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Egypt’s Financial Woes Mount: Record Debt & Deficit As Devaluation Looms
...th the IMF. But as oil prices have risen in recent years gasoline and diesel subsidies have reappeared by the back door (MEES, 10 November). The E£119.4bn ($3.9bn) budgeted for 2023-24 spending on oil products subsidies is the highest since 2017-18 in Egyptian pound terms and 2018-19 in dollar te...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Oman LNG Export Revenues Set To Smash Annual Record
...talEnergies (5.54%), Korea LNG (5%), PTTEP (2%) and a trio of Japanese firms. GAS REVOLUTION The start-up of BP’s 1bn cfd Khazzan tight gas project in 2017 spurred Oman’s gas success, with the second phase 500mn cfd Ghazeer play boosting production when it came online in October 2020. Do...
Volume: 65Issue: 50Published at Fri, 16 Dec 2022 -
Saudi Budgets For Bigger Deficit, Banks On 2020 Gdp Boost
...nsiderably higher than 2017 levels. Riyadh expects spending this year to come in some $15bn under budget and puts this down to a combination of efficiency gains and greater involvement of the private sector “reducing the need to finance these projects from the budget.” GROWTH SET TO SURGE? Sa...
Volume: 62Issue: 50Published at Fri, 13 Dec 2019 -
Qatar: New 2.5GW Plant Powers Economic Growth
...provements in reducing its greenhouse gas emissions have so far come to naught. However, Kahramaa has prequalified 16 international solar power developers to bid for a 500MW solar photovoltaic plant at Al Kharsaah, 80km west of Doha, and is expected to invite bids shortly (MEES, 29 September 2017). QA...
Volume: 61Issue: 50Published at Fri, 14 Dec 2018 -
Saudi Powers Ahead With Reform Plans
...halve its budget deficit to $42.5bn for 2017 – but this is due to higher oil prices rather than any new policies from Riyadh. Non-oil revenue, the ‘holy grail’ of Vision 2030, is expected to grow by only $1.2bn or 2.4% this year (MEES, 24 November). Riyadh’s ideas for broadening its economy ra...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Iran Cuts Budget Sharply For 2018-19
...Iran unveiled its draft 2018-19 budget this week. On the surface it’s relatively unchanged from the current year (2017-18), with modest revenue and spending gains penciled in. But, with the IMF pegging inflation at 10%, the budget is in effect sharply reduced in real terms. The new budget co...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Iraq Budgets For Higher Revenue In 2017 As Oil Prices Rise
...Iraq is on track to record a massive $21.5bn deficit in 2016, a modest improvement on last year’s $26bn. The recently-passed 2017 budget projects a deficit of ‘only’ $18.4bn, though a conservative oil price assumption means it may undershoot. Iraq is banking on higher oil revenues in 2017 to...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Oman Eyes Debt Market
...Oman is planning to issue $1.5-2bn of international bonds in 2017 to plug its budget deficit, senior central bank official Ali Hamdan al-Raisi says. Finance ministry official Muhammad Jawad bin Sleiman adds that Oman has yet to decide whether it will be a normal bond or loan, or sukuk. Om...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Gulf Finance: Rise Of The Renminbi
...nks for the 30-year tranche of Saudi’s $17.5bn bond issued in October – Asian investors bought 22% of the $6.5bn Saudi 30-year notes. Saudi is expected to tap the international bond markets again in 2017 as it seeks to reduce its budget deficit. Asian banks, including Chinese, have considerable ex...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
GCC Ratings Under Pressure From Oil Price Slide
...st $80/B in 2015-17, compared with a slow decline to $95/B in 2017 in the firm’s previous forecast. In a report issued on 1 July S&P noted that key Gulf producers would find themselves in a complicated fiscal position if oil prices turned south – which indeed they did, just weeks after S&P pu...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014