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Reactive Measures Pressure Egypt’s Budget, Warns CMES
...port. Egypt’s economic performance has been poor since the revolution began in January 2011, with the instability inherent in transition amplified by the global downturn. GDP has declined by almost 4% and manufacturing by 12%. Revenue from tourism has collapsed, putting pressure on the balance of pa...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Iran’s Inflation Rate Rises To 19.1% In October
...tivity as enterprises adjust to higher cost energy, thereby lowering real GDP growth to 2.5% in 2011, according to latest projections by the International Monetary Fund (IMF) in its Regional Economic Outlook: Middle East and Central Asia published in October. With firm oil prices, the IMF is pr...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Moody’s Upgrades GIC Financial Strength Rating
...th a baseline credit assessment of 12 on a scale of 1 to 21, where 1 reflects the lowest level of risk. Moody’s said the GIC rating upgrade “reflects its improved capital position and reduced leverage (equity-to-total assets and debt-to-equity stood at 40.5% and 1.5x as at June 2011). This provides GI...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011
...Middle East Economic Survey VOL. LIV No 46 14-Nov-2011 morocco IMF Projects Moroccan Real GDP Growth Rate At 4.6% In 2011 Morocco’s real GDP is expected to grow by 4.6% in 2011, one of the highest in the region, despite the slow recovery in the Eurozone, the IMF said in its Ar...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Syria Convenes Forum To Outline Roadmap For Reforms
...otests, and that the time for the regime to reform has passed. In the meantime after eight months of political turmoil with no sign that the regime is capable of containing the uprising, the economy is suffering as international sanctions begin to bite. Real GDP in 2011 is expected to fall by 2%, ac...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Bahrain SWF Will Hold $275Mn By End-2011
...Middle East Economic Survey VOL. LIV No 45 7-Nov-2011 Bahrain Bahrain SWF Will Hold $275Mn By End-2011 Bahrain’s Future Generations Reserve Fund (FGF) will have accumulated $275mn by the end of 2011, according to projections by the Bahraini Ministry of Finance. The so...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Moody’s Reaffirms Negative Outlook For Bahrain Banking System
...d 3% for 2011 and 2012 respectively, representing a dip from the 4.5% growth posted in 2010 and the 6-8% growth achieved during 2006-08. “Given our growth forecasts, asset quality pressures are likely to increase, particularly for loans originated to the tourism and retail trade sectors where the po...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Finance Minister Survives Impeachment Vote
...ency reported on 30 October. The report said the company’s financial assets had increased in value from $50,000 in 2005 to almost $3.5bn in 2011. Mr Amir Khosravi has reportedly flown to Montreal. Former Melli Bank chairman Mahmoud Reza Khavari, who is at the center of the scandal, later flew to To...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Iran Plans Electricity Interconnection With Russia
...id that during the first half of the current Iranian year (21 March 2011 – 20 March 2012) Iran’s power exports to neighboring countries amounted to 4bn kwh. “Iran currently exchanges electricity with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan, and Iraq,” Mr Behzad said. “Th...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Israel Contracts Italy’s Micoperi For Offshore LNG Terminal
...rst three quarters of 2011 more than doubled from the same period during 2010 to 358,000 tons. During the third quarter alone, IEC burned some 307,000 tons. By the end of 2011, Israel’s gasoil demand is expected to reach 600,000 tons and account for 15% of the electricity generated. The Ministry of...
Volume: 54Issue: 45Published at Mon, 07 Nov 2011 -
Algerian Draft Budget Projects Lower Spending In 2012
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 ALGERIA Algerian Draft Budget Projects Lower Spending In 2012 The Algerian draft budget for 2012 projects a 10.2% fall in expenditure compared to the 2011 supplementary budget which had raised total expenditure from the or...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Dragon Oil To Hike Production 50% By 2015
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 CASPIAN Dragon Oil To Hike Production 50% By 2015 Dragon Oil announced on 24 October that it will produce 70,000 b/d of crude by the end of 2011. It then plans to invest another $1bn over a four year period in order to re...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Flow Of Egyptian Gas To Israel Resumes, New Price Struck With Jordan
...th imports having averaged 240mn cfd prior to the start of the disruptions. According to the BP Statistical Review of World Energy 2011, Jordan imported from Egypt in 2010 a total of 2.52 bcm of gas. The agreement with Jordan is retroactive to January 2011 and gives Egypt the right to reconsider th...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Egypt Restarts Loan Discussions With IMF, Waits On Further Arab Aid
...cal debts would negatively affect both the country’s balance of payments and its budget deficit. Egypt’s deficit is now forecast to hit 8.6% of GDP in fiscal 2011-12, exceeding pre-revolution estimates. That said however, the IMF is yet to receive an official request from Egypt. “We have not re...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
New Government In Jordan
...Jordan. Mr Bakhit, who was appointed Prime Minister in late January 2011, had to resign after a wave of street protests against his government. Cabinet changing for King 'Abd Allah of Jordan is a frequent phenomenon, which he resorts to when public pressure from political groups in society intensifies. ...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
US Grants Jordan $300Mn In Aid
...rvices and financial sectors aimed at creating job opportunities and introducing economic reforms. Jordan has projected a budget deficit of JD1.16bn ($1.63bn) for 2011 and any foreign aid it receives during the year will be necessary to lower this deficit (MEES, 5 September). ...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Lebanese Finance Minister Sees Debt Rising To $60Bn
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 Lebanon Lebanese Finance Minister Sees Debt Rising To $60Bn Lebanese Minister of Finance Muhammad Safadi has warned that the country’s public debt would grow to $60bn by the end of 2011, up from $52.6bn at the end of June, bu...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Omani Public Spending To Rise Yet Again In 2012
...owth in the region of about 10% for 2011,” he said. Latest official figures released by the Omani Ministry of National Economy meanwhile have revealed an increase of around 77% in Oman’s fiscal surplus in the first eight months of this year relative to last year’s corresponding period. Driven bo...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
MENA Facing Unparalleled Uncertainty, Says IMF
...sult of continued high energy prices. Real GDP growth is expected to pick up in 2011 – to almost 5% – then moderate to about 4% in 2012, said the IMF. For the GCC, growth is projected at more than 7% in 2011. The countries are providing continued support to the non-oil sector, which is projected to gr...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Syria Sees Budget Expenditure Rising Steeply In 2012
...Middle East Economic Survey VOL. LIV No 44 31-Oct-2011 syria Syria Sees Budget Expenditure Rising Steeply In 2012 The Syrian government on 20 October approved the draft budget for 2012, projecting a 58.8% increase in expenditure to S£1,326bn ($26.8bn) from S£835bn ($16.9bn) in 2011...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011