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economy

Political impasse sparks alarm on Tunisian economy

By AFP / 4 Mar 2013

Tunisia’s political crisis is taking its toll on the economy of a country that is also facing growing social unrest, with credit ratings downgrades and talks with the IMF on a $1.78-billion loan still in limbo.

The North African nation fell into recession following the revolution two years ago that toppled a decades-old dictatorship, but the ruling Islamist party Ennahda boasted of an economic recovery after its rise to power in December 2011.

 

Pakistan-Iran pipeline work 'to begin on 11 March'

By AFP / 2 Mar 2013

A consortium will start work next week on a much delayed $7.5 billion gas pipeline from Pakistan to Iran despite American warnings of possible sanctions, Pakistani officials said Friday.

The date was announced after Pakistani President Asif Ali Zardari held talks in Tehran with Iranian counterpart Mahmoud Ahmadinejad and supreme leader Ayatollah Ali Khamenei, who urged Islamabad to press ahead with the project.

 

Jordan taps $5 billion Gulf fund to ease economic woes

By Suleiman Al-Khalidi / 28 Feb 2013

Jordan has begun to tap $5 billion in grants from oil-rich Gulf states, hoping infrastructure spending will help alleviate the economic impact of the wave of Arab political unrest.

Planning and International Cooperation Minister Jafar Hassansaid more than $100 million had so far been spent from the fund, whose creation was decided by a summit of the Gulf Co-operation Council (GCC) in December 2011 to help its regional ally.

 

SR 2.49 trillion: SAMA windfall

By Khalil Hanware / 27 Feb 2013

Saudi Arabian Monetary Agency (SAMA) announced yesterday its total assets reached SR 2.49 trillion in January 2013, SR 13 billion more than that of December 2012, reflecting the strength and growth of Saudi economy.

According to the central bank’s monthly bulletin, there was a 19 percent growth in SAMA’s assets in January this year and an increase of SR 406 billion compared to its financial position in January 2012.

 

Abu Dhabi sets aside US$90bn for major projects

By Edward Attwood / 26 Feb 2013 

Abu Dhabi has announced that it will spend US$90bn over the next five years on social infrastructure.

In a statement issued by the Executive Council, the emirate said that a total of 12,500 housing units are being built via nine major projects. In addition, 34 schools and 10 kindergartens will also be built.

Other infrastructure work currently being carried out in Abu Dhabi includes the Strategic Tunnel project and the 328-km Mafraq-Ghuweifat road connection. 

 

Yemen economy starts to recover from political crisis

By Reuters / 15 Feb 2013

When political turmoil drove Yemen to the brink of economic collapse in 2011, Jumaan Trading & Investment Co saw its sales plunge by more than 60 percent, prompting the company to shift part of its operations to neighboring Saudi Arabia.

But the ouster of strongman president Ali Abdullah Saleh a year ago, and a partial improvement of security in the poverty- and militancy-stricken country, is now helping to revive the economy, boosting JTI’s sales.

 

Diesel shortage pushes Egyptians to the brink

By Reuters / 14 Feb 2013

Fathy Ali is beyond anger as he queues for hours in a line of 64 trucks and buses to fill his tank with scarce subsidized diesel fuel, known in Egypt as “Solar.”

“This has become part of my life. I come and wait for hours or days, depending on my luck,” the chain-smoking bus driver said at a besieged gas station on Cairo’s Suez High Road, wrapped in a scarf and thick coat for the long ordeal. “At the start it used to upset me a lot but now I’ve kind of given up.”

 

45 oil and gas transactions in MENA reached $ 402 billion in 2012

Source : Arab news / 14 Feb 2013

With an average of over four transactions announced globally every day in 2012, the oil and gas sector has remained one of the most active sectors for mergers and acquisitions. According to Ernst & Young’s Global Oil and Gas Transactions Review, oil and gas transactions totaled a staggering $ 402 billion in 2012, representing a 19 percent increase compared to 2011 ($ 337 billion). Ninety-two transactions exceeded $ 1 billion in value compared to just 71 in 2011. This was despite a marginal decrease in oil and gas transaction volumes from 1,664 deals in 2011 to 1,616 in 2012.

 

Turkish parliament approves anti-terrorism financing law

By Reuters / 8 Feb 2013

Turkey’s parliament has approved a long-awaited anti-terrorism financing law two weeks ahead of a deadline which could have seen it expelled from an international watchdog, parliamentary officials said on Thursday.

Turkey is on a “grey list” of countries drawn up by the 36-member Financial Action Task Force (FATF), a money-laundering watchdog, for failing to implement the legislation required by its members despite being pressed for years.

 

Oman sultan endeavors to boost economy

By Al Arabiya with Agencies / 7 Feb 2013

Oman’s ruler said on Wednesday that he had ordered the creation of a fund to help citizens establish small businesses.

The 72-year old Sultan Qaboos bin Said’s statement came during his meeting with about 300 local people to discuss economic policies.

“This fund will help young men and women with their projects. The initial capital of the fund has been set at 70 million rials ($182 million), which will be increased by 7 million rials each year,”Sultan Qaboos said.

 
 

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