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Sfakianakis for CNN: Saudi Arabia may borrow and withdraw from the reserve .. Salman King "knows the challenges" and the decision of the oil is not against Russia and Iran
Monday, March 16 / March 2015;
John Sfakianakis, Regional Director for the Middle East in a British Ashmore
Dubai, United Arab Emirates ( CNN ) - John Sfakianakis, Regional Director for the Gulf region at Ashmore Investment Group, said that the Gulf states are already feeling the impact of falling oil prices on them, but this time fortified with the presence of large reserves has completely ruled out the existence of political reasons to reject Saudi Arabia to change its oil policy, and guessed that the Kingdom of withdrawal from the reserves and borrowing to meet their needs.
And about the extent of Saudi Arabia feeling in general and the Gulf states, especially crisis decline in oil prices Sfakianakis said: "They feel so already, have prices fell from a hundred dollars to just $ 60, and thus they feel impact on the level of the loss of oil revenues, but this time have the umbrella of protection against risks decline in prices. "
He explained Sfakianakis, in an interview with CNN in Arabic on the sidelines of the "Forum of the Islamic Investment Portal" in Bahrain, the nature of the parachute by saying: "Saudi Arabia has reserves of the entire gross domestic product equivalent to hard currency, and this makes Saudi Arabia, Kuwait and the UAE are well positioned and able to protect themselves against price."
He expressed Sfakianakis optimism extent of owning a Gulf power in the coming years to continue to fund major projects in the infrastructure that they intend to conduct in light of current oil prices, saying: "I tended to be very optimistic about the price of oil, I think it will revert to go up to the barrier 80 and 90 dollars during the years 2016 and 2017, and will clear a lot of concerns raised today, so I expect that these countries can all necessary funding for these projects from domestic and foreign markets and traditional means of financing or Islamic. "
On the arrival of King Salman bin Abdulaziz to power in a minute territories conditions have with Saudi Arabia to finance its economy as well as the support of other countries Sfakianakis, who worked for a period of economic adviser to the Saudi government, said: "King Salman character has a vision and he knows the area well and understands the challenges."
He continued by saying: "The Kingdom is in an excellent position to deal with the threats in the light of the extensive security and defense issues, knowledge, and we have to remember that the Kingdom has managed in the previous period with cohesion and maintain their unity and defend itself against the political and regional challenges. Saudi Arabia will continue to support Egypt as well as the support of other her sister Arab countries and help them to protect themselves because they realize that it is in favor of the security of the region. "
He denied Sfakianakis a political decision behind the rejection of Saudi Arabia to limit the supply of oil market, saying: "Some want to explain Saudi policy toward the oil from his point of view across to say that Riyadh want to hit Russia and Iran to Russia changed its position from Russia and Iran, but I do not think that the States to change its policies in this way . "
He explained: "The real reason why Saudi Arabia to do so is the desire to maintain market shares, we have seen evidence of the validity of this approach, Saudi Arabia does not want to be the ones to withdraw from the market, but are looking to keep their shares, especially in Asia, and with the problems which are experienced by some other oil-producing countries, the coming months will see the beginning of the return of the gains in oil prices, and Saudi Arabia will be the winner party in the end. "
Asked whether Saudi Arabia was issued Sukuk in the coming period, Sfakianakis said: "I think that Saudi Arabia would borrow as well as the use of its reserve in order to support the spending on the economy if the price of a barrel of oil continues at a level of $ 60, while spending in the budget assumes that the price is 95 dollars per barrel during 2015. "
He concluded by saying: "But in a very new situation, because Saudi Arabia has the lowest level of debt compared to the national product in the world, and is able therefore to maintain long-term position and has a lot of reserves, and therefore exploit these reserves, as well as debt instruments in order to help the economy in no continuing decline in oil prices. "
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Monday, March 16 / March 2015;
John Sfakianakis, Regional Director for the Middle East in a British Ashmore
Dubai, United Arab Emirates ( CNN ) - John Sfakianakis, Regional Director for the Gulf region at Ashmore Investment Group, said that the Gulf states are already feeling the impact of falling oil prices on them, but this time fortified with the presence of large reserves has completely ruled out the existence of political reasons to reject Saudi Arabia to change its oil policy, and guessed that the Kingdom of withdrawal from the reserves and borrowing to meet their needs.
And about the extent of Saudi Arabia feeling in general and the Gulf states, especially crisis decline in oil prices Sfakianakis said: "They feel so already, have prices fell from a hundred dollars to just $ 60, and thus they feel impact on the level of the loss of oil revenues, but this time have the umbrella of protection against risks decline in prices. "
He explained Sfakianakis, in an interview with CNN in Arabic on the sidelines of the "Forum of the Islamic Investment Portal" in Bahrain, the nature of the parachute by saying: "Saudi Arabia has reserves of the entire gross domestic product equivalent to hard currency, and this makes Saudi Arabia, Kuwait and the UAE are well positioned and able to protect themselves against price."
He expressed Sfakianakis optimism extent of owning a Gulf power in the coming years to continue to fund major projects in the infrastructure that they intend to conduct in light of current oil prices, saying: "I tended to be very optimistic about the price of oil, I think it will revert to go up to the barrier 80 and 90 dollars during the years 2016 and 2017, and will clear a lot of concerns raised today, so I expect that these countries can all necessary funding for these projects from domestic and foreign markets and traditional means of financing or Islamic. "
On the arrival of King Salman bin Abdulaziz to power in a minute territories conditions have with Saudi Arabia to finance its economy as well as the support of other countries Sfakianakis, who worked for a period of economic adviser to the Saudi government, said: "King Salman character has a vision and he knows the area well and understands the challenges."
He continued by saying: "The Kingdom is in an excellent position to deal with the threats in the light of the extensive security and defense issues, knowledge, and we have to remember that the Kingdom has managed in the previous period with cohesion and maintain their unity and defend itself against the political and regional challenges. Saudi Arabia will continue to support Egypt as well as the support of other her sister Arab countries and help them to protect themselves because they realize that it is in favor of the security of the region. "
He denied Sfakianakis a political decision behind the rejection of Saudi Arabia to limit the supply of oil market, saying: "Some want to explain Saudi policy toward the oil from his point of view across to say that Riyadh want to hit Russia and Iran to Russia changed its position from Russia and Iran, but I do not think that the States to change its policies in this way . "
He explained: "The real reason why Saudi Arabia to do so is the desire to maintain market shares, we have seen evidence of the validity of this approach, Saudi Arabia does not want to be the ones to withdraw from the market, but are looking to keep their shares, especially in Asia, and with the problems which are experienced by some other oil-producing countries, the coming months will see the beginning of the return of the gains in oil prices, and Saudi Arabia will be the winner party in the end. "
Asked whether Saudi Arabia was issued Sukuk in the coming period, Sfakianakis said: "I think that Saudi Arabia would borrow as well as the use of its reserve in order to support the spending on the economy if the price of a barrel of oil continues at a level of $ 60, while spending in the budget assumes that the price is 95 dollars per barrel during 2015. "
He concluded by saying: "But in a very new situation, because Saudi Arabia has the lowest level of debt compared to the national product in the world, and is able therefore to maintain long-term position and has a lot of reserves, and therefore exploit these reserves, as well as debt instruments in order to help the economy in no continuing decline in oil prices. "
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