Saudi Arabia is ready to increase its oil output in the coming months to a new record to meet a rise in global demand despite increased domestic use, according to Ahmed al-Subaey, Saudi Aramco’s executive director for marketing. Subaey said he is already talking to prospective Indian buyers for additional oil. Saudi Arabia increased production in May to around 10.3 million barrels per day (bpd), its highest rate on record, as a result of increased global demand. Any increase in production in a market that is already facing an oil glut would signal that the Organization of the Petroleum Exporting Countries (OPEC) is unrelenting in its decision to maintain global market share. [Reuters, 6/11/2015]

Turkey’s economic growth beats expectations
Turkey’s economic growth beat expectations in the first quarter this year as government spending and domestic demand jumped. The surprisingly strong performance lifted markets hit by mounting political uncertainty after Sunday’s national elections. Gross domestic product (GDP) grew by 2.3 percent in the first three months of 2015, exceeding the 1.7 percent pace forecast by analysts in a survey by The Wall Street Journal. However economic growth declined overall, slowing from 4.9 percent in the same period last year and from 2.6 percent in the fourth quarter of last year. Meanwhile, Moody’s Investors Service said Turkey’s election result is likely to raise political uncertainty and delay the implementation of key economic policies that would help to protect the country from external pressures. [Wall Street Journal, 6/10/2015]

Egypt, World Bank sign $500 million loan deal for public housing project
Egypt and the World Bank signed an agreement on a $500 million loan to support a government project for affordable housing, state-owned news agency MENA reported on Wednesday. The loan will be used to develop Egypt’s Social Housing Fund and to subsidize mortgages for low-income earners. The project, which was unveiled in late 2014, aims to build 1 million residential units across the country for low-income earners. Low- and medium-income Egyptians will benefit from a subsidy of EGP 5,000 to EGP 25,000 on each housing unit through the Bank’s loan. Up to 170,000 housing units are slated to be built by the end of 2015. [Ahram Online, 6/10/2015]

World Bank puts Tunisia’s growth at 2.6 percent in 2015, 3.4 percent in 2016
The World Bank Group has forecasted Tunisia’s growth rate at 2.6 percent in 2015, 3.4 percent in 2016 and 4.5 percent in 2017. In developing countries in the Middle East and North Africa, the Bank revised the growth rate downwards to remain stable at 2.2 percent. The figures were released as part of the Bank’s Global Economic Prospects. [TAP/All Africa, 6/10/2015]

Also of interest
Saudi May inflation rises to 2.1 percent year on year | Reuters
Saudi stocks flat despite weaker oil, Egypt slips | Reuters
Saudi March non-oil exports drop 19.4 percent, imports up | Reuters
Saudi Arabian oil output hits record | Financial Times
Experts see positive outlook for Saudi banks | Arab News
As Saudi bourse opens to foreigners, don’t all rush at once (analysis) | Financial Times
Egypt to regulate trade and investment forum in Africa in October | DNE
Food price shocks drive Egypt’s inflation to highest in five years | Ahram Online
In Algeria, reform will come sooner rather than later (analysis) | Stratfor