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    Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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    Green Certifications: A Strategic Imperative for GCC Food Producers

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    Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

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    FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

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    Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

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      UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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      Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

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      Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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      Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

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      Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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      Consumer Electronics Boom Continues Across GCC, Middle East

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      Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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        Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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          Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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          Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

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          Iraq and Power China International Sign Deal to Strengthen National Power Grid

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            Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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              Oman Awards Over $600 Million in Contracts for Tourism Expansion

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              Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                    Iraq to Establish Four New Desalination Plants in Basra

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                    Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                    Baghdad Metro Project Moves Forward Under New Implementation Strategy

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                      Oman Launches First Rutab Festival to Celebrate Heritage, Farming and Tourism

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                      Green Certifications: A Strategic Imperative for GCC Food Producers

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                      UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                      Oman Grants Licences to 24 Integrated Aquaculture Farms in 2024

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                      Global Agrifood Systems Require $1.1 Trillion Annually to Achieve Sustainability Goals by 2030

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                      FAO Report Highlights Severe Agricultural Land Degradation Across the Arab Region

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                      Oman: Over 250 Model Farms Drive Fruit Production Growth in Dhahirah

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                        UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                        Oman’s GDP Expands 4.7% on Non-Oil Sector Growth

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                        Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                        Middle East Gaming Market to Surpass $42 Billion by 2033, Driven by Youth Demand and Mobile Adoption

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                        Emerging Trends Reshape GCC’s Rapidly Growing Retail Sector

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                        Consumer Electronics Boom Continues Across GCC, Middle East

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                        Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                          Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                          Construction Underway on Iraq’s Tallest Twin Towers in Baghdad

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                          Qatar’s Construction Sector Poised for Transformation, Says New Report

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                          Jeddah Tower Set to Claim Title of World’s Tallest Building

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                          UAE Highlights Sustainable Breakthroughs in Cloud-Seeding Technology

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                          Iraq to Establish Four New Desalination Plants in Basra

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                          Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                          Saudi Arabia’s PPR Pipes Market to Reach 34,119 Tons by 2033, Driven by Sustainability, Infrastructure Expansion, and Water Conservation Efforts

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                          Whitewill Expands into Oman’s Real Estate Market Amid Rising Foreign Investment

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                            Turkish Firm ENKA Secures $289M Contract to Upgrade Power Plant in Iraq’s Sulaymaniyah

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                            Oman Seeks Bids for Two Major Substation Projects

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                            Iraq Set to Launch First Nuclear Training Reactor in Partnership with China

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                            Qatar 2025: From Energy Powerhouse to Innovation Leader

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                            Iraq Aims for 12 GW of Renewable Energy by 2030

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                            Iraq Launches Ambitious Plan for 1,000 Solar Projects in Three Years

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                            Iraq and Power China International Sign Deal to Strengthen National Power Grid

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                            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

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                              Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                              Qatar Medicare 2025 Returns to Doha as the Premier International Healthcare Platform

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                              Qatar’s Health Spending Set to Climb 14% by 2029

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                              Qatar Precision Health Institute and Qatar Foundation’s Pre-University Education Expand Collaboration to Inspire Future Scientists

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                              Qatar and the UK Explore Deeper Cooperation in Healthcare

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                              Qatar’s Ambulance System Sets Global Benchmark with Cutting-Edge Pre-Hospital Care

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                              Sidra Medicine Pioneers Holistic, Culturally Sensitive Fertility Care in Qatar

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                              Hamad Medical Corporation Receives Global Recognition with JCI Accreditation

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                                Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                Global Tourism Set to Reach 30 Billion Trips and $16 Trillion GDP by 2034

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                                Oman Awards Over $600 Million in Contracts for Tourism Expansion

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                                Qatar Expands Role as a Leading Global Tourism Destination

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                                Saudi Arabia Welcomes Record 116 Million Tourists in 2024, Spending Reaches $76 Billion

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                                Oman Secures $6.7 Billion in Tourism Investments Toward $7.8 Billion Goal by 2025

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                                Oman Unveils 3-Kilometer Tourist Walkway in Nakhal: A Transformative Step for Local Tourism

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                                Middle East’s Schengen Style GCC Tourist Visa Approved, to be Rolled Out ‘Soon’

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                                  Technological and Sustainable Innovation Drives Growth in Digital Printing

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                                  Middle East Pharma Market Set to Reach $36 Billion by 2028 as GCC Drives Innovation and Local Production

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                                  Oman’s Manufacturing Sector Adds $10 Billion to the National Economy

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                                  Abu Dhabi’s Aldar Targets 87% Construction Waste Recycling In 2025 Sustainability Push

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                                  Qatar Strengthens Circular Economy with Expansion of Recycling Facilities

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                                  Food Tech Market Set to Reach $224.31B by 2032, Powered by Smart Kitchens and Sustainable Innovation

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                                  Packaging Becomes Lifeline for Struggling Print Industry

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                                    UAE Launches New AI-Powered Strategic Planning Cycle Aligned with 2031 Vision

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                                    Dubai Launches Region’s First PropTech Hub to Back 200 Startups by 2030

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                                    Qatar’s Booming Consumer Electronics Market Sets the Stage for ConsumerTeQ 2025

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                                    Consumer Electronics Boom Continues Across GCC, Middle East

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                                    Qatar’s Consumer Electronics Market Set for Steady Growth Driven by Premium Demand and Digital Transformation

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                                    The Top 10 Emerging Technologies for 2025

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                                    Saudi Arabia’s ICT Spending Tops $10 Billion: Key Trends and What’s Ahead

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                                    GCC Drone Market to Surpass USD 2 Billion by 2033, Driven by Tech Innovation and Industry Demand

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                                      Oman’s Al Dhahirah EZAD Sets Sights on Regional Prominence with Seven Strategic Deals

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                                      Iraq to Establish Four New Desalination Plants in Basra

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                                      Over 111 km of Internal Road Projects Underway in Oman’s Al Dhahirah Municipality

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                                      Saudi Arabia Leads Middle East’s Strategic Push into $600 Billion Global Sports Economy

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                                      Iraq to Open Three Major Airports in 2025

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                                      Turkey Set to Gain $50 Billion from Major Iraqi Infrastructure Project

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                                      Major Road Infrastructure Upgrades Underway in Oman’s Dhofar Governorate

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                                      Baghdad Metro Project Moves Forward Under New Implementation Strategy

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                                      Home Business & Economy Economy

                                      Saudi Arabia ‘set for improved deficit in 2018’

                                      TradeArabia News Service

                                      November 2, 2018
                                      in Economy, Finance
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                                      Saudi Arabia ‘set for improved deficit in 2018’
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                                      Saudi Arabia’s deficit of SR49 billion ($13 billion) during the first nine months of 2018 was less than the financing of SR52 billion obtained in the first half (H1) of 2018, said Al Rajhi Capital, a top financial services provider, in its Saudi Arabia: Q3 2018 fiscal update.

                                      The financing during H1 was SR30 billion by internal borrowing and SR22 billion in terms of external borrowing, it added, noting that hence there was no funding required in Q3.

                                      Overall the net borrowing remains at ~SR550 billion as compared to ~SR443 billion. The government expects deficit at 5 percent of GDP in 2018 and further decrease to 3.7 percent in 2021. In a nutshell, the deficit puts the government in a comfortable position to increase spending and clear payables by year-end.

                                      Oil revenues inline: Q3 oil revenue was in-line with Al Rajhi’s expectation. This reaffirms that the surprise surge in oil revenue seen in Q2 2018 was more to do with the timing of dividends paid by Aramco. Going forward, Al Rajhi believes this run-rate of oil revenue witnessed in Q3 could be the more normalized rate.

                                      “Average Oil price in Q3 was $68.6/barrel and taking a month’s lag for oil prices and exports of 660 million barrels for Q4, we expect oil revenues at around SR610 billion for 2018,” the report said.

                                      “At the start of the year, we estimated that average WTI oil prices need to be $65/barrel for the government to meet its oil revenue target and we are currently above this estimate (avg. YTD at $67.2/barrel and Q4 2018e at $70/barrel).”

                                      Non-oil revenue continues to pick up: In-line with Government’s plan, taxes on goods and services, which includes oil product fees and excise tax on harmful products and VAT, more than tripled to SR83 billion, driving non-oil revenues up ~48 percent y-o-y in 9M18.

                                      Other revenues contributed SR85 billion (+9 percent y-o-y, 9M18) which we believe includes proceeds from SAMA and PIF. The sequential decline in Q3 is more attributable to the seasonal nature of these investments depending on the income/dividends received.

                                      Expenditure to be more balanced: So far in 9M 2018, the government has spent ~SR712 billion out of the SR1030 billion allocated (revised) for the year. This implies that ~31 percent of the budgeted expenditure will be seen in Q4 2018.

                                      “This balance is better than what we have seen in the past year, where around 38 percent of the expenditure was realized in the fourth quarter. Looking closer into the expenditure mix, it was the subsidies/social benefits to Saudi nationals and salaries that took the bulk of the expenditure,” Al Rajhi said in the report.

                                      As seen from the budget press release, Health and Social development expenses (+46 percent y-o-y for 9M18) along with Economic resources expenses increased the most (+116 percent y/y for 9M18). Military expenses also increased by ~20 percent y-o-y for the 9M18 period.

                                      The mix of expenditure implies that a good chunk of infrastructure is yet to be spent. As per the budget, only ~SR20 billion was spent on Infrastructure and Transportation as compared to the budgeted ~SR54 billion.

                                      TradeArabia News Service
                                      02/11/2018

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