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QatarEnergy Warns Of $20bn Annual Revenue Hit
...evated. A DISASTROUS 2026 The economic impact of the Iran war far exceeds that of the 2017-2021 embargo on Qatar by its neighbors. Qatar managed to ride that out comfortably as Saudi Arabia and the UAE were unable to convince the emirate’s primary clients such as China, India and South Korea to lo...
Volume: 69Issue: 13Published at Fri, 27 Mar 2026 -
Egypt Eyes More Gulf Cash After $35bn Lifeline UAE Mega-Deal
...ed for cash, this could prove politically sensitive given that Ras Gamila lies directly across from the uninhabited Red Sea islands of Tiran and Sanafir, which Egypt handed over to Saudi Arabia in 2017. The unpopular move was considered by many at the time as ceding sovereignty to Riyadh (MEES, 4 Au...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Saudi PIF Aims To Kickstart Kingdom’s Services Sector With ADES Buyout
...cused on Egypt. But the company has expanded since its 2017 listing on the London Stock Exchange. In 2018 it tapped $450mn in loans, including $125mn from the EBRD, for “expansion of ADES outside of its home market in Egypt via the purchase and refurbishment of rigs or acquisition of entities operating su...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Saudi Oil Export Revenues Down 40% For 2020
...oking ahead to 2021 as a whole, a relatively conservative estimate would peg oil export revenues at slightly more than $150bn, putting them broadly in line with 2015 levels. However, 2017’s $170.2bn remains an attainable target, which if achieved would greatly ease the financial pressure on Saudi Aramco as...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...so see a slump. Doha projected a modest $100mn budget surplus this year and may well flip into deficit for the first time since 2017 (MEES, 31 January). KEY ECONOMIC DEVELOPMENTS *Without implementing swingeing cuts Saudi Arabia’s 2020 budget deficit risks ballooning by 70%. *Th...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Algeria’s Economic Sclerosis: Political Change Is Not Enough
...2017. ^INCLUDES VOLUMES TO SPAIN AND ITALY. TURKEY AND FRANCE HAVE BEEN ALGERIA'S TOP TWO LNG CUSTOMERS SINCE 2015. SOURCE: JODI, IEA, CORES, SNAM, SONELGAZ, OPEC, MEES ESTIMATES & CALCULATIONS. SCLEROTIC MODEL Prices for Algeria’s light sweet Saharan Blend crude averaged $110/B for th...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Egypt Launches ‘Wealth Fund’, Awaits Wealth
...untry’s oil output is more likely to fall than rise over the coming years (see p5). Egypt posted a deficit of E£186.7bn ($10.4bn) for the first six months of the 2018-19 financial year (July-December 2018), more or less unchanged from the E£187.3bn ($10.6bn) for the first half of the previous 2017-18 fi...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Gulf Bonds In 2018 Another Bumper Year?
...After issuing a record $50.5bn in international bonds in 2017, GCC sovereigns are poised for another bumper year despite rising oil prices easing fiscal pressures. GCC sovereigns raised a record $50.5bn in international bonds in 2017, smashing 2016’s previous record of $37bn, according to...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...t of the way early in issuing a $6.5bn bond, its largest ever, in January as Oman will likely have to offer higher rates following the downgrade (MEES, 2 February). Despite the concerns, the very reliance on oil and gas (about 77% of total revenues in 2017), means the hydrocarbons sector is cr...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Lebanon Looks To Put Fiscal House In Order
...pan can boast higher). Before passing the 2017 budget last year (MEES, 4 August 2017), parliament hadn’t passed a budget since 2005. Despite this the country posted annual GDP growth averaging 7.7% from 2006 to 2010. Lebanon’s political class used the absence of a budget to rack up massive deficits wh...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq Budget Under Threat
...maining $3.23bn yet to be disbursed (MEES, 4 August 2017). The IMF funds themselves are important but not necessarily crucial for the Iraqi economy given that MEES estimates Iraq’s oil exports are on track to rise $10bn in value this year (MEES, 9 March). But the IMF’s seal of approval on Iraq’s halting ec...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...Saudi Arabia strengthened its trade balance in 2017 with its surplus more than doubling to $95bn. Healthier oil prices more than offset lower export volumes, boosting export revenues, but the government’s efforts to invigorate the non-oil sector continue to fall flat. Saudi Arabia has be...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi Arabia Starts Year Of Heavy Borrowing
...Saudi is gearing up for another year of heavy borrowing on the back of record 2016-17 fundraising (MEES, 29 September 2017) as it seeks to kickstart its economy. It’s starting with refinancing a $10bn international loan raised in 2016. The original loan, for five years, was Saudi Arabia’s fi...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Growing Saudi’s Non-Oil Economy: A Mirage In The Desert?
...tervention Centre, which is working on the revamp, overall implementation of the NTP is still planned for 2020 but some targets will be pushed back to 2025 and 2030. Completion of the revamped NTP known as “NTP 2.0” was scheduled for the end of October 2017 according to the same document but has yet to ma...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. ...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Aramco’s Tax Slashed To Boost IPO Valuation
...ovided long-awaited transparency on an issue that will have critical importance in determining the success of the 5% share listing of Aramco scheduled for late-2018. The new rate is effective retroactively from 1 January 2017. As well as income tax, Aramco currently pays a 20% royalty on revenue, a fe...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Saudi Wealth Fund Eyes $3bn Jordan Investments
...EMPLOYMENT Following a mission to Jordan in mid-March, the IMF noted that the conflicts in Syria and Iraq continued to weigh on the Jordanian economy, with growth expected at around 2% in 2016 and unemployment rising to 15.3%. But it expects that growth will pick up modestly in 2017, driven by a moderate re...
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 -
Lebanon Raises $3bn In Record Bond Issue
...Lebanon on 21 March raised a record $3bn through a Eurobond issue which was six times oversubscribed with offers of $17.8bn. As such Lebanon has raised the full $3bn of Eurobond debt authorized by parliament for 2017. Some $600mn was raised from foreign banks and financial institutions, wi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...Kuwait this week raised $8bn in a debut Eurobond slated to cover its expected budget deficit for the 2017-18 year starting 1 April. The issue was three times oversubscribed, attracting $29bn in bids. Kuwait previously said it would seek to raise $10bn from its debut foray in the debt ma...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017