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Syrian Officials Review Economic Consequences Of Ongoing Civil War
...finery running at 70% capacity and Banias at 79.5% capacity. Their output meets about 40% of domestic demand, with the remainder imported from “friendly countries,” he added. (Prior to the political turmoil in the country, the two refineries were processing around 245,000 b/d of crude – MEES, 7 November 2011...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Egyptians Rush Into Dollars, Fearing Pound’s Collapse
...out 14% since the beginning of the Egyptian revolt in January 2011 to an official rate of $1=E£6.73. A black market for foreign exchange has also emerged with the pound trading even lower at around $1=E£7. Forex reserves have fallen to $13.6bn at the end of January, less than half their level in Ja...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
SWIFT Denies Knowledge Of Iran Sanctions Busting
...rcumvent them is “a matter for regulators and policy makers.” As a global supplier of secure messaging services, SWIFT notes it has no involvement in or control over the underlying financial transactions that are contained in the messages of its member banks. In its 2011 annual review, Belgium-in...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Jordan Disburses $141Mn To Offset Energy Cost
...ficit ballooned and the government was no longer able to bear the burden. Following the overthrow of the Husni Mubarak regime in Egypt in early 2011, the flow of Egyptian gas to Jordan was sporadic because of the frequent sabotage of sections of the Arab Gas Pipeline (AGP) which supplied cheaper gas to th...
Volume: 56Issue: 08Published at Fri, 22 Feb 2013 -
Syria Announces Cabinet Reshuffle As Economy Falters
...dustries. The petroleum sector’s loss is very high, with crude oil production falling by 47% after the imposition of sanctions and the exit of foreign companies in October 2011. Syrian Prime Minister Wail al-Halqi, who retains his post after the reshuffle, acknowledged in January that “acts of te...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
IMF Says Morocco’s 2012 Growth Slows To 3.2%
...ocks, in coordination with other macroeconomic and structural policies. Morocco: Selected Economic Indicators, 2010–18 2010 2011 2012 2013 20...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
UAE Attracted $8Bn Of Capital Inflows In 2012
...Maktum, told an open forum of government officials and citizens in Dubai. He explained that large amounts of capital left Egypt, Tunisia, Syria, Yemen and other Arab countries in search of safe havens after the outbreak of political and economic turmoil in early 2011. He noted that Arab ca...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Egypt’s Budget Deficit Rises 24%
...its Financial Monthly for January 2013. Total revenue in July-December 2012 rose 31.1% to E£152.9bn ($22.8bn) from the corresponding period of 2011, mainly as a result of the 38.1% increase in tax revenue. Income tax revenue in July-December 2012 rose by 53.1% over the same period in 2011. Non-oil ta...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Algeria Trims 2013 Budget Expenditure, But Raises Defense Allocations
...overall spending as Algiers looks to rein in a 2011 and 2012 spending splurge, intended to stave off domestic calls for political reform in the wake of the ‘Arab Spring’ revolutions in neighboring Libya and Tunisia and nearby Egypt. The budget – including the defense spending hike – was dr...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013 -
Iran To Set Up $2Bn Support Program For The Poor
...ruggling to provide for their daily needs, the Majlis and the government have agreed to make available the proposed $2bn from the National Development Fund (NDF). The latter was established in 2011 under the fifth five-year development plan (2010-15), with the aim of converting oil and gas revenue into pr...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013 -
Yemen’s 2013 Budget Aimed At Speedy Return To Stability
...en subjected to numerous sabotage attacks during 2012, disrupting production and export operations for long periods. Mr Wajih estimated the fall in crude oil output in the first nine months of 2012 at 28.2% below the corresponding period of 2011. To achieve the government’s oil and gas ta...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
IMF: Qatar’s Economic Outlook Remains Robust
... 2008 2009 2010 2011 2012 2013 Production and Pr...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
Sudan Secures $1.5Bn Chinese Loan
...onomy hammered by the loss of nearly three-quarters of its 450,000 b/d of oil production to South Sudan when the latter seceded in July 2011. Oil export revenues were estimated to have accounted for around 85% of Sudan’s total pre-secession export earnings, which in 1H11 amounted to around $7.5bn, ac...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Samba Projects Fall In Saudi Real GDP Growth In 2013-15
... SAUDI Samba Projects Fall In Saudi Real GDP Growth In 2013-15 Saudi Arabia’s real GDP growth is projected to fall to 3.3% in 2013-15 from the very high rates of 7% in 2012 and 8.5% in 2011, Samba said in its latest update on the Saudi economy. The main reason fo...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Kuwait Audit Bureau Estimates RFFG Assets At $261Bn
...742.35mn ($2.64bn) in the year ending 31 March 2011 and KD710.27mn ($2.52bn) in the previous year ending on 31 March 2010. The Audit Bureau called for the adoption of necessary measures to ensure stability in the value of portfolios and minimize possible risks. The report also noted that political ch...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
Oman Boosts 2013 Budget Expenditure 29%, Hikes Oil Price Assumption
...velopment projects and OR1.3bn ($3.4bn) earmarked for capital expenditure to boost production in the oil and gas sector. Oman 2010-13 Budgets (OR Mn) 2013 2012 % Change 2011...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Jordan 2013 Budget Targets Projects, But Also Austerity
...mes, with its budget deficit widening as a result of disruptions in the flow of Egyptian gas to the kingdom via the Arab Gas Pipeline (AGP) in the aftermath of the January 2011 revolution. Until then, Jordan had mainly used the gas, which was available at preferential prices, for power generation, but th...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Syria Issues 2013 Budget Law
...r in the country, the issue of a state budget merely appears intended to stress that business is as usual. Also with the sharp depreciation in the official value of the Syrian pound (from $1=S£47 in March 2011 to $1=S£79 currently), coupled with a high inflation rate of over 40%, comparison of the 20...
Volume: 56Issue: 02Published at Fri, 11 Jan 2013 -
Record Saudi Earnings Boost 2013 Budget Expenditure
...t just budget-to-budget but on actual figures year-on-year. Spending in 2012 saw a large increase from 2011’s levels and is way above budgeted expenditure, raising the issue of fiscal sustainability. “Higher spending could be challenging for fiscal sustainability in the medium- to long-term if there is...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013 -
Yemen To Face Challenging 2013
...pelines and electricity transmission lines continued throughout the year (see page 11), the IMF said it saw signs of economic activity reviving, after a more than a 10% fall in 2011. The inflation rate has now come down to single digits, while the exchange rate has appreciated and stabilized at pre-crisis le...
Volume: 56Issue: 01Published at Fri, 04 Jan 2013