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Jordan Budgets For Lower Deficit, Cost Rationalization In 2018
...venues. Unveiling the draft budget to parliament on 25 November, Finance Minister Umar Malhas, said that the deficit (after foreign grants) is projected to fall to JD543mn ($766mn at JD1=$1.41), or 1.8% of GDP in 2018 from the revised JD752mn, or 2.6% of GDP in 2017. Budget expenditure in 2018 will ri...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Saudi Deficit Set To Fall 50% In 2017
...Higher oil prices mean Saudi Arabia is on track to halve its deficit to $42.5bn for 2017, the lowest figure since 2014. Latest figures for the first nine months of 2017 show revenue rising by 23% year-on-year thanks to a 32% increase in oil prices (from $38.6/B to $50.9/B). For 2017 as a wh...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Gulf SWFs Overhaul Their Strategies For A ‘Lower For Longer’ World
...lling roughly $60bn of its dollar reserves in the second quarter of 2015 alone. According to the most recent figures available, SAMA’s net foreign reserves fell to a new six-year low of $485bn at the end of September (MEES, 3 November). The reserves fell $50.6bn in the first nine months of 2017...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Adnoc Makes $9bn Splash In International Finance Markets
...onomies. Saudi Arabia is the biggest government lender, with a recent $12.5bn bond. The Abu Dhabi government last month issued a $10bn three-tranche international bond and the Adcop bonds take to $53.5bn the amount raised by GCC international bond issues so far 2017 (MEES, 6 October). Among state pe...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Saudi Eyes Blowout Budget For 2018 Despite Low Oil Revenue
...ivate sector which has hitherto been reliant on state patronage. Mr Jad’an says Saudi Arabia plans to boost spending to SR928bn ($247.5bn) in 2018. On this face of it this is a 4.3% increase from the SR890bn ($237.3bn) budget figure for 2017. However actual spending in the first half of 2017, at SR...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
IMF Latest Breakeven Oil Price* Estimates ($/B)
...FOR GCC COUNTRIES... …AND OTHER KEY MENA OIL EXPORTERS *OIL PRICE AT WHICH FISCAL BALANCE IS ZERO. SOURCE: IMF REGIONAL ECONOMIC OUTLOOK, OCT 2017....
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iran Tells Banks To Comply
...ogress in implementing the set “Action Plan” (MEES, 1 July 2016). The waiver was extended in June 2017 for a further unspecified period of time. Ensuring compliance by these institutions comes at a crucial time as more US sanctions loom. President Donald Trump in mid-October refused to certify Ir...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Saudi Calls For Dreamers To Radically Reshape Economy
...s funding is derived from external sources, would leave a big gap in the kingdom’s finances. The kingdom is on track for a $40.7bn deficit in 2017 alone. But perhaps the more serious challenge to Vision 2030 is the willingness of the average Saudi citizens to alter their way of life and culture in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Bahrain’s Nogaholding Raises $1bn
...18. With the plunge on oil prices since mid-2014 Bahrain is increasingly facing financial pressure to balance its fiscal deficit which is projected to hit $7.1bn in its two-year budget for 2017-18. The oil price assumption for the two years is $55/B, which looks feasible. But the government says it ne...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Iran’s Budget Deficit Set To Soar To $13.3bn This Year
...Iran is on track to record a steep increase in its budget deficit to $13.3bn in the fiscal year 2017-18 (from 21 March), up 39% from last year’s $9.6bn deficit (MEES, 21 July). This is based on government figures for the first five months of the year, when Iran already racked up a $5.6bn de...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
IMF On Saudi: Reform Needed But Not Too Fast
...nsolidation is beginning to bear fruit, reforms to improve the business climate are gaining momentum; and a framework for accountability and transparency in the government sector is largely in place. The IMF expects the Saudi fiscal deficit to fall to 9.3% of GDP in 2017, substantially lower than 2016’s 17...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria Reverses 2017 Austerity In Free-Spending 2018 Budget
...Algeria is on its third strategy in as many years for ‘dealing’ with low oil prices. 2015-16 saw ‘full steam ahead’ with fingers crossed prices would rapidly rebound. 2017 saw it slam on the brakes as the coffers ran dry. Now Algiers plans to totally reverse course, firing up the printing pr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Mena Top 3 For 2017-22 ‘New Renewables’ Growth*
...CAPACITY GROWTH (GW): UAE & MOROCCO PLAN IMPRESSIVE-SEEMING SOLAR AND WIND ADDITIONS... ...BUT MOROCCO IS THE ONLY COUNTRY WHERE RENEWABLES WILL BE A KEY PART OF THE 2022 POWER MIX (GENERATION BY SOURCE, TWh) *IRAN IS TOP INCLUDING HYDROPOWER. SOURCE: IEA ‘RENEWABLES 2017...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Abu Dhabi In $10bn Bond, Prices Tighter Than Saudi
...bt to help bridge budget deficits brought about by low oil prices since mid-2014. At the same time investor demand for GCC bond issues remains strong. According to reports quoting the Abu Dhabi bond prospectus, the emirate expects its fiscal deficit to narrow to $3.74bn in 2017 from $7.05bn in 20...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ned banks – equating to 87% of the total liquidity. Then in July 2017, the rate was further lowered from 8% to 4%, generating a further AD347bn - of which state banks accounted for AD301bn. However, while this helped to create more liquidity in the banking system, adjusting the reserve re...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Oil Addiction Deepens Despite Ambitious Reform Drive
...st two years are on track for a third consecutive fall in 2017. This is because “non-oil” is dominated by related industries such as petrochemicals production, where prices have fallen along with oil and gas. With oil prices so far this year averaging around 16% more than over the course of 2016, ex...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Raises Bumper $12.5bn International Bond
...cently confirmed it had qualified 13 Saudi banks to participate in Sukuk issuance. Riyadh initially projected its 2017 budget deficit at $53bn. But the actual figure is likely to be lower: the actual deficit was $19.4bn for 1H 2017. MEES calculates that the deficit for the full year could fall to $40...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Jordan Eyes $1bn Eurobond
...nage. Amman is tapping the international debt market to refinance maturing debt and meet other fiscal obligations as stipulated in the borrowing limits set out in the 2017 budget (MEES, 5 May). In April it issued a 2026-maturity $500mn Eurobond which priced at 5.875%. In its previous Eurobond, in Oc...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Egypt: Economy Looking Up But Long Road Ahead
...vember with the IMF (MEES, 18 November 2016). Foreign direct investment (FDI) rose from $6.9bn in 2015-16 to $8.7bn in the 2016-17 financial year (to June 2017). Inflows in the first three months of 2017-18 put it on track to surpass $10bn, according to Investment Minister Sahar Nasr. This comes as Pr...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Iran Signs For $10bn Chinese Credit, Eyes A Further $25bn
...int projects (MEES, 1 September). Iran is among the Middle East’s main suppliers of crude to China, with exports averaging 612,000 b/d in the second quarter of 2017, although Russia and Angola have recently been top suppliers, followed by Saudi Arabia (MEES, 28 July). Chinese energy companies have be...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017