...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Egypt Targets Lower Energy Subsidies
...lal, speaking to London-based daily Asharq al-Awsat on 9 November, stressed that cuts to energy subsidies – which total a whopping E£130bn ($18.8bn) in the budget for the current year ending June 2014 – will be introduced gradually over a number of years to avoid a shock to consumers. Food subsidies (E£30...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013 -
IMF Downgrades MENA Growth Projections To 2.3% For 2013
...ypt,” which weigh on confidence in the region’s oil importing countries. (For details of IMF separate growth forecasts for oil exporters and importers see MEES, 11 October.) Real GDP growth is expected to pick up in 2014 to 3.6% as global conditions improve and oil production recovers. The IMF also sa...
Volume: 56Issue: 46Published at Fri, 15 Nov 2013