EconSource: Mideast, North Africa to Invest $755 Billion in Energy to 2019
According to key lenders, Middle Eastern and North African states are expected to invest $755 billion in energy projects over the next five years despite the plunge in world oil prices. Oil is expected to account for 31 percent of the investment spent and gas for 27 percent. The other $316 billion is projected to be invested in power generation to meet soaring demand for electricity, which is heavily subsidized in most regional states. The UAE comes in second place after Saudi Arabia with investment projections of $116 billion, followed by Algeria with $84 billion. Iraq and Iran are forecast to invest around $80 billion and $70 billion, respectively.

[AFP, 2/4/2015]

Gunmen storm Libyan oilfield

According to Libyan officials, gunmen possibly linked to Islamist militants assaulted and seized control of Libyan oilfield Mabrook in the second high-profile attack in the country in a week. France’s Total has a stake in the site but it is contracted to a Libyan company. Rival armed factions have been fighting for almost two months for control of Libya’s biggest oil ports, Es Sider and Ras Lanuf, on the Mediterranean coast. [Reuters, 2/4/2015]

Gulf states to give Egypt $10 billion in deposits

Saudi Arabia, Kuwait, and the United Arab Emirates will reportedly give Egypt $10 billion in deposits before Egypt holds an investment conference in March. Egypt hopes the investment conference in Sharm el-Sheikh will generate ventures worth billions of dollars, helping to boost its economy, which has just started to recover. During a meeting held by Prime Minister Ibrahim Mahlab with Egypt’s business community in Kuwait, Central Bank Governor Hisham Ramez thanked the Kuwaiti authorities for their support, adding, “The Egyptian economy will not depend on aid.” [Reuters, 2/3/2015]

Tunisia exit tax bad for business with Libya

A Tunisian border town is blaming an unpopular Tunisian exit tax, introduced last October, for its dwindling fortunes.  The protesters say that the TND 30 exit stamp ($15.50) has caused Libyan border guards to respond by blocking the movement of high-quality goods from Libya, which they claim has disrupted profitable cross-border trade. Protesters further insist that the tax has had no benefit on Tunisia’s infrastructure thus far. [Libya Herald, 2/3/2015]

Also of Interest:
Amid political turmoil, Yemen’s economy poses bigger threat | WPR
Egypt seeks $696 million investment in tourism projects | Trade Arabia
Jordan, Saudi Arabia sign five agreements worth $176 million | Zawya