Fitch Ratings has affirmed Kuwait’s long-term foreign and local currency issuer default ratings (IDRs) at AA with a stable outlook. The country ceiling has been affirmed at AA+ and the short-term foreign and local currency IDRs have been affirmed at…
Author: Edmund O'Sullivan
I am a writer, author, economist and business person. I've reported on and done business in the Middle East since 1979 and travelled throughout the region. I specialist in reporting and writing, economic and media industry consultancy, business development and conference moderation.
Saudi Arabia shrugs off challenges; aims high for 2017 and beyond
Pounded by criticisms of its financial position and regional role, Saudi Arabia is working this autumn to ensure it maintains its position as the Arab world’s sole superpower in 2017 and beyond. In oil, Saudi Energy Minister Khalid al-Falih has…
After 20 years planning, Saudi Arabia to introduce competition into power generation
Saudi Arabia’s power generation industry, the largest in the Middle East, is to be the first target of the kingdom’s privatisation programme, the MEED Leaders in Energy Reform conference in Dubai was told today. It was told that the Saudi…
The only surprise is that Al-Assaf lasted so long
The termination last night of Ibrahim al-Assaf’s 20-year tenure as Saudi Arabia’s Finance Minister is surprising for only one thing. It’s that he held the job for so long. Originally a university teacher, Al-Assaf — 67 — joined government…
Fitch rates Saudi bonds at AA
Fitch Ratings has assigned Saudi Arabia’s $5.5bn 2.375 per cent 2021 senior unsecured notes, the$5.5bn 3.25 per cent 2026 senior unsecured notes and $6.5bn 4.5 per cent 2046 notes a final rating of ‘AA-‘. The rating is in line with Saudi…
Iran and Saudi Arabia woo foreign investors
Iran and Saudi Arabia, competitors in Middle East politics and global oil markets, have this week stepped up campaigns to win tens of billions of dollars of foreign investment. Riyadh successfully raised $17.5bn in its first sovereign bond issue. The IMF said…
South Korea gets operations contract for UAE nuclear power plant
Emirates Nuclear Energy Corporation (Enec) and Korea Electric Power Corporation (Kepco) yesterday signed a joint-venture agreement for the operation of the UAE’s Barakah nuclear power plant which is due to start producing electricity next year. It will be the first nuclear…
Boosted by bond success, Riyadh starts debt repayments
Saudi Arabian Finance Minister Ibrahim al-Assaf The Saudi Arabian government is acting to pay off hundreds of millions of dollars owed to suppliers for months following the successful sale of $17.5bn worth of the kingdom’s first sovereign bonds to international…
TengizChevrOil to address EIC conference
TengizChevrOil will tell the EIC Connect Oil & Gas conference and exhibition in Manchester on 22-23 November about how UK companies can get involved in itsFuture Growth Project. This is the Sour Gas Injection-Second Generation Project (SGI-SGP) expansion which will…
Iran invites bids for 50 oil and gas projects
The National Iranian Oil Company (NIOC) has given international companies a month to submit prequalification bids for 50 oil and gas contracts. This is the biggest opportunity for foreign firms to bid for Iranian oil projects since sanctions against the…