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Middle East & Africa

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Saudi sovereign wealth fund plan attracts debate in advisory body DUBAI: A proposal to set up a Saudi Arabian sovereign wealth fund attracted debate at a meeting of the kingdom's influential Shura council advisory body but failed to yield a result, state media reported on Tuesday.A report by the council's financial committee has said the National Reserve Fund, which would invest part of the kingdom's vast hydrocarbon wealth, would build on its financial stability.Details of its investment strategy have yet to be disclosed publicly, but if the proposed fund is run like the sovereign wealth funds of other wealthy Gulf states such as Qatar and Abu Dhabi, it could mean a change in the way Saudi money flows through global markets.So far the country's central bank, the Saudi Arabian Monetary Agency, has long managed the country's investment of oil surpluses abroad, focusing on low-risk assets.The size of Saudi Arabia's foreign reserves suggests the new sovereign wealth fund could become one ...

Kenya to raise 30bn shillings this month via bonds NAIROBI: Kenya will sell a five-year Treasury bond and re-open an existing 20-year Treasury bond this month to raise up to 30 billion shillings ($343 million), the central bank said on Monday. The bank said the five-year bond's coupon rate will be determined by the market during the sale on June 18 while the 20-year bond will come with a rate of 12.000 percent. Both bonds will be on sale until June 17. Copyright Reuters, ...
UAE's Etisalat plans 3.1bn euro bond issue in four tranches DUBAI: Abu Dhabi's Etisalat plans a bond issue worth up to 3.1 billion euros ($4.22 billion) split into four tranches, according to a document from lead arrangers provided on Monday. The United Arab Emirates' largest telecom operator is considering two dollar tranches of the bond, of probably five- and 10-year tenors, plus two euro-denominated tranches of seven and 12 years' duration. This confirms the structure which sources told Reuters last week the operator was planning. ...
Saudi Arabia to discuss proposal for sovereign wealth fund DUBAI: Saudi Arabia's Shura Council, an influential advisory body to the government, will discuss a proposal for the country to establish a sovereign wealth fund that would invest some of its vast oil earnings, local media reported.The National Reserve Fund would "guarantee the financial stability of the kingdom" by investing its reserves, Saad Mareq, head of the council's financial committee, was quoted as telling the pan-Arab Asharq al-Awsat daily on Saturday.Details of its investment strategy ...
Egypt studying international bond issue: sources CAIRO: Egypt's finance ministry is studying the possibility of issuing its first international bond since 2010, two officials told Reuters, as investor confidence in the country gradually returns after the turmoil which followed the 2011 revolution.A government official with knowledge of the matter said Egypt had discussed with banks the possibility of an international eurobond issue of between $750 million and $1 billion, "whenever the time and need is appropriate to cover the budget gap".A ...
South Africa's rand firmer, could weaken if GDP below forecasts JOHANNESBURG: South Africa's rand touched a 1-1/2 week high against the dollar on Friday, supported by a risk-positive global environment, but could retreat next week if GDP data comes in weaker than expected, undermining the case for more rate hikes this year. By 1535 GMT the rand was trading at 10.3055 to the greenback, up 0.22 percent from Thursday's New York close at 10.3280. Government bonds were little changed from their previous close, with the ...
Egyptian T-bill yields fall for second auction in a row CAIRO: Average yields on Egyptian 91- and 266-day treasury bills fell for the second auction in a row on Sunday, coming down from their high of several months, days before Egypt is due to hold presidential elections.For the 91-day t-bill, average yields fell to 10.449 percent from 10.564 percent. For the 266-day bill, they fell to 10.787 percent from 10.942 percent at their last auction on May 11. Sunday's yields were the lowest for the ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln