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South Korea Credit Line Offers Relief For Iran’s Ailing Economy
...rliamentarian who represents the Majlis on the NDFI governing board. The Washington-based SWF Institute previously estimated reserves at $62bn. According to the 2017-18 budget bill, the government is required by law to allocate 30% from its oil and gas export revenue to the wealth fund, up from 20% in the bu...
Volume: 60Issue: 25Published at Fri, 23 Jun 2017 -
Kuwait Approves 2017-18 Budget With $26bn Deficit
...The Kuwait parliament has approved the budget for fiscal year 2017-18 starting on 1 April, with oil revenue set to remain relatively flat at KD11.7bn ($38.6bn). The budget projects that Kuwait will run its fourth consecutive deficit, with the shortfall set to rise to $26.1bn for the current ye...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Energy Subsidy Spending In Arab Countries (% Of GDP) - IMF
...OIL SUBSIDIES ARE DOWN SINCE 2013 BUT BY LESS THAN THE FALL IN OIL PRICES* *ADJUSTING THE 2013 SPEND FOR SUBSEQUENT OIL PRICE CHANGES WOULD RESULT IN AN AVERAGE FALL IN SPENDING OF 3.5% OF GDP, IE FROM 4.9% TO 1.4% FOR THE REGION AS A WHOLE. SOURCE: IMF, JUNE 2017. TOTAL EN...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Oman $500m Power Bond
...19. Besides expanding the 400kV transmission network, OETC will add new substations and transmission lines to the 220kV and 132kW distribution systems in both grids. Oman, burdened by a $7.7bn budget deficit in 2017, says that it has now completed its financing need for the year, with the $2bn in...
Volume: 60Issue: 24Published at Fri, 16 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...e termination of UN sanctions and some EU sanctions; others such as the EU embargo on Iranian oil imports were suspended. Iran wasted little time in launching itself back onto the oil market. It near-doubled crude exports from its 2015 average of 1.23mn b/d to 2.21mn b/d in Q1 2017 (and an even hi...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Strong Appetite For Oman’s Sukuk
...Oman has completed its 2017 financing with a $2bn sukuk – as long as it can keep spending under control. Oman’s $2bn debut international sukuk launched on 23 May, was more than three times oversubscribed with orderbooks of $6.9bn and better than expected pricing, according to fresh de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
IMF-Iraq Progress Towards Second Loan Tranche
...anche of $800mn to Iraq. The first $600mn tranche was released in December (MEES, 15 July 2016). Following a review of the SBA in Amman, the IMF mission chief for Iraq Christian Josz said that the fund and Iraq had reached agreement on a supplementary budget for 2017, objectives of the 2018 budget an...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...T IN 2021 AT CURRENT* RATE OF DRAWDOWN (SAMA NET FOREIGN ASSETS, $BN END-PERIOD) *JAN-APR 2017. SOURCE: SAMA, IMF, MEES....
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Iraq Oil Takings Up
...erage monthly earnings of around $4.7bn in 2017, while this falls to about $4.57bn when factoring in lower oil prices in the second half of the year (see chart). This results in total annual earnings of $54.8-56.8bn over the course of the year, up from $43.71bn last year but well down on 2012’s high wa...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Saudi Aramco Courts Investors Ahead Of IPO
...ecuted. Little surprise then that Aramco executives and government ministers have been eagerly travelling the globe during the course of 2017, meeting with the heads of flagship stock exchanges, in a bid to decide which will maximize the IPO’s success. Efforts are also being made to ensure that th...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt Raises $3bn Bond
...duction in subsidies and a cut in the budget deficit in 2017-18 to E£370bn, or 9% of GDP, from 9.8% of GDP in the current year. Egypt also allowed the pound to float as part of the IMF reforms. The new issue was oversubscribed attracting $11bn of book orders. According to Finance Minister Amr al-Ga...
Volume: 60Issue: 21Published at Fri, 26 May 2017 -
Egypt Economic Reforms Remain On Track But Long Road Ahead
...the draft 2017-18 budget, which has just been submitted to parliament but not yet approved. Mr Molla says the restructuring and rationalization of subsidies across the board, covering petroleum products, electricity and consumer goods among others, are part of a comprehensive government plan to...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Oman Export Revenues Down, Rating Junked
...port for the first time since 2015. EXPORTS DOWN, REVENUES UP Despite crude and condensate exports falling, export revenues have steadily increased from Q2 2016 through Q1 2017. MEES calculates Omani crude revenues totaled $3.7bn in Q1, up $800mn year-on-year and the highest since Q3 2015 (see ch...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Mubadala Taps Softbank
...ami says the fund “is a significant opportunity for good financial returns.” Its net profit for the year ending in March 2017 tripled to ¥1,439bn ($12.5bn) from ¥474bn the previous year – it attributes much of this to the sale of an undisclosed number of its shares in Chinese online retailer Al...
Volume: 60Issue: 20Published at Fri, 19 May 2017 -
Gulf Banking Ripe For Takeover Spree
...rgest such lender in the Middle East. In-country M&A banking deals aside, cross-border M&A activity in the Middle East has bucked the global dip in the first quarter of 2017 and remained robust, particularly in the UAE and Saudi Arabia. According to the cross-border M&A Index Q1 2017 published by...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Saudi Revenues Double In Q1
...venues in 2017, which requires average quarterly takings of $32bn. Oil revenues drove an overall year-on-year increase of more than 70% to $38.4bn, while non-oil revenues grew an anemic 1%. The report confirmed Deputy Economy Minister Muhammad al-Tuwaijri’s statement last month that the quarterly de...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...LCULATIONS. ALGERIA FOREIGN CURRENCY RESERVES ($BN, END PERIOD) SOURCE: ALGERIAN CENTRAL BANK, IMF, APS. OIL PRICE VARIANTS For the short-to-medium term the plan presents two variant oil price scenarios: one takes conservative oil price assumptions of $40/B in 2017, $45/B in 2018 and $50...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Saudi Looks To Refocus Vision Reforms
...eaking at the Euromoney Saudi Arabia Conference 2017 on 2-3 May in Riyadh, Finance Minister Muhammad al-Jad’an said that the government has allocated more than SR40bn ($10.7bn) for NTP in the 2017 budget and that a further SR220bn ($58.7bn) will be earmarked for the NTP over the subsequent three years. Pr...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Jordan Touts $500m Bond
...Jordan has issued a $500mn Eurobond with a yield of 5.875%, due in 2026, the Ministry of Finance announced on 26 April. The bond, more than three times oversubscribed at $1.7bn, was managed by JP Morgan and Citigroup. The Eurobond issue is part of Amman’s plans to meet its 2017 financing ne...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Economy Takes Center Stage Ahead Of Iran Elections
...reatens irreparable damage to market stability. But the health of the Iranian banking system certainly leaves much to be desired with a high level of non-performing loans and lack of liquidity. Several small credit institutions have failed since the beginning of 2017, adding further to systematic pr...
Volume: 60Issue: 17Published at Fri, 28 Apr 2017