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Morocco Solar Funds
...ergy (Masen) awarded the 200MW Noor 2 and 150MW Noor 3 projects to ACWA and Spain’s Sener with a view to 2017 start-up. Masen also plans to build a 50MW solar photovoltaic (PV) unit at the site – Noor 4. ACWA says the debt part of the package will be “entirely financed by Masen” with funds from the Af...
Volume: 58Issue: 22Published at Fri, 29 May 2015 -
Orpic Seals $0.9bn Financing For $7bn Projects Program
...pelines and terminal in the first half of 2017. OLC has arranged financing with Ahli Bank and Bahrain’s Ahli United Bank to cover 70% of the MSPP’s development cost. The MSPP project will transport oil products through a 290km pipeline system between the Sohar and Mina al-Fahal refineries and a pr...
Volume: 58Issue: 21Published at Fri, 22 May 2015 -
Libya Could Run Out Of Cash Sooner Rather Than Later
...sses of $2.4bn a month. If the rate of decline continues, reserves would be exhausted by August 2017. But in the past two years, the depletion in reserves has been accelerating, meaning that Libya could run out of funds by early 2017, according to MEES calculations. The IMF, in its latest regional ec...
Volume: 58Issue: 20Published at Fri, 15 May 2015 -
IMF Warns Qatar Of Budget Deficit
...e hydrocarbon sector growth will recover slightly rising from 0.8% in 2015 to 1.8% in 2016 and 1.9% in 2017. For its part, the IMF expects growth in 2015 to rise to 7% with the start-up of output from the $10.3bn, 1.4bn cfd Barzan wet gas development in the second half of 2015 and the au...
Volume: 58Issue: 16Published at Fri, 17 Apr 2015 -
Egypt’s Qalaa Raises Capital
...the subsidiaries and business units that are best positioned to benefit from the economic recovery in Egypt. Qalaa Holdings energy investments include refining, energy distribution, power generation and renewables. The company key project is the $3.7bn construction by 2017 of secondary re...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Dubai’s DEWA Adding 700mw, Repays $1bn
...nerating capacity will reach 10.36GW of electricity.” M-Station expansion is one of three DEWA capacity additions under way. First is a 200MW solar photovoltaic (PV) plant, which is being built by Saudi firm ACWA Power and Spain’s TSK for start-up in April 2017 (MEES, 30 January). DEWA is also te...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
MENA Youth Unemployment Chronic-ILO
...nkings out to 2017, according to the ILO’s projections (see graph). The ILO blames “tepid” MENA economic growth of 2.6% for 2014, due to “difficult political transitions, security challenges and rising regional conflicts,” for the lack of jobs. Though the ILO projects that growth will edge up to 3.8% fo...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
Egypt To Tap Bond Market
...tional Bank of Egypt announced earlier in the week that it is lending E£3bn ($416mn) to the Egyptian government to help finance the 1.95GW South Helwan Power project, due to start up in 2017, and an upgrade of the 650MW power plant at Assiut operated by EEHC. Egypt has ambitious plans to more than double it...
Volume: 58Issue: 04Published at Fri, 23 Jan 2015 -
GCC Ratings Under Pressure From Oil Price Slide
...st $80/B in 2015-17, compared with a slow decline to $95/B in 2017 in the firm’s previous forecast. In a report issued on 1 July S&P noted that key Gulf producers would find themselves in a complicated fiscal position if oil prices turned south – which indeed they did, just weeks after S&P pu...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Qatar Looks Resilient To Lower Oil Prices
...ile lower oil prices will sooner or later feed through into lower LNG revenue, Qatar, with its already established infrastructure, is in a much stronger position than the nascent competition. Australia is set to overtake Qatar as the world’s number one LNG producer by 2017 on their way to pr...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...760mn) for current spending an JD1,175mn ($1,657mn) for capital expenditure. With inflation estimated at 2.4% in 2015, total spending is slated to rise by less than 1% in real terms. Real GDP is expected to grow at 4% in 2015 and 4.5% in each of 2016 and 2017. The Economy In 2014 Reviewing the cu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Looks To Slash Deficit In 2015 Budget
...e objective of controlling and boosting the efficiency of public spending. The budget estimates annual GDP growth at 4% in 2015 (in line with the IMF’s latest estimate) and 4.5% for 2016 and 2017. On the expenditure side, current spending is estimated at JD6.9bn ($9.729bn), up 2.9% from 2014, ma...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Lebanese Economy Resilient Despite External Shocks
...rther $4.4bn in Eurobonds in several tranches to meet its fiscal needs in 2015, 2016 and 2017. A draft law has been sent to parliament to seek approval for the larger Eurobond issue by November, the minister said. The ratification of such a law is essential for debt refinancing. Mr Khalil expects th...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014 -
Morocco Bags IMF, EU, Qatari Cash
...dustrial users and reduced the per-unit subsidy on diesel, with further reductions planned for the remainder of the year. Subsidies are to fall to MD35bn ($4.20bn) in 2014 (3.7% of GDP) from MD42bn ($5.04bn) in 2013 (4.7% of GDP), with a fall to 3% of GDP by 2017, according to the IMF and the Ministry of Ec...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Cyprus: IMF Calls For Banks, Energy Restructuring
...osed a tender to import average volumes of between 0.6 and 1bcm/year for up to 10 years with first gas to be delivered between 1 January 2016 and 30 June 2017. Awarding a tender this year is unlikely (MEES, 18 April). Resource Fund The IMF review also calls for “an institutional framework for th...
Volume: 57Issue: 28Published at Fri, 11 Jul 2014 -
Saudi Arabia Ponders Creation Of ‘National Reserve Fund’
...e end of 2017 – a sum that would in theory catapult the fund into second place on a ranking of the world’s top SWFs (see table). Dr Mariq says the aim of establishing the fund, also known as the “National Reserve Fund” is to accumulate financial surpluses and invest them to realize maximum returns. Th...
Volume: 57Issue: 24Published at Fri, 13 Jun 2014 -
Sisi Promises Economic Reforms
...esidential candidate Field Marshall Abdel Fatah al-Sisi, who is widely expected to win, has said that he will target a GDP growth rate of 7%, and a decrease in the unemployment rate to 8% by fiscal year 2017-18, targets which appear to be highly ambitious, considering current circumstances. He says he is al...
Volume: 57Issue: 21Published at Fri, 23 May 2014 -
Morocco Targets Further Subsidy Reductions
...e predicted to fall below 3% of GDP by 2017 (see graph). Rabat in February ended subsidies on gasoline and fuel oil and started to cut diesel subsidies significantly as part of its drive to lower the deficit (see table). Last September the authorities started to implement a mechanism to index th...
Volume: 57Issue: 12Published at Fri, 21 Mar 2014 -
UAE Growth To Slow-IMF
...ll on 30 July. However oil GDP growth is expected to recover to 3.1% in 2015 before falling to around 1.8% in 2017-18, according to projections made earlier by the IMF (MEES, 28 June). Mega-Project Risk Looking ahead, Mr Finger points to a number of risks to future growth. Fi...
Volume: 56Issue: 31Published at Fri, 02 Aug 2013 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...bai’s GREs increased their debt over the last year to an estimated $93bn, up from $84bn in March 2012, of which about $60bn falls due between 2013 and 2017. This included GREs which are operating on a commercial basis and borrow on their own credit strength. It further points out that while GR...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013