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Moody’s Upgrades DEWA Rating On Revenue Climb
...WA [will] monitor the fluctuating fuel prices continuously, and the increase or decrease in the prices would be reflected in monthly bills. These two tariff modifications have brought and will continue to bring incremental revenues to DEWA,” Mr Nowak said. As of end-June 2011, the company reported co...
Volume: 54Issue: 44Published at Mon, 31 Oct 2011 -
Moody’s Says Egypt Government’s Resignation Offer Is “Credit Negative”
...dex declined 2.3% on 10 October to its lowest level since March 2009. Meanwhile, GDP contracted 4.2% in 1Q11 and foreign direct investment (FDI) “completely collapsed” in 1H11, recording a small net outflow. The IMF sees the Egyptian economy growing at an “anemic” 1-2% a year in 2011 and 2012. “A ch...
Volume: 54Issue: 43Published at Mon, 24 Oct 2011 -
Preliminary Estimate Of Arab Spring Cost Put At $56Bn
...Middle East Economic Survey VOL. LIV No 43 24-Oct-2011 REGIONAL Preliminary Estimate Of Arab Spring Cost Put At $56Bn The macro-economic cost if the Arab Spring which saw the eruption at the beginning of 2011 of revolutions in Tunisia, Egypt and Libya in North Africa, Syria in th...
Volume: 54Issue: 43Published at Mon, 24 Oct 2011 -
Morocco Top ‘Doing Business’ Reformer As Saudi Arabia Leads MENA Rankings
...om 136. But the report only covers regulations measured from June 2010 through May 2011. The report finds that six of the MENA region’s 18 business regulatory reforms made it easier to start a business. For example, Jordan reduced the minimum capital for company start-ups, and Oman’s new one-st...
Volume: 54Issue: 43Published at Mon, 24 Oct 2011 -
Jadwa Raises Saudi GDP Growth Forecast To 7.1% On Higher Oil Production
...Middle East Economic Survey VOL. LIV No 43 24-Oct-2011 SAUDI ARABIA Jadwa Raises Saudi GDP Growth Forecast To 7.1% On Higher Oil Production Riyadh-based Jadwa Investment has raised its projection for 2011 Saudi real GDP growth to 7.1% from 5.6%, as a result of an upward re...
Volume: 54Issue: 43Published at Mon, 24 Oct 2011 -
Abu Dhabi’s IPIC Posts Strong 1H11 Results, Eyes $6.5Bn Gulf Refinery Investment
...Middle East Economic Survey VOL. LIV No 43 24-Oct-2011 UAE Abu Dhabi’s IPIC Posts Strong 1H11 Results, Eyes $6.5Bn Gulf Refinery Investment Abu Dhabi’s International Petroleum Investment Company (IPIC) saw profits for the first half of 2011 nearly triple as the government-ba...
Volume: 54Issue: 43Published at Mon, 24 Oct 2011 -
Arab Aid To Egypt Tops $1.5Bn So Far
...der to finance its budget deficit of E£134bn ($22.5bn) for 2011-12, Egypt would turn to local market funding by issuing treasury bills and bonds (MEES, 12 September). But Dr Biblawi has reportedly submitted his resignation on 11 October in protest for the mishandling by the Egyptian police of a de...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Construction Of Jordan’s Oil Shale Power Plant To Begin In 2012
...Middle East Economic Survey VOL. LIV No 42 17-Oct-2011 Jordan Construction Of Jordan’s Oil Shale Power Plant To Begin In 2012 Construction of Jordan’s first oil shale power plant is expected to start next year after finalizing all negotiations by the end of 2011, the project di...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Jordan’s Petroleum Products Prices Mostly Unchanged For October
...s supplies to Jordan at preferential prices caused by the blowing up six times of the Arab Gas Pipeline (AGP) which supplies Jordan. Jordanian Minister of Finance Muhammad Abu Hammur said last week that the energy sector was posing the biggest challenge to the economy in 2011. He estimated that Jo...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Syria Raises Budget Oil Price For 2012
...rian light crude and $65/B for heavy crude (an increase of 36% and 35% respectively from the 2011 values). This compares with $55/B for light crude and $48/B for heavy crude in the current budget (MEES, 13 December 2010). Oil revenue in 2011 was projected at S£189.4bn ($3.83bn), representing 92.2% of...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
UAE 2012 Federal Budget Continues To Stress Social Spending
...d a resulting deficit of Dh400mn ($109bn). This is much lower than the Dh3bn ($817mn) deficit projected for 2011. The federal budget will need to be reviewed by the Federal National Council (parliament) before it is signed into law by UAE President Shaikh Khalifah bin Zayid Al Nuhayyan and Ruler of...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
DP World Revenues Cushioned By Emerging Market Operations, Says Moody’s
...Middle East Economic Survey VOL. LIV No 42 17-Oct-2011 UAE DP World Revenues Cushioned By Emerging Market Operations, Says Moody’s Global marine terminal operator DP World’s solid operational and financial results for the first half of 2011 showed that its operations in em...
Volume: 54Issue: 42Published at Mon, 17 Oct 2011 -
Egypt’s Finance Minister Calls For Austerity
...Middle East Economic Survey VOL. LIV No 41 10-Oct-2011 EGYPT Egypt’s Finance Minister Calls For Austerity Egypt’s Deputy Prime Minister and Finance Minister Hazim al-Biblawi has called on all government entities to abide by their projected allocations in the 2011-12 budget an...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Audit Court Criticizes Ahmadinejad’s Energy Policies
...e oil industry’s production has been reduced... The reduction has accelerated during the first three months of 2011,” Mr Katouzian was quoted as saying. The report was also critical of the overall handling of the economy by the president....
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Five Consortia Bidding To Develop Kuwait’s First IWPP
...st add power capacity of 10gw, from the current 11.3gw, according to National Bank of Kuwait (NBK) figures. Kuwait’s water capacity is 390mn g/d and it needs to hike this to 760mn g/d by 2020 (MEES, 14 February 2011). The tender for the Al-Zour North 1 IWPP was issued earlier this year after 16 in...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
HSBC And Emirates NBD Lend $200Mn For DEWA IPP
...e fact that talks to reschedule Dubai’s debt were ongoing at the time (MEES, 26 April 2010). These talks subsequently reached a successful outcome (MEES, 28 March 2011). The UAE is one of the world’s highest per capita consumers of water and electricity and hence is seeking to secure its long te...
Volume: 54Issue: 41Published at Mon, 10 Oct 2011 -
Unicorn Claims Former CEO Committed Criminal Offences
...duction in our operating expenses and the realignment of the bank’s operating strategy, leave Unicorn in a strong position to continue to report profitability in 2011.”...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
TAP And Geoplin Sign MOU For Slovenian Gas Pipeline
...e proposed 10 bcm/year capacity Ionian-Adriatic Pipeline (IAP) project, a potential extension of the TAP pipeline that could be built on the premise of a future expansion of TAP’s transit capacity to 20 bcm/y. Since early 2011, TAP has signed a series of similar MOUs with the pipeline system op...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
Militants Attack Sinai Gas Infrastructure Again
...rdan had relied on Egyptian gas for 80% of its power generation. Since the disruption of supplies, Jordan has had to switch to heavy fuel oil and its energy import bill during the first half of 2011 rose by 74% to JD1,792mn ($2.527bn)....
Volume: 54Issue: 40Published at Mon, 03 Oct 2011 -
Dana Gas Awaits $200Mn In Payments From Egyptian Government
...uters as saying. “They were $185mn,” he added, “but in the previous month they reached around $200mn.” Dana Gas is the sixth-largest gas producer in Egypt. It produced about 4mn barrels of oil equivalent during the second quarter of 2011, an increase of 6% compared to the same period last year. Du...
Volume: 54Issue: 40Published at Mon, 03 Oct 2011