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Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...-Hoceima and Imzouren. Over 100 were arrested. Such instability brings into question Moroccan King Mohammed VI’s response to the Arab Spring protests which shook the region in 2011. A constitutional referendum later that year increased the powers of the elected parliament, though the country re...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 2011...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Sanctions: Tehran Tries To Come In From Cold As US Threatens To Turn Up Heat
...ough there remains some way to go. Crude exports to the EU were worth $4.57bn in 2016 according to figures from the European Commission compared to $23.5bn in 2011, when oil prices were of course substantially higher (MEES, 7 April). …BUT INVESTMENT STALLED… The biggest Iranian energy de...
Volume: 60Issue: 23Published at Fri, 09 Jun 2017 -
Saudi Looks To Pop Deficit With Fizzy Drinks Tax
...anwhile latest statistics from the Saudi Arabian Monetary Agency (SAMA) show that the kingdom’s foreign reserve assets have shrunk to $500bn at end-April from $508.7bn at end-March, the lowest since May 2011 (see charts). Reserves have continued to fall despite the raising of $9bn in Islamic sukuk by the ki...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Libya Wins $1bn From SocGen, But Cases Highlight Shambolic Economic Governance
...nctions imposed on Libya in 2011. Ali Mahmud Hasan, who heads the LIA steering committee appointed by the GNA, has complained that the fund is losing money due to a lack of control over its equity and bond investments. But the unfreezing of the funds continues to be undermined by disputes over the le...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Libya Investment Authority: A History Of Legal Wrangles
...rth $31mn, as the Libyan regime is prevented under sanctions from recovering unpaid debts. The LIA argues that as the debt pre-dated the imposition of sanctions in March 2011, it should not be subject to such restrictions. ...
Volume: 60Issue: 19Published at Fri, 12 May 2017 -
Algeria Charts New Economic Direction. Is It Battling Against The Tide?
...ll trade data). It is, however, notable that surpluses were already shrinking rapidly from the bumper $26.24bn notched up in 2011 even whilst oil prices remained at $100/B-plus as Algiers sought to use public largesse to counter fears of Arab Spring ‘contagion’. By the same token the fact that th...
Volume: 60Issue: 18Published at Fri, 05 May 2017 -
Saudi Debut International Sukuk Raises $9bn; Aramco Taps Further $3bn
...untry’s other means of covering its deficit is to draw down its foreign reserves. These had shrunk to $514bn at end-February – the lowest since 2011: they were $593bn a year earlier and peaked at $732bn at end-2014 (see chart). The sukuk helps to alleviate pressure on these foreign reserves. Moody’s as...
Volume: 60Issue: 16Published at Fri, 21 Apr 2017 -
Egypt Foreign Reserves Hit Six-Year High But Still Long Way To Go
...Egypt’s foreign reserves rose by just shy of $2bn to $28.5bn in March, the highest since March 2011, as the influx of around $10bn in foreign aid and loans since November last year has helped the country’s ailing economy get back on its feet (see chart). Egyptian President Sisi’s trip to Wa...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Kuwait Plans To Double Debt Ceiling To $66bn
...2015 4Q16 vs 4Q15 4Q15 2014 2013 2012 2011...
Volume: 60Issue: 14Published at Fri, 07 Apr 2017 -
Egypt Reserves Up Again As Cairo Pockets World Bank Cash
...Egypt’s foreign currency reserves rose by a further $200mn last month to stand at $26.6bn at the end of February, their highest level since 2011 (see chart). And reserves will likely have risen further during March with Egypt’s receipt of the second $1bn tranche of a $3bn World Bank loan. Th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...reign assets as of end-January falling below SR2 trillion for the first time since October 2011. At $524bn they are 30% below the record $746bn level hit in mid-2014 (MEES, 10 March). The country’s 2017 budget projects a whopping $53bn deficit, albeit down by a third from 2016 (MEES, 6 January). Fi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Egypt’s Economy: Looking Shaky Despite Cash Inflows
...nth earlier, the highest level since 2011 (see chart). The central bank says post-devaluation some $11.7bn of foreign currency has flowed into Egyptian banks as well as investment in the local stock market and treasury bills, boosting forex reserves to six months’ import cover. The pound has edged hi...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years
...ve severely struggled since the 2011 revolution and despite the more than halving of oil prices since mid-2014, the firm has still been unable to balance its books. Receivables peaked at over $6bn in 2014. “EGPC revenues from sale of fuel products continue to fall short of its costs resulting in th...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Algeria Deficit Tops $17bn; Is Reserve Fund Finished?
...om 2011 to mid-2014 the fund pocketed large surpluses from Algeria’s understatement of oil revenues. The IMF estimates that Algeria’s foreign reserves fell to $113bn at end-2016, down from $143bn in 2015, $177bn in 2014 and $192bn in 2013. This roundabout way of booking oil revenues has been cr...
Volume: 60Issue: 03Published at Fri, 20 Jan 2017 -
Saudi 2017 Budget Boosts Spending But Slashes Deficit By One-Third
...17B 2016E SR BN % (Real) 2015 2014 2013 2012 2011...
Volume: 60Issue: 01Published at Fri, 06 Jan 2017 -
Gulf Finance: Rise Of The Renminbi
...ES. The bank started offering RMB accounts in the UAE in 2011 and today these include current accounts, savings accounts and term deposits. “China’s relations with Arab states have grown at an exponential rate, which will support the realization of [Beijing’s] ‘Belt and Road’ initiative,” he adds. Ex...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Saudi Cash Injection: Better Late Than Never
...ptember to $544bn in October, 16.3% down on a year earlier and their lowest level since December 2011 (see chart). The central bank also sharply drew down on its foreign deposits in October, by $11.6bn to $102.7bn. Riyadh on 19 October raised $17.5bn in its first international bond issuance so the dr...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Tunisia Bags $10bn Aid
...Arab and Western donors pledged $9.6bn in aid to Tunisia at a two-day investment conference this week organized to support its struggling economy (see table). The country’s finances have been under pressure since the 2011 uprising, which marked the beginning of the Arab Spring. Tunisia’s de...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016