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Saudi 2018 Budget Delays Austerity To Jump-Start Flat Economy
...ending set to hit the highest level since 2014, in a bid to revive its sluggish economy. Despite running up consecutive multi-billion-dollar deficits since 2014, the kingdom still has relatively low levels of debt, and is prioritizing ending its recession over balancing the budget in the near term. Th...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Saudi Powers Ahead With Reform Plans
...oks set to hit many Saudi households hard in the pocket and could be sufficient to make many think more carefully about electricity use. According to UK consultant Enerdata, Saudi household electricity consumption averaged 24,030kWh (2,002kWh/month) in 2014. This is roughly double US consumption, wh...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...hers decline to take any decisions on permits and the like for fear of being branded corrupt (MEES, 31 October). But, in an echo of the situation facing smaller firms in Egypt (MEES, 1 December), the bigger fall came with the collapse in oil prices in the second half of 2014. Many of the minnows in Tu...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Saudi Deficit Set To Fall 50% In 2017
...Higher oil prices mean Saudi Arabia is on track to halve its deficit to $42.5bn for 2017, the lowest figure since 2014. Latest figures for the first nine months of 2017 show revenue rising by 23% year-on-year thanks to a 32% increase in oil prices (from $38.6/B to $50.9/B). For 2017 as a wh...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Gulf SWFs Overhaul Their Strategies For A ‘Lower For Longer’ World
...plug deficits,” Elliot Hentov of State Street Global Advisors tells MEES. “The net effect is that they are still providing liquidity but the trend has dramatically slowed.” GCC SWFs’ total assets increased by $404bn from $2,519bn in October 2014 to $2,923bn in November 2017, a 16% rise, ac...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Algeria Reverses 2017 Austerity In Free-Spending 2018 Budget
...15 2014 2013 REVENUE (AD BN) 6,497 +15.3 +10.4 +36...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ree years. Algeria’s hydrocarbon-dependent economy has been hit hard by the collapse in oil prices since the second half of 2014; its hydrocarbons revenue fell to just $27.1bn last year from $71.4bn in 2011, though recent oil price rises mean it may just avoid a third straight $10bn-plus trade de...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Oil Addiction Deepens Despite Ambitious Reform Drive
...s despite average annual oil prices nearly halving against 2014. Saudi Arabia’s trade surplus was decimated accordingly (see table). More than a year after Vision 2030 was launched, very little has changed. Non-oil exports account for less than 25% of the total and after falling in value for the la...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Egypt: Economy Looking Up But Long Road Ahead
...ggest an annual figure of around $7bn based on normal seasonal trends – still below 2015 levels but almost double last year and still above 2013 and 2014 (see chart 3). FOREIGN RESERVES RIDING HIGH Aid from the IMF, the World Bank and other donors, as well as capital inflows from various sources ha...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Bahrain Taps Debt Market For Record $3bn
...17, gross foreign exchange reserves stood at $1.7bn, down from nearly $6.0bn at the end of 2014. This implies less than one month of current account payment coverage,” S&P said at the time. Although latest figures show this rebounding to $2.5bn at end-April. Fitch assigns Bahrain the highest ra...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...nds de Regulation des Recettes (FRR), a reserve fund intended for counter-cyclical spending, has been empty since February, whilst the country’s foreign currency reserves have collapsed from $179bn at end 2014 to just over $105bn at end-July. The IMF projects further falls to $79bn by end-2018 and $55...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Oman Set To Shrink Deficit, But Not By Much
...% of Oman’s total export revenues. Presuming that non-hydrocarbon revenues and imports held roughly steady in Q2, the figures for oil and gas imply that Oman notched up a trade surplus of $2.56bn in the first half of 2017 the highest figure since 2014 when Oman notched up a $22.2bn trade surplus on th...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017 -
Gulf Bond Issues To Set New Highs As Cash Crunch Continues
...ound $60bn annually in 2013 and 2014, $70bn in 2015 and $78bn last year. If the current trends continue, bonds could overtake loans this year. This would be significant for a region traditionally dominated by relationship-driven bank lending. Diversifying funding sources would also help to si...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iran’s Budget Deficit Soars In 2016-17
...VENUE FIGURES (IR TRN) 2016-17 vs 2015-16 2015-16 vs 2014-16 2014...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...oups. According to the report, IS was producing, refining and selling as much as 50,000 b/d in November 2014, but later estimates put this figure at a maximum of 40,000 b/d in October 2015. By September 2016 the US-led coalition claimed that it had struck 2,638 oil infrastructure targets primarily in Sy...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Saudi’s Economy Gets Boost From MSCI Announcement
...uld put Saudi Arabia in the top 10 emerging markets, according to EFG Hermes. The other Mena markets included in the MSCI index are Qatar and the UAE, which were upgraded to EM status in 2014, as well as Egypt. Along with improved liquidity, valuations and stock prices on the Tadawul, Saudi’s in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...16, down from $628mn in 2015 and a record $1.381bn in 2014 (though the price of gas shipments is oil-linked this linkage is delayed). These economic headwinds will make it more difficult for Morocco to tackle the youth unemployment (22.5% of the labor force in 2016, up from 20.8% in 2015 according to...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 20...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...om $179bn at end 2014 to just over $100bn now. That said, Algeria’s finances are less stretched than some of its Opec peers. The IMF actually chastises Algiers for an unwillingness to take on international debt in order to smooth out the economic cycle. Algeria has made financing the deficit more di...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Iraq Oil Takings Up
...Iraqi crude export revenues totaled $4.66bn in May, the sixth successive month in which they exceeded $4.5bn. This is the first time Federal Iraq has achieved this since December 2014 as the collapse in oil prices since mid-2014 has offset a 35% increase in export volumes. But it looks as if th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017