By the Blouin News Business staff

Posts Categorized: Middle East

Iraq turns from Turkey to Kuwait

by in Middle East.
Iraq turns from Turkey to Kuwait
A joint Iraqi-Kuwaiti Committee was held in April 2012 in Baghdad, Iraq, to resolve problems existing between them. Getty Images

On January 27, Kuwait Energy will formally become the majority stakeholder in the exploration consortium for Iraq’s oil block 9 located in the southern Basra Province, near the Iranian border. That day it adds the 30% stake held by Turkey’s state-owned TPAO to its current 40% holding.
Baghdad gave TPAO the boot…

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Egypt’s currency takes a pounding

by in Middle East.
Protesters in Cairo's landmark Tahrir Square on November 18, 2011
Protestors in Cairo. AFP/Getty Images/Khaled Desouki

A first read on Egypt’s introduction foreign-currency auctions at the end of last week is that the government is trying to manage an orderly devaluation of the Egyptian pound through a two-tier exchange rate. The currency’s fall to a record low of 6.30 to the U.S. dollar on Sunday suggests a measure of success, though it is success only in the sense of achieving the…

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Egypt ratings downgrade brings devaluation nearer

by in Middle East.
Continuing political strife in Egypt threatens a further credit downgrading.
Protest rally in Alexandria. AFP/Getty Images/MAHMUD HAMS

Standard & Poor’s cut of Egypt’s long-term credit rating to ‘B-‘ from ‘B’ bodes ill for the country’s ability to finalize a $4.8 billion IMF loan–one purpose of which was to forestall a ratings downgrade–and increases the likelihood of a devaluation in the new year.
The aid is needed to prop up an economy that has seen tourists and foreign investors desert the country since…

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