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Adnoc Ready To Roll Out Murban Futures Contract
...mand in Fujairah. It can go from Fujairah to Asia, it can go to Africa, it can go to Europe.” With Fujairah emerging as the largest bunkering hub in the Middle East, storage capacity has expanded rapidly “from 3.2mn m³ [20.2mn barrels] in 2011 to more than 10mn m³ in 2018," according to Salem al-Ha...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021 -
Coronavirus Set To Crush North Africa’s Tourism Sector
...direct effects on supply chains and investment are factored in (see table). Egypt’s tourism sector was already struggling to recover from the chaos of the 2011 ‘Arab Spring’ when in 2015 disaster struck. Islamic State terrorists blew up a Russian passenger jet over the Sinai, killing all 224 on bo...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Libya’s 2019 Budget: Fact or Fiction?
...Muammar Gaddafi in 2011 and the ensuing violence. As if Mr Sanalla didn’t have enough on his plate, the budget only allocates around LD1.3bn ($935mn) for NOC employee wages (see table). Oil workers argue that the government was supposed to grant them a 67% increase in wages in line with a 2013 go...
Volume: 62Issue: 13Published at Fri, 29 Mar 2019 -
Lebanon Looks To Put Fiscal House In Order
...With the world’s third highest debt-to-GDP ratio and annual growth averaging just 1.7% since 2011, the Lebanese economy needs crucial assistance. Saad Hariri’s government aims to cut this year’s deficit and upcoming donor conferences may help. But can efforts overcome the structural issues im...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Egypt Reserves Up Again As Cairo Pockets World Bank Cash
...Egypt’s foreign currency reserves rose by a further $200mn last month to stand at $26.6bn at the end of February, their highest level since 2011 (see chart). And reserves will likely have risen further during March with Egypt’s receipt of the second $1bn tranche of a $3bn World Bank loan. Th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...reign assets as of end-January falling below SR2 trillion for the first time since October 2011. At $524bn they are 30% below the record $746bn level hit in mid-2014 (MEES, 10 March). The country’s 2017 budget projects a whopping $53bn deficit, albeit down by a third from 2016 (MEES, 6 January). Fi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Jordan’s Fiscal Situation Grim, Debt Nears 100% Of GDP
...rdan’s $32bn end-2015 stock of public debt, a full $7bn is due to accumulated Nepco losses. All in all a conservative estimate would be that Jordan will add at least 5% of GDP to its national debt in 2016, and likely somewhat more. This follows a five-year period corresponding with the “Arab Spring” (2011...
Volume: 59Issue: 12Published at Fri, 25 Mar 2016 -
Egypt Devalues Currency: Will It Bring Stability?
...serves. Egypt has received massive external support from GCC monarchies since President Sisi took power in mid-2013. But with Gulf states themselves facing stretched finances such inflows are likely to slow this year. Egypt’s external debt has risen by $13.2bn to $48.1bn since the country’s 2011 re...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Iran Could Face Major Banking Crisis Post-Sanctions
...til it has taken stock of its available assets. Oil revenue in the 2016-17 budget is projected at $22bn, a mere 18% of Iran’s oil revenue of $119bn in 2011 (MEES, 19 February). Iran is looking to tap foreign direct investment (FDI) for many of its planned projects in the post-sanctions era. The ne...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Egypt Outlines 2015-16 Budget Guidelines
...s increased to 25% of the overall budget needs to be trimmed, adding that this increase was the result of the introduction of the minimum wage in the public sector as of the current year, normal salary increases and requests for adjustments pending since 2011. ...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Qatar’s Spending Spree Set To Continue
...ioritization of projects, if state entities fail to do so. This decision, according to Mr Emadi, reflects the government’s commitment to press on with its sustained development drive, focusing on the implementation of major projects in health, education, infrastructure and transport under the 2011-16 na...
Volume: 58Issue: 13Published at Fri, 27 Mar 2015 -
Egypt Open For Business With $175Bn Of Deals Signed At Development Conference
...ch of these will be split 50/50 between cash deposits at the Central Bank of Egypt (CBE) and project investments. Fresh CBE deposits will help boost Egypt’s foreign exchange reserves, which stood at $15.5bn at the end of February, down by more than half since the January 2011 revolution. Mr Sa...
Volume: 58Issue: 12Published at Fri, 20 Mar 2015 -
Egypt Seeks Growth At Sharm El-Shaikh Conference
...stability following the February 2011 ouster of Husni Mubarak. Foreign direct investment has yet to recover. Egypt will use the conference to showcase its “Sustainable Development Strategy 2030” as well as its 2014-19 economic and social reform plan, which includes new legislation to attract investors to...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Jordan Slashes Spending In Bid To Halve Deficit
...l prices remain at their current level of around $60/B, Nepco’s 2015 losses would fall to around JD600mn ($846mn), he says. Jordan imports around 96% of its energy needs. Nepco has suffered cumulative losses of JD4.5bn ($6.3bn) since Egyptian gas supplies began to dwindle in 2011. To make up...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Algeria Returns To Expansionary Budget In 2014
...ALGERIA Algeria Returns To Expansionary Budget In 2014 Algeria has adopted an expansionary budget for 2014 after cutting 2013 budgeted spending. But the projected 2014 spend is still well down on the bumper 2011 spend, when Algiers attempted to stave off calls for po...
Volume: 57Issue: 13Published at Fri, 28 Mar 2014 -
Kuwait Set To Double Budget Surplus
...riod (see table). Oil Dependence Kuwait is reliant on oil export revenue to finance 93% of the current budget, though this is down from 94.5% for 2011-12. Kuwait’s official budget for 2013-14, based on a highly conservative oil price of $70/B, contains a deficit of KD7.43bn. Kuwait budgets fo...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Tunisia Pledges Cuts To Avoid Economic ‘Catastrophe’
...lamist party Ennahda won the elections after the overthrow of Ben Ali’s regime in January 2011, but two political assassinations of prominent opposition deputies in 2013 reminded Tunisians that they were still in transition, given the economic challenges and external shocks experienced since 2011. La...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Libya To Transfer $2Bn To Egypt
...13 from over $36bn before the January 2011 revolt. ...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Syrian Pound Slides On “Malicious War”
...th Iran, which had extended a $1bn line of credit to Syria. Foreign exchange reserves, which stood at $18bn in March 2011, may have fallen to $5.6bn at the end of 2012 (MEES, 15 March). Meanwhile Syria has issued an Economic Crimes Law aimed at combating corruption and theft, preventing the de...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
IMF Sees Iraq’s Growth At 9% In 2013
...12 % Change 2011 2010 Total Revenue 119,297 102,327 16.6 80,935 61,735 Total Expenditure 138,425 117,123 18.2 96,663 84,657 Capital 55...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013