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Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Saudi Arabia Taps Foreign Reserves To Fund Overseas Investments
...BRUARY 2011 IN APRIL ($BN) SOURCE: SAMA, MEES....
Volume: 63Issue: 23Published at Fri, 05 Jun 2020 -
Qatar & Turkey: Brothers In Arms?
...up brought Abdel Fatah al-Sisi to power in Egypt relations with Qatar plunged to even worse depths than prior to Hosni Mubarak’s 2011 ousting. But even now the economic relationship between Qatar and Turkey is relatively menial, even in comparison to that between Ankara, UAE and Saudi Arabia – wi...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 2011...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...ough there remains some way to go. Crude exports to the EU were worth $4.57bn in 2016 according to figures from the European Commission compared to $23.5bn in 2011, when oil prices were of course substantially higher (MEES, 7 April). …BUT INVESTMENT STALLED… The biggest Iranian energy de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...anwhile latest statistics from the Saudi Arabian Monetary Agency (SAMA) show that the kingdom’s foreign reserve assets have shrunk to $500bn at end-April from $508.7bn at end-March, the lowest since May 2011 (see charts). Reserves have continued to fall despite the raising of $9bn in Islamic sukuk by the ki...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...rrent 32GW capacity includes 46% gas-fired and 43% gas or oil) – though the share of both renewables and coal has been increasing as the country’s chronic gas shortage since 2011-12 has forced it to seek alternatives. Massive power cuts in 2012 and 2013 helped catalyse protests that led to the ov...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...Egypt has resumed “preliminary” loan negotiations with the IMF, local daily Al-Masry Al-Youm says, citing government sources. The amount has yet to be determined but Cairo conducted drawn-out discussions with the IMF with a view to finalizing a $4.8bn loan in the aftermath of the country’s 2011...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Iran Struggles To Attract Investment Amid Continued Sanctions, Both Real & Perceived
...clear capability, has had a crippling impact on its economy. After these sanctions were tightened further in 2011, Iran’s roughly $420bn economy shrank by about 9% in the following two-year period that ended in March 2014, according to the IMF. Crude oil exports fell from 2.48mn b/d in 2011 to ju...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Egypt Taps Bond Market For First Issue In Five Years
...ability to the country after the Arab Spring uprising of early 2011 which shut out Egypt from the international debt market. The last time Egypt dipped in the international debt market was in April 2010 with the launch of a $1.5bn Eurobond. Egypt’s growth prospects began to improve after President Ab...
Volume: 58Issue: 24Published at Fri, 12 Jun 2015 -
Mideast FDI: ‘Bleak’ Prospects Amid Post-Arab Spring Instability-UN
...litical and social upheavals following the 2011 Arab Spring continue to weigh down economic activity and deter potential investors. This comes despite an overall upturn in global economic conditions, and FDI, over the past year. Global FDI inflows rose 9% to $1.45 trillion last year, but for the MENA re...
Volume: 57Issue: 26Published at Fri, 27 Jun 2014 -
Jordan Plans $1Bn Bond
...reign grants to reduce its budget deficit. It expects to receive JD1,151mn ($1,623mn) in foreign grants in 2014, up from JD982mn ($1,385mn) in 2013 (MEES, 21 March). Gas Shortage Jordan’s fiscal situation worsened after the 2011 Egyptian revolution, which led to a disruption in Egyptian gas su...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...lated to Dubai World and Nakheel which will begin to mature in 2015-16. Abu Dhabi 2012 GDP Estimated At $248Bn The GDP of the largest emirate in the UAE federation, Abu Dhabi, rose by 7.7% in 2012 to Dh911.6bn ($248bn) at current prices from Dh846.7bn ($231bn) in 2011, according to fi...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013 -
GCC Measures Against Hizbollah Could Undermine Lebanese Economy
...banese GDP Growth Cut To 2% In its latest Global Economic Prospects the World Bank revised Lebanon’s real GDP growth in 2013 downward to 2% from 2.8% in January. It is now estimating growth at 1.5% in both 2011 and 2012 and is projecting a rise to 2.3% in 2014 and possibly 4.0% in 2015. The World Ba...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Yemen Oil Revenues Take Nosedive
...ainst former president ‘Ali ‘Abd Allah Salih in early 2011. Even though Mr Salih stepped down in February 2012, attacks have continued with the key aims of putting pressure on the Yemeni leadership to distribute handouts and release previously imprisoned tribesmen, analysts say. Yemen’s main ex...
Volume: 56Issue: 25Published at Fri, 21 Jun 2013 -
Egypt-IMF Talks Edge Forward; Budget Deficit Overshoots
...the first 10 months of financial 2012-13, at E£125.4bn ($17.9bn), appears on target to come in below the projected E£182.8bn ($26.1bn) annual figure and more or less level with 2011-12’s E£150bn; in fact the energy portion is set to undershoot (see graph 2). Energy subsidies – indicated in the fi...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
IMF Approves $1.74Bn Reform Loan For Tunisia
...fficulties and a series of external shocks following the 2011 revolution. It adds that due to a challenging economic environment, as well as regional and domestic tensions, real GDP contracted by 2% in 2011, foreign direct investment and tourism declined by more than 30% year-on-year, and unemployment rose to...
Volume: 56Issue: 24Published at Fri, 14 Jun 2013 -
S&P Upgrades Saudi Sovereign Credit Ratings
...8% for 2012 and 8.5% for 2011 (see graph). Riyadh slams IMF Projections The Saudi government takes exception to these IMF growth numbers, Finance Minister Ibrahim al-‘Assaf told a Riyadh forum at the end of May. He says (unspecified) higher Saudi estimates for 2013 are more ac...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Yemen To Get $200Mn Aid
...ate energy subsidies, which are as high as 5% of GDP, the main area of concern. The IMF estimates GDP growth at a mere 0.1% in 2012 after shrinking 10.5% in 2011 as a result of the political turmoil in the country. The IMF had earlier said that the government first needs to agree on its economic pr...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013 -
Bahrain Beats Budget Projection
...strengthening of the investment climate, will be the key to restoring high levels of private sector-led growth and the creation of employment for Bahrainis. Given this uncertainty, Bahrain can look forward to benefit from the $10bn aid package pledged by the GCC countries in 2011 for ec...
Volume: 56Issue: 23Published at Fri, 07 Jun 2013