An advisory body to Oman's government has suggested sweeping spending cuts and tax rises, including a levy on liquefied natural gas exports, to cope with the hit to state revenues from the plunge in oil prices.
Syria's state spending is expected to rise 12 per cent to 1.55 trillion Syrian pounds ($9.10 billion) next year, driven by higher social support costs, state news agency Sana reported citing a draft budget presented to lawmakers on
Qatar's government spending fell 6.6 per cent from a year ago to QR38.8 billion ($10.7 billion) in the first quarter of the current fiscal year, while revenue soared to a record high, central bank data showed.
The central bank
Funds are positive on many Gulf stock markets despite the recent slide in oil prices, after sharp pull-backs in the markets improved valuations, the latest monthly Reuters survey of regional asset managers found.
The oil price dro
The UAE Cabinet has adopted the draft union budget for 2015 which envisages an expenditure of Dh49.1 billion ($13.36 billion), an increase of Dh2.9 billion (6.3 per cent) compared to the financial year 2014.
UAE Vice President and
The work on Al Ramli housing project in Bahrain is likely to start early next year on finalising budget procedures, said a report.
The massive development project includes more than 3,500 housing units to cater to old applicants f
Kuwait's government has started reducing some state subsidy payments and is in an advanced stage of preparing a plan to cut subsidies for kerosene and electricity, the International Monetary Fund said.
Subsidy cuts are an impo
Budget airlines have been cleared by Europe's top court to continue with the business model that has helped the likes of Ryanair and easyJet to flourish by topping up revenue from low headline fares with separate baggage and seating charges.
France yesterday faced harsh criticism for failing to meet a deadline to put its finances in order, as frustrated euro zone ministers struggled to keep alive their post-crisis strategy for the bloc's stagnating economy.
Non-Resident Indians (NRIs) in Bahrain foresee an influx of GCC investment in India in the coming years, with the debut budget of the new Indian government clarifying its stance on retrospective taxation.