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Qatar And Libya Give Egypt $5Bn Emergency Fix
...ich may be increased from the long-mooted $4.8bn. The announcement that Qatar is to purchase $3bn of Egyptian government bonds came as Egyptian Prime Minister Hisham Qandil visited Qatar. This comes on top of $5bn of assistance Qatar has already given Egypt since the February 2011 Re...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Qatar Pledges Cash Assistance To Darfur
...als. With its deep pockets, the Gulf country has busily supported various Middle East and North African governments and political movements in the wake of regional unrest that began in 2011. Most recently, Qatar announced a $3bn purchase of Egyptian bonds (see left). Qatar’s bond purchase fo...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Jordan Disburses Energy Cash Handouts
...bruary). In 2012 the subsidy for petroleum products was estimated at JD800mn ($1,128mn). Until early 2011, Jordan depended on the Egyptian gas supplied by the Arab Gas Pipeline (AGP) to generate up to 80% of its electricity needs. But since then, supplies have been erratic because of frequent sabotage of th...
Volume: 56Issue: 15Published at Fri, 12 Apr 2013 -
Qatar Boosts 2013-14 Budget Expenditure
...total revenue. Latest data on actual budget statistics show that oil and gas revenue in 2011-12 represented 69.6% (around $42bn) of total revenue (Table 2). But this figure is expected to rise significantly as Qatar’s North Field developments have diversified the revenue stream away from crude ou...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Oman Warns Of Imminent Belt Tightening
...ring and global financial crisis. The Omani government boosted spending on both welfare and job creation initiatives in 2011 in an attempt to quell the social unrest that threatened to destabilize the country in the wake of the Arab Spring. The authorities also took to spending heavily on cr...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Egypt Hopes Subsidy Reforms Will Hasten IMF Deal
...12 but still 30% down on pre-Revolution levels. Suez Revenues Down One key pillar of the Egyptian economy which had held up is Suez canal revenues, which were at close to record levels for both 2011 and 2012 ($5.22bn and $5.13bn respectively – MEES, 1 February).The canal had been one el...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Yemen Chases Further IMF Aid
...viving its economy for sustainable growth,” World Bank vice president for MENA Inger Andersen said of the apparent ‘bottleneck.’ Yemen in February recently set up a department to secure more of the $7.5bn pledged, but progress appears to still be lagging. 2011 GDP PER CAPITA FOR SELECTED MENA CO...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Bahrain’s Economy Falters On Weak Hydrocarbons Production
...Bahrain’s hydrocarbon sector production fell by around 7% year-on-year, reducing its contribution to GDP from 28% in 2011 to just 25% in 2012. While the country’s hydrocarbon sector underperformed in 2012, the financial and real estate sectors rebounded slightly following a year of decline due to po...
Volume: 56Issue: 14Published at Fri, 05 Apr 2013 -
Libya To Transfer $2Bn To Egypt
...13 from over $36bn before the January 2011 revolt. ...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Syrian Pound Slides On “Malicious War”
...th Iran, which had extended a $1bn line of credit to Syria. Foreign exchange reserves, which stood at $18bn in March 2011, may have fallen to $5.6bn at the end of 2012 (MEES, 15 March). Meanwhile Syria has issued an Economic Crimes Law aimed at combating corruption and theft, preventing the de...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
IMF Sees Iraq’s Growth At 9% In 2013
...12 % Change 2011 2010 Total Revenue 119,297 102,327 16.6 80,935 61,735 Total Expenditure 138,425 117,123 18.2 96,663 84,657 Capital 55...
Volume: 56Issue: 13Published at Fri, 29 Mar 2013 -
Sadara Gets Go Ahead To Offer Sukuk To Finance $20Bn Project
...tober 2011 (MEES, 17 October 2011). Ultimately, the two sponsors will decide on the size of the offer based on the price they pay for the debt. Typically as the offer size climbs, the pricing the issuer will pay to investors also rises, so the sponsors will need to determine whether taking more of the Su...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
SAMA Projects 4.2% GDP Growth In 2013
...at the public debt fell to below SR100bn ($27bn), representing less than 4% of GDP. The kingdom also realized the highest ever balance of payments surplus of SR670bn ($179bn). The inflation rate fell to 4.6% in 2012 from 5% in 2011, with the main component of inflation being rents and the cost of fo...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
Syria Reiterates Need To Eliminate Fuel Subsidies
...ere prices are higher. This is not the first time that a minister has called for the elimination of subsidies – other ministers advocated the removal of the energy subsidies before the beginning of the civil war in Syria two years ago (MEES, 1 August 2011). Mr ‘Abbas pointed out that the “un...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
S&P: Gulf Banks Continue Recovery
...erage unweighted risk-adjusted capital (RAC), according to S&P’s framework, of about 12%-13% as of 31 December 2012. This is about five percentage points higher than the unweighted average of 6.9% for the 100 largest banks that S&P rates, based on data ranging from year-end 2011 to 30 June, 2012. As Eu...
Volume: 56Issue: 12Published at Fri, 22 Mar 2013 -
IMF: Libyan Economy Growing But Challenges Remain
...owth in the non-hydrocarbon sector in 2014. Inflation fell to 6% in 2012 and a further decline is expected in 2013. As for the financial sector the situation began to normalize after most of the UN sanctions that had frozen Libya’s foreign assets were lifted on 16 December 2011. This allowed th...
Volume: 56Issue: 11Published at Fri, 15 Mar 2013 -
MPs Object To Jordan March Product Price Rise
...ar. This compares with a subsidy for petroleum products estimated at JD800mn ($1,128mn) in 2012. According to latest figures from Jordan’s Department of Statistics, imports of crude oil and products rose by 20.8% in 2012 to JD4,702mn ($6,630mn) over 2011, accounting for 32% of total imports of JD...
Volume: 56Issue: 10Published at Fri, 08 Mar 2013 -
GCC Aid Flows To Bahrain And Morocco
...hrain $2.5bn to finance development projects in the kingdom as part of a 10-year funding program worth $10bn from four GCC countries – Saudi Arabia, Kuwait, Qatar and the UAE – approved in March 2011 (MEES, 9 May 2011). The four GCC countries then pledged to extend $10bn apiece to Bahrain and Oman to ea...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
Egypt To Resume Talks With IMF In March
...al to be finalized by the end of April. The government has said that it is also aiming to recover its foreign exchange reserves, which have fallen to a low of $13.6bn in January 2013 from around $36bn before the January 2011 revolution saw the overthrow of the Husni Mubarak regime. The go...
Volume: 56Issue: 09Published at Fri, 01 Mar 2013 -
World Bank Makes Good On Yemen Support Pledge
...vernment has managed to stem the economic contraction caused by the 2011 Arab Spring-related crisis; overseeing a near doubling of Central Bank reserves to $6.2bn, from around $3.7bn posted at the height of the troubles. Source: World Bank....
Volume: 56Issue: 08Published at Tue, 26 Feb 2013