Content Types: ArticleRegions & Countries: ChinaAlgeriaIndustries: Oil & Gas
Growth is projected to climb back to 3.0% in 2018 after dropping to 1.6% in 2017 from 3.3% in 2016. The 2017 drop was mainly driven by a contraction in hydrocarbon production caused by OPEC’s export quota decrease and by weak external demand for gas from Europe. Positive growth in both the oil and non-oil sectors is projected for 2018.
Algerian authorities are engaging UK institutions active in Islamic finance to leverage their experience and expertise in building an Islamic finance ecosystem amid work by the central bank in drafting a new Islamic finance framework, Abderrahmane Raouia, the minister of finance, told members of the People’s National Assembly.
Following the announcement by the government in October last year that three Algerian state-owned banks would be offering Shariah compliant solutions by the end of 2017, only one has actually introduced an Islamic financing product.
In a bid to plug its budget deficit caused by the lower price of the barrel, the Algerian government is moving quickly to develop Islamic finance in the next few months with Shariah compliant solutions to be offered by state banks by the end of the year and Sukuk issuances planned between 2018 and 2022.
Algeria continues to face challenges due to lower oil prices and revenue which are expected to improve in 2017. High dependence on oil and commodity prices and its limited production remain major challenges.
Content Types: NewsletterRegions & Countries: ChinaAlgeria...Services: Economic Research & Strategy
New Country Views: "Saudi Arabia: Firing on all cylinders" Saudi Arabia's unemployment rate rose to 12.7% in the first quarter of 2017. What are the reasons for this increase? The MSCI has announced that it will start considering whether to upgrade Saudi Arabia to emerging market status. Can the Tadawul become the new benchmark for EMEA? How will the shake-up in the line of succession in Saudi Arabia impact the kingdom and the world...
Content Types: ArticleRegions & Countries: United Arab EmiratesBahrain...Services: Economic Research & Strategy
As usual, changes in business confidence at the country level were varied. Increased optimism amongst CEOs in the main oil-exporting nations, including Qatar and Kuwait, contributed to the moderate uplift in regional sentiment. We explore the reasons for cautious but high optimism in Saudi Arabia. Nations where optimism eroded included Lebanon.