Oil prices slipped on Wednesday on oversupply after news that King Salman bin Abdulaziz of Saudi Arabia had reshuffled the kingdom’s line of royal succession. Saudi reshuffles often move oil prices as stability in the world’s biggest oil-exporting country is key to global supplies, but the announcement had little obvious impact. King Salman appointed Saudi Aramco Chief Executive Khaled al-Falih as chairman of the state oil giant in the reshuffle, replacing veteran oil minister Ali al-Naimi. The king also named Mr. Falih health minister. [Reuters, WSJ, 4/29/2015]
World Bank seeks to finance development projects in regions recaptured from ISIS
The World Bank is seeking to finance development projects in areas in Iraq that the government has recaptured from Islamic State (ISIS or ISIL) militants, the Bank’s Regional Vice President Hafez Ghanem said. Ghanem plans to meet with Iraqi officials and discuss ways to help the government tackle a budget deficit caused by a drop in oil revenues when he visits Iraq this week. The undertaking is part of a wider plan to boost the Bank’s investments in the Middle East and North Africa in the coming years, Ghanem said. [Reuters, 4/29/2015]
Global financial regulator says investors will not come to Egypt without stability
Egypt and other emerging markets must create the right conditions, with stability and the rule of law, to attract foreign investment, the Secretary-General of the International Organization for Securities Commissions (IOSCO) has said. Egypt is pursuing a series of economic and legal reforms with the aim of attracting investors to boost an economy damaged by four years of political upheaval. More than a hundred leaders in financial regulation from around the world are currently in Egypt to attend the annual meeting of the Growth and Emerging Markets (GEM) division of the IOSCO. [Ahram Online, 4/29/2015]
Report says GCC states can gain an extra $17.7 billion through diversification
Gulf Cooperation Council (GCC) states could gain up to $17.7 billion if they achieve the average economic diversification levels of the Organization for Economic Cooperation and Development (OECD), according to a study by Ernst & Young. The study uses a tracker to look at the levels of diversification across the GCC and how to speed up progress. The public sector needs to shift from being the main investor to being the enabler and driver of business, the report says. [Gulf News, 4/29/2015]
Also of interest
Saudi, other Gulf markets nearly flat on oil concern | Saudi Gazette
What the Saudi royal reshuffle means for oil (analysis) | CNBC
Currency risks hold back renewable energy funding in Egypt | The National
Egyptian investors turn to courts to abolish tax on capital gains, dividends | Reuters
Morocco seeks to strengthen energy cooperation with Russia | Morocco World News
European Bank for Reconstruction and Development opens resident office in Morocco | APA
Middle East countries face low inflation risk this year | Gulf News