Qatar raised domestic prices of gasoline by 30 percent at midnight on Thursday, the official Qatar News Agency (QNA) reported, as low oil and gas prices put pressure on the national budget.
The government said last month that it expected a budget deficit of 46.5 billion riyals ($12.8 billion) in 2016, its first deficit in 15 years. The state fuel company Woqod made the announcement in a Twitter post late Thursday, though QNA and government officials did not immediately comment on the hike. QNA did not say how much money the government expected to save with the reform. The United Arab Emirates hiked gasoline prices in August, Saudi Arabia hiked gasoline prices last month, and Oman and Bahrain followed suit this week. Kuwait is expected to take similar action in the coming months. [Reuters, AP, 1/14/2016]
Saudi Arabia will grant Egypt $200 million to finance small and medium enterprises (SMEs), according to Egyptian International Cooperation Minister Sahar Nasr. The government will allocate $32 million from the grant to SMEs in Sinai. The rest will be distributed to governorates with the highest unemployment rates, Nasr said. The grant will be disbursed to investors as loans through the Central Bank’s recently implemented regulations. The agreement is set to be signed by January 24, Nasr said. Earlier this week, the central bank announced a new SME financing program as part of a plan by President Abdel-Fattah al-Sisi to boost finances for small enterprises. [Ahram Online, DNE, 1/14/2016]
The European Union provided Tunisia EUR 217 million in 2015 to fund new programs. “Cooperation between Tunisia and the EU has reached unprecedented amounts,” the EU delegation in Tunisia said in a statement. Tunisia is the first regional beneficiary of EU assistance as part of the European Neighborhood and Partnership Instrument (ENPI), the statement adds. The European Union has accelerated the adoption of the 2015 action plan, which includes six programs, namely culture (EUR 6 million), institutional support and integration (EUR 12.8 million), and recovery support (EUR 70 million). The EU also provided EUR 23 million to implement security sector reform. [TAP, ENPI, 1/14/2016]
The government of Oman has borrowed $1 billion as the Gulf country tries to cope with strains on its finances as oil prices plummet. Oman raised the funds through a syndicated loan at 120 basis points over the London interbank offered rate, Undersecretary at the Ministry of Finance Nasser al-Jashmi said. Eleven banks took part in the five-year loan. The country has become the latest Gulf government to seek funds from either the international bond or loan market to address budget deficits. Oman began seeking the loan in November. The banks participating in the loan were Citigroup, Gulf International Bank, Natixis, the National Bank of Abu Dhabi, Societe Generale, Sumitomo Mitsui Financial Group, Bank of Tokyo-Mitsubishi UFJ, JP Morgan, Credit Agricole, Standard Chartered, and Europe Arab Bank. Oman has also talked about selling an international bond, which bankers expect to happen in 2016. [Reuters, 1/14/2016]
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Qatar raises local gasoline price by 30 percent
Qatar raised domestic prices of gasoline by 30 percent at midnight on Thursday, the official Qatar News Agency (QNA) reported, as low oil and gas prices put pressure on the national budget. The government said last month that it expected a budget deficit of 46.5 billion riyals ($12.8 billion) in 2016, its first deficit in 15 years. The state fuel company Woqod made the announcement in a Twitter post late Thursday, though QNA and government officials did not immediately comment on the hike. QNA did not say how much money the government expected to save with the reform. The United Arab Emirates hiked gasoline prices in August, Saudi Arabia hiked gasoline prices last month, and Oman and Bahrain followed suit this week. Kuwait is expected to take similar action in the coming months. [Reuters, AP, 1/14/2016]
Saudi Arabia will grant Egypt $200 million to finance small and medium enterprises (SMEs), according to Egyptian International Cooperation Minister Sahar Nasr. The government will allocate $32 million from the grant to SMEs in Sinai. The rest will be distributed to governorates with the highest unemployment rates, Nasr said. The grant will be disbursed to investors as loans through the Central Bank’s recently implemented regulations. The agreement is set to be signed by January 24, Nasr said. Earlier this week, the central bank announced a new SME financing program as part of a plan by President Abdel-Fattah al-Sisi to boost finances for small enterprises. [Ahram Online, DNE, 1/14/2016]
The European Union provided Tunisia EUR 217 million in 2015 to fund new programs. “Cooperation between Tunisia and the EU has reached unprecedented amounts,” the EU delegation in Tunisia said in a statement. Tunisia is the first regional beneficiary of EU assistance as part of the European Neighborhood and Partnership Instrument (ENPI), the statement adds. The European Union has accelerated the adoption of the 2015 action plan, which includes six programs, namely culture (EUR 6 million), institutional support and integration (EUR 12.8 million), and recovery support (EUR 70 million). The EU also provided EUR 23 million to implement security sector reform. [TAP, ENPI, 1/14/2016]
The government of Oman has borrowed $1 billion as the Gulf country tries to cope with strains on its finances as oil prices plummet. Oman raised the funds through a syndicated loan at 120 basis points over the London interbank offered rate, Undersecretary at the Ministry of Finance Nasser al-Jashmi said. Eleven banks took part in the five-year loan. The country has become the latest Gulf government to seek funds from either the international bond or loan market to address budget deficits. Oman began seeking the loan in November. The banks participating in the loan were Citigroup, Gulf International Bank, Natixis, the National Bank of Abu Dhabi, Societe Generale, Sumitomo Mitsui Financial Group, Bank of Tokyo-Mitsubishi UFJ, JP Morgan, Credit Agricole, Standard Chartered, and Europe Arab Bank. Oman has also talked about selling an international bond, which bankers expect to happen in 2016. [Reuters, 1/14/2016]
Crude oil falls as market braces for more Iranian oil | Reuters
Saudi Labor Ministry refutes World Bank statistics on expats | Al Arabiya
Blast hits major oil pipeline in Yemen, fire erupts | AP
Leading Dubai retailer MAF to build $500mn shopping mall in Cairo | Ahram Online
Egypt to ban certain imports if suppliers do not register | Ahram Online
Major oil pipeline hit by blast south of Libya’s Ras Lanuf, NOC says | Reuters
Iraqi Kurds call for US help amid budget crisis | RFERL
CHP deputy calls Turkey’s medium-term economic program ‘artificial’ | Hurriyet
EU fails to reach final deal on financial support for Turkey to stem migration | WSJ
Dollar-needy Turkey tightens foreign currency rules | Al Monitor
Qatar raised domestic prices of gasoline by 30 percent at midnight on Thursday, the official Qatar News Agency (QNA) reported, as low oil and gas prices put pressure on the national budget. The government said last month that it expected a budget deficit of 46.5 billion riyals ($12.8 billion) in 2016, its first deficit in 15 years. The state fuel company Woqod made the announcement in a Twitter post late Thursday, though QNA and government officials did not immediately comment on the hike. QNA did not say how much money the government expected to save with the reform. The United Arab Emirates hiked gasoline prices in August, Saudi Arabia hiked gasoline prices last month, and Oman and Bahrain followed suit this week. Kuwait is expected to take similar action in the coming months. [Reuters, AP, 1/14/2016]
Egypt to receive $200 million grant from Saudi Arabia for SMEs
Saudi Arabia will grant Egypt $200 million to finance small and medium enterprises (SMEs), according to Egyptian International Cooperation Minister Sahar Nasr. The government will allocate $32 million from the grant to SMEs in Sinai. The rest will be distributed to governorates with the highest unemployment rates, Nasr said. The grant will be disbursed to investors as loans through the Central Bank’s recently implemented regulations. The agreement is set to be signed by January 24, Nasr said. Earlier this week, the central bank announced a new SME financing program as part of a plan by President Abdel-Fattah al-Sisi to boost finances for small enterprises. [Ahram Online, DNE, 1/14/2016]
EU aid to Tunisia reaches EUR 217 million in 2015
The European Union provided Tunisia EUR 217 million in 2015 to fund new programs. “Cooperation between Tunisia and the EU has reached unprecedented amounts,” the EU delegation in Tunisia said in a statement. Tunisia is the first regional beneficiary of EU assistance as part of the European Neighborhood and Partnership Instrument (ENPI), the statement adds. The European Union has accelerated the adoption of the 2015 action plan, which includes six programs, namely culture (EUR 6 million), institutional support and integration (EUR 12.8 million), and recovery support (EUR 70 million). The EU also provided EUR 23 million to implement security sector reform. [TAP, ENPI, 1/14/2016]
Oman borrows $1 billion to fill gap left by falling oil prices
The government of Oman has borrowed $1 billion as the Gulf country tries to cope with strains on its finances as oil prices plummet. Oman raised the funds through a syndicated loan at 120 basis points over the London interbank offered rate, Undersecretary at the Ministry of Finance Nasser al-Jashmi said. Eleven banks took part in the five-year loan. The country has become the latest Gulf government to seek funds from either the international bond or loan market to address budget deficits. Oman began seeking the loan in November. The banks participating in the loan were Citigroup, Gulf International Bank, Natixis, the National Bank of Abu Dhabi, Societe Generale, Sumitomo Mitsui Financial Group, Bank of Tokyo-Mitsubishi UFJ, JP Morgan, Credit Agricole, Standard Chartered, and Europe Arab Bank. Oman has also talked about selling an international bond, which bankers expect to happen in 2016. [Reuters, 1/14/2016]
Also of interest
Crude oil falls as market braces for more Iranian oil | Reuters
Saudi Labor Ministry refutes World Bank statistics on expats | Al Arabiya
Blast hits major oil pipeline in Yemen, fire erupts | AP
Leading Dubai retailer MAF to build $500mn shopping mall in Cairo | Ahram Online
Egypt to ban certain imports if suppliers do not register | Ahram Online
Major oil pipeline hit by blast south of Libya’s Ras Lanuf, NOC says | Reuters
Iraqi Kurds call for US help amid budget crisis | RFERL
CHP deputy calls Turkey’s medium-term economic program ‘artificial’ | Hurriyet
EU fails to reach final deal on financial support for Turkey to stem migration | WSJ
Dollar-needy Turkey tightens foreign currency rules | Al Monitor