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Tunisia: Oil & Gas Slump, Tourism Collapse – Bonds To The Rescue?
...achieving a total of $2.85bn in external financing including $550mn via a sukuk. Tunisia’s economy has struggled since the 2011 Arab Spring. More democracy has meant more instability and a rise of Islamic extremism, with the key tourism and energy sectors badly hit. Tourism is a pillar of th...
Volume: 60Issue: 07Published at Fri, 17 Feb 2017 -
Total: Cyprus “Thrilling”
...xonMobil and Qatar’s QP. Even if drilling is a success, lack of progress at Cyprus’ only discovery-to-date, 5 tcf, 2011 Aphrodite, provides a cautionary tale. ...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017 -
Power Plant Sabotage Threatens Libyan Oil Gains
...grained since the unseating of former leader Mu’ammar al-Qadhafi in 2011. The Libyan coastguard will seize any vessels transporting fuel without authorisation and the GNA will issue arrest warrants for smugglers via Interpol, it said. In a speech on 3 January, Mr Sanalla laid the blame for smuggling wi...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Kuwaiti Opposition Gains Further Threaten Government Energy Policy
...me. Government was dissolved following the election and the Emir will appoint a new prime minister shortly. Shaikh Jabir Al Sabah has held the post since December 2011 and his reappointment remains the likeliest option. The premier will then be asked to form the new government. A key barometer will be wh...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
The Political Implications Of Iraq’s Mosul Offensive
...OCKS Baeshiqa is also one of six blocks in disputed areas where the KRG controversially awarded US major ExxonMobil production sharing agreements (PSAs) in 2011, along with the nearby al-Qush to the north west (see map and MEES, 21 November 2011). Slap bang between al-Qush and Baeshiqa is the Jabal Ka...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Lebanon: Can New President Get The Country Moving?
...abs to Lebanon, with detrimental effects on growth. Latest IMF statistics show that Lebanon’s real GDP growth in 2011-12 averaged 4.6%, but has slumped to 1% in 2015 and 2016, and is projected to rise to 2% in 2017. This low projection for 2017 could be slightly higher if indeed the election of a pr...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Egypt Devalues Currency In Bid To Calm Forex Market
...rners of foreign exchange for Egypt, have gradually fallen since the 2011 revolution with the deteriorating security situation. Recently bilateral aid from the GCC has relatively dried up with the collapse in oil prices in the past two years. NOVEMBER 2016 PRICE HIKE FOR GAS & OIL PRODUCTS (E£/li...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Iraq’s Mosul Offensive Begins Amid Patchwork Coalition
...serves are in territories which were controlled by Kurdish forces even prior to June 2014. ExxonMobil secured production sharing agreements (PSA) from the KRG for six blocks in 2011, including Baeshiqa and al-Qush, which extend into Ninawa’s disputed territory. Secondly the Sunni Arab force trained an...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...12 2011 bn...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Libya Faces Further Output Fall, Degraded Capacity With Chronic Under-Investment
...oduction potential of many of these fields has dropped substantially, particularly in the short term. Prior to 2011, the Sarir field had capacity of between 200,000-220,000 b/d, and the Mesla field about 100,000 b/d. Mr Sanalla acknowledged in the NOC statement that “we have a very long to-do list once st...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Syria’s Iranian Crude Imports Dwindle, But Data Suggests It’s Finding Other Sources
...ort of 7,700 b/d in the first half of 2016. Syria’s first half 2016 official production compares with 9,500 b/d for 2015 and represents less than 2% of the 387,000 b/d recorded in first quarter 2011, before the start of Syria’s civil war. ALTERNATIVE SUPPLIES Mr Ghanim’s data su...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Politics And Prices Stifling East Mediterranean Gas Hopes
...rdan to a lesser extent), but history shows that any deal to send Israeli gas to Egypt or vice versa is at best risky. Egypt’s former oil minister Sameh Fahmi was sentenced to 15 years in jail in 2012 for his role in the 2005 deal to send Egyptian gas to Israel, which was terminated following the 2011 ou...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
International Donors Provide Fresh Funds For Countries Hosting Syrian Refugees
...nflict in 2011. Existing infrastructure and utilities in these host countries are incapable of coping with the influx of millions of Syrian refugees and new resources are urgently needed to put in place the basic minimum facilities. While aid has already been pledged by the international community to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Dubai In Unwelcome Headwinds
...ported this week that property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 trough. However, the IMF reports that the quality of the real estate loan portfolio is significantly better than prior to the 2009 crash. Overall, Dubai, in...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Syria: Trauma To Last For Years Even If A ‘Deal’ Is Struck
...sewhere, the Kurds hold about 5% of the territory in the north while the government retains possession of most of the west and some parts of the south, where large parts are also held by anti-regime forces. 4.7MN REFUGEES, 7.6MN MORE DISPLACED Since March 2011, the population of Syria, estimated at 22...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016 -
Egypt Finally Pays Off $7bn Debt To Qatar, Backer Of Previous Islamist Government
...ections that followed the February 2011 ‘revolution’ that overthrew longtime dictator Husni Mubarak. Almost from the start – through a combination of economic incompetence and a lack of support from the financial establishment – Mr Mursi’s government presided over an economy on life support. The country on...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Libya: Joint Action Pushes Back IS, But Unity Far From Complete
...ke Sirte without significant Western support,” says Mr Pusztai. “In 2011 it took them almost two months to take the city from the remaining Qadhafi loyalists, and that was with air support from the West. Now they are facing battle hardened jihadists who are well trained and experienced in operating in...
Volume: 59Issue: 23Published at Fri, 10 Jun 2016 -
Anti-Hizbollah Banking Sanctions Tear At Lebanon’s Political Fabric
...th the high cost and strains on basic utilities, associated with the hosting of close to 1.5 million Syrian refugees who had fled their war-torn country since the beginning of the conflict in Syria in early 2011. So any new shocks to the Lebanese banking sector which has so far been resilient, de...
Volume: 59Issue: 22Published at Fri, 03 Jun 2016 -
Yemen Conflict Sees Gulf States Test Their Military Prowess
...March 2011, 1,000 Saudi troops and 500 from the UAE intervened to crush a popular uprising in Bahrain. But this is the first time that GCC nations have carried out a concerted air and ground campaign beyond their borders. “Supplying combat units on the ground and sustaining them is much more in...
Volume: 59Issue: 19Published at Fri, 13 May 2016 -
Mideast Military Spending By The Numbers
...ader with over 16%; Saudi Arabia spends 14% and Iraq 9%. The share of GDP spent on the military by the Middle East as a whole has increased in each of the past five years, to 5.8% in 2015 from around 4% in 2011, although this is below 1995’s record 6.4%, according to SIPRI. Aside from the severe se...
Volume: 59Issue: 19Published at Fri, 13 May 2016