- Sort by:
- Score
- Published ▼
-
Morocco Renewables Plans Get Wind In Their Sails
...nfirmed it would supply twenty-seven 3.2MW wind turbines for the €140mn project, with commissioning scheduled for 2022. The US firm already manages Moroccan firm Nareva’s 200MW Akhfenir wind farm which was completed in 2014. 20-YEAR PPA As with Enel and Nareva’s Midelt and Boujdour wind farms, Ed...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Oman Taps Debt Market To Cover Low Oil Revenues
...vid-19 pandemic and oil price crash came as the country was already on the brink of economic crisis. Unlike its fellow GCC oil producers, the sultanate’s more modest oil production has failed to cover its increasingly bloated public sector – particularly after the 2014 price crash (MEES, 26 July 20...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Egypt: IOC Receivables Edge Lower In 1H 2020
...id off, with Egypt’s Council of Ministers on 19 August approving a settlement of the dispute. No details were given. Egypt’s overall receivables figure peaked at over $6bn in 2014. Key offshore gas producers Eni, BP and Shell have not reported receivables figures since 2016 – though Eni’s 1H re...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Saudi Electricity Borrows $2.4bn
...d capex funding. SEC’s biggest year for lending from the financial market was 2016, when it raised $5.13bn, although its largest deal was a $13.2bn Ministry of Finance ‘soft loan’ in 2014 (see table and MEES, 26 January 2018). SEC’s need for capex will likely be reduced by its decision to pursue in...
Volume: 63Issue: 35Published at Fri, 28 Aug 2020 -
Egypt’s Debts To IOCs Again On The Rise
...w Cairo wrack up arrears of over $6bn by mid-2014 (MEES, 8 August 2014). A $12bn IMF program agreed in late 2016 brought financial stability: receivables fell to $900mn by mid-2019 and just $200mn by January this year. The Covid-19 pandemic now risks a return to the bad days. Receivables owed le...
Volume: 63Issue: 32Published at Fri, 07 Aug 2020 -
Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Qatar Slumps Into Recession
...git growth up until 2014, it too has seen its performance decline in recent years, dropping to just 1.3% growth last year. Like its neighboring petrodollar economies, Qatar has been struggling to diversify, despite having its own National Vision 2030. Although the share of oil and gas in the ec...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Saudi Arabia Announces Borrowing, Reserves Draw-down Plan
...is was followed up by an $81bn drop in 2016 and a $39bn drop in 2017 as reserves fell from $732bn at the end of 2014 to $496bn at the end of 2017. Foreign reserves have since stabilized, but not significantly grown, exiting 2019 at $500bn, and declining slightly in early 2020. If Saudi Arabia fo...
Volume: 63Issue: 17Published at Fri, 24 Apr 2020 -
Saudi Economy: Modest Diversification Efforts Face Bleak Outlook
...ckage aimed primarily at protecting small and medium sized enterprises (SMEs), but implementing this alongside budget cuts will be a delicate balancing act. As of end-February Riyadh also had $497bn foreign reserves to turn to. This is almost $250bn below their August 2014 peak and reserves look set to so...
Volume: 63Issue: 14Published at Fri, 03 Apr 2020 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...st – whose economies have never truly recovered from the late 2014 price-downturn – the economic and political implications of a prolonged price depression could be catastrophic. To be sure, the key Gulf monarchies of Saudi Arabia, the UAE, Kuwait and Qatar are robust enough to withstand a short-te...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Algeria’s Sonatrach: New CEO, Same Old Challenges
...UINOR, MEES CALCULATIONS. 2: ALGERIA'S OIL & GAS REVENUES HAVE SLUMPED SINCE THE 2014 CRASH IN OIL PRICES BUT STILL MAKE UP NEAR-40% OF OVERALL BUDGET REVENUES SOURCE: IMF, ALGERIA FINANCE MINISTRY, MEES. 3: ALGERIA'S GAS EXPORTS (BCM) ARE LOWEST SINCE 1995, WHILE OUTPUT HAS SL...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
IMF Highlights Kuwait’s Economic Troubles
...gher. On the expenditure side, after two-consecutive years of cuts from 2015-16, the figure has once again risen sharply. The 2014-15 figure of $74.3bn remains the highest on record, but that record is budgeted to be equaled this year and next. The IMF is particularly concerned that spending rises in...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Trade: Surplus Dips In 2019 As LNG Pricing Pressure Augurs Worse To Come
...rms around two-thirds of the ‘Natural Gas, LPG & Condensates’ segment which in turn accounted for 62% of Qatar’s overall 2019 export revenue of $73.1bn (see chart 2). The uptick in hydrocarbon prices in 2018 benefited Qatar greatly, with exports breaking past $80bn for the first time since 2014 (ME...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Economy Outperforms Budget
...arter’s bumper $1.87bn, which was the highest quarterly figure since 4Q15’s $2.1bn. A budget surplus for 2019 would mark back-to-back surpluses for the first time since oil prices fell in the second-half of 2014. A third consecutive surplus is budgeted for 2020, albeit a mere $100mn (MEES, 20 December 20...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Kuwait Budgets For Mega Deficit In 2020-21
...w debt law. It has therefore had to tap the General Reserve Fund to fund the deficit Kuwaiti debt rose significantly prior to 2017, up from 3.4% of GDP in 2014 to 20.7% of GDP in 2017 according to the IMF. It has since dropped due to the inability to issue debt, with the IMF projecting it was 17...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Oman Budgets For Further Deficit Reduction In 2020
...so set to decline. Current spending in set to remain in line with 2019. All told, Oman expects a $6.5bn deficit in 2020, down from $6.8bn in 2019 and $6.9bn in 2018. And if IMF GDP growth forecasts are to be believed, Oman is poised to drop its deficit-to-GDP ratio below 9% for the first time since 2014...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Egypt: Current Account Deficit Widens Despite Strengthening Growth
...ficit fell in dollar terms in 2016-17, as share of GDP the deficit peaked at 6.1% that year. Whilst Egypt’s current account notched up successive record deficits of $12.1bn and $19.8bn in 2014-15 and 2015-16, President Sisi’s first two full years in power, the country’s finances were bailed out by re...
Volume: 62Issue: 49Published at Fri, 06 Dec 2019 -
Oman Set For Lowest Deficit Since 2014, But Investment Lacking
...what would be the lowest figure since 2014 offers a rare piece of good news as assessments of Oman’s long-term economic health continue to sour. Of course, the second half of 2014 saw oil prices collapse from the $100/B-plus average of the preceding four years. Oman is not the only oil pr...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Saudi Arabia Expects Large Budget Deficits Until 2022
...With Saudi Arabia planning to run budget deficits until 2022, the kingdom’s own figures point to a cumulative deficit since 2014 of more than $450bn. Efforts to kick-start private sector development are essential if the government is to succeed in its critical efforts to reduce the economic de...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Algeria: More Output Declines, More Protests
...ficit for the first half of the year brings the total deficits racked up since the 2014 oil price crash to a whopping $53.1bn. Highlighting just how dependent Algeria is on its energy sector is the fact that the 6.6% year-on-year fall in export revenues in the first half was exactly the same as the fall in...
Volume: 62Issue: 34Published at Fri, 23 Aug 2019