September 26, 2012
Egyptian stocks roared firmly into the green on Tuesday as President Morsi's visit to the US signalled a calming of recent tensions with Washington and officials in Cairo talked of ambitious new development projects to kickstart the troubled economy.
Bahrain's economy signalled that is is improving, with GDP expected to grow at 4-5 per cent in 2012. Human rights abuses remain in the Kingdom however, and the pivotal trade unions could become vocal again.
Oil and gas pipelines in Shabwa, Yemen,were attacked on Tuesday, the Oils and Minerals ministry confirmed. Attacks are common in the country, leading to billions of US Dollars in lost revenue.
Tunisia's ousted former president, Zine El Abidine Ben Ali, had assets totalling more than $13billion, a government commission has found, although more assets are could be uncovered.
The banking sector in the UAE remains cautious over lending, after the 2008 financial crisis that hit the Emirate. Credit to the government expanded by nearly AED9 billion in the first four months of 2012.
The Central Bank of Tunisia has signed agreements with the Arab Monetary Fund securing loans totalling $180 million dollars, with hope of shoring up the Balance of Payments deficit.
Morocco is to be granted 1.64 billion dirhams ($190 million) in a financial package by the Arab Monetary Fund.
September 25, 2012
Significant oil and natural gas discoveries are waiting to be developed in Libya though no new bidding rounds are expected soon, an executive said from Tripoli.
Mona Mostafa, head of the Cairo Transportation Authority (CTA), said Monday that striking transport workers would have their pay docked in line with a prime ministerial decision.
Jordan's tax revenue is set to rise again this year, according to an unnamed source. The Kingdom is likely to receive JD3 billion, up from JD2.764 billion in 2012.
The Palestinian Authority (PA) has entered negotiations with Israel, seeking permission to develop natural gas off the Gazan coast in the Mediterranean Sea. The negotiations are sponsored by former British Prime Minister Tony Blair who is now the envoy for the Quartet of Middle East Peace brokers
Companies from the USA and France are looking at oil-exploration in the conflict ridden republic. The US has said that it's support for Yemen will extend beyond oil, to help achieve "political and economic stability".
An Egyptian official has emphatically denied the veracity of allegations that his country had reached an agreement with neighboring Sudan to use its territories as a launchpad for potential attacks on Ethiopian damming facilities over the dispute of Nile water-sharing.
S&P ranks Tunisia in the Banking Industry Country Risk Assessment (BICRA) group “8” in both of its two mainareas of analysis—economic risk and industry risk.
The Sukuk Al Salam Islamic securities issued by the Ventral Bank of Bahrain is oversubscribed almost two and a half times over.