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Kuwait Debt Law Breakthrough: A New Era For Investment?
...ll enable the government to issue debt for the first time since the expiry of the previous financing and liquidity law (called the public debt law) in 2017” (MEES, 7 April 2017). The IMF put Kuwait’s debt at just 3.2% of GDP as of end-2023, and expects this to gradually rise to 25% by 2032 with th...
Volume: 68Issue: 14Published at Fri, 04 Apr 2025 -
Israel Sees Gas Export Revenues Surge 58% To Record $2.3bn for 2022
...a. Deliveries begun way back in 2017 – until the start-up of Leviathan at the end of 2019 these were Israel’s only gas exports – and rose 6% to 18mn cfd for 2022. *But whilst Jordan may be a steady market in volume terms, it has outperformed Egypt in terms of price. Tamar earned a record $7....
Volume: 66Issue: 14Published at Fri, 07 Apr 2023 -
Food & Fuel: Surging Prices Spell Mixed Fortunes In North Africa
...BYA (2018) AND ALGERIA (2017). SOURCE: WORLD BANK. 2: PRICES OF MAJOR FOOD PRODUCTS HAVE SOARED OVER THE PAST FEW MONTHS* *FAO FOOD COMMODITY PRICE INDICES SHOW CHANGES IN MONTHLY INTERNATIONAL PRICES OF MAJOR FOOD COMMODITIES. 2014-2016 PRICES USED AS BASE. SOURCE: FOOD AND AG...
Volume: 65Issue: 16Published at Fri, 22 Apr 2022 -
Oman Oil Output Hits New Heights In Q1 As Revenues Soar
...st notably the 2017 start up and subsequent expansion of the BP-operated Khazzan tight gas development – Khazzan’s condensate capacity is around 60,000 b/d (MEES, 16 October 2020). Condensate production was restricted by Opec+ commitments between January 2017 and January 2020, but is now exempt fr...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022 -
Saudi Arabia’s Vision 2030: Five Years On
...ince in 2017. When Vision 2030 was launched five years ago it seemed highly unlikely that it would succeed in all of its highly ambitious goals. But to observers it was clear that Saudi Arabia’s economy needed to be shaken up and that setting out such ambitious targets was no bad thing, even if th...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
UAE Hydrocarbon Export Revenues Fell By 36% In 2020
...asure and was not that far below the recent low-point of $67.4bn in 2017. 1: THE UAE ECONOMY CONTRACTED FOR THE FIRST TIME IN 11 YEARS IN 2020 (REAL GDP GROWTH, %) ^PRELIMINARY CENTRAL BANK CALCULATION *CENTRAL BANK PROJECTION; SOURCE: UAE CENTRAL BANK, IMF, MEES. 2: UAE OIL & GA...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...ditional $32bn from its foreign reserves. Foreign reserves exited 2019 at $500bn, up slightly on 2017 and 2018 levels. The kingdom was already planning to run a massive $49.9bn budget deficit in 2020, the highest deficit since 2017, as it seeks to stimulate private-sector economic activity (MEES, 13 De...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Kuwait Economy: Turbulent Times
...Kuwait’s economy is set to contract for the first time since 2017 as its core oil-sector is ravaged by the impact of the Covid-19 pandemic on the global economy. Kuwait’s economy was already slowing prior to the onset of the pandemic, as a weak global oil sector weighed heavily. Preliminary go...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Economy: Modest Diversification Efforts Face Bleak Outlook
...oject as it depends on the extent to which not just Saudi Arabia, but also themajor oil-consuming economies, are affected by Covid-19. However, it seems inevitable that it will be considerably sharper than 2017’s 0.7% contraction. The weak economic performance in 2017 was the key driver behind Ri...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Sudan Secures Gulf Aid
...though the US lifted some trade and economic sanctions on Sudan in October 2017, it remained on Washington’s list of sponsors of terrorism (MEES, 13 October 2017). Mr Burhan says a Sudanese delegation could travel to the US this month to discuss the removal of Sudan from this list, although while the mi...
Volume: 62Issue: 17Published at Fri, 26 Apr 2019 -
Suez Canal Boosted By Saudi, US Oil Trade Transformations
...ade – has continued to edge higher in recent years, hitting a record 491mn tons in 2018, up 4% on 2017’s previous record. *As for LNG, 5.16mn tons went northbound through the canal in Q1 this year, the highest since 3Q 2015. Weaker than usual Asian buying has seen Asian spot prices fall below those in...
Volume: 62Issue: 16Published at Fri, 19 Apr 2019 -
Egypt: Is It Finally Getting Its Energy Finances In Order?
...The end to fuel subsidies and IOC ‘receivables’ may finally be in sight. Egypt is gearing up to remove the majority of fuel subsidies by the start of the next financial year in July. Cairo spent E£121bn ($6.8bn) in the 2017-18 financial year and is on course to spend E£90bn ($5.1bn) in th...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Iran Doubles Down On Unpopular Currency Exchange Controls
...2017, the economy is projected to rise by 4% in 2018, according to the IMF’s April WEO. Official reserves in fiscal 2017-18 (ending 20 March 2018) were estimated at $112bn and are projected to rise to $125bn in 2018-19, although the easy accessible reserves might be less. MEES estimates Iranian oi...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Egypt Plans Further Cuts To Energy Subsidies
...rrent 2017-18 financial year envisages a spend of $7.8bn, whilst the most recent ‘actual’ figure had spending at $10.1bn for 2016-17. The 2016-17 spend was actually up on the previous year’s $9.8bn. Whilst the dollar-terms rise is a modest 3%, in local currency terms the leap in spending in energy su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Qatar Tops Saudi Bond
...sewhere – Kuwait is eying a double-digit $bn issue (MEES, 2 February). Experts canvassed by MEES forecast 2018 GCC issues of $80-90bn, smashing 2017’s record $50.5bn (see chart and MEES, 30 March). Qatar’s issue marks its first international bond in almost two years: it last raised $9bn in May 2016 (ME...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Iran Unifies Exchange Rate In Last Resort To Halt Plunging Rial
...om $59bn in 2017 to $72bn in 2018. ...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Lebanon: Can Donor Conference Success Right The Ship?
...rkish ‘power ships’ producing around 370 MW from fuel oil, and nix plans to tender another two power ships for 800 MW. A shift from fuel oil toward gas-fired plants would also ease the eventual transition toward domestically produced gas, should offshore exploration efforts pan out (MEES, 15 December 2017...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Sonatrach Slashes 5-Year Spending Plan: Is It Finally Getting Real?
...ar’s $75bn for 2017-21 and little more than half the $100bn planned for 2014-18. But muddying the water is that actual spending in recent years has seriously lagged the planned figures. Each plan has presumed that ‘one more year’ of austerity will be followed by four years of higher oil prices and in...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Economy Takes Center Stage Ahead Of Iran Elections
...reatens irreparable damage to market stability. But the health of the Iranian banking system certainly leaves much to be desired with a high level of non-performing loans and lack of liquidity. Several small credit institutions have failed since the beginning of 2017, adding further to systematic pr...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017 -
Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...tempt to sweet-talk Saudi officials. The 2017 Saudi budget projects a whopping deficit of $53bn, albeit down from the record figures of $79bn and $96bn in 2016 and 2015 respectively (MEES, 6 January). Though Saudi Arabia does not disclose its budget oil price assumption, local investment bank Ja...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017