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Egypt Bonds: Looking East
...murai bonds,” without specifying how much his country will seek to borrow. Mr Garhy says the proceeds of January’s bond issue, which was more than three times oversubscribed, has helped his ministry to plug the budget gap for both the current 2016-17 fiscal year (ending June 2017) and part of the an...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Iraq Gets US Backing For $1bn Bond Issue
...ll be used to finance Iraq’s budget deficit as stipulated in the 2017 budget law, noting that Iraq is paying lower interest on this issue than other countries with similar US-guaranteed bond issues. It is unclear if the US will continue with this largess under President Donald Trump, or indeed if hi...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...Cash-strapped Jordan is slashing its budget deficit in nominal terms by 25% in 2017 to JD830mn ($1.17bn), or 2.8% of GDP, from the revised deficit of JD1.1bn ($1.55bn), or 4% of GDP in 2016, in line with the IMF-supported reforms to rationalize expenditure. The kingdom is currently ho...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ace when you’re in a bad starting position,” he adds. Mr Garhy says that Egypt is trying to curb its budget deficit to around 10.1% of GDP by the end of fiscal 2016-17 in June, down from 12.3% a year ago, and to cut the stock of public debt to 98% of GDP by the end of June 2017 from the 101% mark at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...Algeria’s reserve fund, the Fonds de Regulation des Recettes (FRR), has most likely become superfluous following the government’s decision to divert the country’s hydrocarbons revenue to the state budget effective 2017 rather than to the FFR. The FFR for many years collected all ‘su...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
IMF Slashes Saudi Growth Forecast – Based On Questionable Assumptions
...The IMF, in the latest update to its World Economic Outlook, released 16 January, has slashed its forecast for Saudi Arabia’s 2017 economic growth to just 0.4%, down from its forecast of 2% growth made three months ago (MEES, 7 October 2016). Unsurprisingly, Saudi Arabia has taken umbrage at...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
GCC Sovereigns Set Out Plans To Boost Their Balance Sheets
...wait 1Q17 10 S. Arabia 2017 10...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Iran’s Cash Handouts Scheme: A Lingering Problem
...s been allocated to projects and the treasury has received little cash. SCATTERGUN APPROACH The key ‘culprit’ has been the scattergun approach of the cash handouts. Under the original law every Iranian was entitled to receive a monthly payment of IR450,000 ($13.6 at the 2017-18 budget ex...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Dubai Edges Up Spending
...Dubai’s recently-revealed 2017 budget projects total spending of Dh47.3bn ($12.9bn), up 2.6% from 2016, and a deficit of Dh2.5bn ($681mn), or 0.6% of the emirate’s GDP. The second most important UAE emirate after Abu Dhabi is bucking the trend by edging up spending at a time when other Gulf st...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...Saudi Arabia is banking on rising oil prices to help slash its budget deficit by more than a third. The kingdom’s newly released 2017 budget projects revenue to grow for the first time in five years, although non-oil revenue growth is set to stall despite its vaunted 2030 Vision. Saudi Ar...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Oman 2017 Budget Cuts Deficit By 44% With Brighter Prospects For Oil Revenues
...Sharp spending cuts and rising oil prices are combining to slash Oman’s projected budget deficit by 45% to OR3bn in 2017. A conservative oil price estimate means this could fall further to around OR1bn. Oman has announced an austerity budget for 2017 slashing its fiscal deficit by 44% in re...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Middle East Set For M&A Boost In 2017
...nk of Abu Dhabi and First Gulf Bank. Due to be completed in Q1 2017, it will be the largest domestic Middle Eastern deal of all time, creating the largest bank in the Mena region. Many of the region’s biggest banks missed analysts’ earnings estimates in Q3 due to an increase in non-performing lo...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Qatar Slashes 2017 Budget Deficit But Maintains Spending At High Levels
...Qatar Slashes 2017 Budget Deficit But Maintains Spending At High Levels Qatar’s budget for 2017 projects that it will post its second consecutive deficit, although it expects this to fall $8.4bn to $7.8bn. But a conservative oil price assumption means next year’s deficit may actually be as...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Aid For Egypt, Iraq & Jordan
...facilitate access to water in Irbid and improve distribution. Jordan is also the recipient of a $250mn World Bank loan to help redress fiscal imbalances in the energy and water sectors and improve public services. Jordan expects to receive foreign grants of some JD777mn ($1,096mn) in 2017 to lo...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Iraq Budgets For Higher Revenue In 2017 As Oil Prices Rise
...Iraq is on track to record a massive $21.5bn deficit in 2016, a modest improvement on last year’s $26bn. The recently-passed 2017 budget projects a deficit of ‘only’ $18.4bn, though a conservative oil price assumption means it may undershoot. Iraq is banking on higher oil revenues in 2017 to...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Oman Eyes Debt Market
...Oman is planning to issue $1.5-2bn of international bonds in 2017 to plug its budget deficit, senior central bank official Ali Hamdan al-Raisi says. Finance ministry official Muhammad Jawad bin Sleiman adds that Oman has yet to decide whether it will be a normal bond or loan, or sukuk. Om...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Gulf Finance: Rise Of The Renminbi
...nks for the 30-year tranche of Saudi’s $17.5bn bond issued in October – Asian investors bought 22% of the $6.5bn Saudi 30-year notes. Saudi is expected to tap the international bond markets again in 2017 as it seeks to reduce its budget deficit. Asian banks, including Chinese, have considerable ex...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Iran’s 2017-18 Budget Projects Higher Oil Revenue But Taxing Times Ahead
...Iran’s oil and gas revenue is projected to rise in real terms by 37% to $33bn in the 2017-18 draft budget from $25bn in the current year, President Hassan Rohani announced this week in his budget statement to parliament. The surge in revenue is due to a combination of rising oil exports fo...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Saudi Cash Injection: Better Late Than Never
...pect banks’ operating environment to remain challenged by low non-oil GDP growth of 0.8% this year and 2.0% in 2017, versus the 2010-15 average of 6.2%, these developments should provide a boost to the system liquidity. This, in turn, will support banks’ funding and profitability in 2017,” Moody’s sa...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Algeria Raises More Taxes In 2017 Austerity Budget
...Algeria is raising more taxes and cutting spending in its 2017 austerity budget which was approved on 22 November by parliament, in a bid to offset the fall in oil revenue from lower oil prices. The budget still needs the green light from the Algerian Senate. Only some details about the in...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016