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Egypt Economic Reforms Remain On Track But Long Road Ahead
...ensure that these subsidies target those who are most in need. He denies that there is a decision to raise fuel prices, but said that his ministry has a five-year program which started in 2014 to rationalize energy subsidies, stressing however that this program is unrelated to the IMF loan. NE...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Oman Export Revenues Down, Rating Junked
...finery Improvement Project (SRIP), which commenced in 2014, is slated to increase output capacity for transport fuels by 59% to 197,000 b/d. Construction finished earlier this year and the spike in April refinery output suggests that units temporarily offline for the maintenance are now back online. Ho...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Libya Wins $1bn From SocGen, But Cases Highlight Shambolic Economic Governance
...ADERSHIP DISPUTES The issue over who heads the LIA has been long drawn out. Mr Breish was deposed as LIA head in June 2014 under Law 13, a measure passed by parliament in May 2013 that excluded those associated with the previous regime from participating in state functions. But he continued to be re...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Libya Investment Authority: A History Of Legal Wrangles
...The LIA lodged a lawsuit against French Investment bank Societe Generale in 2014. In this it claimed the relationship between it and SocGen through which the latter executed $2.1bn of trades on behalf of the LIA in the 2007-09 period was based on a “fraudulent and corrupt” scheme involving a $58...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Gulf Banking Ripe For Takeover Spree
...venues fell from a six-year high of $97.2bn in 2014 to just $44.3bn in 2016, a collapse of 54% (see chart). They are projected to rise back above $50bn this year but will still remain well short of 2014 levels. It’s a similar story elsewhere in the GCC, with Saudi crude revenues falling a staggering $15...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...blic debt increased,” said the IMF following the conclusion of its Article IV mission to Algeria on 20 March. Algeria’s trade deficit was a record $17.84bn in 2016 up from $17.01bn in 2015 and a surplus of $2.4bn in 2014. Of course the key variable here is the oil price (see chart, and table p5 for fu...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Kuwait Plans To Double Debt Ceiling To $66bn
...2015 4Q16 vs 4Q15 4Q15 2014 2013 2012 20...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...ting of ‘AA’ in March 2014 it took until April 2016, over 18months after oil prices started to fall, for this to be reversed. FITCH SAUDI SOVEREIGN RATING HISTORY LONG-TERM ISSUER DEFAULT RATING. SOURCE: FITCH, MEES....
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...venue will likely prove substantially higher and thus the deficit will likely come in lower, albeit still around $20bn. Even with the latest bond issue, this still leaves a $12bn hole to fill. Kuwait in 2014-15 posted its first budget deficit of KD2.72bn ($8.9bn) following the collapse in oil prices in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...’ish [IS].” Britain is a main partner in the US-led coalition that is currently assisting Iraq to defeat IS, which overran large swathes of Iraq in 2014. Iraqi forces backed by US support are currently battling IS to liberate Iraq’s second city of Mosul in the north of the country. The of...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
QP Petchem Merger
...bsite, Qapco saw revenues peak at QR4.45bn ($1.22bn) in 2013, before easing by 1% to QR4.40bn ($1.21bn) in 2014 and falling 8% to QR4.04bn ($1.11bn) in 2015. QVC has capacity to produce 230,000 tons/year of vinyl chloride monomer and 175,000 t/y of ethylene dichloride at its Mesaieed complex. Its ma...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Kuwait Budgets For Lower Deficit In 2017-18
...99-2000, Kuwait in 2014-15 posted its first budget deficit of KD2.72bn with the start of the collapse in oil prices in mid-2014, following which the deficit began to grew in the following two years. Mr Salih notes that the projected budget deficit in 2017-18 will be covered from reserves and issues of bo...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Qatar’s Sovereign Wealth Fund Shifts Focus And Gear
...e US has been the favorable changes to tax laws for sovereign investors buying property. Furthermore, in early 2016 ‘qualified foreign pension funds’ were exempted from the Foreign Investment in Real Property Tax Act (1980). Under Shaikh ‘Abd Allah who was appointed CEO in 2014, the fund has de...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ve severely struggled since the 2011 revolution and despite the more than halving of oil prices since mid-2014, the firm has still been unable to balance its books. Receivables peaked at over $6bn in 2014. “EGPC revenues from sale of fuel products continue to fall short of its costs resulting in th...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...om 2011 to mid-2014 the fund pocketed large surpluses from Algeria’s understatement of oil revenues. The IMF estimates that Algeria’s foreign reserves fell to $113bn at end-2016, down from $143bn in 2015, $177bn in 2014 and $192bn in 2013. This roundabout way of booking oil revenues has been cr...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...venues – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 16.5% on 2015 – led cash-strapped governments to post record-high budget deficits as they grappled with a sudden reversal in fortunes. The deal to cut 1.2mn b/d came into effect on 1 January this ye...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Dubai Edges Up Spending
...20. Upcoming events like Expo 2020 and the expected increase in infrastructure spending could help reverse Dubai’s recent economic slowdown, which saw the real estate market in summer drop by around a quarter since the most recent peak reached in 2014 (MEES, 29 July 2016). “The greater diversification of...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...17B 2016E SR BN % (Real) 2015 2014 2013 2012 20...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Oman 2017 Budget Cuts Deficit By 44% With Brighter Prospects For Oil Revenues
...e 2016 budget lost more than 67% of its oil and gas revenues despite achieving record high production, compared to the oil revenues earned in 2014. The statement added that 2016 witnessed the lowest traded price of Oman oil which plunged to $24/B in January, but that the government was able to fi...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017