According to Egypt’s Central Bank, Egypt registered the first foreign reserves decline in six months. The country’s foreign currency reserves fell to $15.88 billion in November from $16.91 billion the previous month. In November, Egypt had repaid a $2.5 billion central bank deposit to Qatar, a move which some economist had warned would negatively impact the country’s reserve levels.
[Reuters, Ahram Online, 12/7/2014]
Yemen’s foreign reserves in October the lowest since June
According to Central Bank data, Yemen’s gross foreign currency reserves slipped to $4.9 billion in October, the lowest level since June, exposing the country’s fragile public finances. A plunge in oil prices and frequent attacks on oil pipelines by tribesmen have hurt the state budget. Furthermore, Saudi Arabia suspended most of its donor aid, further harming the country’s economy. [Reuters, 12/7/2014]
Libyan oil output at 800,000 bpd
According to the latest figures, Libya’s crude oil production is stable but the continued closure of the Sharara field is still holding back overall output. Sources from the National Oil Corporation estimate the production currently at 800,000 bpd, up from last week’s 755,000 bpd. Disruptions at both the Sharara and El Feel fields, closed due to tribal clashes last month, have kept Libya from reaching the one million bpd mark. [Libya Monitor (subscription), 12/8/2014]
Saudi-US firms to invest $1.3 billion in Morocco projects
An unidentified group of Saudi and US private investors are planning to channel $1.3 billion for hotels and recreation projects in Morocco. Moroccan authorities have reportedly already allocated 8.7 million square meters for the projects, expected to attract nearly 2 million tourists annually. [Emirates247, 12/7/2014]
Also of Interest:
Political connections weaken job creation by private sector in MENA | Jordan News Agency
IDB allocates $220 million for Egypt-Saudi power interconnection project | Saudi Gazette
Egypt tourism revenues more than double in third quarter | Reuters
Yemen’s security and economy are top government priorities | SABA
Libya’s Tobruk government is struggling to exert influence on Central Bank | Libya Monitor (subscription)