Tuesday 4 August 2015
 
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Budget

Oman swings to $3.9bn deficit in Jan-May

Oman posted a budget deficit of RO1.50 billion ($3.90 billion) in the first five months of this year, swinging from a RO232.9 million surplus a year earlier. The deficit is due to lower oil export prices, provisional financ

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UAE to cut state spending by 4.2pc

The government of the United Arab Emirates is expected to cut spending by 4.2 per cent this year because of low oil prices, which are slashing its energy export revenues, a central bank report said on Monday. The UAE does not regu

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Kuwait increases new refinery cost sharply

Kuwait’s Supreme Petroleum Council has endorsed a request to sharply increase the budget for a new refinery after most of the bids exceeded initial estimates, the oil minister said yesterday. Ali Al Omair said the figure for

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Saudi issues $4bn bonds to finance budget deficit

Saudi Arabia has issued bonds worth SR15 billion ($4 billion) to local banks this year to finance its budget deficit, its central bank governor was quoted as saying by Al-Iqtisadiya daily on Friday. The bonds will help pay for a b

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Bahrain’s new-look budget clears final hurdle

Bahrain’s new-look national budget for 2015 and 2016 cleared its final hurdle yesterday (July 5) when it was unanimously approved by the Shura Council. Thirty-eight members voted yes to the new national budget, which will no

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Bahrain parliament approves new-look budget

Bahrain's budget for 2015 and 2016 was narrowly approved by the parliament yesterday (July 2). Twenty-two MPs voted in favour of the new-look budget, which scraped through by just two votes, after a delay of more than six mont

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Bahrain’s budget stalemate may end soon

Bahrain’s budget stalemate could be about to end after a new-look version was given the green light by parliament’s financial and economic affairs committee. That is despite the revised version increasing the projected

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Egypt earmarks $8bn for fuel subsidies

Egypt has earmarked 61 billion Egyptian pounds ($8 billion) for fuel product subsidies in the draft 2015/2016 budget, Tarek El Molla, chairman of state-run Egyptian General Petroleum Corp (EGPC), said in a statement on Saturday. T

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Egypt earmarks $8bn for fuel subsidies

Egypt has earmarked 61 billion Egyptian pounds ($8 billion) for fuel product subsidies in the draft 2015/2016 budget, Tarek El Molla, chairman of state-run Egyptian General Petroleum Corp (EGPC), said in a statement on Saturday. T

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UK budget deficit falls to $16bn

Strong income tax receipts pushed British government borrowing to its lowest May reading since 2007, adding to signs that revenue growth could play a major role in debt-reduction plans being drafted by finance minister George Osborne.

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