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Saudi PIF Aims To Kickstart Kingdom’s Services Sector With ADES Buyout
...cused on Egypt. But the company has expanded since its 2017 listing on the London Stock Exchange. In 2018 it tapped $450mn in loans, including $125mn from the EBRD, for “expansion of ADES outside of its home market in Egypt via the purchase and refurbishment of rigs or acquisition of entities operating su...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021 -
Saudi Oil Export Revenues Down 40% For 2020
...oking ahead to 2021 as a whole, a relatively conservative estimate would peg oil export revenues at slightly more than $150bn, putting them broadly in line with 2015 levels. However, 2017’s $170.2bn remains an attainable target, which if achieved would greatly ease the financial pressure on Saudi Aramco as...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Saudi Arabia’s Regional HQ Ultimatum Raises Eyebrows
...e first FII back in 2017 was designed to facilitate (MEES, 27 October 2017). Yet while the biggest corporate names have often flocked to FII, many have merely paid lip service to future investments in the kingdom, while instead seeking to themselves secure investments from Riyadh. Many of those fi...
Volume: 64Issue: 07Published at Fri, 19 Feb 2021 -
Egypt 2020-21 Fundraising Boosted By $3.75bn Bond
...$7bn for 2016-17 and 2019-20 and $6.5bn for 2017-18 and 2018-19, in order to plug its financing needs (see chart 2). Despite its successful exit from the fund’s three year program in 2019 (MEES, 21 June 2019), the pandemic has exacerbated the country’s financial plight and MEES understands Egypt wi...
Volume: 64Issue: 06Published at Fri, 12 Feb 2021 -
Egypt: BP Readies Raven
...ril 2017 (MEES, 15 March 2019). The condensate output should also help boost Egypt’s oil output which fell to a new 40-year low in November of 572,000 b/d (MEES, 29 January). ...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Saudi Arabia Unveils PIF’s Five Year Strategy
...erall, Saudi GDP growth has been slow since the late-2014 oil price crash (see chart 1). The late-2017 decision to end austerity measures (MEES, 22 December 2017) that were crimping growth had been paying dividends, but the unprecedented turmoil of last year derailed the economy. The IMF’s latest es...
Volume: 64Issue: 04Published at Fri, 29 Jan 2021 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...me (MEES, 17 June 2020), policy initiatives have been state-driven and focused on dealing with the symptoms rather than the underlying malaise: from printing money (MEES, 13 October 2017), to banning whole swathes of imports (MEES, 1 January 2018). Official foreign currency reserves collapsed from al...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Qatar Keeps Crown As Largest LNG Exporter For 2020
...ven that Qatar is working to expand capacity to 126mn t/y by 2027 and expects first gas from its new trains in 2025 (MEES, 10 April 2020). Qatar’s continued presence at the top in recent years came despite the Saudi-led economic embargo of Qatar from June 2017. That embargo was finally lifted last we...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Saudi Deficit Falls To $11bn For Q3 As Non-Oil Sector Surges
...venues stay flat then the deficit could conceivably come in above $80bn. Q4 deficits in both 2017 and 2018 were more than $30bn. FINANCING THE DEFICIT In order to finance last quarter’s $10.9bn deficit, the government turned to domestic debt. Overall, it raised $11.2bn domestically, opting en...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Qatar Government Revenues Drop in Q3
...rink by 4.5% this year. This would be the first time that the economy has shrunk on an annual basis since 2017, and this year’s decline is expected to dwarf that year’s 1.5%. The latest government figures show that the economy shrank by a massive 6.1% in Q2 versus a year earlier (see chart 1), and wh...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Adnoc $1bn Sell-Off
...cember 2017 with a 10% flotation (MEES, 16 February 2018). Following this week’s placement, 20% of Adnoc Distribution is now listed on the Abu Dhabi stock exchange. Adnoc retains 80%. Adnoc CEO Sultan al-Jaber says the firm’s fuel sales subsidiary “has delivered solid business results and de...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Morocco Renewables Plans Get Wind In Their Sails
...e blades for the turbines from its Tangier factory built in 2017. Siemens Gamesa has so far installed 856MW worth of wind capacity across eight separate projects in Morocco. It is also currently in the final stages of completing the MD2.5bn ($260mn), 180MW Midelt wind farm, which forms the first st...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
EBRD Ups Egypt Renewables Funding For Kom Ombo Solar
...yptian court. Only after the ministry accepted that disputes could be settled internationally did EBRD and the World Bank’s International Finance Corporation (IFC) kick-start Benban development by pledging $1.6bn combined for 27 projects (MEES, 3 November 2017). EBRD is a key backer of Egypt, le...
Volume: 63Issue: 36Published at Fri, 04 Sep 2020 -
Kuwait Faces Cash Crunch As Oil Crisis Bites
...ere is a high turnover of governments. One key piece of legislation which the government has tried and failed to get through parliament in recent years is a new debt law (MEES, 16 June 2017). Until this is passed, Kuwait is unable to emulate fellow GCC states and borrow in order to meet the budget de...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Saudi Budget Deficit Balloons In Q2 As Revenues Crash
...gan releasing quarterly data in 2017 (see chart 2). The previous low in the series was 3Q 2017’s $37.89bn. The biggest fall was for oil revenues, which fell 45% from $46.6bn in Q2 last year to $25.5bn in the same quarter this year. Despite the steep fall, the share of oil in the overall revenues ro...
Volume: 63Issue: 31Published at Fri, 31 Jul 2020 -
Egypt’s Midor Refinery: Force Majeure Sets Back Expansion
...5,000 b/d in early 2017 with the addition of a pre-flash tower. These gains appear to be included in the 60,000 b/d increase to primary distillation capacity claimed for the ongoing work given that Midor equates the 60,000 b/d increase to a 60% hike, whilst key contractor Technip gives 100,000 b/d and 16...
Volume: 63Issue: 30Published at Fri, 24 Jul 2020 -
Iran Exports: Gas & Petchems Become Key Revenue Streams As Crude Falters
...Since 2018, Iran’s economy has suffered as US sanctions caused Iranian crude and condensate exports to collapse. Oil and gas revenues brought in just $8.9bn for the last Iranian calendar year (March 2019-2020), versus $27.8bn in 2017-2018 – the last year before the renewed sanctions took ef...
Volume: 63Issue: 28Published at Fri, 10 Jul 2020 -
Saudi Sees Rare Trade Deficit As Oil Earnings Collapse
...venues therefore dropping steeply to $3.5bn, their lowest level since September 2017, oil’s share of the mix remained high at 64.7%. RECORD HIGHS, RECORD LOWS April was in some ways a triumphant month for Saudi Arabia. As the previous-Opec+ production restrictions disintegrated, state en...
Volume: 63Issue: 27Published at Fri, 03 Jul 2020 -
Saudi Awards Eyed As US Approves Funding Of Foreign Nuclear Power
...oject off the ground (MEES, 15 December 2017). SECURITY CONCERNS The DFC’s move to lift the ban on US state funding for overseas nuclear investment follows the March 2019 approval by the Trump administration of applications by six unnamed US firms to undertake preliminary work on Sa...
Volume: 63Issue: 25Published at Fri, 19 Jun 2020 -
World Bank Forecasts 2020 GDP Collapse: World -5.2%; Saudi -3.8%; Iraq -9.7%
...th -6.3% growth. Should these forecasts come to pass then Beirut will be left by end-2021 controlling an economy some 23% smaller in real terms than it had in 2017. The World Bank acknowledges that though it is forecasting a return to growth almost across the board for 2021 (it forecasts +4.2% for th...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020