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Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...tempt to sweet-talk Saudi officials. The 2017 Saudi budget projects a whopping deficit of $53bn, albeit down from the record figures of $79bn and $96bn in 2016 and 2015 respectively (MEES, 6 January). Though Saudi Arabia does not disclose its budget oil price assumption, local investment bank Ja...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Shifting Sands: Saudi Arabia’s PIF’s Changing Strategy
...o months of 2017. As the world’s biggest energy user, China is growing more reliant on crude imports. Economic growth has spurred higher demand, and falling domestic production has exacerbated the need for imports. The IEA projects demand to grow 340,000 b/d in 2017, in line with last year’s gr...
Volume: 60Issue: 15Published at Fri, 14 Apr 2017 -
Egypt Foreign Reserves Hit Six-Year High But Still Long Way To Go
...e country. The governor also says that the improved financial situation has helped the balance of payments as non-oil exports rose and remittances from Egyptians overseas increased. DRAFT BUDGET APPROVED Egypt’s cabinet on 29 March approved a draft budget for the 2017-18 financial year, wh...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Kuwait Plans To Double Debt Ceiling To $66bn
...s debut Eurobond offering which was three times over-subscribed. Despite the appetite for Kuwaiti debt, the offering was less than the $10bn expected (MEES, 17 March). Mr Salih said the amount raised covered the majority of Kuwait’s financing needs from international markets for 2017. Even under the cu...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
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 $10bn from its debut foray in the debt ma...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran Fiscal Outlook Improves As New Year Dawns
...ound 68 million Iranians only and not the 77 million current recipients. So the government will have the unenviable task of cutting out a few million recipients, or diverting resources from the development budget. The Guardian Council this week approved the draft 2017-18 budget, with some am...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Iran FDI: Set For Takeoff?
...rve a second term, or be replaced by a hardline opponent (MEES, 10 February). IRAN’S FDI INFLOWS SET TO SOAR ($BN) IRANIAN YEARS ENDING c.20MAR. *2016-17 NUMBERS ARE PROVISIONAL, 2017-18 A PROJECTION. **ONLY SOME ANNOUNCED PROJECTS WILL RESULT IN ACTUAL INVESTMENT, TYPICALLY IN SUBSEQUENT YE...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...cember and January totaled $10.1bn, nearly twice the amount of the same period 12 months previously. Iraq’s 2017 budget projects a budget deficit of $18.4bn, though a conservative assumed oil price of $42/B means that a lower deficit of perhaps $11bn is more likely (MEES, 3 March). But though Iraq’s fi...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Oman Raises $5bn In Bumper Bond, Kickstarts 2017 GCC Issues
...Oman raised $5bn from a 1 March international bond issue which was four times oversubscribed. As such it is close to completing its entire foreign borrowing plan for 2017 necessary to cover its expected budget deficit. The issue consisted of three tranches: a five-year tranche of $1bn at...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
IMF Warning Over Iran’s Recovery
...February). In the Article IV report, the IMF notes that the Iranian economy continues to register solid growth in 2016-17 on the back of higher oil production, with real GDP growth expected to reach 6.6% in 2016-17 before easing to 3.3% in 2017-18. In the first half of fiscal 2016-17 GDP gr...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
QP Petchem Merger
...16). Oil production has also been shaken up, with France’s Total being brought in to replace Denmark’s Maersk as operator of Al-Shaheen field from July 2017. Maersk’s 100% production sharing contract will be replaced by a joint venture involving Total (30%) and QP (70% – MEES, 1 July 2016). ...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017 -
Saudi Arabia Eyes Immediate Vision 2030 Boost
...ES, 2 December 2016). Saudi real GDP growth is expected to slow to 0.2% in 2017 from 1.4% in 2016, with oil GDP contracting by 0.3% (versus 3.4% growth in 2016 ) on the back of lower output (see p12)....
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Iran’s Banking Reforms Delayed By Government Bickering
....6bn in August 2013. The cabinet in January approved the allocation of $3.8bn from the CBI’s surplus assets to reduce the government debts to a number of banks. Meanwhile the CBI has ordered all banks to draw up annual financial statements by 20 March 2017 in accordance with International Financial Re...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Dubai Seeks $3bn Airports Loan
...sorting to borrowing to ensure that key projects keep moving. The emirate’s 2017 budget projects a small deficit of $681mn, or 0.6% of Dubai’s GDP, unlike previous years of balanced budgets (MEES, 13 January). Dubai is pressing on with plans to boost its already flourishing tourism sector by aiming to at...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Qatar: No Need For New Bonds
...Qatar may not need to issue an international bond in 2017 as pressure on the emirate’s state finances is easing, Finance Minister Sharif al-‘Imadi said this week. The minister added that with oil prices “close to breakeven levels,” though a new bond issue remains an option for 2017, no de...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Kuwait Budgets For Lower Deficit In 2017-18
...Kuwait projects a healthy 30% revenue hike for the 2017-18 financial year (beginning 1 April). The deficit will fall by 18.4% from the 2016-17, according to preliminary details on the state budget approved by the Kuwait cabinet this week. The budget still has to go before parliament, which ca...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017