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UAE-Oman Relations: Brotherly Love Or Sibling Rivalry?
...jor diplomatic spats have been few: the only high-level incidents in recent years are Oman’s claims to have broken up Emirati-backed spy rings in 2011 and in 2019; claims which Abu Dhabi denies. Where the countries have more often clashed is in their very different approaches to regional foreign po...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Libya Set To Approve $20bn ‘Paper’ Budget
...ter the overthrow of long-time ruler Muammar Gaddafi in 2011. MEES estimates oil revenues rose to an eight-year high $30bn last year and may well top that this year as oil prices have pushed past $100/B (MEES, 28 January). The Bashagha camp’s latest moves are designed to radiate a sense of or...
Volume: 65Issue: 19Published at Fri, 13 May 2022 -
Saudi Arabia Pledges To Invest Oil Export Windfall In Economic Reforms
...P in the first quarter of the year growing at the fastest pace since 2011. Unsurprisingly, the surge has been driven by resurgent oil markets, as the fallout from Russia’s 24 February invasion of Ukraine has pushed oil prices above $100/B for the first time since 2014. The kingdom launched its Vi...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Qatar Slumps Into Recession
...ril). LNG: PAINFUL PRICES Qatar’s expansion to 77mn t/y liquefaction capacity was completed in 2011 (MEES, 8 April 2011) and drove Qatar’s GDP ever-upwards, especially while oil-linked LNG prices were booming. Mining and quarrying accounted for 58% of the economy in 2011, before the sh...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Saudi Arabia Posts $9bn Q1 Deficit, Worse To Come
...e $32bn that Finance Minister Muhammad al-Jadaan just last week stated that the government would use (MEES, 24 April). Despite the latest steep fall in reserves, they still stood at a massive $465bn in March. And while this was their lowest level since March 2011, it still represents more than th...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Jordan’s Nepco: An End To Operating Losses?
...ars of 2011-14 when Nepco racked up a cumulative $5.4bn in operating losses (see chart 2). Like many Mena countries, Jordan heavily subsidizes electricity consumption. But unlike most of its neighbors, Jordan’s dearth of domestic energy supplies (Jordan imports some 94% of its energy) means that Nepco pa...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Iran Threat To Nuke Deal As Exports, Revenues Face Collapse
...ES, 30 November 2011), has been ramping up throughputs and is set to hit full capacity later this month, Reuters reports. But the fact that official Chinese data show overall record crude imports for April despite a heavy maintenance schedule, suggests that at least some of the bumper Iranian vo...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Egypt: Economic Gains Threatened By Record Import Bill
...bounded from 2015-16 terrorist attacks, which came as numbers were already depressed by instability in the wake of the February 2011 ‘Revolution’. Revenues of $2.2bn for 1Q 2018 are up almost 70% year-on-year, though arrivals remain well down on the immediate pre-Revolution year of 2010, when the country ea...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
South Sudan Coffers Empty Amid Crippling Crude ‘Diversions’ To Khartoum
...ss of three-quarters of its oil export revenue in the wake of South Sudan’s July 2011 independence. Compensation was to be paid at a rate of $15/B, implying total monthly payments of $24.1/B until the ‘transitional’ payments were cleared. BEHIND FROM THE START South Sudan fell behind with pa...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Output Slump, Revenue Slump
...tput, some 350,000 b/d for 3Q 2011. But output rapidly slumped. Output was shut in for 15 months from early 2012 as the result of a standoff with Sudan over access to the newly-independent country’s sole export route via Port Sudan. In March 2013, the two countries signed a deal on transit fees an...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Algeria Slashes Oil & Gas Investment
...e first one in six years that stands a hope of being hit (see charts). ALGERIA: KEY OIL AND GAS STATS 2011 2012 20...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Libya Wins $1bn From SocGen, But Cases Highlight Shambolic Economic Governance
...nctions imposed on Libya in 2011. Ali Mahmud Hasan, who heads the LIA steering committee appointed by the GNA, has complained that the fund is losing money due to a lack of control over its equity and bond investments. But the unfreezing of the funds continues to be undermined by disputes over the le...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Libya Investment Authority: A History Of Legal Wrangles
...rth $31mn, as the Libyan regime is prevented under sanctions from recovering unpaid debts. The LIA argues that as the debt pre-dated the imposition of sanctions in March 2011, it should not be subject to such restrictions. ...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...ll trade data). It is, however, notable that surpluses were already shrinking rapidly from the bumper $26.24bn notched up in 2011 even whilst oil prices remained at $100/B-plus as Algiers sought to use public largesse to counter fears of Arab Spring ‘contagion’. By the same token the fact that th...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Egypt’s Deficit Up
...balances after the January 2011 revolution (including $3bn grants from Saudi Arabia and the UAE, in addition to E£20.3bn out of the E£29.7bn allocated to finance the first stimulus package), it did not have the same inflow in the corresponding period of 2014-15. If these exceptional inflows were to be ex...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Libya Could Run Out Of Cash Sooner Rather Than Later
...ports of refined products. Public salaries dropped slightly from LD25.6bn in 2013 to LD23.8bn in 2014, but this was still more than 60% higher than the LD14.8bn the government spent on salaries in 2011. The drop in the oil price is likely to mean the government’s subsidies bill falls in 2015, but if the ad...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Bahrain 2015-16 Budget Deficit Soars
...ice exceeds $40/B. Four GCC countries, Saudi Arabia, Kuwait, the UAE and Qatar set up in 2011 a Gulf development fund to disburse $10bn in grants over 10 years to finance Bahraini projects. This aid will be extremely timely in these hard times of low oil revenue (MEES, 1 March 2013). BAHRAIN BU...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
Sisi Promises Economic Reforms
...ne which began shortly after the fall of Husni Mubarak in 2011. Saudi Arabia, Kuwait and the UAE pledged $12bn in aid after the removal of Islamist president Muhammad Mursi last year. Cairo is currently receiving assistance in the form of petroleum products from Saudi Arabia. The head of the Eg...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Iran: Hope All-Pervasive, But Is It Justified?
...der the previous administration stand out. Mahmoud Reza Khavari, managing director of Bank Melli, Iran’s largest state-owned bank, fled the country to Canada in late 2011 in a $2.6bn embezzlement scandal. His alleged fraud involved the use of forged documents to obtain credit from at least seven Ir...
Volume: 57Issue: 20Published at Fri, 16 May 2014 -
IMF Sees Positive Economic Developments In Iraq
...12 from $1,300 in 2004. This favorable IMF assessment comes at a time when violence in Iraq has surged to new highs and Sunni opposition to the Shi’a dominated government has become more pronounced. The IMF notes that fiscal surpluses reached almost 5% of GDP in 2011 and 4% in 2012 as a re...
Volume: 56Issue: 22Published at Fri, 31 May 2013