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Bahrain’s Banking Chief Denies Exit Of Foreign Banks
...e Bahrain News Agency on 1 July, the governor affirmed that major international banks, which are active in the kingdom or using Bahrain as a base for their regional operations, were carrying out their activities normally. He added that since the beginning of 2011, the CBB had licensed eight new ba...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Egypt’s Higher Military Council Approves 2011-12 Budget
...Middle East Economic Survey VOL. LIV No 28 11-Jul-2011 EGYPT Egypt’s Higher Military Council Approves 2011-12 Budget The Higher Military Council (HMC) headed by Field Marshall Husain al-Tantawi on 30 June approved the 2011-12 draft budget after it was amended by the Egyptian ca...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
UAE Allocates $3Bn Aid Package To Egypt
...fferent projects in Egypt. The Egyptian Ministry of Finance has doubled the amounts of expected grants in 2011‐12 to E£9.974bn ($1.671bn) and said that these would be mainly used to finance investment projects geared towards development (MEES, 4 July). Qatar and Saudi Arabia have already agreed to pr...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
BSF Sees Saudi Economic Indicators Pointing To Continued Growth
...134bn ($35.7bn) during the first five months of the year to their highest ever level of SR1,802.5bn ($480.7bn) in May 2011. This, the report says, could likely be attributed to both “robust oil revenues and possibly a higher return on the Saudi Arabian Monetary Agency’s (SAMA’s) investments.” SAMA’s de...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Yildiz Reappointed Energy Minister In New Turkish Cabinet
...riatic Pipeline (TAP) and the Interconnector-Turkey-Greece-Italy (ITGI) are vying for contracts to transport the gas. Construction of the pipelines depends on which companies are awarded the contacts by Azerbaijan, and that is not expected to take place until the end of 2011....
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Dubai’s Outstanding Debt Estimated At $31.4Bn Despite Positive Economic Trends
...tes and takes measures to strengthen its fiscal accounts,” it noted. The high level of Dubai GRE debt, estimated at $77bn, remains a risk as the government may be pushed into absorbing further liabilities. “With total Dubai Inc repayments exceeding $30bn in 2011-12, restructuring, refinancing and ne...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Political Comment (11 July 2011)
...Middle East Economic Survey VOL. LIV No 28 11-Jul-2011 Political Comment (11 July 2011) In an extraordinary intervention, the US has sent its ambassador into the Syria city of Hama, where security forces have clashed violently with anti-regime protesters. In Lebanon Hizbollah ha...
Volume: 54Issue: 28Published at Mon, 11 Jul 2011 -
Kuwait’s SPC Wants 530,000 B/D Al-Zour Option, Parliament Starts Shell Probe
...stead of Dhahran. The front end engineering design (FEED) has already been completed on the Saudi side of the border. It will be completed on the Bahraini side by the end of 2011 – it was restarted due to the original route’s passing through private land. Bahrain also takes 150,000 b/d (50% of crude ou...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Questions Raised Over Lebanon’s First Licensing Round
...arter of 2012,” Mr Basil announced. This is slightly delayed based on the schedule suggested last year, which anticipated Lebanon’s inaugural offshore exploration bid round being launched in October 2011 (MEES, 29 November 2010). “It might look like a complicated, lengthy and time consuming procedure fo...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
ADNOC’s New Chief To Focus On UAE Fuel Crises
...power, Abu Dhabi Water and Electricity Company. Abu Dhabi also supplies electricity and sometimes gas to the northern emirates, whose demand is expected to rise from 1.92gw in 2011 to 3.37gw in 2015. The northern emirates have faced power and gas shortages in previous summers, and in June ex...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Kramer: South Stream Promises Stable And Predictable Gas Transit
...tensifying dialogue between the stakeholders, so I could say that I am very optimistic that a shareholders’ agreement for the offshore can be completed in 2011. Q: Are there any more companies that have so far expressed interest in joining South Stream? A: When you try to finalize your first joint ve...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Growing Interest In Levant Offshore Prospects
...ock 12. Lawson Freeman, senior vice president of Noble Energy’s International Division, told the Levant Energy Forum 2011 in Nicosia on 23 June that Noble intends to start drilling a natural gas prospect on the Block 12 during the fourth quarter of this year and that it would take about two months to...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Japanese Crude Oil Imports Fall To 3.078Mn B/D In May
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 Japanese Crude Oil Imports Fall To 3.078Mn B/D In May Japanese crude oil imports averaged 3.078mn b/d in May 2011, down by 13.7% from 3.567mn b/d in April, according to monthly import data released by Japan’s Ministry of Ec...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Saudi LPG Prices Reduced For July
...0.00 380.00 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 1 Feb 505.00 505.00 1 Feb 735.00 735.00 1 Feb 820.00 81...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Egypt Has No Need For World Bank And IMF Loans For Now
...sted on its website. But Egypt will maintain its technical cooperation with these two organizations and benefit from their expertise. The statement notes that the government amended the draft 2011-12 budget approved on 1 June (MEES, 13 June), following a “social dialogue” which took place between th...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Iran Raises Oil Price Assumption To $95/B In 2011-12
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 IRAN Iran Raises Oil Price Assumption To $95/B In 2011-12 Iran has revised its oil price assumption in the 2011-12 budget to $95/B from the previous price of $81.50/B, Iran’s Minister of Economic Affairs and Finance Sh...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Fitch Affirms NBK Rating On Benefits Of ‘Flight To Safety’ By MENA Investors
...rica region, NBK had been benefitting from a “flight to safety” by investors, resulting in a strong and stable deposit base – both corporate and retail. The agency added that net income was continuing on its growth path in 1Q11, with the bank expecting to generate “sound profits” throughout 2011, in...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Oman Expecting Economic Growth Of 5% For 2011
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 oman Oman Expecting Economic Growth Of 5% For 2011 Oman’s economy is projected to grow by approximately 5% this year, on the assumption that oil prices stay at current levels, Minister of Finance Darwish al-Balushi said on 29...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
US Sanctions Syrian And Iranian Security Forces For Syrian Crackdown
...madi Moghadam, and his deputy Ahamd Reza Radan as sanctions targets. The latter traveled to Damascus in April 2011 and provided expertise to the government in cracking down on the Syrian people, the department noted. An advisor to Iran’s Minister of Foreign Affairs, Ramin Mehanparast, rejected we...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011 -
Political Comment (4 July 2011)
...Middle East Economic Survey VOL. LIV No 27 4-Jul-2011 Political Comment (4 July 2011) While continuing to crack down on protests across the country, the Syrian authorities have allowed opposition figures to meet openly in Damascus. Bahrain has appointed what looks like a truly in...
Volume: 54Issue: 27Published at Mon, 04 Jul 2011