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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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        Fitch revises Saudi Aramco’s outlook to positive from stable

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Saudi Arabia approves $237 billion budget for 2017; spending up 8%

              Saudi Press Agency

              December 25, 2016
              in Economy
              0

              Saudi Arabia's Cabinet, which met under the chairmanship of King Salman bin Abdulaziz Al Saud, has approved a SR890 billion ($237.28 billion) budget for the next year.

              The budget envisages an 8 per cent increase in spending compared to the current fiscal year (SR825 billion), a Saudi Press Agency report said.

              The budget projected a revenue of SR692 billion ($184 billion) and a deficit of about SR198 billion ($53 billion).

              Oil revenues are estimated at SR480 billion, 46 percent higher than the 2016 projections. Non-oil revenues are estimated at SR212 billion, a SR13 billion increase over the 2016 projections.
               
              The budget took into account initiatives of the National Transformation Program 2020 and allocated SR42 billion for this program in 2017, in addition to the approved projects from the surpluses of the budgets of previous financial years.

              King Salman said the budget is being presented in a volatile economic situation suffered by most states. The slow pace of global economic growth and fall in oil prices had impacted the country, and the state has sought to deal with these variables in a way that does not affect its goals, he said.

              "Our economy is firm and it has sufficient strength to cope with the current economic and financial challenges, and this is the result of the prudent fiscal policies taken by the state. We are determined to strengthen the elements of our national economy, where we adopted kingdom's Vision 2030 and its programs according to a comprehensive reform vision that can transfer the kingdom to broader and more comprehensive horizons to meet the challenges and strengthen its position in the global economy," he said.

              "Our vision is not only a set of ambitions, but it is executive programs to enable us to achieve our national priorities and provide opportunities for all through strengthening and developing partnership with the private sector, building a system capable of achievement, raising the pace of coordination and integration among all government agencies, continuing fiscal discipline, and promoting transparency and integrity," said King Salman.

              "We have sought through this budget and its programs to improve the efficiency of capital and operational expenditures in the state, strengthen the situation of public finances, enhance their sustainability, give priority to developmental and service projects and programs that serve citizens directly, contribute to activating the role of the private sector and increase its contribution to the gross domestic product," said King Salman.

              "We are optimistic about our ability to achieve, with Allah's help and the support of loyal citizens of our country, the desired economic prosperity."

              The Minister of Finance said the gross domestic product (GDP) of the kingdom for 2016 at constant prices would be SR2,581 billion, according to estimates of the General Authority of Statistics. The oil sector is expected to grow by 3.37 per cent, the governmental sector 0.51 per cent and the private sector 0.11 per cent. The oil refining sector achieved a growth of 14.78 per cent, the highest growth rate within the economic activities of the real total GDP.

              He pointed out that the kingdom aims to strengthen its financial position and raise the efficiency of the governmental spending as well as to reach a balanced budget by 2020.

              It is expected that the total revenues for the year 2016 will reach SR528 billion, an increase of 2.7 per cent compared to 2016 budget estimates (SR514 billion), he said. It is also expected that the non-oil revenues will reach SR199 billion in comparison with SR181 billion estimated in the budget, he said.

              It is expected that the government's expenditures for 2016 will reach SR825 billion, a decrease of 1.8 per cent in comparison to the 2016 budget projection of SR840 billion. This is 15.6 per cent less than that of the spending in 2015 (SR978 billion).

              The main reason for the fall in spending was a decline in the pace of expenditures on the projects due to the measures taken by the government to cut spending and review existing and new projects.

              Due to the measures taken in the field of spending, it is expected that the deficit will reduce in 2016 to SR297 billion after reaching its highest level in 2015 of SR366 billion. The deficit has been funded through borrowing from the domestic and international markets, the minister said.
              Saudi Press Agency
              25 December

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